Donna M. Mitchell

The deal has a three-month prefunding period, which begins on its expected April 2 closing date, and assets transferred into the pool will be subject to concentration limits.

Regardless of whether a trigger is in place, A-1FCF will always receive principal first until that balance is reduced to zero, and then to A-1LCF until it is fully paid off.

Slated to close on March 24, the deal is Capteris' second 144A term securitization and has a stressed cumulative net loss rates ranging from 25.14% to 7.75%.

The global team combines industry-leading expertise to offer customized product solutions for clients in structured finance, collateralized loan obligations (CLOs) and alternative investments.

RATE 2026-J1 has a seasoned probability of default of 6.4% and 1.3% on the 'AAA' and 'B' rating stress levels, respectively.

Borrowers' pledged currency remains held in custody and is ring-fenced. The collateral cannot be re-used to generate yield or secure any other type of financing.

FIGRE 2026-HF3 will repay noteholders on a pro rata basis but is subject to a provision that requires the deal to repay noteholders sequentially after a credit event.

Fitch notes that the pool's collateral quality is consistent with previous transactions. The current deal has a FICO score of 774 and a diverse segment and vehicle mix.

When the deal closes the indenture will be amended to allow it to issue liquidity funding notes, which will serve as a liquidity backstop to fund shortfalls in the liquidity reserve account.

All tranches have lower levels of credit enhancement, compared with the AFRMT 2026-1 transaction.

The A2 tranche in the 2026-1 series will issue the bulk of notes $765 million, with an A- rating, and a March 2031 anticipated repayment date. Its legal final maturity date.

This is the first Carvana Auto Receivables Trust series to include new vehicles, with the percentage or loans on new cars at 2.65%.

LendSure originated more than one third of the loans in the pool, while American Heritage Lending and The Loan Store represent 14.8% and 11.1% of the pool.

Kalamata Offshore Feeder Fund II and Kalamata Onshore Fund, which have assets of $234.6 million, will provide performance guarantees.

Borrowers had a WA FICO of 742, as new partnerships with equipment manufacturers, primarily marine craft and RVs, contributed higher-quality obligors to the pool.

The current series, STRE 2026-1, is expected to have a prefunded pool balance that is 31.1% of the aggregate pool balance, higher than the 20% balance on the STRE 2025-1.

The collateral pool consists of 1,318 mortgages, aggregated by Invictus Capital Partners from originators that include NewRez, and each accounts for less than 10% of the mortgage loans.

The global Purpose Brands umbrella includes Anytime Fitness, Orangetheory Fitness, Waxing the City waxing studios, and Bar Method, low-impact studio fitness.

Letters of credit sized to cover interest payments for six months, plus a cushion, help provide credit support to the notes.

The deal benefits from three accounts–a Funding, Expense Reserve and Interest Reserve. The Funding Account will fund draws and purchase additional loans.