Rocket Mortgages support $549.8 million
The super senior and senior support tranches notes will repay investors on a pro rata basis, while the A2 through B3 notes repay investors sequentially.
Securitization
PK ALIFT expected to raise $890.9 million in ABS
The deal will repay principal on a monthly basis, with senior expenses and fees first, unpaid interest payments on the class A and class B notes, then amounts to satisfy the coverage tests or to fund a principal reserve, if any.
Pagaya in smaller ABS raise, with $591 million
After the turbo period—months 12 through 39—classes A2, A2, B, C, D, E and F1 will receive enough principal payments to reach their respective target note balances and stay there.
Fidelis Investors raises $191.5 million from RTLs
The class A notes are exchangeable and will not have a note rate, KBRA specifies, but they will receive payments otherwise for payments due to exchangeable notes.
CLO fund’s 50% tumble fuels power struggle that spills into open
Octagon Credit Investors is sending letters to shareholders urging them to resist efforts to have it removed as the day-to-day manager for the XAI Floating Rate & Alternative Income Trust, a CLO closed-end fund.
Ellington’s well-timed strategy shift to CLOs
First-loss risk prompts Ellington's migration to the mezzanine level, although some secondary-market equity gets thumbs up.
By
John Hintze
Thirteen jurisdictions’ tax liens support $235.7 million in ABS
The Additional Tax Lien Account is Acacia 2026-1's prefunding account, which will buy assets in the deal's first six months, up to $33.5 million, and is one of the deal's two investment accounts.
Consumer Portfolio raises $716.8 million from used car loans
The pool includes called collateral and smaller concentrations of loans originated in higher credit tiers, resulting in some underlying asset weakness compared with a previous deal.
Billboard provider Adams Outdoor raises $765.1 million
A cash trap provision calls for half of available funds to be deposited into the cash trap reserve sub-account if the debt service coverage ratio (DSCR) is between 1.35x and 1.275x.
Data center refinance supports $520 million in CMBS
The data center is fully leased and is completely occupied by a single hyperscale tenant, which has an AA-' rating, under a long-term lease agreement.
American Credit auto ABS raises $756.3 million
The initial overcollateralization level was 14.50%, an increase from 14.00%. Target overcollateralization, meanwhile, increased to 18.75, compared with 16.50% on the previous deal.
With updated FICO model, Figure Lending floats $321.1 million on HELOCs
Figure Lending originated the HELOCs using the FICO 9 scoring model, which treats medical debt, rental payments and repaid collection accounts differently.
Hedge fund veterans are accelerating a major shift in development finance
Newmarket Capital, an alternative asset manager launched six years ago, is actively engaged in facilitating structured finance solutions for multilateral development banks.
Admiral sticks to its diversification strategy with $322.1 million deal
Analysts at KBRA estimate a base case loss of 4.8%, down from the estimated loss of 5.6% on the 2025-1 series.
Auto ABS suffers the most in a K-shaped economy
Subprime auto and unsecured consumer loans are under pressure even as overall ABS performance remains steady.
AIP’s narrowbody fleet to back $643 million in ABS
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.
Four thousand, plus mortgages back $410.8 million in RMBS from Bayview
Expected coupons range from 5.66% on the AAA-rated A-1A tranche to 8.52% on the tranche rated B+.
Reckoner to launch risk retention financing for securitizations
Nearwater Capital alums join competitors to service the financing industry niche, which will include CLOs sold to European investors.
By
John Hintze
Pagaya’s auto loans secure $574.7 million in ABS
The current transaction issues an additional series of notes, which will be paid to noteholders after it reaches the overcollateralization targets for the other notes.
Investment properties drive Angel Oak’s latest RMBS deal
Investment properties are not only in the majority, 56%, but they represent the largest portion of the pool since the AOMT 2025-12 transaction, which priced in November 2025.
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