- Current pool balance
- $626.2M (September 2026)
- Original pool balance
- $626.6M
- Loans at issuance
- 28
- Closing date
- 2023-11-01
- Weighted average coupon at issuance
- 7.48%
- Weighted average LTV at issuance
- 33.8%
- 30+ delinquent (latest)
- 0.00%
- Realized stress score
- 44.2
- 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 | $740,000 | 99.88% | 6.447% fixed | 081926AA5 | AAA | AAA | AAA (sf) | not yet reported | not yet reported |
| A-3 | $437.9M | 30.00% | 6.841% floating (WAC) | 081926AC1 | AAA | AAA | AAA (sf) | not yet reported | not yet reported |
| A-S | $81.5M | 17.00% | 7.460% floating (WAC) | 081926AD9 | AAA | AAA | NR | not yet reported | not yet reported |
| B | $28.2M | 12.50% | 7.460% floating (WAC) | 081926AG2 | AA- | AA- | NR | not yet reported | not yet reported |
| C | $19.7M | 9.35% | 7.460% floating (WAC) | 081926AH0 | A- | A- | NRprelim | not yet reported | not yet reported |
| D | $6.3M | 8.35% | 7.460% floating (WAC) | 081926AJ6 | BBB+ | BBB+ | NRprelim | not yet reported | not yet reported |
| E-RR | $8.5M | 7.00% | 7.460% floating (WAC) | 081926AM9 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| F-RR | $6.3M | 6.00% | 7.460% floating (WAC) | 081926AP2 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| G-RR | $11.0M | 4.25% | 7.460% floating (WAC) | 081926AR8 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| J-RR | $6.3M | 3.25% | 7.460% floating (WAC) | 081926AT4 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| K-RR | $20.4M | 0.00% | 7.460% floating (WAC) | 081926AV9 | 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 | 081926AW7 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| X-A | $520.1M | Interest only | 0.523% floating | 081926AF4 | AAA | AAA | NR | 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 | $626.6M |
| Weighted average coupon | 7.48% |
| Weighted average LTV | 33.8% |
| Median loan LTV | 46.7% |
| Full-term interest only (share of balance) | 95.8% |
| Balloon loans (share of balance) | 100.0% |
| Largest loan (share of balance) | 9.7% |
| Five largest loans (share of balance) | 43.5% |
| Occupancy at issuance (weighted average) | 87.1% |
Realized outcomes
| Months reported | 35 |
| Peak 30+ delinquency | 2.45% (February 2025) |
| Ever severe (share of original balance) | 0.00% |
| Ever modified (share of original balance) | 2.79% |
| Past scheduled maturity (share of original balance) | 0.00% |
| Non-performing matured (share of original balance) | 53.11% |
| Maximum servicer advances (share of balance) | 0.17% |
| Median DSCR, first year | 1.51 |
| Median DSCR, latest | 1.36 |
| Realized stress score | 44.2 |
Property types
| Property type | Original balance | Share of pool |
|---|---|---|
| Lodging | $157.6M | 25.2% |
| Office | $137.9M | 22.0% |
| Self storage | $108.4M | 17.3% |
| Retail | $52.1M | 8.3% |
| SE | $51.0M | 8.1% |
| Multiple property types | $37.3M | 6.0% |
| Multifamily | $30.7M | 4.9% |
| Industrial | $24.9M | 4.0% |
| Other (code 98) | $14.1M | 2.3% |
| Mixed use | $12.5M | 2.0% |
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 |
|---|---|---|---|---|---|
| Warwick New York | New York, NY | $60.5M | 9.7% | 7.42% | 2023 |
| Overlook at Ballantyne | Charlotte, NC | $56.0M | 8.9% | 7.39% | 2023 |
| ["Prime Storage Bridgehampton", "Prime Storage Bohemia", "Prime Storage Westhampton Beach", "Prime Storage Queens Jamaica", "Prime Storage West Palm Beach", "Prime Storage Snellville", "Prime Storage Shallotte", "Prime Storage Danbury East", "Prime Storage Dallas", "Prime Storage Bay Shore Pine Aire Dr.", "Prime Storage Mesa", "Prime Storage Warren", "Prime Storage Portsmouth", "Prime Storage Bolivia", "Prime Storage Charlottesville", "Prime Storage Clifton", "Prime Storage Centereach", "Prime Storage Marietta North", "Prime Storage Hardeeville", "Prime Storage Summerville", "Prime Storage Virginia Beach Lynnhaven Pkwy.", "Prime Storage Marietta South", "Prime Storage Cartersville", "Prime Storage Danbury West", "Prime Storage Scarborough", "Prime Storage Baltimore", "Prime Storage Farmingdale", "Prime Storage Baltimore - 3500 Wilkens Ave.", "Prime Storage Glenville", "Prime Storage Fishers Ford Dr.", "Prime Storage Acworth North", "Prime Storage Rock Hill", "Prime Storage Simpsonville", "Prime Storage Acworth East", "Prime Storage Saco", "Prime Storage Baltimore North Point Blvd.", "Prime Storage Green Island", "Prime Storage North Fort Myers", "Prime Storage Marietta", "Prime Storage Midland", "Prime Storage Lansing", "Prime Storage Acworth West", "Prime Storage Boardman", "Prime Storage North Miami", "Prime Storage Greenville Butler Rd."] | ["Bridgehampton", "Bohemia", "Westhampton Beach", "Jamaica", "West Palm Beach", "Snellville", "Shallotte", "Danbury", "Dallas", "Bay Shore", "Mesa", "Warren", "Portsmouth", "Bolivia", "Charlottesville", "Clifton", "Centereach", "Marietta", "Hardeeville", "Summerville", "Virginia Beach", "Marietta", "Cartersville", "Danbury", "Scarborough", "Baltimore", "Farmingdale", "Baltimore", "Glenville", "Fishers", "Acworth", "Rock Hill", "Simpsonville", "Acworth", "Saco", "Baltimore", "Green Island", "North Fort Myers", "Marietta", "Midland", "Lansing", "Acworth", "Boardman", "North Miami", "Greenville"], ["NY", "NY", "NY", "NY", "FL", "GA", "NC", "CT", "GA", "NY", "AZ", "RI", "RI", "NC", "VA", "NJ", "NY", "GA", "SC", "SC", "VA", "GA", "GA", "CT", "ME", "MD", "NY", "MD", "NY", "IN", "GA", "SC", "SC", "GA", "ME", "MD", "NY", "FL", "GA", "GA", "MI", "GA", "OH", "FL", "SC"] | $55.0M | 8.8% | 6.39% | 2023 |
| ["Defeased", "Defeased"] | not yet reported | $51.0M | 8.1% | 7.85% | 2023 |
| Philadelphia Marriott Downtown | Philadelphia, PA | $50.0M | 8.0% | 8.71% | 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 | 13 of 13 |
| Classes with a current rating in the dataset | 7 of 13 |
| 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.