Donna M. Mitchell

Merchant's notes have several key credit strengths, including that vehicle fleet lease securitization pools have had very low delinquencies and losses historically.

No subordinate notes—the class M notes, essentially—will receive any principal payments until the senior class A notes have been paid down to zero.

Levkowitz is known in the capital markets for founding Signal Hill Holdings, and as managing partner of Penn Properties, a real estate investment firm.

After the prefunding period, up to 7.50% of the total pool balance will consist of collateral from earlier transactions or newly acquired assets, timeshare loans.

New securitization volume should surpass 2024 business by 16%, after getting a boost from consumer asset-backed securities (ABS) classes and do $948 billion in new business in 2026.

BRAVO Residential Funding's notes will repay investors through a sequential payment structure, and include a step-up coupon for classes A-1A, A-1B, A-2 and A3.

The underlying portfolio consists of 608,810 contracts, with two thirds of the cash flow supporting the transaction from a wholesale agreement that includes T-Mobile.

If cumulative loss or a delinquency trigger event is in effect, then the deal will distribute principal among the class A notes before any principal allocation the class M1 or class B certificates.

For TIP Solar ABS, the securitization share of ADSAB and cashflows payable to the cash equity holder, are about $200 million and $171.4 million.

There is also a class N tranche of notes that make payment to those noteholders if funds are available after the overcollateralization.

The transaction uses a shifting interest repayment structure, and its lockout that is subject to performance triggers.

On a weighted average (WA) basis, the collateral mortgages have a slightly higher leverage level than previous transactions, although moderate, with an original loan-to-value (LTV) ratio of 71.9%.

The capital structure for Volkswagen Auto Loan Enhanced Trust, series 2025-2, will remain the same, even though the deal can potentially be upsized to $1 billion.

A large majority of the pool assets, 86.2%, are second-lien home equity investment contracts that have a weighted average (WA) multiple share rate of 2.00x.

NSLT 2025-D comes to market as the private student loan sector is seeing increased issuance. Two of the program's deals, series 2025-B and 2025-C, accounted for $4 billion of issuance, almost half the sector's production.

Although the deal, which closes on November 26, is the first securitization from Ansley Park, its owned portfolio since January 2024 has had strong performances with no losses to date.

GDLP 2025-3 has a so-called vertical risk retention structure, where 95% of the collateral balance is allocated to the noteholders, while retained interest noteholders will hold the rest.

If class A notes fail a credit enhancement rest, a cumulative default ratio amortization event occurs, or the pool balance is 10% or less, then GSKY 2025-3 will move to a sequential pay structure.

Trump, who has touted the billions raised in US tariff revenue this year, has talked about the checks as public frustration mounts over the cost of living.

Since introducing the Upstart Macro Index to address increasing delinquency rates in previous years, the changes to its underwriting and credit models have improved future vintages' performances.