Structured finance

KBRA Releases Research – CMBS Loan Performance Trends: February Update

Friday, February 26, 2021 - 5:00pm

Kroll Bond Rating Agency (KBRA) releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the February 2021 servicer reporting period.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the February 2021 servicer reporting period.
  • The delinquency rate for the period came in 60 basis points (bps) lower than in the previous month, at 5.9%, among KBRA-rated CMBS.
  • The decline was influenced by loan modification of several larger loans, at which time the related loans were reflected as current.
  • This month, KBRA analyzed 19,045 outstanding CMBS 2.0 conduit loans (KBRA rated and non-KBRA rated) for those that were reported as modified by the servicer during the pandemic (between April 2020 and December 2020).

Two Harbors Investment Corp. Announces 2021 Annual Meeting of Stockholders

Thursday, February 25, 2021 - 9:15pm

(NYSE: TWO), an Agency + MSR mortgage real estate investment trust, today announced that its 2021 Annual Meeting of Stockholders will be held virtually on May 19, 2021, beginning at 10 a.m. Eastern Daylight Time.

Key Points: 
  • (NYSE: TWO), an Agency + MSR mortgage real estate investment trust, today announced that its 2021 Annual Meeting of Stockholders will be held virtually on May 19, 2021, beginning at 10 a.m. Eastern Daylight Time.
  • Stockholders can attend the virtual annual meeting via the internet at www.virtualshareholdermeeting.com/TWO2021 .
  • We recommend that stockholders log in at least fifteen minutes before the meeting to ensure they are logged in when the meeting starts.
  • Two Harbors Investment Corp., a Maryland corporation, is a real estate investment trust that invests in residential mortgage-backed securities, mortgage servicing rights and other financial assets.

KBRA Assigns Preliminary Rating to Upstart Pass-Through Trust, Series 2021-ST3

Thursday, February 25, 2021 - 7:05pm

Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one class of notes issued by Upstart Pass-Through Trust, Series 2021-ST3 (UPSPT 2021-ST3), a $64 million consumer loan ABS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a preliminary rating to one class of notes issued by Upstart Pass-Through Trust, Series 2021-ST3 (UPSPT 2021-ST3), a $64 million consumer loan ABS transaction.
  • The preliminary rating reflects initial credit enhancement of 36.00%.
  • This transaction represents the twentieth ABS securitization collateralized by unsecured consumer loans originated through the online platform operated by Upstart Network, Inc. (Upstart or the Company) and the ninth series of securities issued from the Upstart Pass-Through Trust (UPSPT, Master Trust) program.
  • KBRA also conducted an operational assessment of Upstart, as well as a review of the transactions legal structure and transaction documents.

Freddie Mac Prices $1 Billion Multifamily K-Deal, K-741

Wednesday, February 24, 2021 - 8:01pm

The K-741 Certificates are backed by corresponding classes issued by the FREMF 2021-K741 Mortgage Trust (K-741 Trust) and guaranteed by Freddie Mac.

Key Points: 
  • The K-741 Certificates are backed by corresponding classes issued by the FREMF 2021-K741 Mortgage Trust (K-741 Trust) and guaranteed by Freddie Mac.
  • Freddie Mac Multifamily is a leading issuer of agency-guaranteed structured multifamily securities.
  • Freddie Mac undertakes no obligation, and disclaims any duty, to update any of the information in those documents.
  • Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders.

Freddie Mac Prices $952 Million Multifamily K-Deal, K-F100

Wednesday, February 24, 2021 - 3:00pm

The K-F100 Certificates are backed by corresponding classes issued by the FREMF 2021-KF100 Mortgage Trust (KF100 Trust) and guaranteed by Freddie Mac.

Key Points: 
  • The K-F100 Certificates are backed by corresponding classes issued by the FREMF 2021-KF100 Mortgage Trust (KF100 Trust) and guaranteed by Freddie Mac.
  • Freddie Mac Multifamily is a leading issuer of agency-guaranteed structured multifamily securities.
  • Freddie Mac undertakes no obligation, and disclaims any duty, to update any of the information in those documents.
  • Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders.

Ginnie Mae Utilizes Wolters Kluwer eOriginal Technology for First Fully Electronic Securitization

Wednesday, February 24, 2021 - 2:00pm

Wolters Kluwer Compliance Solutions newly acquired eOriginal technology platform is helping support a major U.S. government institutions efforts to adopt digital technologies as part of its broader modernization initiative.

Key Points: 
  • Wolters Kluwer Compliance Solutions newly acquired eOriginal technology platform is helping support a major U.S. government institutions efforts to adopt digital technologies as part of its broader modernization initiative.
  • Ginnie Mae, an eOriginal client, recently announced a key milestone in its digital journey by guaranteeing securitization of mortgage-backed securities (MBS) for the first time exclusively through the use of eNotes technology, utilizing the eOriginal platform.
  • This transaction marks a turning point for Ginnie Mae and for the broader mortgage industry in facilitating the digital securitization of loans, said Angel R. Hernandez, Director of MBS Policy and Program Development, Office of the President for Ginnie Mae.
  • Wolters Kluwer Compliance Solutions Paycheck Protection Program Supported by TSoftPlus , for example, helps U.S. lenders small business customers access critical stimulus funding.

KBRA Assigns Preliminary Ratings to Wind River 2021-1 CLO Ltd.

Monday, February 22, 2021 - 11:25pm

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Wind River 2021-1 CLO Ltd. (Wind River 2021-1), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated senior secured leveraged loans.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Wind River 2021-1 CLO Ltd. (Wind River 2021-1), a cash flow collateralized loan obligation (CLO) backed by a diversified portfolio of broadly syndicated senior secured leveraged loans.
  • Wind River 2021-1 is managed by First Eagle Alternative Credit, LLC (First Eagle or the collateral manager) and will have a five-year reinvestment period.
  • The ratings reflect initial credit enhancement levels, excess spread, and coverage tests including overcollateralization ratio and interest coverage tests.
  • The collateral in Wind River 2021-1 will mainly consist of broadly syndicated senior secured leveraged loans issued by corporate obligors diversified across sectors.

K9 Gold Corp. Announces Closing of Second Tranche of Private Placement Backed by Palisades Goldcorp and Funds Managed by Sprott Asset Managment LLP for Total Proceeds of $3,717,450

Monday, February 22, 2021 - 9:15pm

Closing of Additional Private Placement for Proceeds of $500,000

Key Points: 
  • In addition, the Company has closed on a separate private placement (the "Additional Private Placement") that had not been previously announced for gross proceeds of $500,000.
  • A syndicate led by Palisades Goldcorp Ltd. purchased a total of 1,600,000 of the NFT Units in the First Tranche.
  • Funds managed by Sprott Asset Management LLP purchased 2,857,143 FT Units of the Private Placement.
  • Total gross proceeds of the Private Placement (both the First Tranche and the Second Tranche in the aggregate) were $3,717,450.

Cordoba Minerals Closes Final Tranche of Fully-Subscribed Non-Brokered Private Placement

Friday, February 19, 2021 - 12:30pm

Vancouver, British Columbia--(Newsfile Corp. - February 19, 2021) - Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) ("Cordoba" or the "Company") announces today that it has closed the second and final tranche of its previously announced fully-subscribed non-brokered private placement (the "Offering") (refer to Cordoba's news releases dated December 4, 2020 and December 24, 2020 ).

Key Points: 
  • Vancouver, British Columbia--(Newsfile Corp. - February 19, 2021) - Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) ("Cordoba" or the "Company") announces today that it has closed the second and final tranche of its previously announced fully-subscribed non-brokered private placement (the "Offering") (refer to Cordoba's news releases dated December 4, 2020 and December 24, 2020 ).
  • Upon completion of the second and final tranche, the Company has received total gross proceeds of approximately $5.2 million from the Offering.
  • The closing of this tranche of the Offering (the "JCHX Tranche") was subject to the receipt of customary approvals and registration with Chinese regulatory agencies, which have now been received.
  • Cordoba Minerals Corp. is a mineral exploration company focused on the exploration, development and acquisition of copper and gold projects.

Granite Point Mortgage Trust Inc. Announces Fourth Quarter and Full Year 2020 Earnings Release and Conference Call

Thursday, February 18, 2021 - 9:15pm

Granite Point Mortgage Trust Inc. (NYSE: GPMT) (GPMT, Granite Point or the Company) today announced that it will release financial results for the quarter and full year ended December 31, 2020 after market close on March 4, 2021.

Key Points: 
  • Granite Point Mortgage Trust Inc. (NYSE: GPMT) (GPMT, Granite Point or the Company) today announced that it will release financial results for the quarter and full year ended December 31, 2020 after market close on March 4, 2021.
  • The Company will host a conference call to review the financial results on March 5, 2021, at 10:00 a.m.
  • To participate in the teleconference, approximately 10 minutes prior to the above start time please call toll-free (833) 255-2835, (or (412) 902-6769 for international callers), and ask to be joined into the Granite Point Mortgage Trust Inc. call.
  • Granite Point Mortgage Trust Inc. is a Maryland corporation focused on directly originating, investing in and managing senior floating rate commercial mortgage loans and other debt and debt-like commercial real estate investments.