Finance

The deal will bring Kiavi's assets onto Figure's blockchain environment, adding $7 billion in annual volume, and more than $100 million of monthly cash flow onto its blockchain-native warehouse marketplace, Democratized Prime.

The deal also includes a series of exchangeable notes that will pay variable rates.

The deal includes recently introduced senior first class flow (A-1FCF) and last cash flow (A-1LCF) tranches, which benefit from credit enhancement levels of 24.70%.

Refinancing activity continues to build on last year's momentum, despite some divergence among property types.

Self-employed borrowers represent just 23.1% of the pool, and liquid reserves were $858,428 compared with 21.9% and $1 million.

This series of CarMax Select Receivables notes is offering 8.42% in excess spread, a reduction from 9.85% on the CMXS 2026-A notes.

The senior notes will repay investors pro rata, and the mezzanine and subordinate notes will repay sequentially.

The deal includes a three-year revolving period when collections can be used to buy new collateral if it meets eligibility and reinvestment criteria.

A delinquency test requires that excess cash pay down the notes sequentially if the aggregate delinquent loans represent more than 5.0% of the portfolio balance's average loan balance.

The collateral pool includes more than 1.1 million passings across 10 states, with Georgia accounting for the largest percentage (31%).

MBS buying's future and what Bill Pulte's new additional role portends are among issues coming into focus, panelists and attendees at an IMN conference said.

Second homes account for 10.1% of the underlying collateral pool, the highest ratio seen in pools all year.

Hansen will oversee all the firm's finance and operations.

There is an optional redemption feature, which allows certificate holders to redeem the notes on any day on or after the fifth business day before the monthly payment date in July 2028.

The capital structure includes first cash flow and last cash flow notes among the senior classes, and expected coupons include 5.64% on the A1A, A1B, A1FCF, A1LCF and A1 notes.

The retained portfolios' latest record monthly number puts Fannie Mae in front while Freddie Mac has held onto a lead in quarterly single-family loan purchases.

Defaults have also bumped up, another problematic indication of stress for investors in securitizations of consumer loans.

NRMLT 2026-NQM7 combines pro rata and sequential payment priorities, with the class A receiving principal on a pro-rata basis before principal is paid to the mezzanine or class B notes sequentially.

The notes are expandable, allowing the issuer might increase the size of the current notes, up to a maximum of $500 million, if the new debt meets certain conditions.

New CLO entrants surge this year, especially in Europe where the arbitrage is attractive.