Management Members of the Imperial Fund Asset Management team were delighted to attend SFVegas 2026.
There, our team met with investors, banks, rating agencies and partners to discuss developments in the RMBS space.
Here are our key takeaways:
Record Supply - Year-to-date, there has been $16Bn in non-QM RMBS issuance.
This speed outpaces the banks' projections for record issuance of $80-90Bn in 2026.
Supply is historically strong in non-QM, which accounts for 44% of mortgage credit issuance year-to-date (Nomura Research).
Re-Securitizations - A persistent topic of discussion at recent conferences has been opportunities to re-lever pools that have already been securitized by calling outstanding transactions and re-issuing seasoned collateral.
As spreads have narrowed in recent years, and current coupons have lowered, the opportunity to call 2022-2023 vintage deals and re-securitize the loans at a lower cost of debt is increasingly lucrative.
Last year, deals with a combined balance of $7Bn were called (BofA Global Research).
Dispersion - Amidst volatility in financial markets, much discussion focused on the relative impact of AI across asset classes.
While there is widespread acknowledgement of uncertainty around the future impacts AI will have on financial markets, there was less concern for asset classes such as RMBS which are collateralized by consumer loans.
CLOs, which can be underpinned by lending to companies losing market share because of AI, were discussed with much more concern.
We continue to enjoy participating in events for the RMBS and structured finance community.
We extend our heartfelt thanks to our friends and partners, and look forward to crossing paths again at future events.
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