- Current pool balance
- $900.9M (September 2026)
- Original pool balance
- $906.5M
- Loans at issuance
- 23
- Closing date
- 2023-07-01
- Weighted average coupon at issuance
- 6.59%
- Weighted average LTV at issuance
- 26.6%
- 30+ delinquent (latest)
- 1.81%
- Realized stress score
- 57.3
- Net rating change since issuance
- +0.00 notches
Tranches
| Class | Original balance | Credit support (computed) | Coupon | CUSIP | Fitch | KBRA | S&P | Moody's | DBRS |
|---|---|---|---|---|---|---|---|---|---|
| A-1 | $7.7M | 99.15% | 6.035% fixed | 081925AA7 | AAA | AAA | AAA (sf) | not yet reported | not yet reported |
| A-2 | $201.3M | 76.95% | 6.794% floating (WAC) | 081925AB5 | AAA | AAA | AAA (sf) | not yet reported | not yet reported |
| A-4 | $54.0M | 70.99% | 5.502% fixed | 081925AC3 | AAA | AAA | AAA (sf) | not yet reported | not yet reported |
| A-5 | $361.9M | 31.07% | 5.754% fixed | 081925AD1 | AAA | AAA | AAA (sf) | not yet reported | not yet reported |
| A-S | $120.1M | 17.82% | 6.250% fixed | 081925BA6 | AAA | AAA | AA (sf) | not yet reported | not yet reported |
| A-SB | $9.7M | 16.75% | 6.059% floating (WAC) | 081925AE9 | AAA | AAA | AAA (sf) | not yet reported | not yet reported |
| B | $38.5M | 12.50% | 6.192% floating (WAC) | 081925AG4 | AA- | AA- | NRprelim | not yet reported | not yet reported |
| C | $27.4M | 9.47% | 6.794% floating (WAC) | 081925AH2 | A- | A- | NRprelim | not yet reported | not yet reported |
| D-RR | $12.2M | 8.13% | 6.794% floating (WAC) | 081925AM1 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| E-RR | $9.1M | 7.13% | 6.794% floating (WAC) | 081925AP4 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| F-RR | $9.1M | 6.13% | 6.794% floating (WAC) | 081925AR0 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| G-RR | $17.0M | 4.25% | 6.794% floating (WAC) | 081925AT6 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| J-RR | $11.3M | 3.00% | 6.794% floating (WAC) | 081925AV1 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| K-RR | $27.2M | 0.00% | 6.794% floating (WAC) | 081925AX7 | 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 | 081925AY5 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| X-A | $634.5M | Interest only | 0.724% floating | 081925AF6 | AAA | AAA | AAA (sf) | not yet reported | not yet reported |
| X-B | $158.6M | Interest only | 0.559% floating | 081925AJ8 | AA- | AAA | NRprelim | 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 | 23 |
| Original loan balance | $906.7M |
| Weighted average coupon | 6.59% |
| Weighted average LTV | 26.6% |
| Median loan LTV | 30.7% |
| Full-term interest only (share of balance) | 87.1% |
| 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) | 91.1% |
Realized outcomes
| Months reported | 39 |
| Peak 30+ delinquency | 1.81% (March 2024) |
| Ever severe (share of original balance) | 1.82% |
| Ever modified (share of original balance) | 8.90% |
| Past scheduled maturity (share of original balance) | 0.00% |
| Non-performing matured (share of original balance) | 47.49% |
| Maximum servicer advances (share of balance) | 0.22% |
| Median DSCR, first year | 1.65 |
| Median DSCR, latest | 1.83 |
| Realized stress score | 57.3 |
Property types
| Property type | Original balance | Share of pool |
|---|---|---|
| Industrial | $282.7M | 31.2% |
| Retail | $281.8M | 31.1% |
| Office | $169.8M | 18.7% |
| Lodging | $108.1M | 11.9% |
| Mixed use | $64.4M | 7.1% |
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 |
|---|---|---|---|---|---|
| ["2000 Commerce Center Drive", "1200 Northrop Road", "3400 Bagcraft Blvd", "690 Unisia Drive", "800 Koomey Rd", "3900 W 43rd Street", "540 West Nez Perce", "4255 Thunderbird Lane", "1001 North Madison ave", "17153 Industrial Highway", "999 North Madison Ave", "407 Sangamore Road", "88 Nesbitt Dr", "310 Hartmann Dr", "101 Commerce Drive", "620 Hardin Street", "3100 East Richmond Street"] | ["Franklin", "Meriden", "Baxter Springs", "Monroe", "Brookshire", "Chicago", "Jerome", "West Chester", "North Vernon", "Caldwell", "North Vernon", "Bremen", "Holley", "Lebanon", "Mount Vernon", "Coldwater", "Shawano"], ["OH", "CT", "KS", "GA", "TX", "IL", "ID", "OH", "IN", "OH", "IN", "GA", "NY", "TN", "OH", "OH", "WI"] | $89.5M | 9.9% | 6.23% | 2023 |
| Seagate Campus | Fremont, CA | $86.0M | 9.5% | 7.04% | 2023 |
| Fashion Valley Mall | San Diego, CA | $85.0M | 9.4% | 5.73% | 2023 |
| Pacific Design Center | West Hollywood, CA | $64.4M | 7.1% | 5.94% | 2023 |
| ["Village Square", "Deerpath Commons Property", "Deerpath Court Property"] | ["Lake Zurich", "Lake Zurich", "Lake Zurich"], ["IL", "IL", "IL"] | $52.5M | 5.8% | 7.07% | 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 17 |
| Classes with a current rating in the dataset | 10 of 17 |
| Net rating change since issuance | +0.00 notches (balance-weighted) |
| Delinquency threshold crossed | Not crossed in the dataset |
| First downgrade | None recorded |
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.