RMBS

Raising $508.6 million, and being the first to cross the half-trillion dollar mark, the Point 2026-2 series also drove down funding costs by more than 220 basis points.

The private asset-backed finance capital from Oaktree is complimentary to Temple View's public ABS program.

The super senior and senior support tranches notes will repay investors on a pro rata basis, while the A2 through B3 notes repay investors sequentially.

The class A notes are exchangeable and will not have a note rate, KBRA specifies, but they will receive payments otherwise for payments due to exchangeable notes.

Expected coupons range from 5.66% on the AAA-rated A-1A tranche to 8.52% on the tranche rated B+.

Investment properties are not only in the majority, 56%, but they represent the largest portion of the pool since the AOMT 2025-12 transaction, which priced in November 2025.

Of the alternative documentation used, bank statements looking back 12-23 months, accounted for 41.6% of that group.

Half the borrowers are self-employed, and 21.5% of the mortgages have multiple borrowers.

The strategy marks a new direction for Polar, which has historically invested in Canadian residential mortgage-backed bonds but has expanded into home lending and securitization.

The A1A through A1-LCF tranches are expected to offer coupons of 5.84%, while mezzanine and subordinate coupons include 6.58% and 6.64%.