Investor Presentaiton
SLST Transaction Comparison
Terms/
Structural
Features
Guaranteed
Certificates
Representation
and Warranty
Sunset
Tax Structure
SLST 2019-1
May
2019
$1,217 million
SLST 2019-2
September
2019
SLST 2019-3
November
2019
SLST 2020-1
July
$1,220 million
$1,326 million
2020
$948 million
SLST 2020-2
September
2020
$1,508 million
SLST 2020-3
November
2020
$679 million
SLST 2021-1
SLST 2021-2
SLST 2022-1
SLST 2022-2
SLST 2023-1
May
2021
$844 million
July
2021
$803 million
May
2022
$407 million
October
2022
$230 million
October
2023
$320 million
A-1(1)
Fixed (front sequential)
A-2(1)
Fixed (back sequential)
AF(2) - Fixed/Floating
Cashflow
Triggers
Initial Credit
22.63%
21.44%
19.37%
Enhancement
Maximum
Equity Leakage
Target Credit
Enhancement
29.63%
28.44%
26.36%
REMIC
23.00%
18 Months
Single Delinquency Trigger
21.00%
8.00%
REMIC/REO Trust
11.00%
10.50%
12.50%
7.50%
Excess above the amount needed to maintain Guaranteed Certificates Target Credit Enhancement
30.00%
28.00%
13.00%
16.00%
15.50%
17.50%
Optional
Redemption
At years 4, 5, 7 and annually thereafter
(subject to Redemption Prices of 102%, 101%, and
100%, respectively, for the Class AF Certificates)
At years 4, 5, 7 and annually thereafter (subject to Redemption Prices of 104%, 103%, and 100%, respectively, for
the Class AF Certificates)
Guarantor
Repurchase of
Guaranteed
Certificates
Excess
Servicing Strip(4)
Subordinate
Certificate
M-1, M-2, M-3, B and XS
Retention
Requirements
Servicer
SPS
Mandatory at year 10
42.5 bps - Aggregate of Servicing Fee Rate, Guarantor Oversight Fee Rate and Collateral Administrator Fee Rate
M-2, M-3, B and XS
SLS SPS
SPS
SMS→
Selene
SLS
M, B and XS
(3)
12.50%
At year 5 and
monthly
thereafter at
par
SPS,
CLS-SPS
SLS,
SMS SPS
RPS,
SPS-SPS
SLS, SMS
(1) Exchangeable Certificates or Modifiable and Combinable REMIC Certificates ("MACR Certificates"), as applicable
(2) Class AF Certificates are collateral for Class A-1 and Class A-2 Certificates. In SLST 2023-1, the Class A-1 Certificates are exchangeable with the Class A-1-1, Class A-1-2, Class A-1-3, Class A-1-4 and Class A-1-5
Certificates
(3) At years 4, 5, 7 and annually thereafter (subject to Redemption Prices of 102%, 101%, and 100%, respectively, for the Class AF Certificates)
(4) Collateral Administrator performs the same role across deals
CONFIDENTIAL
SLST 2023-1
45
Prepared by Investments and Capital
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