Alternative Investments
What Is First-Loss Capital? Junior Tranches Explained
First-loss capital is the layer of a structured deal that absorbs every dollar of loss before senior investors take any hit. In a standard collateralized loan obligation (CLO), that layer is the unrat
Jeff Barnes, MBA··13 min read
Alternative Investments
What Is a Collateralized Fund Obligation (CFO)? Star Mountain's $5 Billion Deal Explained
On August 4, 2026, Star Mountain Capital closed Star Mountain CFO I, a rated securitization backed by its portfolio of lower-middle-market private credit investments. Star Mountain manages roughly $5...
Jeff Barnes, MBA··10 min read
Real Estate
Commercial Mortgage-backed Securities: Navigating Risk and Yield in a Shifting Market
The CMBS market is experiencing its most significant stress test since 2008-2009, with office loan distress rates climbing while other property types remain resilient. For HNW investors, CMBS offers attractive yields but requires understanding the structural nuances that separate safe tranches from landmines.
AIN Editorial Team··9 min read