Appendix 4 — Independent Specialists — Reliance on FHCs & DBDs as Gatekeepers to Capital Markets

Independent specialists (captive/standalone finance cos, LPFCs, LGIPs) run an originate-to-fund process that depends on FHC/DBD multi-seller conduits for warehousing and broker-dealers as gatekeepers/underwriters and distributors. Red = warehousing/underwriting/distribution; specialists hold the assets they originate. Hover any cell for instrument / tenor / rating / seniority / capital form / stress tags / backstop linkage; hover any arrow for the flow's instrument and counterparty role.