Investor Presentaiton
Indicative SLST 2023-1 Structure
Overview(1)
Base Offered
Class Class
Initial Class
Principal/Notional
% UPB
Amount
Initial Approximate
Credit
Initial Class
Enhancement % Coupon %
WAL
(years)(2)
Principal
Window
(months)(2)
Coupon Type
Mandatory
Guarantor
Repurchase
Date/Stated Final
Distribution Date
Class Type
A-1
$222,158,000
69.38%
7.50%
3.250%
5.31
1-120
Fixed
October 2033
AF(3)(4)
A-2
$74,052,000
23.12%
7.50%
3.250%
10.00
120-120
Fixed
October 2033
Guaranteed/Senior/
Sequential/MACR
Guaranteed/Senior/
Sequential/Exchangeable
A
$296,210,000
92.50%
7.50%
3.250%
6.48
1-120
Fixed
October 2033
M
$11,208,000
3.50%
4.00%
5.000%
10.56
74-120
Fixed/Net WAC(5)
October 2063
Guaranteed/Senior/
MACR
Non-Guaranteed/
Subordinate/Exchangeable
B
$12,809,476
4.00%
0.00%
2.500%
10.45
N/A
Fixed/Net WAC(5)
October 2063
Non-Guaranteed/
Subordinate/Exchangeable
Non-Guaranteed/Excess
N/A
XS
$320,227,476(6)
N/A
N/A
N/A
N/A
N/A
(7)
N/A
Servicing Strip/Exchangeable
BES
$12,809,476
4.00%
0.00%
2.500%
10.45
N/A
Fixed/Net WAC
October 2063
Non-Guaranteed/
Subordinate/MACR
SUB
$24,017,476
7.50%
0.00%
3.666%
10.50
74-120
Fixed/Net WAC
October 2063
Non-Guaranteed/
Subordinate/MACR
Total
$320,227,476
100.00%
(1) Figures shown are as of August 31, 2023
(2)
Pricing Assumptions
SLST 2023-1
VPR
Ramp from 3% to 6% over 36 months
CDR
Severity
Ramp from 0% to 2% over 36 months
30%
Optional Redemption/Clean-Up Call
Not Exercised
(3)
The Class AF Certificates, not offered on the Closing Date, will be deposited into a REMIC and tranched sequentially into the Class A-1-1, Class A-1-2, Class A-1-3, Class A-1-4, Class A-1-5 and Class A-2 Certificates
(4) If the Guaranteed Certificates have not been redeemed by the Majority Representative in connection with its Optional Redemption Right or otherwise paid in full by the Distribution Date in October 2033, effective on the Distribution Date in
November 2033 and thereafter, the coupon of the Class AF Certificates will become a floating rate at a per annum rate, not less than 0.000%, equal to the lesser of (i) SOFR plus 2.000% and (ii) 7.000%
(5) The Class Coupon of the Class M and Class B Certificates for each Distribution Date will be a per annum rate equal to the lesser of (i) 5.000% and 2.500%, respectively, and (ii) the related Subordinate Certificates Net WAC for such
Distribution Date. To the extent the Class Coupon of the Class M or Class B Certificates is limited by the related Subordinate Certificates Net WAC, such Certificates will be entitled to Coupon Cap Shortfalls for such Class of Certificates
(6) Class Notional Amount
(7) The Class XS Certificates are entitled to the Excess Servicing Amount received on the Mortgage Loans
17
CONFIDENTIAL
SLST 2023-1
Prepared by Investments and Capital
Freddie Mac
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