ABS

The deal has a three-month prefunding period, which begins on its expected April 2 closing date, and assets transferred into the pool will be subject to concentration limits.

Slated to close on March 24, the deal is Capteris' second 144A term securitization and has a stressed cumulative net loss rates ranging from 25.14% to 7.75%.

The global team combines industry-leading expertise to offer customized product solutions for clients in structured finance, collateralized loan obligations (CLOs) and alternative investments.

Kalamata Offshore Feeder Fund II and Kalamata Onshore Fund, which have assets of $234.6 million, will provide performance guarantees.

At press time no injuries were reported, but exhibitors were relocated to satellite booths throughout the venue, the Aria Resort & Casino.

The index will provide market professionals with consistent, transparent and dependable methods of evaluating performance and risk across the securitized credit markets.

Interest payments on the class B notes might be deferred to allow the interest and principal on the class A notes if a sequential interest amortization period is in effect.

As finance chiefs feel the pressure to include AI in business models and work flows, the ABS industry is responding with leaner internal operations and reduced human errors.

Point Digital Finance originated the underlying home equity contracts, composed of first lien (11.1%), primarily second-lien (82.9%) and third liens (5.81%) on residential properties.

He will advise clients on securitization, structured finance, secured lending and receivables transactions, on his second time with the company.

Total initial credit enhancement increased to 11.40% for the class D notes, from 11.25%. It also decreased for classes B, C and E, and levels on the class A notes stayed the same.

The deal will not make any principal payments during the revolving period unless it needs the cashflow to maintain the required overcollateralization amount.

Machinery, medical, IT hardware, vehicles and the industrial sectors make up the top five categories in the pool.

Net franchise royalties support Jersey Mike's Funding 2026-1's cash flows, which accounts for 52.9% of securitized revenues.

The largest single obligor exposure is to the U.S. government, accounting for $146.8 million or 14.19% of the aggregate securitization value (ASV).

The deal includes some structural changes, such as subordination levels of 41.05%, 32.25%, 19.45% and 6.10% on classes A, B, C and D, respectively, and all those levels increased from the previous deal.

The notes will benefit from a reserve account, to be funded unless a default event occurs, and the transaction will deposit an amount equal to interest due on the class RR notes.

NewtekOne offers 10- to 25-year amortizing loans with no balloons, and either limited or no covenants, and other provisions similar to SBA 7(a) loans.

The centers are also located in 15 markets, with the largest market accounting for 20.3% of the pool's annualized revenue.

Transactions from 2024 are performing better than deals issued in 2023, and deals from 2025 and 2024 are performing well with in expectations.