Donna M. Mitchell

Junior notes in the three-tranche structure could receive certain regular principal payments before more senior notes, under certain conditions.

Initially, the notes have 25.50% of over-collateralization (OC) of the initial pool balance, and that is expected to build to a target OC level of 35.00%.

Accounts that were one- to 30 days past due have a delinquency rate of 3.50%. Delinquencies rates dropped noticeably with longer timelines.

The notes benefit from a cash-trapping DSCR threshold, a cash trap reserve account and a rapid amortization event.

The facilities FCCF Warehouse Trust 2018-1, FCCF Funding Trust 2018-1, Nelnet Loan Seller and CS Loan Seller will sell loans into the transaction.

The sponsor, Byrider Finance, had refined its proprietary underwriting system in Q4 2021, after noticing performance issues in that year's vintage.

A higher discount rate should offset expected higher debt issuance costs, while maintaining excess spread levels in the deal.

The DLL Finance trust has experienced consistently low delinquencies and net losses since 2012, with net losses reaching only 0.12% as of June 20, 2022.

The previous TAOT program issue one floating-rate tranche of notes pegged to the one-month SOFR, a term rate and a shift from the preferred daily rate.

The Mulligan trust has a three-year revolving period, during which it could issue up to $500 million in additional notes, if it meets certain conditions.

Mortgages in the transaction are almost evenly split between funding owner-occupied properties (53%) and second homes or investor properties (47%).

The transaction is fixed rate from the collateral to the notes, an apparent retreat from the 2022-4 and 2022-5 deals that priced over the SOFR.

VZMT began securitizing business device plan revenue in 2021. Now, business accounts represent up to 10% of the current securitized asset pool.

Cars make up 37.9% of the pool, a representation that hasn't been that low since cars made up 35.08% in the 2020-2 deal.

The subordinate classes receive only scheduled principal payments and are locked out of any unscheduled principal or prepayments for five years.

The transaction is the eleventh broadly syndicated securitization under Kiavi's LHOME shelf program.

The largest obligor accounts for about a 1.40% holding of the collateral pool, while the smallest accounts for 0.10%.

Almost all the underlying loans, or 99.5% qualify as safe harbor qualified mortgage loans (SHQM) made to borrowers with very strong credit profiles.

AESOP 2023-1 and 2023-2 will remove used vehicle concentration limits and net present value (NPV), and increase original equipment manufacturer (OEM) limits for Tesla.

The receivables in the pool had a weighted average (WA) credit score of 623, an increase from 605 in the Westlake 2022-2.