Donna M. Mitchell

Up to 75% of the class A2 notes pay a coupon based on the Secured Overnight Financing Rate (SOFR). Also, since the assets pay a fixed rate, interest rate spikes could eat away at excess spread.

In terms of asset fundamentals, the high-quality tenant committed to a 15-year lease with maturity dates through various end dates in 2040. That includes 2.0% annual rent increases.

This is PowerPay's second 144A transaction, which has a 90-day prefunded period, initially funded with $132.9 million in deposits.

The A1 tranche contains the bulk of the outstanding notes, $251.4 million, and is divided into the 1A and 1B sub-tranches, with enhancement of 37.0% on the A1A piece and 27.0% on the A1B.

If the average one-month conditional prepayment rate (CPR) over a six-month period is equal to or greater than 25%, then Brean ABS will deposit 50% of available funds into the Refunding Account.

PFAST 2025-1 will have to navigate a market where the underlying consumers are facing increased challenges from tariff-induced higher prices and a loosening labor market.

Moody's details several strengths in the transaction, including a robust underwriting process. The assets also have a short, weighted average (WA) original term of 52 months.

Enpal and M&G's move comes at a complex moment for securitizations backed by energy infrastructure and home efficiency equipment.

Switch has a large national network of data center properties, with more than 700 patents and patents pending for designs and operations in the space.

Overall, new 60-day-plus delinquencies totaled $2 billion, up from $1.69 billion in August, while maturity defaults accounted for half, or 51% ($1.05 billion) of new delinquencies.

Karsten Giesecke and Michael Karol join Morriello to represent clients such as lenders and private equity funds in transactions including RMBS, CMBS, franchise loans and esoteric assets.

Ford Credit Floorplan pays a fixed rate to ABS investors, while the dealers' assets pay a rate pegged to the flexible prime rate, so there is the potential of eroding excess spread.

AmWest originated the mortgages and services them, and all the loans included in the pool underwent third-party due diligence reviews by three active firms.

Adam Piekarski, founder, leads initial senior members Kory Klebanoff and Urian Yap, partners, to commit $1.8 billion across the firm's investment strategies.

The deal involves a two-year revolving period, and during that time principal proceeds can be reinvested into newly originated collateral.

Credit enhancement builds over time and includes non-declining overcollateralization at 5.00% of the initial adjusted pool balance, and a reserve fund that represents 0.25%.

Subordination and a reserve account are among the protections on notes supported by subprime loans on primarily used vehicles.

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.