SFA Research Pieces
SFA Research Pieces
SFA Research Corner: The Next Phase of Student Lending
New federal loan caps under the One Big Beautiful Bill Act (OBBBA)—and cuts at the Department of Education—are set to shift billions in student lending…
SFA Research Corner: From HP IIc to Agentic AI: Why Agentic AI Feels Like the Future of Securitization
In the early 1990s, ABS surveillance meant hand-calculating metrics on an HP IIc calculator, deal by deal, report by report. Today, the data deluge makes…
SFA Research Corner: Trust but Verify: Lessons from Tricolor
Tricolor’s collapse showed how fraud can slip past even well-structured securitizations — not because the structures failed, but because the underlying data was compromised. The…
SFA Research Corner: The Long View: How a CFO Built Resilience
With spreads near historic lows and private credit surging, CFOs face growing pressure to balance capital, growth, and risk. In The Long View: How a…
SFA Research Corner: Tokenization: Securitization’s Container Revolution
Our latest piece explores how tokenization could unify data, payments, and execution into a seamless, real-time infrastructure—cutting costs, boosting transparency, and accelerating settlement. Drawing on…
SFA Research Corner: Built for Scale: Fixing the Infrastructure for Structured Private Credit
Flexible capital demands flexible systems. As structured private credit evolves, so must the tools supporting it. This deep dive explores why operational infrastructure—not just capital—is…
SFA Research Corner: An Expanding Web: Private Credit, Non-Bank Financial Institutions (NBFIs), and the Banks Behind Them
Private credit is no longer a niche—it’s a systemically important force reshaping how banks, funds, and insurers interact. As regulatory attention intensifies, understanding the implications…
SFA Research Corner: FFELP ABS Holds Firm Even as Student Loan Stress Mounts
As student loan delinquencies surge to record highs, questions are mounting about whether this stress signals deeper cracks in consumer credit—or simply reflects a post-pandemic…
SFA Research Corner: Smoothing the Lumps: How Collateralized Fund Obligations Turn Illiquid Assets Into Private Market Access
In today’s evolving capital markets, Collateralized Fund Obligations (CFOs) are gaining renewed attention as a way to expand access to private credit. By applying securitization…
SFA Research Corner: Triple-A, Tested (and Breached?): SASB CMBS’s New Reality
Across asset classes, triple-A credit ratings are viewed as the benchmark for safety and low risk. For single-asset single-borrower (SASB) commercial mortgage-backed securities (CMBS)— where…