ABS

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.

The dollar volume of unsecured consumer loan rose dramatically. But as consumer lending rises, so do the default risks.

Signs point to less aggressive uptier LMEs while sponsored borrowers pursue new structures to circumvent restrictions.

Among changes from the PAID 2025-8 transaction, the current deal has a 24-month revolving period when eligible collateral can be purchased.

CLIF Holdings' capital structure includes overcollateralization and a liquidity account of $1 million.

The deal includes debt service coverage ratio (DSCR) triggers, where a cash trap event will occur on any payment date if the DSCR falls below 1.15x.

The terms of NRMLT 2025-NQM7 will not allow it to advance principal and interest on loans that are delinquent by 180 days or more.

Dext ABS 2025-2 includes a prefunding account with an amount of $65 million, or 15.0% of the collateral's total combined balance.

After the prefunding period, up to 7.50% of the total pool balance will consist of collateral from earlier transactions or newly acquired assets, timeshare loans.

The underlying portfolio consists of 608,810 contracts, with two thirds of the cash flow supporting the transaction from a wholesale agreement that includes T-Mobile.

Baby Boomers' annuities purchases continue to fuel banks' lending to collateralized loan obligations, asset-backed securities and special purpose entities.

For TIP Solar ABS, the securitization share of ADSAB and cashflows payable to the cash equity holder, are about $200 million and $171.4 million.

Although the deal, which closes on November 26, is the first securitization from Ansley Park, its owned portfolio since January 2024 has had strong performances with no losses to date.