- Current pool balance
- $676.3M (September 2026)
- Original pool balance
- $692.8M
- Loans at issuance
- 28
- Closing date
- 2023-11-09
- Weighted average coupon at issuance
- 7.15%
- Weighted average LTV at issuance
- 35.1%
- 30+ delinquent (latest)
- 11.12%
- Realized stress score
- 64.2
- Net rating change since issuance
- +0.02 notches
Tranches
| Class | Original balance | Credit support (computed) | Coupon | CUSIP | Fitch | KBRA | S&P | Moody's | DBRS |
|---|---|---|---|---|---|---|---|---|---|
| A-1 | $2.8M | 99.62% | 6.362% fixed | 05554FAA3 | PIF | WR | not yet reported | WR | not yet reported |
| A-2 | $13.2M | 97.79% | 6.728% fixed | 05554FAB1 | AAA | AAA | not yet reported | Aaa | not yet reported |
| A-3 | $20.0M | 95.02% | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| A-4 | $106.0M | 80.36% | 6.521% fixed | 05554FAC9 | AAA | AAA | not yet reported | Aaa | not yet reported |
| A-5 | $356.2M | 31.08% | 6.804% floating (WAC) | 05554FAD7 | AAA | AAA | not yet reported | Aaa | not yet reported |
| A-6 | $10.0M | 29.70% | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| A-S | $82.3M | 18.32% | 7.126% floating (WAC) | 05554FAF2 | AAA | AAA | not yet reported | Aa3 | not yet reported |
| A-SB | $6.8M | 17.37% | 7.048% floating (WAC) | 05554FAE5 | AAA | AAA | not yet reported | Aaa | not yet reported |
| B | $32.0M | 12.94% | 7.126% floating (WAC) | 05554FAJ4 | AA- | AA- | not yet reported | not yet reported | not yet reported |
| C | $20.8M | 10.06% | 7.126% floating (WAC) | 05554FAK1 | A- | A- | not yet reported | not yet reported | not yet reported |
| D | $6.9M | 9.11% | 4.250% fixed | 05554FAL9 | BBB+ | BBB+ | not yet reported | not yet reported | not yet reported |
| E-RR | $16.5M | 6.83% | 7.126% floating (WAC) | 05554FAN5 | BBB- | BBB | not yet reported | not yet reported | not yet reported |
| F-RR | $12.1M | 5.15% | 7.126% floating (WAC) | 05554FAQ8 | B | BB+ | not yet reported | not yet reported | not yet reported |
| G-RR | $8.7M | 3.95% | 7.126% floating (WAC) | 05554FAS4 | CCC | BB- | not yet reported | not yet reported | not yet reported |
| H-RR | $28.6M | 0.00% | 7.126% floating (WAC) | 05554FBA2 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| R | not yet reported | not yet reported | not yet reported | 05554FAW5 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| S | not yet reported | not yet reported | not yet reported | 05554FAU9 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| X-A | $485.0M | Interest only | 0.385% floating | 05554FAG0 | AAA | AAA | not yet reported | Aaa | not yet reported |
| X-D | $6.9M | Interest only | 2.876% floating | 05554FAY1 | BBB+ | BBB+ | not yet reported | not yet reported | not yet reported |
Credit support is computed from the class stack order in the prospectus: the share of the deal's principal balance in classes junior to the class. Interest-only classes carry a notional balance and no principal support figure. Ratings are the latest held in the dataset for each class and agency; NR means the agency shows the class as not rated, WR that the rating was withdrawn, PIF that the class has been paid in full. Any other status value is shown exactly as the agency reports it. A + after a CUSIP marks a class with companion CUSIPs in the dataset.
Pool at issuance
| Loans | 28 |
| Original loan balance | $692.9M |
| Weighted average coupon | 7.15% |
| Weighted average LTV | 35.1% |
| Median loan LTV | 48.1% |
| Full-term interest only (share of balance) | 78.4% |
| Balloon loans (share of balance) | 100.0% |
| Largest loan (share of balance) | 9.9% |
| Five largest loans (share of balance) | 41.6% |
| Occupancy at issuance (weighted average) | 91.0% |
Realized outcomes
| Months reported | 35 |
| Peak 30+ delinquency | 17.07% (February 2026) |
| Ever severe (share of original balance) | 11.26% |
| Ever modified (share of original balance) | 0.00% |
| Past scheduled maturity (share of original balance) | 0.00% |
| Non-performing matured (share of original balance) | 54.70% |
| Maximum servicer advances (share of balance) | 0.73% |
| Median DSCR, first year | 1.65 |
| Median DSCR, latest | 1.63 |
| Realized stress score | 64.2 |
Property types
| Property type | Original balance | Share of pool |
|---|---|---|
| Retail | $260.6M | 37.6% |
| Multifamily | $97.0M | 14.0% |
| Lodging | $91.5M | 13.2% |
| Office | $63.5M | 9.2% |
| Mixed use | $50.0M | 7.2% |
| Industrial | $43.5M | 6.3% |
| Other (code 98) | $40.0M | 5.8% |
| Multiple property types | $22.0M | 3.2% |
| Manufactured housing | $12.8M | 1.8% |
| Warehouse | $12.0M | 1.7% |
Property type is reported for 100.0% of the pool balance; shares are of the full pool.
Largest loans
| Property | Location | Original balance | Share of pool | Coupon | Originated |
|---|---|---|---|---|---|
| ["Northwoods Marketplace", "The Centrum", "Lawton Marketplace", "Carlisle Crossing", "Southway Shopping Center", "Parkway Centre South", "Houma Crossing", "North Lake Square", "RTL Multi-Tenant Portfolio (Liberty Crossing)", "Owensboro Town Center", "Harbor Town Center", "Lord Salisbury Center", "Terrell Mill Village", "The Ridge at Turtle Creek", "Nordstrom Rack", "Ventura Place", "Quail Springs", "Wallace Commons", "Waterford Park South", "Evergreen Marketplace", "Derby Marketplace", "Stoneridge Village", "FreshThyme & DSW", "Crossroads Annex", "Tellico Village", "Walmart Neighborhood Market", "PetSmart & Old Navy", "Sutters Creek", "Mattress Firm & Panera Bread"] | ["North Charleston", "Pineville", "Lawton", "Carlisle", "Houston", "Grove City", "Houma", "Gainesville", "Rowlett", "Owensboro", "Manitowoc", "Salisbury", "Marietta", "Hattiesburg", "Tampa", "Albuquerque", "Oklahoma City", "Salisbury", "Clarksville", "Evergreen Park", "Derby", "Jefferson City", "Fort Wayne", "Layfette", "Loudon", "Summerville", "Reynoldsburg", "Rocky Mount", "Elyria"], ["SC", "NC", "OK", "PA", "TX", "OH", "LA", "GA", "TX", "KY", "WI", "MD", "GA", "MS", "FL", "NM", "OK", "NC", "IN", "IL", "KS", "MO", "IN", "LA", "TN", "SC", "OH", "NC", "OH"] | $68.8M | 9.9% | 6.45% | 2023 |
| ["The Muse", "Eden Pointe"] | ["Dallas", "Houston"], ["TX", "TX"] | $66.0M | 9.5% | 7.36% | 2023 |
| ["Belpre V Cancer Center - Belpre, OH", "Glendale MOB - Farmington Hills, MI", "1600 State Street", "Palm Valley Medical Plaza - Goodyear, AZ", "Eastside Cancer Institute - Greenville, SC", "Aurora Healthcare Center - Waterford, WI", "Beaumont Medical Center - Warren, MI", "Millennium Eye Care - Freehold, NJ", "757 Franciscan Medical - Munster, IN", "Vascular Surgery Associates - Tallahassee, FL", "Decatur Medical Office Building - Decatur, GA", "Aurora Healthcare Center - Wautoma, WI", "Greenfield Medical Plaza - Gilbert, AZ", "Swedish American MOB - Roscoe, IL", "West Michigan Surgery Center - Big Rapids, MI", "UPMC - Sir Thomas Court - Harrisburg, PA", "Eastern Carolina ENT - Greenville, NC", "Lancaster Medical Arts MOB - Lancaster", "UPMC - Fisher Road - Mechanicsburg, PA", "Kingwood Executive Center - Kingwood, TX", "Pensacola Nephrology MOB - Pensacola, FL", "Lee Memorial Health System - Fort Myers, FL", "Greenville Health System - Greenville, SC", "UPMC - Chambers Hill - Harrisburg, PA", "Rockwall Medical Plaza - Rockwall, TX", "Pioneer Spine Sports - West Springfield", "Women's Healthcare Group MOB - York, PA", "OrthoOne Hilliard - Hilliard, OH", "St Peter's - Albany, NY - 5 Palisades", "Metropolitan Eye Lakeshore Surgery - St. Clair Shores, MI", "Crittenton MOB - Washington Township, MI", "Surgery Center of Temple - Temple, TX", "RAI Care Center-Clearwater, FL", "Medical Center V - Peoria, AZ", "MetroHealth Buckeye Health - Cleveland, OH", "South Douglas MOB - Midwest City, OK", "Crittenton MOB - Sterling Heights, MI", "SPHP MOB, Albany, NY", "Atlanta Gastroenterology Associates - Lawrenceville, GA", "Bone and Joint Specialists - Merrillville, IN", "1550 State Street", "St. Peter's - Albany, NY - 2 Palisades", "St Lukes Heart Vascular Center - East Stroudsburg", "Naidu Clinic - Odessa, TX", "Aurora Healthcare Center - Kiel, WI", "Florida Medical Heartcare - Tampa, FL", "Florida Medical Wesley Chapel - Tampa, FL", "Aurora Healthcare Center - Green Bay, WI", "Pioneer Spine Sports - Springfield", "Center for Advanced Dermatology - Lakewood, CO", "Pioneer Spine Sports - Northampton", "Florida Medical Clinic - Tampa, FL", "DaVita Dialysis - Hudson, FL", "St Peter's - Albany, NY - 4 Palisades", "5825 Shoreview Lane North", "Florida Medical Tampa Palms - Tampa, FL", "Fresenius Medical Care - Winfield, AL", "Florida Medical Somerset - Tampa, FL", "St. Peter's - Troy, NY - 2 New Hampshire", "DaVita Bay Breeze Dialysis Center - Largo, FL", "Aurora Healthcare Center - Greenville, WI", "1586 State Street"] | ["Belpre", "Farmington Hills", "Salem", "Goodyear", "Greenville", "Waterford", "Warren", "Freehold", "Munster", "Tallahassee", "Decatur", "Wautoma", "Gilbert", "Roscoe", "Big Rapids", "Harrisburg", "Greenville", "Lancaster", "Mechanicsburg", "Kingwood", "Pensacola", "Fort Myers", "Greenville", "Harrisburg", "Rockwall", "West Springfield", "York", "Hilliard", "Albany", "St. Clair Shores", "Washington Township", "Temple", "Clearwater", "Peoria", "Cleveland", "Midwest City", "Sterling Heights", "Albany", "Lawrenceville", "Merrillville", "Salem", "Albany", "East Stroudsburg", "Odessa", "Kiel", "Tampa", "Wesley Chapel", "Suamico", "Springfield", "Lakewood", "Northampton", "Tampa", "Hudson", "Albany", "Keizer", "Tampa", "Winfield", "Tampa", "Troy", "Largo", "Greenville", "Salem"], ["OH", "MI", "OR", "AZ", "SC", "WI", "MI", "NJ", "IN", "FL", "GA", "WI", "AZ", "IL", "MI", "PA", "NC", "PA", "PA", "TX", "FL", "FL", "SC", "PA", "TX", "MA", "PA", "OH", "NY", "MI", "MI", "TX", "FL", "AZ", "OH", "OK", "MI", "NY", "GA", "IN", "OR", "NY", "PA", "TX", "WI", "FL", "FL", "WI", "MA", "CO", "MA", "FL", "FL", "NY", "OR", "FL", "AL", "FL", "NY", "FL", "WI", "OR"] | $53.5M | 7.7% | 6.45% | 2023 |
| Outlet Shoppes at Atlanta | Woodstock, GA | $50.0M | 7.2% | 7.85% | 2023 |
| CX - 250 Water Street | Cambridge, MA | $50.0M | 7.2% | 5.51% | 2023 |
Delinquency and stress indicator
▬ 30+ days delinquent · ▬ Distressed (90+, foreclosure, REO, non-performing matured)
Monthly shares of the deal's reported balance, from the deal indicator series in the dataset. Months in which fewer than half of the reported loans carry a delinquency status code are not plotted.
Ratings
| Classes with a CUSIP | 17 of 19 |
| Classes with a current rating in the dataset | 14 of 19 |
| Net rating change since issuance | +0.02 notches (balance-weighted) |
| Delinquency threshold crossed | April 2024 |
| First downgrade | August 2025 |
Sources: SEC Form ABS-EE asset-level reports, Form 10-D distribution reports and the deal prospectus; rating histories published under SEC Rule 17g-7(b) and agency releases. Definitions are in the methods note on the market page.