Contents

RMBS

Bank bid back

Agency MBS enjoy renewed bank demand, boding well for 2025

As rate vol has fallen and there is every likelihood that a more bank-friendly capital regime will be installed in DC, the bank bid has returned to the agency MBS market, says Brendan Doucette, a portfolio manager at GW&K in Boston.

Doucette runs an US$1.8bn book, 90% of which is comprised by agency MBS.

The technical picture also looks better, as mortgage rates will stay elevated for much of next year with refinancing risk thus constrained.

“Q1 2025 will be a good environment for MBS. Supply will be low due to lower originations and refinancing. The Fed has cut rates and is now closer to its terminal rate, so this has removed vol,” he says.

Banks started coming back to the market in H2 2024. Whereas in 2023, banks were net sellers of US$250bn in agency paper, in 2024 they have been net buyers of US$50bn. “That’s pretty big relative swing but we need more guidance if we are to enter the more capital friendly environment that everyone is expecting,” adds Doucette.

Fed vice chair Michael Barr began rowing back from the more draconian elements of B3E in late September, but with a new administration about to take office it is widely predicted that B3E will be kicked into the long grass and never heard of again.

Quantitative tightening is still going on and the Treasury is rolling off between US$15bn and US$20bn in agency MBS paper per month but we are approaching the time when it will end the QT programme. But, believes Doucette, the Treasury has learned its lesson from the last time it tried to shift away from QE in 2019 and the market was spooked. This time it will tread more carefully.

He adds that the Treasury is now looking closely at the overnight repo facility to get an idea of how much, or how little, liquidity is in the overnight market. Currently overnight borrowing stands at around US$175bn and a week ago was just US$130bn. The rationale is that when the figure drops to zero, then an end to QT will be considered.

Supply in H1 could be around US$100bn, he suggests. Higher supply should move spreads wider, but this will be counter-balanced by increased demand from US banks and from overseas.

“It is not my view that MBS spreads are going wider. MBS recently hit wides of 149bp and we are at 129bp now, so they came in 20bps. However, MBS spreads are wider than longer term averages (the 10-year average is 107bp) making it an attractive entry point,” he says.

The fact that the election passed without incident and without weeks of destabilizing recounts has also helped markets across the board in the US. The Street is also generally happy with President-Elect Trump’s pick for Treasury Secretary; Scott Bessent who is seen as a safe pair of hands and a man generally very attuned to the demands of the capital markets.

It also now seems likely that Jerome Powell will continue his full term and not be replaced as Fed chairman, also adding to the diminishing election-related tail risk.

Simon Boughey

Asset-Backed Finance

Fund finance: NAV boom - video

Dechert partner Anthony Lombardi speaks to SCI about fund finance and the rise of NAV facilities

Anthony Lombardi, partner at Dechert, speaks with SCI's Marta Canini about emerging opportunities in fund finance. He highlights the rapid growth of NAV facilities, driven by rising liquidity demands in the US and UK, the expansion of private capital funds, market maturation, and cyclical challenges. Lombardi also shares his outlook on the future trajectory of the fund finance market.

Asset-Backed Finance

ABF pioneer

ATLAS brings 'holistic approach' to private credit opportunity

ATLAS SP Partners is emerging at the forefront of the rapidly growing private credit market. With a focus on warehouse and asset-backed lending, the firm is tapping into a market that could reach US$40trn.

“ATLAS is the only scaled non-bank lender focused on warehouse and asset-backed lending,” says Carey Lathrop, ceo of ATLAS. “Private credit has grown significantly over the last decade, with direct lending now a US$1.7trn market. But the real opportunity lies in asset-backed finance, which we believe could reach US$40trn – and we’re still in the early innings.”

As Apollo Global Management’s largest structured credit affiliate, ATLAS plays a key role in Apollo’s broader strategy, providing complementary capital that aligns with flagship funds and insurance clients like Athene, while extending its reach beyond traditional models. “We provide capital that is highly complementary to Apollo’s broader strategy,” says Lathrop. “But our role goes beyond that. ATLAS is emerging as a leader in asset-backed lending and investing, offering solutions well beyond the scope of traditional funds.”

Unlike many specialty finance companies that zero-in on a single asset class, ATLAS operates across three main verticals: residential mortgages, CRE and consumer and commercial finance. “We lend into 30 distinct end markets, which we think is very differentiating,” highlights Lathrop, explaining that this wide market scope gives ATLAS an edge over competitors that focus on narrower sectors.

The firm’s commitment to innovation is evident in its efforts to address underdeveloped areas of the ABS market. “We’re a leader in first-time securitisers, and we just closed a deal in a sector where there hadn’t been a transaction in almost 20 years. We’re always looking for new markets and new clients,” says Lathrop.

The firm’s credibility received a boost when its corporate-rated entity and issuer of unsecured term debt, ATLAS Warehouse Lending Company (AWLC), secured investment-grade ratings from all three major agencies – Moody's, S&P and Fitch – in early November. “Being rated investment grade by all three major agencies adds legitimacy and credibility,” says Lathrop. “But more importantly, it allows for greater diversification and access to long-term, unsecured funding.”

ATLAS’s ability to issue unsecured bonds – spanning three to five years, with potential for up to 10 – has strengthened its funding model, providing access to long-term, diversified capital.

Where traditional lenders retreat during periods of market volatility, ATLAS steps in. “We have non-cyclical capital, meaning that we can step in when there’s less liquidity in the bank or institutional markets,” explains Spencer Hunsberger, head of energy origination at ATLAS. “We offer solutions that others can’t, whether the bank market pulls back or the institutional market resets.”

ATLAS’s evolution from its Credit Suisse roots is clear in its expanded capabilities and partnerships, including a recent deal with Pivot Energy (SCI 19 December). This holistic approach supports clients throughout the lifecycle of their transactions – from deal origination to secondary market liquidity.

Hunsberger adds: “It’s not just about doing a single transaction, but about years of preparation and providing ongoing support.”

The firm’s risk-based capital approach further sets it apart, tailoring financing solutions based on actual underlying asset risk, rather than regulatory requirements. “As private markets continue to grow, we’re positioned to play a major role,” says Lathrop. “The US$40trn asset-backed finance market is a huge opportunity, and we aim to be an end-to-end provider, delivering solutions that go beyond just the initial transaction.”

Meanwhile, the recent acquisition of a broker-dealer licence further strengthens ATLAS’s growth trajectory, enabling it to offer secondary liquidity to institutional investors. “We’re in a unique position because we focus on a portion of the market – warehouse and asset-backed lending – that has significant room for growth,” says Lathrop. “As demand for capital continues to rise, we see ATLAS growing alongside our clients.”

Looking ahead, the firm is well-positioned to expand its footprint in the asset-backed finance market. “ATLAS is complementary to both legacy bank activity and institutional investment,” says Hunsberger. “Our role expands the scope of what asset-backed finance can mean, especially as we bring new issuers and unique solutions to market.”

Lathrop concludes: “We are confident in ATLAS’s growth because we provide solutions that the broader market can’t. By aligning with Apollo and tapping into underfunded capital markets, we’re not just filling a niche but driving the entire market forward.”

Marta Canini

Capital Relief Trades

Couple of firsts

SRT market update

BBVA has completed its first synthetic securitisation using a Spanish securitisation fund over a protected portfolio of €3bn and on the issuance of credit linked notes for an amount of €190m.

BBVA suggested that the motivation for the transaction was to reduce the regulatory capital of these portfolios and rotating the balance sheet, transferring risk to investors and improving the profitability and capital consumption of the portfolio.

This new line of synthetic securitisations, aimed at a group of qualified investors, has been carried out with the issue of notes, which provide protection and which are purchased by investors on a mezzanine tranche, through a securitisation vehicle located in Spain, managed by BBVA’s asset management company. Such structure emulates Santander’s established synthetic programmes (e.g. Magdalena).

The operation closed at the end of November, with A&O Shearman advising the Spanish originator.

Meanwhile in Greece, Attica Bank announced the completion of its first synthetic securitisation (Project Perseus). Structured as a CLN, the SRT is backed by an approximately €220m portfolio of performing SME and large corporate loans. This marks the first direct CLN synthetic securitization in the Greek market and enables Attica Bank to obtain credit risk protection for the mezzanine tranche. Additionally, the SRT has been structured to meet the STS designation. Through this operation, Attica Bank expects to reduce its RWA assets by c. €150m  and enhance its capital position by 50bps, subject to all regulatory approvals.

KPMG acted as financial advisor, Clifford Chance and Koutalidis Law Firm as international and local legal counsels to Attica Bank, and PCS as STS Verification Agent. The mezzanine tranche investor was advised by Davidson Kempner Capital Management 

In other news

A number of banks are trying to avoid the massive traffic in Q4, commented one investor. This reportedly includes Barclays, who are said to have deferred a programmatic Q4 transaction until Q1 of 2025. The investor added: “It is interesting to see the market becoming more mature and spreading issuance across the year, rather than just in Q3 and Q4.”

Vincent Nadeau, Claudia Lewis

Capital Relief Trades

Moving onwards

SRT market update

Lloyds has reportedly scrapped its initial Q4 plans for a follow-up to its Fontwell programme, with investors close to the deal now expecting the deferred agricultural transaction to close as early as Q1 2025 (SCI 20 September).

New details reveal the British bank pulled the deal from its Q4 plans due to concerns over the implications of recent regulatory updates to national inheritance tax policy on the farming industry. Several challenges do remain in the agricultural sector – including the aging farmer demographic and the dwindling stock of next generation of farmers. However, there is supposedly still room for optimism in the wait for another Fontwell transaction – and drawing as much interest as seen earlier this year.

Claudia Lewis

Capital Relief Trades

Spanish double

SRT market update

Details have emerged on Santander’s latest Magdalena (backed by €2.7bn portfolio of corporate and SME loans) and Tayrona (backed by €2.1bn portfolio of corporate loans) SRT deals.

Regarding the 11^th iteration of the Magdalena programme, one SRT investor reports an one-tranche structure with pricing in the “low sixes”. As for Tayrona, the investors describes a “similar but more concentrated portfolio,” with pricing landing reportedly 50-75 bps wider than Magdalena 11.

In other news

Landesbank Hessen-Thüringen Girozentrale (Helaba) has closed its second SRT transaction on a reference portfolio of large corporate loans amounting to approx. €2.3bn. The transaction included three tranches, with Helaba holding the equity tranche (first loss) as well as the senior tranche. A securitisation special purpose entity, Kingston Capital (“SSPE”), provided Helaba with credit protection for the mezzanine tranche, which was funded by the SSPE issuing CLNs equivalent to the amount of the credit protection. The CLNs were sold to two international institutional investors.

Additionally, the transaction meets the criteria of a STS securitisation. Subject to regulatory approval, Helaba will be able to release RWAs  of c. €1.0bn. Comparatively, for its first SRT issued in 2022, the German lender freed up RWAs of around €0.8bn for a reference portfolio of corporate loans amounting to approximately €2.1bn in 2023.

Alantra acted as arranger and financial advisor to Helaba.

Vincent Nadeau

Capital Relief Trades

Rabo returns

SRT market update

Rabobank has executed a synthetic securitisation referencing a €750m portfolio of large corporate exposures in Europe and North America. The Dutch Bank placed the first loss tranche with specialised SRT investor PGGM.

The trade extends Rabobank’s long standing partnership with PGGM on similar trades and follows a similar transaction with regard to the bank’s SME portfolio in 2022, which was executed with the European Investment Fund and European Investment Bank.

The transaction meets the STS criteria and provides an effective credit risk hedge on the underlying portfolio.

Vincent Nadeau

Capital Relief Trades

Fresh meat

SRT market update

As is customary in the SRT market, issuers are hurrying to get in deals before the close of the year. Rabobank has completed a synthetic securitization of a €750m corporate loan portfolio, Santander has brought another Magdalena deal, while Helaba has also executed a corporate loan securitisation.

In North America, Scotia is prepping an SRT deal tied to a US$5bn pool of corporate loans. The trade is likely to be in the region of US$350m, say sources. Bank of America is also in the market with a transaction which is said to be pricing before the end of 2024. The bank has also been reported to be stepping up its role as an arranger of SRT deals for smaller institutions.

There is persistent caution in Europe about some of the newer investors, according to buy-side sources. They suggest that several SRT issuers have adopted an unofficial policy of not working with first-time investors. They are, however, happy to engage with newer investors after they’ve completed their first trade.

Domestic Canadian investors with established relationships are also reportedly beginning to struggle to get a slice of the action. Buy-side participants say some Canadian investors who have been actively investing for up to four years are finding it increasingly difficult to find investment opportunities. According to multiple market insiders, at least one investor in multiple previous Scotiabank transactions have been excluded from its upcoming corporate trade (SCI 10 December).

These reports echo the conclusions of the recent Seer Capital research document, reported in SCI, which addressed the difficulties some issuers face when dealing with some of the newer investors. Next year will prove a test of the commitment of new issuers and investors alike to the SRT market.

Claudia Lewis

Capital Relief Trades

End of term CRT

Bank of America with last reg cap deal of 2024

Bank of America is in the market with a synthetic securitization of a US$1bn portfolio of investment grade corporate loans and is hoping to close the deal before the end of the year, say sources.

The US bank is selling a 0%-9% loss position and pricing is said to be in the region of 4% (400bp) – following the pattern of narrower and narrower spreads in CRT deals, especially for high quality assets.

Sources add that the issuer was looking for a single buyer rather than a club, but it is not known if any investor has yet stepped forward.

It was also recently reported that BofA has been readying plans to structure deals for smaller US banks.

“BofA has been exploring ways to structure Reg Cap deals for US regional banks and smaller players in Europe. BofA has also been in talks with rating agencies, investigating the possibility that a portion of Reg Cap deals could be rated investment-grade. BofA’s plans could also lead to a more standardized model for Reg Cap issuance, making the process easier and more efficient,” said Seer Capital, in a reg cap update from earlier this month.

Simon Boughey

Asset-Backed Finance

Lending bridge

ATLAS powers Pivot Energy's solar expansion

ATLAS SP Partners recently partnered with Pivot Energy in a landmark US$450m financing deal for the construction of 300 megawatts of distributed generation solar projects across the US. The financing – one of the largest-ever raised for community solar – includes a warehouse facility led by ATLAS alongside First Citizens Bank, BankUnited, Comerica Bank and Cadence Bank, as well as a structured equity investment from HA Sustainable Infrastructure Capital (HASI).

“This deal bridges the bank and institutional lending worlds, combining methodologies that enable both to underwrite risk comfortably,” says Spencer Hunsberger, head of energy origination at ATLAS. “It’s a structure we plan to replicate across sectors, as demand for energy and infrastructure financing grows.”

Carey Lathrop, ceo of ATLAS, adds: “This deal is a prime example of how we bridge both the bank market and institutional investors, finding common ground between different types of lenders to create a structure that works for both.”

The solar projects span nine states, including California, Colorado and New York, and are set to come online over the next two years. “Pivot has successfully accessed traditional bank capital while creating high-quality, investment-grade assets, and is now ready to scale with institutional financing and explore access to the ABS markets, where ATLAS has led innovation over the past few years,” says Hunsberger.

The deal also highlights ATLAS’ evolution as a non-bank warehouse lender since the firm’s transition from Credit Suisse. “We’re now able to offer a product set that goes well beyond what we had at Credit Suisse - whether that’s the scale of the cheques we can write or addressing different parts of the capital stack with our partners. What’s significant is our ability to provide tenor-based solutions that complement and expand on the traditional bank warehouse model,” says Hunsberger. “That’s a big part of the story - not just for Pivot, but for all the asset classes ATLAS represents today.”

“We now offer a far broader solution set, unconstrained by regulatory capital limitations,” adds Lathrop. “This allows us to structure facilities that align with the underlying risk, making us more relevant and flexible for our clients.”

By expanding its lending scope, ATLAS is strategically positioning itself to meet the increasing demand for financing in renewable energy sectors. “Pivot Energy represents our expanding lending box, taking us beyond our traditional warehouse lending at Credit Suisse,” says Hunsberger. “We’ve combined both innovation and traditional underwriting approaches to meet the needs of this sector.”

Lathrop highlights the firm’s focus on high-demand, underserved markets. “We focus on assets with highly predictable cashflows and proven resilience in stress scenarios. That combination enables us to deliver strong returns while supporting critical infrastructure development.”

This commitment to innovation has further solidified ATLAS’ leadership in structuring bespoke solutions for energy and infrastructure financing. “We’ve always been innovators in structuring, with the ability to provide unique financing solutions for our clients, including those in the energy and infrastructure sectors,” explains Hunsberger. “By helping create a unique capital stack for US renewables - whether through tax credits or tax equity investing - we’re able to bring diverse solutions to clients like Pivot.”

This holistic approach is setting a new standard in terms of flexibility and scalability in the market. “We’re now in a position to offer a holistic one-stop solution, consolidating what was once a fragmented market into a unified approach for clients in sectors like energy,” concludes Lathrop.

Marta Canini

Capital Relief Trades

Fed says yes

Citi, HSBC allowed to treat old ABS as synthetic

Citigroup has been given permission by the Federal Reserve to treat two CLN issues as synthetic securitizations in a letter dated October 22, 2024, but only recently released onto the Fed site.

The original overture from Citi was made in January 2024 and referred to two then recent but unnamed ABS deals.

The deals incorporate pool of loans, but the nature of the assets has not been divulged.

“Based on all the facts of record, the Director of the Division of Supervision and Regulation, acting pursuant to section 217.1(d)(3) of the capital rule under authority delegated by the Board,10 and after consultation with the General Counsel, has determined that Citigroup may calculate its risk-weighted asset amount under the capital rule as if the CLN transaction were a synthetic securitization, under the capital rule, that met all the operational criteria for a synthetic securitization,” the letter reads.

As is common in communications of this kind, Citi is also given permission to treat subsequent issuance as synthetic securitizations for the calculation of RWA “so long as any such other credit-linked-note transactions are structured and documented in a substantially identical manner to the CLN transaction.”

The letter is signed by Michele Taylor Fennell, associate secretary of the Board.

In a letter from the Fed also dated October 22, HSBC has also been granted permission to treat its 2021-1 Portfolio Credit Linked Notes due 2028 as a synthetic securitization for RWA calculations..

The assets are also described as loans, but the nature of the loans was not revealed.

In this case the letter from HSBC seeking this dispensation was dated August 7 2024.

Simon Boughey

CLOs

MidOcean Partners closes inaugural CLO equity fund

The US$304m fund will invest in the equity tranches of the firm's managed CLOs

MidOcean Partners has closed its inaugural CLO equity fund with US$304m in capital commitments and support from a diverse base of institutional investors including existing clients.

The alternative asset manager said MidOcean CLO Equity Fund I aims to generate risk-adjusted returns by acquiring equity tranches in CLOs managed by MidOcean.

Led by Joseph Rotondo and Jamil Nathoo, MidOcean’s CLO team leverages an investment strategy that is designed to create a diversified portfolio of senior secured leveraged loans, focusing on the larger and more liquid segments of the broadly syndicated bank loan market, the firm said.

Rotondo stated: “We believe today’s market provides a unique opportunity to identify credits that will perform well through the credit cycle and look forward to executing on that opportunity for the benefit of our investors.”

The firm said the fund has deployed approximately 55% of its capital across seven MidOcean CLOs, which together represent US$2.8bn in AUM, bringing the firm's total CLO AUM to nearly US$5bn to date.

Dana Carey, cio of MidOcean’s credit platform, added: “The growth of our CLO management and investment capabilities over the past two years has been a key factor in scaling our credit platform. Looking ahead, we will continue developing creative ways for our investors to access the credit markets and expand our credit platform commensurate with the attractive opportunities we see before us.”

MidOcean Partners specialises in middle-market private equity, alternative credit and structured capital. Since 2022, the firm has led the issuance of seven new MidOcean CLOs and refinanced five existing ones.

Camilla Vitanza

Asset-Backed Finance

Sustainability first

Ryan Jaskiewicz, president of structured finance at Climate First Bank, answers SCI's questions

Q: Climate First Bank, the world’s first FDIC-insured bank dedicated to the environment and sustainability, recently announced its structured finance expansion, with you leading the effort. What motivated this move, and why now?
A: From the beginning, the bank’s original business plan included a factoring and asset-based lending department. These offerings fall under what we now call the structured finance division.

When starting a bank in the US, you must focus initially on core banking products to secure regulatory approval. Climate First Bank is now 3.5 years old and recently exited its de-novo status, which took three years to complete. This milestone allows the bank to expand into the additional areas outlined in its original business plan.

The timing worked perfectly for me, as I had recently sold my business and was transitioning into the next phase of my career. When Kenneth LaRoe, the ceo, approached me, I was drawn to the bank's mission and knew this was the right opportunity to align my skills with a greater purpose.

Q: Speaking of your background, how has your experience prepared you to scale these offerings at Climate First Bank?
A: I founded my factoring company, 12five Capital, when I was just 23. It focused on serving smaller, underserved businesses generating under US$1m in annual revenue – businesses often overlooked by banks and other financial institutions. Starting with an initial investment of US$100,000, I built the company over 17 years, growing it to manage US$46m in assets by the time we merged with a strategic business.

My experience taught me to look beyond conventional metrics like creditworthiness and profitability to assess the potential of businesses and provide financing that allows them to grow. At Climate First Bank, I’m applying this mindset to serve underserved communities and align with the bank’s mission to fight climate change while providing ethical and transparent financial solutions.

Q: How does asset-based lending and factoring align with Climate First Bank’s broader mission to combat the climate crisis?
A: Climate First Bank is built on the belief that climate change is real and requires immediate action. The bank actively incentivises sustainable practices by offering products like solar loans, EV loans and financing for renewable energy projects.

Our structured finance division aligns with this mission by supporting underserved businesses, including minority-owned and early-stage companies, to help them grow sustainably. We also contribute to the bank’s certifications as a B Corp and its commitment to donate 1% of revenue to environmental causes. This dual focus on sustainability and financial inclusion is at the heart of what we do.

Q: How will the addition of structured finance products accelerate the bank's growth? Are there plans to expand into other specialty finance areas?
A: This initiative opens the door to a whole new cohort of businesses we couldn’t previously serve. Climate First Bank is already growing rapidly - approaching US$1bn in assets within just three years - and structured finance will significantly contribute to that trajectory. Beyond loans, we’re attracting deposits from businesses we finance, which fuels overall growth.

Looking ahead, we plan to expand into areas like equipment lending, e-commerce financing and SaaS subscription-based business funding. For example, e-commerce businesses that sell directly to consumers don’t generate invoices, which makes traditional factoring unsuitable. We want to innovate solutions for these markets.

Q: Climate First recently launched ethical and compliant banking services for cannabis businesses in Florida. Can you explain how this aligns with the bank’s mission?
A: Cannabis businesses are part of an underserved, underbanked market. This is just the beginning - we aim to be ready on day one to offer factoring and other financing solutions when federal laws change. Many of these businesses are working to bring about change in their own ways, whether through environmental stewardship or community impact. We see an opportunity to support these efforts while fulfilling our broader mission to promote sustainable, ethical practices.

Q: Are there challenges you anticipate in the next phase of growth?
A: The political climate in the US can be divisive, and our name - Climate First Bank - carries weight. Some people might hesitate due to assumptions about our mission. But at the end of the day, our focus is on providing exceptional service, transparent financing and building trust.

Scaling nationwide from a Florida base also presents logistical challenges. However, we’re tackling this by recruiting top talent from across the US and fostering goodwill within the industries and communities we serve.

Q: What milestones do you hope to achieve for the structured finance division in the first year and beyond?
A: In the first year, my priority is building a strong team to deliver exceptional service and innovative financing. We’re targeting a portfolio size of US$20m-US$25m by the end of year one - a challenging but achievable goal for a new division. Over the next five years, we aim to grow that portfolio to US$100m, though I believe we’ll reach that milestone sooner.

Marta Canini

Structured Finance

Job swaps weekly: Gibson Dunn poaches digital infra specialist

People moves and key promotions in securitisation

The final round-up of securitisation job swaps of the year sees Gibson Dunn recruit a digital infrastructure specialist as partner. Elsewhere, Cadwalader has promoted a number of lawyers with securitisation-related expertise, while Ares has added a principal to its alternative credit team.

Emily Naughton has joined Gibson Dunn’s Washington, DC office as a partner and member of the firm’s projects and infrastructure and real estate practice groups. Naughton focuses on real estate and infrastructure transactions, with an emphasis on digital infrastructure. She represents data centre owners, developers, operators and investors globally in connection with acquisition and development projects, disposition and transition of data centre facilities, and data centre leases and colocation agreements.

Meanwhile, Cadwalader has revealed its lawyers who have been elevated to partner, special counsel and counsel, effective 1 January 2025. The firm’s new partners are based in its New York capital markets practice: Kate Foreman focuses on CMBS, representing issuers, underwriters and loan sellers in a variety of public and private transactions; Andrea Nixon represents financial institutions and other capital market participants in repurchase, warehousing, financing and other secured lending facilities backed by residential, commercial and multifamily mortgage loans, single-family rental properties, mortgage servicing rights, servicing advance receivables, excess servicing spread, student loans and other esoteric asset classes.

Among the new special counsel are: Sulie Arias, from Cadwalader’s New York real estate practice, who advises financial institutions on a broad range of real estate finance matters, including bridge loans, mezzanine loans and leverage financing; Ryan Leverone, from the firm’s New York corporate and commercial finance practice, who represents lenders and borrowers in a wide variety of domestic and cross-border financing transactions, including NAV facilities and asset-based loans; and Evan Weller, from its Charlotte capital markets practice, who focuses on CMBS.

Among the new counsel are: Stephanie Katz, from Cadwalader’s New York capital markets practice, who represents investment banks and financial institutions in CMBS and CLO transactions; and Clay Talley, from its Charlotte fund finance practice, who represents administrative agents, lead arrangers and lenders across subscription-based lending finance transactions.

Finally, Ares has promoted Zach Green to principal within its alternative credit team. He was previously vp, having joined the firm in March 2021. Before that, Green was an investment analyst at Melody Capital Partners, where he focused on structured credit and asset-based financings.

Corinne Smith