In New York, KBRA has assigned a preliminary rating to a single class of notes from NYCTL 2025-A Trust, a $172.5 million asset-backed securities (ABS) transaction tied to property tax liens. The funds raised from the Notes will go towards obtaining a total of 3,915 property tax liens in New York City, with a combined redemptive value of around $220.0 million and an average interest rate of 9.5%. The majority of the $220.0 million principal balance is attributed to residential properties (74.0%), with commercial and industrial properties making up the rest.