Securitization

The certificates are backed by a single loan for 10 retail centers in nine states. AMC Theatres is the portfolio's largest tenant, representing 10.4% of the portfolio's base rent.

PRPM 2023-NQM3 Trust has issued residential mortgage-backed securities that are supported by 516 loans, 23% of which were originated by Newfi Lending.

The A1 tranche of $172 million (66.8%) is rated as AAA by Fitch and KBRA.

Retail properties account for 44.1% of the pool, the collateral pool's largest portion. Multifamily, lodging office and other properties account for 12.5%, 11.5%, 8.9% and 23.0%, respectively.

Bostic said he expects the US central bank will cut rates twice in 2024 — in the second half of the year — as inflation continues to slowly decline.

Benchmark two-year yields, those most closely tied to the outlook for US central-bank policy, rose as much as 14 basis points, the most in a day since June.

The reports that will be due for certain months starting next year will add to Ginnie Mae's growing oversight of nonbank mortgage-backed securities issuers.

Any capital injection from GIC would follow an effort by Apollo to raise capital that enables Atlas SP's balance sheet to grow to more than $50 billion from about $40 billion in February.

Bonds have broadly surged in November after the latest U.S. consumer price index report showed essentially no changes in overall prices from the prior month, implying the Fed might be close to getting inflation under control.

Policymakers are exercising restraint when it comes to the MBS portfolio for now but they'd still still like to sell, panelists at an industry conference said.