- Current pool balance
- $743.6M (December 2019)
- Original pool balance
- $743.6M
- Loans at issuance
- 55
- Closing date
- 2019-12-20
- Weighted average coupon at issuance
- 3.97%
- Weighted average LTV at issuance
- 44.3%
- 30+ delinquent (latest)
- not yet reported
- Realized stress score
- 3.7
- Net rating change since issuance
- +0.35 notches
Tranches
| Class | Original balance | Credit support (computed) | Coupon | CUSIP | Fitch | KBRA | S&P | Moody's | DBRS |
|---|---|---|---|---|---|---|---|---|---|
| A-1 | $29.1M | 96.09% | 2.097% fixed | 90278PAW0 | PIF | WR | not yet reported | WR | not yet reported |
| A-2 | $69.2M | 86.79% | 2.994% fixed | 90278PAX8 | AAA | AAA | not yet reported | Aaa | not yet reported |
| A-3 | $156.6M | 65.73% | 2.782% fixed | 90278PAZ3 | AAA | AAA | not yet reported | Aaa | not yet reported |
| A-4 | $230.0M | 34.79% | 3.035% fixed | 90278PBA7 | AAA | AAA | not yet reported | Aaa | not yet reported |
| A-S | $72.5M | 25.04% | 3.378% floating (WAC) | 90278PBD1 | AA | AAA | not yet reported | A1 | not yet reported |
| A-SB | $35.6M | 20.25% | 2.987% fixed | 90278PAY6 | AAA | AAA | not yet reported | Aaa | not yet reported |
| B | $33.5M | 15.75% | 3.681% floating (WAC) | 90278PBE9 | A | AA | not yet reported | not yet reported | not yet reported |
| C | $30.7M | 11.63% | 4.080% floating (WAC) | 90278PBF6 | BBB | A | not yet reported | not yet reported | not yet reported |
| D | $20.4M | 8.88% | 2.500% fixed | 90278PAG5 | BB | BBB+ | not yet reported | not yet reported | not yet reported |
| E | $15.8M | 6.75% | 2.500% fixed | 90278PAJ9 | B | BBB- | not yet reported | not yet reported | not yet reported |
| F | $14.9M | 4.75% | 2.807% floating (WAC) | 90278PAL4 | CCC | BB- | not yet reported | not yet reported | not yet reported |
| G | $7.4M | 3.75% | 2.807% floating (WAC) | 90278PAN0 | CC | B- | not yet reported | not yet reported | not yet reported |
| NR-RR | $27.9M | 0.00% | 4.080% floating (WAC) | 90278PAQ3 | 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 | 90278PAU4 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| X-A | $520.5M | Interest only | 1.182% floating | 90278PBB5 | AAA | AAA | not yet reported | Aaa | not yet reported |
| X-B | $136.6M | Interest only | 0.469% floating | 90278PBC3 | A | AAA | not yet reported | not yet reported | not yet reported |
| X-D | $36.2M | Interest only | 1.579% floating | 90278PAA8 | B | BBB- | not yet reported | not yet reported | not yet reported |
| X-F | $14.9M | Interest only | 1.273% floating | 90278PAC4 | CCC | BB- | not yet reported | not yet reported | not yet reported |
| X-G | $7.4M | Interest only | 1.273% floating | 90278PAE0 | CC | B- | not yet reported | not yet reported | not yet reported |
| Z | not yet reported | not yet reported | not yet reported | 90278PAS9 | 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 | 55 |
| Original loan balance | $743.7M |
| Weighted average coupon | 3.97% |
| Weighted average LTV | 44.3% |
| Median loan LTV | 61.1% |
| Full-term interest only (share of balance) | 48.5% |
| Balloon loans (share of balance) | 100.0% |
| Largest loan (share of balance) | 4.7% |
| Five largest loans (share of balance) | 22.3% |
| Occupancy at issuance (weighted average) | 90.7% |
Realized outcomes
| Months reported | 1 |
| Peak 30+ delinquency | not yet reported |
| Ever severe (share of original balance) | 0.00% |
| Ever modified (share of original balance) | 0.00% |
| Past scheduled maturity (share of original balance) | 0.00% |
| Non-performing matured (share of original balance) | 0.00% |
| Maximum servicer advances (share of balance) | 0.00% |
| Median DSCR, first year | 2.09 |
| Median DSCR, latest | 2.09 |
| Realized stress score | 3.7 |
Property types
| Property type | Original balance | Share of pool |
|---|---|---|
| Office | $186.3M | 25.1% |
| Multifamily | $153.9M | 20.7% |
| Lodging | $150.8M | 20.3% |
| Retail | $87.3M | 11.7% |
| Industrial | $68.6M | 9.2% |
| Mixed use | $46.5M | 6.3% |
| Other (code 98) | $30.7M | 4.1% |
| Manufactured housing | $11.0M | 1.5% |
| Self storage | $8.6M | 1.1% |
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 |
|---|---|---|---|---|---|
| Wyndham National Hotel Portfolio | not yet reported | $35.0M | 4.7% | 4.85% | 2019 |
| Chroma Apartments | St. Louis, MO | $35.0M | 4.7% | 3.96% | 2019 |
| 225 Bush | San Francisco, CA | $35.0M | 4.7% | 3.30% | 2019 |
| Phoenix Industrial Portfolio III | not yet reported | $31.1M | 4.2% | 4.12% | 2019 |
| ILPT Industrial Portfolio | not yet reported | $30.0M | 4.0% | 2.65% | 2019 |
Delinquency and stress indicator
not yet reported.
Ratings
| Classes with a CUSIP | 20 of 20 |
| Classes with a current rating in the dataset | 17 of 20 |
| Net rating change since issuance | +0.35 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.