- Current pool balance
- $687.8M (September 2026)
- Original pool balance
- $688.9M
- Loans at issuance
- 23
- Closing date
- 2025-10-16
- Weighted average coupon at issuance
- 6.33%
- Weighted average LTV at issuance
- 36.1%
- 30+ delinquent (latest)
- 0.00%
- Realized stress score
- 20.4
- 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 | $7.5M | 98.92% | 4.287% fixed | 95004WAA3 | not yet reported | AAA | not yet reported | Aaa | not yet reported |
| A-4 | $116.0M | 82.07% | 4.999% fixed | 95004WAC9 | not yet reported | AAA | not yet reported | Aaa | not yet reported |
| A-5 | $349.2M | 31.39% | 5.292% fixed | 95004WAD7 | not yet reported | AAA | not yet reported | Aaa | not yet reported |
| A-S | $67.2M | 21.64% | 5.666% floating (WAC) | 95004WAG0 | not yet reported | AAA | not yet reported | Aa3 | not yet reported |
| A-SB | $9.5M | 20.25% | 5.173% fixed | 95004WAB1 | not yet reported | AAA | not yet reported | Aaa | not yet reported |
| B | $36.2M | 15.00% | 5.967% floating (WAC) | 95004WAH8 | not yet reported | AA | not yet reported | not yet reported | not yet reported |
| C | $28.4M | 10.88% | 6.014% floating (WAC) | 95004WAJ4 | not yet reported | A- | not yet reported | not yet reported | not yet reported |
| D | $22.4M | 7.63% | 4.000% fixed | 95004WAP0 | not yet reported | BBB | not yet reported | not yet reported | not yet reported |
| E | $15.5M | 5.38% | 4.000% fixed | 95004WAR6 | not yet reported | BB+ | not yet reported | not yet reported | not yet reported |
| F-RR | $10.3M | 3.88% | 6.517% floating (WAC) | 95004WAT2 | not yet reported | B+ | not yet reported | not yet reported | not yet reported |
| G-RR | $26.7M | 0.00% | 6.517% floating (WAC) | 95004WAV7 | 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 | 95004WAX3 | not yet reported | not yet reported | not yet reported | not yet reported | not yet reported |
| X-A | $482.2M | Interest only | 1.313% floating | 95004WAE5 | not yet reported | AAA | not yet reported | Aaa | not yet reported |
| X-B | $131.7M | Interest only | 0.693% floating | 95004WAF2 | not yet reported | AAA | not yet reported | not yet reported | not yet reported |
| X-D | $22.4M | Interest only | 2.517% floating | 95004WAK1 | not yet reported | BBB | not yet reported | not yet reported | not yet reported |
| X-E | $15.5M | Interest only | 2.517% floating | 95004WAM7 | not yet reported | BB+ | 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 | 23 |
| Original loan balance | $689.2M |
| Weighted average coupon | 6.33% |
| Weighted average LTV | 36.1% |
| Median loan LTV | 51.2% |
| Full-term interest only (share of balance) | 82.9% |
| Balloon loans (share of balance) | 100.0% |
| Largest loan (share of balance) | 9.4% |
| Five largest loans (share of balance) | 43.2% |
| Occupancy at issuance (weighted average) | 87.9% |
Realized outcomes
| Months reported | 11 |
| Peak 30+ delinquency | 0.00% (July 2026) |
| 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) | 38.93% |
| Maximum servicer advances (share of balance) | 0.20% |
| Median DSCR, first year | 1.45 |
| Median DSCR, latest | 1.42 |
| Realized stress score | 20.4 |
Property types
| Property type | Original balance | Share of pool |
|---|---|---|
| Retail | $271.3M | 39.4% |
| Office | $135.6M | 19.7% |
| Lodging | $84.5M | 12.3% |
| Mixed use | $66.1M | 9.6% |
| Industrial | $41.0M | 5.9% |
| Multiple property types | $38.0M | 5.5% |
| Multifamily | $35.3M | 5.1% |
| Other (code 98) | $10.0M | 1.5% |
| Self storage | $7.3M | 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 |
|---|---|---|---|---|---|
| 512 West 22nd Street | New York, NY | $65.0M | 9.4% | 6.64% | 2025 |
| Market Place Center | Irvine, CA | $60.0M | 8.7% | 5.55% | 2025 |
| 4 Union Square South | New York, NY | $60.0M | 8.7% | 5.64% | 2025 |
| ["45 - 75 Sidney", "40 Landsdowne", "35 Landsdowne", "65 Landsdowne", "88 Sidney", "64 Sidney", "38 Sidney", "26 Landsdowne"] | ["Cambridge", "Cambridge", "Cambridge", "Cambridge", "Cambridge", "Cambridge", "Cambridge", "Cambridge"], ["MA", "MA", "MA", "MA", "MA", "MA", "MA", "MA"] | $57.5M | 8.3% | 5.89% | 2025 |
| ["Meyers", "Westown Square", "Rodney Village", "Mattatuck Plaza", "Athens Town Center", "Northeast Plaza", "Hungarybrook Shopping Center", "Plaza North", "Henderson Marketplace", "Coastal Equities Portfolio", "Cummings Park Plaza", "Glenwood Plaza", "Boulevard Plaza", "Summer Commons", "Centre Plaza", "Market at Riverdale Bend", "Cordele Corners", "Anniston Plaza", "Meeting Square", "Northland Plaza", "Homosassa Square", "Laurens Plaza", "Pelham Plaza", "Plank Plaza", "Collins Park Commons (Plant City)"] | ["Detroit", "Cleveland", "Dover", "Waterbury", "Athens", "Greensboro", "Henrico", "Terre Haute", "Henderson", "Ahoskie", "Burlington", "Oneida", "Wilson", "Memphis", "Clinton", "Memphis", "Cordele", "Anniston", "Jefferson City", "Lima", "Homosassa Springs", "Laurens", "Jacksonville", "Baton Rouge", "Plant City"], ["MI", "OH", "DE", "CT", "AL", "NC", "VA", "IN", "NC", "NC", "NC", "NY", "NC", "TN", "TN", "TN", "GA", "AL", "TN", "OH", "FL", "SC", "AL", "LA", "FL"] | $55.0M | 8.0% | 6.35% | 2025 |
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 | 16 of 16 |
| Classes with a current rating in the dataset | 14 of 16 |
| 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.