ABS

The private placement deal was a huge leap in value from its inaugural securitization in October 2024, when it raised $150 million.

The move solidifies the convergence of securitization, and the techniques that make the deals operate, with other financing solutions.

The deal's obligor concentrations—its top and top five obligors account for 9.45% and 37.95% of the pool—are reigned in by WEF's focus on mission-critical essential use equipment.

GDLP 2026-2 also has lower levels of initial credit enhancement compared to GDLP 2026-1, at 6.12% versus 5.74%; overcollateralization at 23.90% versus 24.92% and total gross excess spread of 5.55% versus 5.98%.

To keep cash flowing to the notes, the deal's senior notes have an interest reserve account covering three months' worth of class A note interest payments and fees.

ODAS IV 2026-1 will issue expandable term notes, so that at any time during the revolving period the issuer can periodically upsize the notes to a maximum of $626 million.

If a cumulative net loss ratio amortization event occurs, then Reach 2026-3 will enter full turbo mode, a phase when the transaction will use all available funds to sequentially pay down the outstanding notes.

The series AFRMT 2026-4 and AFRMT 2026-5 have virtually identical capital structures, but have legal final maturity dates of Sept. 17, 2035, and Sept. 15, 2037, respectively.

The 2026-B notes have a total initial hard credit enhancement of 10.00%, compared with 9.60% from the previous deal, the 2026-A.

Some investors have looked to buy only shorter-term commercial paper from Guggenheim, while a smaller portion of backers have paused trading the firm's products

The deal is backed by recently originated, 30-year fixed-rate mortgages with an average combined loan-to-value ratio of 75.1%, according to Morningstar DBRS.

All loans in the deal's portfolio were made to investors and underwritten based on property cash flow and rental income to determine borrower eligibility.

The transaction's pool includes roughly 2.4 million square feet of office space, or 94.6% of the total, on the first through 60th floors.

Non-prime loans comprise 72% of mortgages backing CROSS 2026-NQM10 Mortgage Trust, with most of them fixed-rate.

The deal's structure includes debt service coverage ratio (DSCR) triggers that will deposit excess cash is deposited in the cash trap reserve and loan-to-value tests.

Interest will be repaid sequentially. Scheduled principal will be paid based on the scheduled outstanding note balance for the applicable payment period and the note balances.

Equipment loans and leases that Redaptive Sustainability primarily acquired from originators, will back the asset pool.

The transaction will repay senior fees, principal and interest on the A1 class before repaying monthly interest on all remaining outstanding classes of notes.

The top 20 obligors account for 32.0% of the aggregate securitization value, while the top 10 represent 18.8%, a moderately elevated concentration.

SLR series 2026-1 benefits from initial overcollateralization of 8.00%, with a target of either 13% of the pool's aggregate ABS value or 8.00% of the securitization value on May 31.