Donna M. Mitchell

S&P sets an estimated cumulative net loss of 2.85% for the CRVNA 2026-P2 notes, unchanged from the CRVNA 2026-P1, because the collateral characteristics were unchanged.

On an end-to-end basis, the joint initiative delivers collateral without relying heavily on manual transfers as loans are settled, then transferred between institutions.

Notes will amortize sequentially to allow cash to be released to the issuing entity on a limited basis if it maintains the overcollateralization target.

Consumer Credit Portfolio II is not a securitization, but Groundfloor is known for two deferred-pay residential transition loan ABS that are paying investors higher premiums than rated RTLs.

If principal and interest DSCR falls below 1.75x, then 50% of all excess cash flows will be deposited into the deal's cash trap reserve account.

The underlying asset pool is heavily concentrated in narrowbody aircraft models, mostly A320-200s, with large, in-service fleets and broad operator bases.

Despite the quality of the pool's underlying loans, the pool has a large proportion of investment properties, 76.7%, which are susceptible to higher default probabilities.

The deal features a principal acceleration trigger. If breached, the transaction will divert all additional funds to paying down the principal on the notes.

The transaction comes to market with initial hard credit enhancement levels of 33.60%, 22.90%, 13.50% and 8.65% across the subordinate tranches, higher than the previous deal.

The A1 VFN tranche is a variable funding note whose proceeds can be used for general corporate purposes, including acquisitions.

An array of unnamed originators accounted for the large majority of originators in the pool, 89.3%, the rating agencies said, while Hometown Equity Mortgage originated 10.7% of the pool.

Kapitus funds receivables through two revolving securitizations totaling $575 million, and a $230.1 million warehouse line of credit from Truist, which matures in June 2027.

PRET 2026-RPL2 uses a sequential repayment structure, although the notes will not advance any principal and interest from delinquent loans.

Borrowers in the pool had a non-zero weighted average credit score of 608, with a 112.12% loan-to-value (LTV) ratio.

The notes are expected to pay coupons including 5.00% on the A6 through A30 tranches of notes, and 6.13% on the B1 through B6 notes.

The weighted average, base-case annualized gross loss declined from 11.78%, from 11.86%, because of minor changes in its assumptions of pool segment defaults.

The whole business deal, built around a master trust structure, will be repaid primarily from franchise royalty revenue.

The three class A notes, A1, A2 and A3, of GCAR 2026-2 notes will all benefit from hard credit enhancement levels, plus haircut to excess spread of 56.07%.

Irrespective of the transaction's trigger status, PRKCM 2026-AFC3 will pay the A-1FCF first, until its balance is reduced to zero, and then to the A-1LCF until it is paid down.

Bank statement underwriting, often applied in situations where the borrower is self-employed, accounted for the plurality of documentation types in the pool, at 44.9%.