BLAST 2025-1
MODEL Draft (4 Hours, unaudited)
Single Auto Loan Draft (8 hours, unaudited)
[ SEC_DIRECT_EDGAR_TESTER_V2 ]
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Waterfall Lesson for lecture
Bridgecrest Auto 2025-1 Cash Flow Waterfall
▼ Available Funds Allocation
Class A-1 Notes 4.487%
Balance: $85,200,000 | Mat: Feb 17, 2026
Shortest duration tranche, typically structured to meet money market 2a-7 requirements. Receives the first allocation of principal collections until fully retired.
Class A-2 Notes 4.710%
Balance: $122,880,000 | Mat: Sep 15, 2027
Intermediate duration. Principal payments are entirely locked out until Class A-1 is paid in full, extending the weighted average life.
Class A-3 Notes 4.670%
Balance: $81,920,000 | Mat: Aug 15, 2028
Longest duration within the senior class. Absorbs principal collections only after both A-1 and A-2 are fully retired, locking in yield for the longest term.
▼ Subordinate Cash Flows
Class B Notes 4.920%
Balance: $65,250,000 | Mat: Mar 15, 2029
Receives interest allocation after Class A requirements are met. Principal amortizes only after all Class A notes are completely paid off.
Class C Notes 5.150%
Balance: $88,810,000 | Mat: Dec 17, 2029
Requires all senior and Class B interest obligations to clear the waterfall first. Principal is locked out until Class B is retired.
▼ Deep Subordinate Cash Flows
Class D Notes 5.640%
Balance: $130,500,000 | Mat: Nov 15, 2030
Serves as the primary credit enhancement via cash flow subordination. Receives principal last among the publicly offered notes.
Class E Notes 7.460%
Balance: $48,940,000 | Mat: Feb 17, 2032
Deepest debt subordination layer. First to absorb losses if the residual is wiped out. Not priced in the public offering syndicate.
▼ Residual Cash Flow
Retained Interest (Reg RR) ≥5.00%
Balance: ≥ 5% Eligible Horizontal Residual
Captures excess spread and residual cash flows only after all noteholder interest, principal, and reserve account funding requirements are completely satisfied.
Simulation: Monthly Period Cash Flow
Let's assume $25,000,000 of borrower car payments roll in this month. The waterfall demands its pound of flesh (interest) first, then aggressively pays down principal until the cash runs dry. Welcome to the meat grinder.
▼ Starting Balance: $25,000,000
Class A Interest (A-1, A-2, A-3)-$1,119,686
Remaining: $23,880,314
Class B Interest-$267,525
Remaining: $23,612,789
Class C Interest-$381,142
Remaining: $23,231,647
Class D & E Interest-$917,593
Remaining: $22,314,054
Interest Satisfied. Principal Amortization Triggers.
Class A-1 Principal Paydown-$20,000,000
Remaining: $2,314,054
Available Funds Depleted for Principal.
Residual Sweep / OC Build-$2,314,054
Trust Account Balance: $0