- Current pool balance
- $469.6M (September 2026)
- Original pool balance
- $650.9M
- Loans at issuance
- 53
- Closing date
- 2018-12-12
- Weighted average coupon at issuance
- 5.28%
- Weighted average LTV at issuance
- 44.2%
- 30+ delinquent (latest)
- 7.54%
- Realized stress score
- 76.8
- Net rating change since issuance
- +0.10 notches
Tranches
| Class | Original balance | Credit support (computed) | Coupon | CUSIP | Fitch | KBRA | S&P | Moody's | DBRS |
|---|---|---|---|---|---|---|---|---|---|
| A-1 | $22.5M | 96.55% | 3.379% fixed | 90278KAW1 | PIF | WR | not yet reported | WR | not yet reported |
| A-2 | $30.5M | 91.86% | 4.257% fixed | 90278KAX9 | PIF | WR | not yet reported | WR | not yet reported |
| A-3 | $194.7M | 61.94% | 4.180% fixed | 90278KAZ4 | AAA | AAA | not yet reported | Aaa | not yet reported |
| A-4 | $166.2M | 36.41% | 4.448% fixed | 90278KBA8 | AAA | AAA | not yet reported | Aaa | not yet reported |
| A-S | $59.4M | 27.29% | 4.749% floating (WAC) | 90278KBD2 | AAA | AAA | not yet reported | Aa3 | not yet reported |
| A-SB | $41.7M | 20.88% | 4.391% fixed | 90278KAY7 | AAA | AAA | not yet reported | Aaa | not yet reported |
| B | $32.5M | 15.88% | 5.101% floating (WAC) | 90278KBE0 | AA- | AA | not yet reported | not yet reported | not yet reported |
| C | $28.5M | 11.50% | 5.273% floating (WAC) | 90278KBF7 | A- | A | not yet reported | not yet reported | not yet reported |
| D | $17.9M | 8.75% | 3.000% fixed | 90278KAJ0 | BBB | BBB+ | not yet reported | not yet reported | not yet reported |
| E | $13.0M | 6.75% | 3.000% fixed | 90278KAL5 | BB | BBB- | not yet reported | not yet reported | not yet reported |
| F | $16.3M | 4.25% | 4.050% floating (WAC) | 90278KAN1 | CCC | B | not yet reported | not yet reported | not yet reported |
| G | $6.5M | 3.25% | 4.050% floating (WAC) | 90278KAQ4 | CCC | CCC | not yet reported | not yet reported | not yet reported |
| NR | $21.2M | 0.00% | 4.050% floating (WAC) | 90278KAS0 | 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 | 90278KAU5 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| X-A | $455.6M | Interest only | 1.010% floating | 90278KBB6 | AAA | AAA | not yet reported | Aaa | not yet reported |
| X-B | $120.4M | Interest only | 0.304% floating | 90278KBC4 | AA- | AAA | not yet reported | not yet reported | not yet reported |
| X-D | $30.9M | Interest only | 2.273% floating | 90278KAA9 | BB | BBB- | not yet reported | not yet reported | not yet reported |
| X-F | $16.3M | Interest only | 1.223% floating | 90278KAC5 | CCC | B | not yet reported | not yet reported | not yet reported |
| X-G | $6.5M | Interest only | 1.223% floating | 90278KAE1 | CCC | CCC | not yet reported | not yet reported | not yet reported |
| X-NR | $21.2M | Interest only | 1.223% floating | 90278KAG6 | not yet reported | not yet reported | 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 | 53 |
| Original loan balance | $827.7M |
| Weighted average coupon | 5.28% |
| Weighted average LTV | 44.2% |
| Median loan LTV | 61.7% |
| Full-term interest only (share of balance) | 30.2% |
| Balloon loans (share of balance) | 100.0% |
| Largest loan (share of balance) | 5.4% |
| Five largest loans (share of balance) | 25.8% |
| Occupancy at issuance (weighted average) | 91.4% |
Realized outcomes
| Months reported | 93 |
| Peak 30+ delinquency | 27.32% (May 2020) |
| Ever severe (share of original balance) | 21.36% |
| Ever modified (share of original balance) | 9.94% |
| Past scheduled maturity (share of original balance) | 3.62% |
| Non-performing matured (share of original balance) | 51.50% |
| Maximum servicer advances (share of balance) | 0.90% |
| Median DSCR, first year | 1.80 |
| Median DSCR, latest | 1.75 |
| Realized stress score | 76.8 |
Property types
| Property type | Original balance | Share of pool |
|---|---|---|
| Retail | $174.4M | 21.1% |
| Office | $170.8M | 20.6% |
| SE | $112.2M | 13.6% |
| Lodging | $91.2M | 11.0% |
| Mixed use | $51.8M | 6.3% |
| Multiple property types | $44.3M | 5.4% |
| Multifamily | $41.5M | 5.0% |
| Manufactured housing | $8.4M | 1.0% |
| Self storage | $4.2M | 0.5% |
| HC | $4.0M | 0.5% |
Property type is reported for 84.9% of the pool balance; shares are of the full pool.
Largest loans
| Property | Location | Original balance | Share of pool | Coupon | Originated |
|---|---|---|---|---|---|
| Nimble Storage | San Jose, CA | $44.3M | 5.4% | 4.85% | 2018 |
| ["Nimble Storage", "NetScout Systems", "Mallinckrodt", "PPD Global Labs", "PNC Bank", "FedEx Ground", "Weatherford International"] | ["San Jose", "Allen", "St. Louis", "Highland Heights", "Erie", "Great Falls", "Odessa"], ["CA", "TX", "MO", "KY", "PA", "MT", "TX"] | $44.3M | 5.4% | 4.85% | 2018 |
| ["1200 Network Centre Drive", "9150 North East Barry Road", "11925 Jones Bridge Road", "200 Brevco Plaza", "1760 West Virginia Street", "117 St. Patrick's Drive", "1647 County Road 220", "3500 East Highway 377", "4112 North Belt Highway", "3009 Winghaven Boulevard", "2202 Althoff Drive", "3820 Wabash Avenue", "561 East Lincoln Highway", "3003 Twin Rivers Drive", "1025 Ashley Street", "440 Erie Parkway", "1381 Citrus Tower Boulevard", "1751 Pleasant Road", "9625 Lake Nona Village Place", "615 Saint James Avenue", "13816 Narcoossee Road", "1695 Wells Road", "4355 Suwanee Dam Road", "7310 N. Villa Lake Drive", "299A Indian Lake Boulevard", "2455 East Main Street", "630 East Markey Parkway", "1613 East Pflugerville Parkway", "782 Belle Terre Parkway", "11890 Hwy 707", "7551 Osceola Polk Line Road", "100 Piper Hill Drive", "8624 Lee Vista Boulevard", "149 Tuscan Way", "2740 Prairie Crossing Drive", "2066 Bruce B. Downs Boulevard", "209 Latitude Lane", "4608 SW College Road", "1315 Bell Road", "4327 U.S. Highway 1 South", "1521 East Debbie Lane", "3152 S. Broadway", "8701 South Garnett Road", "450 South Weber Road", "840 Nissan Drive", "12222 Route 47", "3415 Livernois Road", "5309 Buffalo Gap Road", "8190 Windfall Lane", "2620 E Highway 50", "10670 Southwest Tradition Square", "4939 Courthouse Street", "2301 Old Canoe Creek Road", "507 N. Hershey Road", "242 Southwoods Center", "3016 Columbia Avenue", "4120 North 197th Avenue", "13794 Beach Boulevard", "3037 Southwest Port St. Lucie Boulevard", "1840 Dekalb Avenue", "9100 Highway 119", "42 Market Square Road", "2707 Sycamore Road", "2014 Lime Kiln Road", "103 Farabee Drive North", "4999 North Tanner Road", "674 Lake Joy Road", "1828 IN-44", "2950 South Rutherford Boulevard", "545 East Hunt Highway", "17810 Pierce Plaza", "5445 South Williamson Boulevard", "780 East-West Connector SW", "16620 West 159th Street", "13851 N US Highway 441", "3120 Mahan Drive", "2000 Veterans Memorial Parkway South", "1402 U.S. Route 12", "1776 Blanding Boulevard", "3012 Anchor Drive", "1715 West Main Street", "10389 Big Bend Road", "7103 Whitestown Parkway", "2751 Fountain Place", "2030 Crossing Circle", "13101 East 96th Street North", "692 Essington Road", "240 Blossom Park Drive", "6005 Watson Boulevard", "3237 Sixes Road", "4030 Winder Highway", "8605 East State Road 70", "540 West Walnut Street", "5630 Plank Road", "10505 Lima Road", "7485 Vanderbilt Beach Boulevard", "2701 S. Koke Mill Road", "22329 Greenview Parkway", "25000 Bernwood Drive", "3500 Clemson Boulevard", "2222 Highway 540A East", "1055 Pine Log Road", "4315 N. Holland Sylvania Rd.", "21300 Town Commons Drive", "1905 Convenience Place", "3308 Platt Springs Road", "132 Milestone Way", "1429 Chester Boulevard", "1339 North Sumter Boulevard", "1536 Farm to Market 359 Road", "3585 North 168th Court", "1980 U.S. Highway 1 South", "13328 Metcalf Avenue", "826 W. Lincoln Avenue", "1515 West 45th Avenue", "1012 Mill Pond Lane", "621 Chatham Avenue", "24940 South Tamiami Trail", "609 Front Street", "6190 LBJ Freeway", "3417 Schofield Ave.", "330 Park Place", "1490 North Green Mount Road", "213 Main Street", "11119 Hearth Road", "2362 West Boulevard Street", "2812 East Main Street", "Heartland Dental", "8790 Walnut Grove Road", "10708 East State Road 64", "2184 FM 3009", "2210 Boiling Springs Road", "3105 Kirby Whitten Road", "716 32nd Street South", "1010 West U.S. Route 6", "935 W. Exchange Parkway", "3608 Jeffco Boulevard", "998 Williford Court", "4405 Highway 17", "508 South 52nd Street", "12260 Tamiami Trail East", "1405 South 25th Street", "12605 Troxler Avenue", "122 Stone Trace Drive", "4455 Florida National Drive", "3645 North Council Road", "9305 Market Square Drive", "3420 Bayside Lakes Boulevard Southeast", "309 West Ogden Avenue", "456 University Boulevard North", "1316 McMillan Street", "6233 Veterans Parkway", "116 Calumet Center Road", "828 South Main Street", "7200 Red Hawk Court", "303 Ashby Park Lane", "3106 Professional Plaza", "1950 Chesley Drive", "104 South Houston Road", "103 East Tatum Avenue", "165 Juniper Circle", "135 East Broadway Street", "9360 Two Notch Road", "12988 Georgia Highway 9", "5 Jannell Court", "1617 East Main Street", "2116 Vista Oeste NW, Unit 202", "50 South Kyrene Road, Suite 5", "101 Rice Bent Way Suite 4"] | not yet reported | $44.0M | 5.3% | 5.70% | 2018 |
| 1200 Network Centre Drive | Effingham, IL | $44.0M | 5.3% | 5.70% | 2018 |
| ["444 Lafayette", "500 Lafayette", "520 Lafayette", "443 Lafayette"] | ["Saint Paul", "Saint Paul", "Saint Paul", "Saint Paul"], ["MN", "MN", "MN", "MN"] | $37.2M | 4.5% | 4.72% | 2018 |
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 | 20 of 20 |
| Classes with a current rating in the dataset | 17 of 20 |
| Net rating change since issuance | +0.10 notches (balance-weighted) |
| Delinquency threshold crossed | January 2020 |
| First downgrade | November 2020 |
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.