Donna M. Mitchell

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.

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.

Performance in recent vintages of Tesla leases, specifically 2024, had weakened recently, leading to increased credit loss expectation for the deal by 0.75%.

A significant percentage of the Barclays Dryrock accounts, about 74.2%, were co-branded with 13 different partner credit card accounts.

Credit performance in Ford's managed portfolio normalized recently, with June 2025, delinquencies reaching 1.38%. That was higher than 1.19% from a year prior, but lower than 1.62% at yearend 2019.