Seven of the loans, 27.7% of the pool balance, are secured by multiple properties or have a component of cross-collateralization, benefitting from greater cash flow stability.

That's becoming a massive problem for vehicles Brazilian firms that invest in vehicles called FIDCs (similar to ABS), because they hold the subordinated tranches of FIDCs as a way to share risk exposure.

Both series will repay investors through a senior-subordinate, pro rata structure with a locked-out class and a senior enhancement floor to mitigate tail risk and shore up credit support.

Fixed-rate loans account for much of the pool of mortgages, a little more than half of which are financing the purchases of single-family, primary residences.

The average annual cash bonus fell 2% to $176,500 in 2023, the lowest since 2019. The drop was far less dramatic than it was in 2022, when the average bonus slumped 25%.

The structure calls for the trust to reallocate principal so that interest is paid on the AAA through AA rated notes before other principal distributions.

Some 630 residential mortgages provide the collateral for the deal, and that includes a substantial majority, 81.0%, that the rating agencies consider to be non-prime.

Banks and Congressmen alike see U.S. regulators' version of Basel III as overly stringent for the securitization market.

The coupons on the class A notes steps up after four years by 100 basis points, but the coupons are subject to a net weighted average coupon (WAC) cap.

For the most part the underlying loans have very low default rates. Almost the entire pool, 91.8%, is clean current, and appear to have performed well into the period where they were expected to experience greater losses.

Sponsors will invest additional capital to reconfigure the recently purchased Lord & Taylor lot and construct a residential mixed-use development of 550 units.

Left-leaning shareholder groups are asking JPMorgan Chase, Goldman Sachs and other large asset managers to explain a recent decline in their support for certain environmental and social policies at public companies.

The class A1A notes have credit enhancement levels of 30.00% on the A1A notes; 26.40% on the A1B and A1 notes; 18.65% and 12.75% on the A2 and A3 notes, which accounts for the credit enhancements on the senior notes.

The Wall Street bank recently shifted its bond recommendation to neutral from underweight — for the first time since June 2020 — though has so far stopped short of an overweight call.

DBRS says 98.2% of the loans have been performing since origination, while just 1.8% of the pool is 30 to 59 days delinquent in payments.

Both tranches have the same legal final maturity of Oct. 20, 2033, an initial (OC) of 26.00%, and an initial reserve of 0.50%.

The sponsor's assets favor software companies, and the deal brings its total CLO assets under management to $2.2 billion.

One loan is secured by 1,376 single-family rental properties. It's a potential credit strength, because the trust could benefit from lower cash volatility.

The issuer underwriting (UW) rent for data center space is about 17.9% below the sponsor's market rent estimates, leaving potential opportunities for further rent revenue increases.