ABS

The deal also includes a cumulative default trigger that, if in effect, will revert the GDLP 2025-2 deal to a sequential payment priority.

The B, C and D tranches maintain minimum subordination percentages, 12.5%, 8.1% and 4.3%, respectively, allowing them to provide credit support for the class A notes.

With a shifting pool mix, concentration limits and other restrictions applied to the new assets, Fitch gives the overall deal a 15.2% base case default expectation.

OWN Equipment Fund has nine different equipment types that make up 96.39% of the pool's Net Orderly Liquidation Value (NOLV).

The notes will be repaid sequentially, and with subordination, a reserve account that can be replenished and overcollateralization, the notes receive greater credit enhancement over time.

The industry's biggest opportunities involve the evolving cost of capital, which will shift funding sources from the private, local lending markets to institutional sources.

The deal includes a replenishment mechanism that allows subsequent drawdowns on existing mortgages.

A cumulative net loss trigger and a material modified loan ratio trigger will direct all available funds to the note principal payment if they are breached.

All the notes benefit from credit enhancement equaling 4.75% of the note balance, an initial reserve account representing 0.50% of the pool balance.

ExteNet's capital structure maintains cash flow by including cash trapping and cash sweeping conditions.

DBRS noted that about 90.5% of the 4,011 loans receive payment through Automated Clearing House, which boosts payment capture rates and minimizes cash handling.

The vehicles comprise the overcollateralization (OC), because of a highly liquid secondary market for them. That OC rate will shift according to the fleet mix.

At the Denver firm, Brooks will expand its capabilities in real estate lending and structured finance.

Non-residential customers accounted for about 56.4% of Kentucky Power's revenue, a potential credit risk because it is closely tied to business cycles.

Willis Engine Structured Trust, VIII, sells its fixed-rate notes through two tranches, all with a legal final maturity date of June 2050.

The notes get credit enhancement from overcollateralization and a reserve representing 4.75% and 0.25% of the pool balance, respectively.

Several features, including a couple of cash trapping mechanisms and a rapid amortization feature, help maintain cashflow to the notes.

Stream Innovation 2025-1 also has a two-month prefunding feature, and during that time the $199.6 million in receivables is slated to expand to $249.6 million.

There are 22,704 contracts in the collateral pool, which lends itself to high diversification. The top 5 obligors account for just 0.4% of the pool.

Zayo's second securitization overall has several cash-trap and sweep triggers, including a 50% cash trap period that keep cash flowing to the notes.