ABS COMMENTARY

NextGear ABS Defies Wartime Tensions

NextGear Floorplan Master Owner Trust (NFMOT) 2026-1, a $438mm no-grow dealer Floorplan ABS was priced at competitive spreads via joint leads MUFG, RBC, and SMBC, despite overall market jitters caused by combat operations in the Middle East deadlocking most fixed income desks. NextGear has been a national provider of floorplan financing to independent auto dealers since 2013.

The $140mm floating rate Class A-1 and $260mm fixed rate Class A-2, rated Aaa/AAA by Moody's and S&P respectively, with a 2.93-year weighted average life (WAL), priced at 63 basis points over SOFR and the interpolated curve, respectively. This pricing came inside the original guidance range of 65 to 70 basis points announced earlier this morning.

The $38.2mm fixed rate Class B, rated A2/A by Moody's and S&P respectively, with a 2.93-year WAL, priced at 110 basis points over the interpolated curve, on the tight end of the original guidance range of 110 to 120 basis points.

Below are the pricing details and a comparison to the most recent NextGear offering:

Pricing Details for NFMOT 2026-1 and NFMOT 2025-2:

[AmeriCredit Automobile Receivables Trust (AMCAR) 2026-1] $1.1Bln Subprime Auto via DB(Str)/C/JPM /MZHO/RBC. Ticker: AMCAR 2026-1. Offered Size: $902.580mm (Deal Will Not Grow). Format: 144A/ RegS. Pricing speed: 1.50% ABS; 10% Clean Up Call. Exp Ratings: Fitch/Moody's. ERISA Eligible: Yes. US RR Eligible: Yes. EU RR Eligible: No. Min Denoms: $1k x $1k. Exp Settlement: March 19th, 2026. First Pay Date: April 20th, 2026. Bill & Deliver: Deutsche Bank.

GM Financial has mandated Deutsche Bank (str), Citi, JPM, Mizuho and RBC as joint bookrunners on the upcoming $1.1+bn Subprime Auto Loan transaction, AmeriCredit Automobile Receivables Trust (AMCAR) 2026-1. Subject to market conditions, the leads expect to formally announce the transaction next week.

Anticipated Capital Structure:

* Minimum Expected ratings **

A-2-B will be sized to demand and will not exceed 75% of the aggregate A-2 note size

-- [BRAVO 2026-NQM3] Non-QM RMBS via MS/DB/Santander. Expected Settle: 3/13/2026. Bloomberg ticker: BRAVO 2026-NQM3. First Pay Date: 3/25/2026. Bloomberg SSAP: BRAVO26NQM3. Form 15G Filing: 2/23/2026. Min Denoms: $150k x $1. Format: 144a/RegS. ERISA: A1, A-1A, A-1B, A-1FCF, A-1CF. Target Pricing: As early as later this week A2, A3, M1. * Bill & Deliver: Morgan Stanley. Non-Call Period: Earlier of 3 years and 30% UPB. Px Speed: 25% CPR to 4-year call (step up date). Cpn Step-Up: 100bps on the Cls A-1A & A-1B (and therefore A-1), A-1FCF, A-1LCF, A-2 & A-3 after 48 months, subject to NWAC. Class B-3 Interest will be available to pay Class A-1A & A-1B (and therefore A-1), A-1FCF, A-1LCF, A-2 & A-3 coupon cap carryover (if any) after the step-up date. EU Risk Retention: The Sponsor has structured this transaction with the intention of enabling Affected Investors to satisfy their applicable DD requirements under the securitization regulations. Please review the Term Sheet when available for additional information.

A PIMCO-managed private fund has mandated Morgan Stanley (str), Deutsche Bank and Santander as Joint Bookrunners and Barclays, BofA, Cantor and JP Morgan as Co-Managers on its upcoming BRAVO 2026-NQM3 transaction. The BRAVO team will be available for 1-1 calls as needed. Subject to market conditions, the leads expect to price the transaction as early as this week.

Please see full report: IGM Structured Finance Monitor - weekly US edition 03/09/2026.pdf