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Aside from traditional lending, funds are experimenting with lending against collateral, with many different collateralised loans emerging. Private credit loans are complex and bespoke, with negotiated terms such as cash flow, timing, and feestructures.
And consistent with prior quarters, we favored high-quality prepayment-protected collateral with durable cash flows. So there's kind of an incentive feestructures with these providers and given how low origination margins are in the industry, the repurchase of the MSR back at a discount is effectively assuming that origination.
I think we might see an erosion of the feestructure that's traditionally associated with wealth management assets under management between now and this 2050 year that you mentioned. Ricky Mulvey: Let's pick your mind. Any interesting takeaways from these big banks we've had Goldman , we've had JPMorgan , let's add Schwab.
billion at quarter-end comprised of 553 million in cash with the remainder in MSR line capacity, which is fully collateralized and immediately available. Any idea for the sense of target assets under management and the feestructure and then how that will flow through the P&L once it's up and running?
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