© 2026 Arizent. All rights reserved.
For reprint and licensing requests for this article, click here.
The deal continues BHG's more recent streak of securitizing loans collateralized exclusively by consumer loans. The deal is the program's sixth term 144A securitization backed by consumer loans.
Raising $350.2 million in notes, the transaction has borrowers with higher credit quality, though the notes have less excess spread.
The top 20 obligors account for 32.0% of the aggregate securitization value, while the top 10 represent 18.8%, a moderately elevated concentration.
Classes A, B and C benefit from credit enhancement levels of 26%, 17% and 13%, respectively and have an initial loan-to-value ratio of 74%, 83% and 87%, respectively.
There is an optional redemption feature, which allows certificate holders to redeem the notes on any day on or after the fifth business day before the monthly payment date in July 2028.
