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Collateral class

Real estate

Property-backed debt and structured credit positions.

The claim

Mortgages / deeds of trust and related security in real property.

Duration

Medium to long.

Default remedy

Classic property foreclosure and sale — the one class in the book with a physical-asset remedy path.

Risk stack

  • Valuation

    Recovery depends on property value at the time of remedy, not origination.

  • Rate environment

    Refinancing risk and cap-rate moves affect borrower exit and collateral value.

  • Asset-level remedy

    Foreclosure timelines vary by jurisdiction and can extend workouts.

Live class parameters (LTV cap, maturity and concentration headroom) are enforced on-chain by the CollateralRegistry. Interest rates and payment terms are signed per facility; clean v1 has no DSRA reserve sizing.