Why the divide is really about data

Solar is close enough to the public markets to be discussed, but not yet settled enough to live there comfortably in Europe. That is why warehouses still do so much of the heavy lifting: they absorb uncertainty while the asset class becomes legible.

RMBS is the contrast case. Not because mortgage risk is simple, but because the questions are stable. Public execution becomes routine when investors do not need to rebuild the story from first principles each time. They can start from a shared framework and debate relative value within it.

That is why the public–private divide is increasingly a data story. Comparable loan-level fields, durable reporting and operational repeatability are what turn a structure that works into a structure that scales. Where data and servicing are still evolving, private structures remain the natural home because they are more accommodating.

Our longer piece RMBS: public by default, private by necessity - why the divide is really about data discusses this in more detail.