Donna M. Mitchell

The pool includes called collateral and smaller concentrations of loans originated in higher credit tiers, resulting in some underlying asset weakness compared with a previous deal.

A cash trap provision calls for half of available funds to be deposited into the cash trap reserve sub-account if the debt service coverage ratio (DSCR) is between 1.35x and 1.275x.

The data center is fully leased and is completely occupied by a single hyperscale tenant, which has an AA-' rating, under a long-term lease agreement.

The initial overcollateralization level was 14.50%, an increase from 14.00%. Target overcollateralization, meanwhile, increased to 18.75, compared with 16.50% on the previous deal.

Figure Lending originated the HELOCs using the FICO 9 scoring model, which treats medical debt, rental payments and repaid collection accounts differently.

Analysts at KBRA estimate a base case loss of 4.8%, down from the estimated loss of 5.6% on the 2025-1 series.

Mireille joins Xceptor as financial institutions invest heavily in AI-driven automation to manage increasing operational, regulatory and cost pressures in the capital markets.

Classes A, B and C benefit from credit enhancement levels of 26%, 17% and 13%, respectively and have an initial loan-to-value ratio of 74%, 83% and 87%, respectively.

Expected coupons range from 5.66% on the AAA-rated A-1A tranche to 8.52% on the tranche rated B+.

The current transaction issues an additional series of notes, which will be paid to noteholders after it reaches the overcollateralization targets for the other notes.

Investment properties are not only in the majority, 56%, but they represent the largest portion of the pool since the AOMT 2025-12 transaction, which priced in November 2025.

Of the alternative documentation used, bank statements looking back 12-23 months, accounted for 41.6% of that group.

Half the borrowers are self-employed, and 21.5% of the mortgages have multiple borrowers.

The deal is a master trust and will use its proceeds to repay all outstanding series of notes, not sharing identical collateral of prior issuances.

Each Small Business Administration 7(a) loan collateralizing the notes are secured by mostly motel, hotel and gasoline and convenience store commercial real estate (CRE) properties.

Foundation had introduced Version 3 of its credit risk model, using the most recent delinquency data, to improve loan performance predictions.

The A-1-V notes are not expected to be drawn at close and will have to observe certain leverage and debt service coverage ratio (DSCR) conditions.

A cash trap account captures excess available funds if the senior debt service coverage ratio (DSCR) is less than or equal to 1.35x.

The industry association said total multifamily mortgage debt alone increased by $23 billion, or 1% in Q1, representing a $2.32 trillion increase from Q4 2025.

The A1A through A1-LCF tranches are expected to offer coupons of 5.84%, while mezzanine and subordinate coupons include 6.58% and 6.64%.