Donna M. Mitchell

Revenue from 1,449 restaurant locations in 26 states, secured notes from Cajun Global, which primarily, gets its cash flows from top-line royalty payments from the system's franchise locations.

But the 12-month view is different, as a significant portion of those polled see more North American corporate defaults. Commercial real estate seems to have recovered some confidence.

DB Master Finance has a high leverage level, but a high corporate profile and amortization triggers mitigate risks stemming from that.

The class A notes, which KBRA assigns a AAA rating, and which have the bulk of the outstanding note balance, $259.3 million, benefits from an enhancement level of 61.10%.

The structure includes cash trap and sweep conditions, plus subordination that helps ensure cashflow to the notes.

Rithm Capital, a real estate investment trust, is sponsoring the deal, in which property focused investor loans represent 32.60% of the collateral pool.

The membership also claims a large wallet share of borrowers' financial services business, which supports a strong direct auto lending credit profile.

A big part of the outreach is to clearly distinguish Regulation AB asset-backed securities from Exchange Act ABS, especially as new issuers and investors enter the market.

As the deal's servicer, GLS is considered less able to mitigate non-collateral risks on behalf of securitization bondholders, it is still experienced, with more than 35 ABS deals.

Almost all the mortgages were written through alternative income documentation, primarily for investment properties, and the entire pool benefits from third-party due diligence.