CLO market open
CLO market seized
The originate-to-securitize rent-lending funding loop
borrower originations
operators · syndicators
originates
MF1 loan book
amortizing loans
CRE CLO engine
private label · no agency
institutional
CLO buyers
CRE CLO notes
open
funded by CLO sale
funding returns to originations
market seized
seized
no buyers · no funding
funding return shut
legacy book
watchlist · delinquent
nearly half the book
lending hinges on the securitization market staying open
ownership · 50/50 JV (Berkshire · Limekiln)
folded into sole ownership — buyer takes the engine and the legacy book