Special Guest: Justin Mahoney, Founder and Senior Portfolio Manager at Shelter Growth Capital Partners

30 October 2023

Episode 7 podcast

Episode Description

The RMBS market, specifically Non-QM, is showing signs of recovery and growth following the COVID-19 pandemic. Amid rising rates, Non-QM is facing unique challenges and opportunities not present in the broader mortgage market.

The upswing in mortgage rates has led the origination channel to shift its focus towards Non-QM, providing a favorable tailwind for future sector growth and market penetration. On the flip side, delinquencies are beginning to rise in Non-QM unlike the broad mortgage market. Non-QM securitizations have faced spread pressures similar to other structured credit products (which have eased in recent months), creating challenges for securitizations but also opportunities for new entreats.

In this episode, Vadim is joined by Justin Mahoney of Shelter Growth Capital Partners to discuss in-depth trends.

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About the dv01 Podcast

dv01's In The Tranches of Structured Finance podcast explores macroeconomic trends, sector performance, and the future of capital markets. As a leading market intelligence company in structured credit, dv01 provides transparency and actionable insights through loan-level data and research.


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