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.

Most of the pool of 1,011 residential mortgages, 69.7%, are considered non-prime mortgages, primarily due to the documentation and styles of underwriting.

FFIN 2025-3's average loan balance, $16,366 was lower compared with the 2025-2 deal, when it was $19,993, and the WA interest rate on the current deal is 12.15%, down from 12.56%.

While the firm has not yet finalized how much it plans to raise via the collateralized fund obligation or CFO, the transaction could be around $1 billion.

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

The five-part deal's longest portion, an 11-year fixed-to-floating rate note, yields 0.92 percentage point more than Treasuries.

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Some 63.8% of the assets in the pool are modified loans, and for 92.6% of those loans, the modifications happened more than two years ago.

The deal will issue class A through class G certificates through a structure of eight tranches, which includes a payment-in-kind feature for the class E, F1, F2 and G certificates.

The development bank's finance arm has bundled up exposures in loans it made to 57 companies across regions like Eastern Europe, South America and Asia, in a first for the bank.

Marine vehicles and recreational vehicle loans compose half the collateral pool, 50.8%, but long original terms exposes the collateral pool to some risk.

Most of the pool, 74.6%, was underwritten to less than full documentation. Of the pool loans, 38.2% of them were underwritten to a 12-month or 24-month bank statements.

The collateral pool is composed of a mix of 939 first-lien loans, lent to highly qualified borrowers, and under tightened underwriting standards.

Most of GSMBS 2025-PJ7's notes are interest only, and will repay investors on a senior-subordinate, shifting interest sequence.

The assets are loans to alternative investment funds, and Capital Street includes an 18-month revolving period when new assets can be added to the transaction.

Strategic financing solutions will be a collaboration between banking, markets and sales, and will initially focus on services including structured private solutions, and strategic asset-backed securities finance.

The Mission Lane Credit Card Master Trust will raise $550 million in capital from securitized bonds, secured by a pool of Visa-branded credit card accounts that Transportation Alliance Bank and WebBank originated.

With a shifting pool mix, concentration limits and other restrictions applied to the new assets, Fitch gives the overall deal a 15.2% base case default expectation.