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COMMENTS

U.S. CMBS Update Q1 2024: Office Performance And Interest Rates Are Still Driving The Conversation

Take Notes - The Rise Of U.S. CLO ETFs

Covered Bonds Uncovered

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2025 U.S. Residential Mortgage And Housing Outlook

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Weekly European CLO Update


U.S. CMBS Update Q1 2024: Office Performance And Interest Rates Are Still Driving The Conversation

S&P Global Ratings' quarterly review of the U.S. commercial mortgage-backed securities (CMBS) market reflects credit and issuance conditions, including delinquency and special servicing rates, for conduit and single-borrower transactions as of first-quarter 2024.

Overall Delinquency Rose Moderately; Office Saw The Highest Increase

As of March 2024, the overall 30-plus day delinquency (DQ) rate for U.S. CMBS transactions was 4.4%--a 30 basis points (bps) increase quarter over quarter. Office now has the highest DQ rate of the five major property types, at 6.4%. Meanwhile, the retail DQ rate improved considerably to just above 5% since peaking at around 17% during the pandemic, lodging remained stable at 5.0%, multifamily increased modestly to 3.2%, and industrial remained low at 0.4%.

We note that the DQ rates have benefitted from a certain segment of loans that were previously delinquent but were subsequently resolved and classified as reperforming. These included loans that failed to pay off at maturity and were extended by the servicer--a common outcome for office loans in 2023.

The overall special servicing rate increased approximately 40 bps quarter over quarter to 6.5% as of March 2024. For perspective, this is still below the recent peak of 9.5% reached in September 2020. Office now has a special servicing rate of over 10%--leading the five major property types. For more detail, see "SF Credit Brief: U.S. CMBS Overall Delinquency Rate Declined By 4 Bps To 4.4% In March 2024; Multifamily Had The Highest Increase," published March 28, 2024.

Surveillance And Rating Actions

The uncertainty regarding future office demand remains a key concern in the commercial real estate and CMBS markets. Multifamily performance concerns have also crept into the conversation over the past few months. We believe this is due to several factors, including slower rent growth in the sector and the potential challenges of refinancing floating-rate loans that were underwritten at peak valuations amid lower interest rates.

During the 12 months ended March 2024, we lowered our ratings on 347 CMBS classes and upgraded only one class (see chart 1). Office-backed single-asset single borrower (SASB) transactions saw the most negative rating actions, especially those affecting classes higher up in the capital stack. For instance, some 'AA (sf)' and 'AAA (sf)' rated SASB office classes were downgraded during the first quarter. Our rating actions on SASB office transactions continue to reflect variations in the individual transactions. Factors driving the severity of the rating actions include the magnitude of changes in occupancy and the prospects for re-tenanting (such as recent market vacancy and subleasing trends), land value and location, and lease rollover and maturity profile. See the Appendix for line-by-line detail on the most recent quarters' rating actions, including transaction and class names, CUSIPs, property type, and deal type, as well as affirmations.

It is important to note that a rating committee's view of temporary versus longer-term impairment may determine how far up the capital stack our ratings actions will go. We rate to timely interest and ultimate principal, and the servicer advancing mechanism provides some support to timely interest in the speculative-grade and low-investment-grade rating categories. A loan modification does not automatically trigger a downgrade, but loan modifications typically don't occur for positive reasons. Therefore, they may trigger a review, which can result in downgrades if we believe the transaction's risk profile has changed since our last review or initial rating.

Chart 1

image

New Issuance Increased With SASBs In The Lead

New private-label CMBS issuance was about $18 billion in first-quarter 2024, excluding $2 billion in CRE CLOs. This was well ahead of the issuance pace in 2023 (the full-year total was $40 billion). March 2024 alone saw $9 billion in new issuance--the highest monthly total since February 2022, according to Commercial Mortgage Alert. The issuance mix so far this year has been approximately two-thirds SASB and one-third conduit transactions. The conduits were a mix of the relatively newer five-year and more traditional 10-year transactions.

We continue to maintain our $50 billion issuance forecast for 2024 for now, even though the first-quarter issuance pace has exceeded our expectations and the sector spread tightening that began with the more bullish Federal Reserve statement in December supports origination volumes.

Seven Conduits Priced In The First Quarter

Seven new CMBS conduits transactions totaling about $6 billion were issued in first-quarter 2024, including four rated by S&P Global Ratings (see table 1). Total issuance volume was flat compared with fourth-quarter 2023 but slightly higher than third-quarter 2023. Each transaction had 36 loans on average and an average deal size of $808 million.

We observed following:

  • Overall loan-to-value (LTV) ratios remained significantly down compared with 2021 and 2022 figures. However, the transactions remained smaller and more concentrated, compared with 2021 and 2022 levels. The lower overall leverage is primarily due to debt service coverage (DSC) ratio constraints.
  • DSC ratios were generally lower, while benchmark interest rates were higher, though the average DSCs increased modestly quarter over quarter.
  • Cash flow and value variances were stable to improving compared with 2023 levels, and considerably better compared with 2021 and 2022.
  • Interest-only percentages remained very high and accounted for over 95% of pool volumes. The full-term share is even higher with the introduction of five-year conduits.

Table 1

Summary of conduits reviewed by S&P Global Ratings(i)
Weighted averages
Q1 2024 Q4 2023 2023 2022 2021 2020 2019
No. of transactions reviewed 7 8 26 24 30 28 52
No. of transactions rated 4 4 13 10 22 14 36
Average deal size (mil. $) 808 713 752 950 1008 888 926
Average no. of loans 36 31 31 49 60 44 50
S&P Global Ratings' LTV (%) 80.6 82.5 82.6 94.3 96 93.7 93.5
S&P Global Ratings' DSC (x) 1.51 1.42 1.50 2.07 2.41 2.39 1.93
Final pool Herf/S&P Global Ratings' Herf 20.9/36.6 18.7/32.1 19.5/27.4 25.1/34.3 27.7/32.5 24.1/33.1 27.7/33.7
% of full-term IO (final pools) 92.8 87.2 84.3 77 71.5 70.7 61.6
% of partial IO (final pools) 2.9 8.6 6.5 10.1 16.1 17.9 21.4
S&P Global Rating's NCF haircut (%) (14.0) (12.8) (14.0) (15.5) (16.0) (15.8) (13.4)
S&P Global Ratings' value variance (%) (31.2) (32.4) (34.2) (39.6) (41.6) (40.0) (36.0)
(i)Market statistics within the table represent every deal priced within a selected vintage or quarter, not just the ones we analyzed. LTV--Loan-to-value. DSC--Debt service coverage. Herf--Herfindahl-Hirschman Index score. IO--Interest-only. NCF--Net cash flow. CE--Credit enhancement.

Property Type Exposures: Retail And Multifamily Filled The Office Gap

Conduit property-type compositions continued to evolve with market conditions in the first quarter. The industrial and office sectors saw some of the largest shifts. Industrial property exposures, though still somewhat elevated from a historical standpoint, fell to 9% in first-quarter 2024 versus the record high 18% in the first half of 2023. Meanwhile, office exposures fell off markedly over the past two quarters, declining to 14% in first-quarter 2024 from 22% in fourth-quarter 2023 and 27% in third-quarter 2023.

Multifamily and retail concentrations increased to 19% and 35%, respectively. We believe these two sectors are filling the gap left by the dwindling office presence. Lodging has remained largely stable with a low double-digit exposure of 12% following broad improvements in revenue per available room (RevPAR) after the pandemic. In the "other" properties category, self-storage-backed transactions increased in both first-quarter 2024 and fourth-quarter 2023, although the highest exposures in the category still primarily consist of mixed-use properties.

Chart 2

image

Single-Borrower CMBS

Sixteen single-borrower CMBS transactions totaling $12 billion priced in the first quarter, a significant increase from $7 billion in fourth-quarter 2023 and $5 billion in third-quarter 2023. In first-quarter 2024, we provided preliminary ratings feedback on only six of these 16 transactions and rated two (see table 2). The two rated transactions, MCR 2024-HTL Mortgage Trust and Great Wolf Trust 2024-WOLF, were both backed by hotels. For reference, we provided preliminary ratings feedback on nine of the 13 transactions issued in fourth-quarter 2023 and rated five.

Our primary reason for not providing preliminary ratings feedback for single-borrower transactions issued during the first three quarters of 2023 was typically high leverage. However, in the recent period(s), we declined to give feedback (including 10 instances in first-quarter 2024) mostly due to debt service coverage constraints based on our cash flow analysis and current SOFR levels.

Table 2

Summary of S&P Global Ratings- Reviewed SASBs
Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022
No. of transactions reviewed 6 9 8 6 5 3 8 6 20
No. of transactions rated 2 5 2 1 2 2 2 2 5
Average deal size (mil. $) 762 547 598 628 712 450 841 1740 615
S&P Global Ratings' LTV (%) 90.4 80.2 86.8 87.3 75.1 93.2 107.1 108.2 128.7
S&P Global Ratings capitalization rate (%) 8.3 8.4 7.7 8.0 8.4 7.1 7.8 8.4 7.8
S&P Global Rating's NCF haircut (%) (15.9) (13.5) (14.4) (13.1) (14.1) (11.9) (16.7) (19.1) (15.4)
S&P Global Ratings' value variance (%) (32.4) (32.7) (36.1) (32.6) (34.6) (44.5) (41.5) (45.5) (45.9)
Primary markets (%) 65.3 39.5 75.0 60.1 27.2 53.7 37.1 54.1 62.2
Secondary markets (%) 17.6 44.6 6.7 27.7 35.8 24.5 26.1 40.3 24.9
Tertiary markets (%) 17.1 15.9 18.3 12.2 37.0 21.7 36.8 5.6 12.9
Fixed rate (%) 33.3 44.4 75.0 50.0 60.0 0.0 0.0 0.0 21.0
Floating rate (%) 66.7 55.6 25.0 50.0 40.0 100.0 100.0 100.0 79.0
Note: The statistics, aside from average deal size, within this table reflect only those transactions that we reviewed. SASB--Single-asset single borrower -LTV--Loan-to-value. Source: S&P Global Ratings.

SASB Property Type Exposures In Flux

Similar to conduit transactions, the property type mix within single-borrower transactions tends to mirror market conditions. Office transactions have been rare, and the few issued in first-quarter 2024 were the first since first-quarter 2023. Lodging has been a mainstay, although the percentage share declined in first-quarter 2024. Similarly, retail transactions were prevalent in the second half of 2023, but their share tumbled in first-quarter 2024. Some of these composition declines are attributable to the over $6 billion of industrial CMBS that priced in the first quarter, most of which were in two jumbo transactions.

Chart 3

image

Appendix

Appendix: Recent rating actions
Rating
Date Issuer CUSIP Class Amount (mil. $) Rating action Current Prior Deal type Asset type
03/26/2024 OMP 2017-1MKT 68245HAA2 A 338.7 Affirm AAA (sf) AAA (sf) Single borrower Office
03/26/2024 OMP 2017-1MKT 68245HAC8 B 103.1 Affirm AA- (sf) AA- (sf) Single borrower Office
03/26/2024 OMP 2017-1MKT 68245HAE4 C 77.3 Affirm A- (sf) A- (sf) Single borrower Office
03/26/2024 OMP 2017-1MKT 68245HAG9 D 94.8 Affirm BBB- (sf) BBB- (sf) Single borrower Office
03/26/2024 OMP 2017-1MKT 68245HAJ3 E 128.8 Downgrade BB- (sf) B+ (sf) Single borrower Office
03/26/2024 OMP 2017-1MKT 68245HAL8 F 55.4 Downgrade B (sf) B- (sf) Single borrower Office
03/26/2024 OMP 2017-1MKT 68245HAN4 HRR 51.9 Downgrade B- (sf) CCC (sf) Single borrower Office
03/26/2024 OMP 2017-1MKT 68245HAW4 X-E 236.1 Downgrade B- (sf) CCC (sf) Single borrower Office
03/26/2024 OMP 2017-1MKT 68245HAU8 X-NCP 613.9 Affirm BBB- (sf) BBB- (sf) Single borrower Office
03/25/2024 GSMSCT 2017-485L 36252CAA0 A 186.7 Affirm AAA (sf) AAA (sf) Single borrower Office
03/25/2024 GSMSCT 2017-485L 36252CAG7 B 43.9 Downgrade AA- (sf) A (sf) Single borrower Office
03/25/2024 GSMSCT 2017-485L 36252CAJ1 C 32.9 Downgrade A- (sf) BBB (sf) Single borrower Office
03/25/2024 GSMSCT 2017-485L 36252CAC6 X-A 186.7 Affirm AAA (sf) AAA (sf) Single borrower Office
03/25/2024 GSMSCT 2017-485L 36252CAE2 X-B 43.9 Downgrade AA- (sf) A (sf) Single borrower Office
03/22/2024 UBSCM 2018-NYCH 90266HAA0 A 56.1 Affirm AA+ (sf) AA+ (sf) Single borrower Lodging
03/22/2024 UBSCM 2018-NYCH 90266HAG7 B 28.7 Affirm A- (sf) A- (sf) Single borrower Lodging
03/22/2024 UBSCM 2018-NYCH 90266HAJ1 C 21.3 Affirm BBB- (sf) BBB- (sf) Single borrower Lodging
03/22/2024 UBSCM 2018-NYCH 90266HAL6 D 28.2 Affirm BB- (sf) BB- (sf) Single borrower Lodging
03/22/2024 UBSCM 2018-NYCH 90266HAN2 E 38.4 Affirm B- (sf) B- (sf) Single borrower Lodging
03/22/2024 UBSCM 2018-NYCH 90266HAQ5 F 31.2 Affirm CCC (sf) CCC (sf) Single borrower Lodging
03/22/2024 UBSCM 2018-NYCH 90266HAE2 X-NCP 134.3 Affirm BB- (sf) BB- (sf) Single borrower Lodging
03/20/2024 CCM Trust 2015-101A 17290MAA2 A 96.0 Affirm AAA (sf) AAA (sf) Single borrower Office
03/20/2024 CCM Trust 2015-101A 17290MAJ3 B 16.0 Affirm AA (sf) AA (sf) Single borrower Office
03/20/2024 CCM Trust 2015-101A 17290MAL8 C 14.0 Downgrade A+ (sf) A (sf) Single borrower Office
03/20/2024 CCM Trust 2015-101A 17290MAN4 D 20.0 Downgrade BBB+ (sf) BBB (sf) Single borrower Office
03/20/2024 CCM Trust 2015-101A 17290MAQ7 E 31.0 Downgrade BB (sf) BB- (sf) Single borrower Office
03/20/2024 CCM Trust 2015-101A 17290MAS3 F 19.0 Downgrade B+ (sf) B- (sf) Single borrower Office
03/20/2024 CCM Trust 2015-101A 17290MAU8 G 4.0 Downgrade B+ (sf) B- (sf) Single borrower Office
03/20/2024 CCM Trust 2015-101A 17290MAE4 X-A 96.0 Affirm AAA (sf) AAA (sf) Single borrower Office
03/20/2024 CCM Trust 2015-101A 17290MAG9 X-B 30.0 Downgrade A+ (sf) A (sf) Single borrower Office
03/20/2024 MSC I Trust 2016-PSQ 61765YAA0 A 69.9 Downgrade AA (sf) A+ (sf) Single borrower Regional mall
03/20/2024 MSC I Trust 2016-PSQ 61765YAC6 B 42.1 Downgrade BBB- (sf) BB+ (sf) Single borrower Regional mall
03/20/2024 MSC I Trust 2016-PSQ 61765YAD4 C 36.6 Downgrade BB- (sf) B+ (sf) Single borrower Regional mall
03/20/2024 MSC I Trust 2016-PSQ 61765YAE2 D 24.8 Downgrade B- (sf) CCC (sf) Single borrower Regional mall
03/15/2024 GSMS Corp. II 2005-ROCK 36228CUV3 A 437.3 Affirm AAA (sf) AAA (sf) Single borrower Office/retail
03/15/2024 GSMS Corp. II 2005-ROCK 36228CUW1 A-FL 725.0 Affirm AAA (sf) AAA (sf) Single borrower Office/retail
03/15/2024 GSMS Corp. II 2005-ROCK 36228CUZ4 B 47.7 Affirm AAA (sf) AAA (sf) Single borrower Office/retail
03/15/2024 GSMS Corp. II 2005-ROCK 36228CVA8 C-1 57.7 Affirm AAA (sf) AAA (sf) Single borrower Office/retail
03/15/2024 GSMS Corp. II 2005-ROCK 36228CVL4 C-2 40.0 Affirm AAA (sf) AAA (sf) Single borrower Office/retail
03/15/2024 GSMS Corp. II 2005-ROCK 36228CVB6 D 69.0 Affirm AAA (sf) AAA (sf) Single borrower Office/retail
03/15/2024 GSMS Corp. II 2005-ROCK 36228CVC4 E 65.6 Affirm AA+ (sf) AA+ (sf) Single borrower Office/retail
03/15/2024 GSMS Corp. II 2005-ROCK 36228CVD2 F 65.6 Affirm AA (sf) AA (sf) Single borrower Office/retail
03/15/2024 GSMS Corp. II 2005-ROCK 36228CVE0 G 76.6 Affirm A+ (sf) A+ (sf) Single borrower Office/retail
03/15/2024 GSMS Corp. II 2005-ROCK 36228CVF7 H 43.7 Affirm A (sf) A (sf) Single borrower Office/retail
03/15/2024 GSMS Corp. II 2005-ROCK 36228CVG5 J 56.9 Affirm BB+ (sf) BB+ (sf) Single borrower Office/retail
03/15/2024 GSMS Corp. II 2005-ROCK 36228CUY7 X-1 1,685.0 Affirm AAA (sf) AAA (sf) Single borrower Office/retail
03/04/2024 LCCM 2013-GCP 50184BAA6 A-1 19.5 Affirm AAA (sf) AAA (sf) Single borrower Office
03/04/2024 LCCM 2013-GCP 50184BAC2 A-2 154.8 Affirm AAA (sf) AAA (sf) Single borrower Office
03/04/2024 LCCM 2013-GCP 50184BAJ7 B 42.7 Downgrade AA- (sf) A+ (sf) Single borrower Office
03/04/2024 LCCM 2013-GCP 50184BAL2 C 32.0 Downgrade A- (sf) BBB (sf) Single borrower Office
03/04/2024 LCCM 2013-GCP 50184BAN8 D 9.2 Downgrade BBB+ (sf) BB+ (sf) Single borrower Office
03/04/2024 LCCM 2013-GCP 50184BAE8 X-A 174.3 Affirm AAA (sf) AAA (sf) Single borrower Office
03/04/2024 LCCM 2013-GCP 50184BAG3 X-B 83.9 Downgrade BBB+ (sf) BB+ (sf) Single borrower Office
02/27/2024 NCMS 2018-FL1 63874MAA0 A 24.0 Downgrade/Off CreditWatch AA (sf) A (sf) Floater Office
02/27/2024 NCMS 2018-FL1 63874MAJ1 B 42.8 Downgrade/Off CreditWatch BBB (sf) BB- (sf) Floater Office
02/27/2024 NCMS 2018-FL1 63874MAL6 C 32.0 Downgrade/Off CreditWatch B (sf) CCC- (sf) Floater Office
02/16/2024 CALI 2019-101C 129890AA7 A 196.2 Downgrade AAA (sf) AA (sf) Single borrower Office
02/16/2024 CALI 2019-101C 129890AG4 B 43.6 Downgrade AA- (sf) A- (sf) Single borrower Office
02/16/2024 CALI 2019-101C 129890AJ8 C 32.7 Downgrade A- (sf) BBB- (sf) Single borrower Office
02/16/2024 CALI 2019-101C 129890AL3 D 61.6 Downgrade BBB- (sf) BB- (sf) Single borrower Office
02/16/2024 CALI 2019-101C 129890AN9 E 100.1 Downgrade B+ (sf) B- (sf) Single borrower Office
02/16/2024 CALI 2019-101C 129890AQ2 F 50.5 Downgrade B- (sf) CCC (sf) Single borrower Office
02/16/2024 CALI 2019-101C 129890AS8 HRR 30.2 Affirm CCC (sf) CCC (sf) Single borrower Office
02/16/2024 CALI 2019-101C 129890AC3 X-A 272.6 Downgrade A- (sf) BBB- (sf) Single borrower Office
02/15/2024 DBWF 2016-85T 23307CAA3 A 106.0 Affirm AAA (sf) AAA (sf) Single borrower Office
02/15/2024 DBWF 2016-85T 23307CAE5 B 25.8 Downgrade AA- (sf) A (sf) Single borrower Office
02/15/2024 DBWF 2016-85T 23307CAG0 C 36.7 Downgrade A- (sf) BBB- (sf) Single borrower Office
02/15/2024 DBWF 2016-85T 23307CAJ4 D 45.0 Downgrade BBB- (sf) BB- (sf) Single borrower Office
02/15/2024 DBWF 2016-85T 23307CAL9 E 57.4 Downgrade BB- (sf) B- (sf) Single borrower Office
02/15/2024 DBWF 2016-85T 23307CAC9 X-A 131.9 Downgrade AA- (sf) A (sf) Single borrower Office
02/14/2024 CG-CCRE 2014-FL1 12528MAC3 B 35.0 Downgrade AA- (sf) A+ (sf) Floater Regional mall
02/14/2024 CG-CCRE 2014-FL1 12528MAE9 C 28.9 Downgrade BBB (sf) BB+ (sf) Floater Regional mall
02/14/2024 CG-CCRE 2014-FL1 12528MAG4 D 35.7 Downgrade B- (sf) CCC (sf) Floater Regional mall
02/14/2024 CG-CCRE 2014-FL1 12528MAJ8 E 7.7 Affirm CCC (sf) CCC (sf) Floater Regional mall
02/14/2024 CG-CCRE 2014-FL1 12528MAN9 X-EXT 107.4 Affirm CCC (sf) CCC (sf) Floater Regional mall
02/14/2024 CG-CCRE 2014-FL1 12528MAS8 YTC1 5.5 Affirm CCC (sf) CCC (sf) Floater Regional mall
02/14/2024 CG-CCRE 2014-FL1 12528MAU3 YTC2 5.5 Affirm CCC (sf) CCC (sf) Floater Regional mall
02/09/2024 CLNY Trust 2019-IKPR 12564NAA0 A 204.7 Affirm AAA (sf) AAA (sf) Single borrower Lodging
02/09/2024 CLNY Trust 2019-IKPR 12564NAG7 B 72.9 Downgrade AA- (sf) A (sf) Single borrower Lodging
02/09/2024 CLNY Trust 2019-IKPR 12564NAJ1 C 54.2 Downgrade A- (sf) BBB (sf) Single borrower Lodging
02/09/2024 CLNY Trust 2019-IKPR 12564NAL6 D 71.5 Downgrade BBB- (sf) BB (sf) Single borrower Lodging
02/08/2024 CORE 2019-CORE 21871FAG3 B 7.6 Affirm AA- (sf) AA- (sf) Single borrower Office/mixed-use
02/08/2024 CORE 2019-CORE 21871FAJ7 C 25.4 Affirm A- (sf) A- (sf) Single borrower Office/mixed-use
02/08/2024 CORE 2019-CORE 21871FAL2 D 30.5 Affirm BBB- (sf) BBB- (sf) Single borrower Office/mixed-use
02/08/2024 BWAY 2013-1515 05604FAA3 A-1 21.3 Affirm AAA (sf) AAA (sf) Single borrower Office
02/08/2024 BWAY 2013-1515 05604FAC9 A-2 298.6 Affirm AAA (sf) AAA (sf) Single borrower Office
02/08/2024 BWAY 2013-1515 05604FAJ4 B 126.1 Affirm AA- (sf) AA- (sf) Single borrower Office
02/08/2024 BWAY 2013-1515 05604FAL9 C 109.6 Affirm A- (sf) A- (sf) Single borrower Office
02/08/2024 BWAY 2013-1515 05604FAN5 D 54.8 Affirm BBB (sf) BBB (sf) Single borrower Office
02/08/2024 BWAY 2013-1515 05604FAQ8 E 46.0 Affirm BBB- (sf) BBB- (sf) Single borrower Office
02/08/2024 BWAY 2013-1515 05604FAS4 F 91.0 Affirm BB (sf) BB (sf) Single borrower Office
02/08/2024 BWAY 2013-1515 05604FAU9 G 9.4 Affirm BB- (sf) BB- (sf) Single borrower Office
02/08/2024 BWAY 2013-1515 05604FAE5 X-A 319.9 Affirm AAA (sf) AAA (sf) Single borrower Office
02/08/2024 BWAY 2013-1515 05604FAG0 X-B 336.5 Affirm BBB- (sf) BBB- (sf) Single borrower Office
02/01/2024 MSCI 2021-230P 61772WAA5 A 240.2 Affirm AAA (sf) AAA (sf) Single borrower Office
02/01/2024 MSCI 2021-230P 61772WAG2 B 56.5 Affirm AA- (sf) AA- (sf) Single borrower Office
02/01/2024 MSCI 2021-230P 61772WAJ6 C 42.4 Affirm A- (sf) A- (sf) Single borrower Office
02/01/2024 MSCI 2021-230P 61772WAL1 D 52.1 Downgrade BBB- (sf) BB (sf) Single borrower Office
02/01/2024 MSCI 2021-230P 61772WAE7 X-EXT 240.2 Affirm AAA (sf) AAA (sf) Single borrower Office
02/01/2024 BSST 2021-1818 07403PAA0 A 75.4 Affirm AAA (sf) AAA (sf) Single borrower Office
02/01/2024 BSST 2021-1818 07403PAG7 B 16.8 Downgrade AA- (sf) A (sf) Single borrower Office
02/01/2024 BSST 2021-1818 07403PAJ1 C 12.6 Downgrade A- (sf) BB+ (sf) Single borrower Office
02/01/2024 BSST 2021-1818 07403PAE2 X-EXT 75.4 Affirm AAA (sf) AAA (sf) Single borrower Office
01/29/2024 CSWF 2021-SOP2 12657VAA0 A 56.1 Affirm AAA (sf) AAA (sf) Single borrower Office
01/29/2024 CSWF 2021-SOP2 12657VAG7 B 22.5 Affirm AA- (sf) AA- (sf) Single borrower Office
01/29/2024 CSWF 2021-SOP2 12657VAJ1 C 16.8 Affirm A- (sf) A- (sf) Single borrower Office
01/29/2024 CSWF 2021-SOP2 12657VAL6 D 20.7 Downgrade BBB- (sf) BB+ (sf) Single borrower Office
01/29/2024 CSWF 2021-SOP2 12657VAN2 E 28.1 Downgrade BB- (sf) B- (sf) Single borrower Office
01/29/2024 CSWF 2021-SOP2 12657VAQ5 F 27.2 Downgrade B- (sf) CCC (sf) Single borrower Office
01/29/2024 BFLD Trust 2020-EYP 05493AAA8 A 104.4 Downgrade AA (sf) A (sf) Single borrower Office
01/29/2024 BFLD Trust 2020-EYP 05493AAG5 B 24.6 Downgrade A- (sf) BBB- (sf) Single borrower Office
01/29/2024 BFLD Trust 2020-EYP 05493AAJ9 C 18.4 Downgrade BB- (sf) B (sf) Single borrower Office
01/29/2024 BFLD Trust 2020-EYP 05493AAL4 D 22.6 Downgrade B (sf) CCC (sf) Single borrower Office
01/29/2024 BFLD Trust 2020-EYP 05493AAE0 X-EXT 104.4 Downgrade AA (sf) A (sf) Single borrower Office
01/23/2024 GSMSC 2017-375H 36254JAA3 A 239.7 Affirm AAA (sf) AAA (sf) Single borrower Office
01/23/2024 GSMSC 2017-375H 36254JAG0 B 53.3 Downgrade AA- (sf) A (sf) Single borrower Office
01/23/2024 GSMSC 2017-375H 36254JAJ4 C 40.0 Downgrade A- (sf) BBB (sf) Single borrower Office
01/23/2024 GSMSC 2017-375H 36254JAL9 D 47.1 Downgrade BB- (sf) B+ (sf) Single borrower Office
01/23/2024 GSMSC 2017-375H 36254JAC9 X-A 239.7 Affirm AAA (sf) AAA (sf) Single borrower Office
01/23/2024 MSSG 2017-237P 55375KAS5 A 132.6 Affirm AAA (sf) AAA (sf) Single borrower Office
01/23/2024 MSSG 2017-237P 55375KAE6 B 82.0 Downgrade AA- (sf) A (sf) Single borrower Office
01/23/2024 MSSG 2017-237P 55375KAG1 C 61.5 Downgrade A- (sf) BBB (sf) Single borrower Office
01/23/2024 MSSG 2017-237P 55375KAJ5 D 75.3 Downgrade BBB- (sf) BB (sf) Single borrower Office
01/23/2024 MSSG 2017-237P 55375KAL0 E 98.7 Downgrade BB- (sf) B- (sf) Single borrower Office
01/23/2024 MSSG 2017-237P 55375KAA4 X-A 132.6 Affirm AAA (sf) AAA (sf) Single borrower Office
01/23/2024 MSSG 2017-237P 55375KAC0 X-B 82.0 Downgrade AA- (sf) A (sf) Single borrower Office
12/19/2023 DBJPM 2016-SFC 23312RAA3 A 150.0 Downgrade BBB+ (sf) B+ (sf) Single borrower Regional mall
12/19/2023 DBJPM 2016-SFC 23312RAE5 B 35.0 Downgrade BB (sf) CCC (sf) Single borrower Regional mall
12/19/2023 DBJPM 2016-SFC 23312RAG0 C 59.6 Affirm CCC (sf) CCC (sf) Single borrower Regional mall
12/19/2023 DBJPM 2016-SFC 23312RAJ4 D 62.3 Affirm CCC- (sf) CCC- (sf) Single borrower Regional mall
12/19/2023 DBJPM 2016-SFC 23312RAC9 X-A 185.0 Downgrade BB (sf) CCC (sf) Single borrower Regional mall
12/14/2023 BSST 2022-1700 055742AA8 A 63.8 Affirm AAA (sf) AAA (sf) Single borrower Office
12/14/2023 BSST 2022-1700 055742AG5 B 14.2 Downgrade AA- (sf) A (sf) Single borrower Office
12/14/2023 BSST 2022-1700 055742AJ9 C 10.6 Downgrade A- (sf) BBB (sf) Single borrower Office
12/14/2023 BSST 2022-1700 055742AL4 D 13.0 Downgrade BBB- (sf) BB (sf) Single borrower Office
12/14/2023 BSST 2022-1700 055742AE0 X-EXT 63.8 Affirm AAA (sf) AAA (sf) Single borrower Office
12/14/2023 J.P. MCCMS 2013-LC11 46639YAU1 A-S 32.7 Downgrade AA+ (sf) A+ (sf) Conduit Office/regional mall/student housing
12/14/2023 J.P. MCCMS 2013-LC11 46639YAV9 B 92.1 Downgrade BBB (sf) BB (sf) Conduit Office/regional mall/student housing
12/14/2023 J.P. MCCMS 2013-LC11 46639YAW7 C 47.7 Downgrade BB- (sf) B- (sf) Conduit Office/regional mall/student housing
12/14/2023 J.P. MCCMS 2013-LC11 46639YAX5 D 52.6 Downgrade CCC (sf) CCC- (sf) Conduit Office/regional mall/student housing
12/14/2023 J.P. MCCMS 2013-LC11 46639YAC1 E 24.7 Downgrade CCC (sf) D (sf) Conduit Office/regional mall/student housing
12/14/2023 J.P. MCCMS 2013-LC11 46639YAS6 X-A 32.7 Downgrade AA+ (sf) A+ (sf) Conduit Office/regional mall/student housing
12/14/2023 J.P. MCCMS 2013-LC11 46639YAT4 X-B 139.8 Downgrade BB- (sf) B- (sf) Conduit Office/regional mall/student housing
12/08/2023 MSDB 2017-712F 55354JAA2 A 201.9 Affirm AAA (sf) AAA (sf) Single borrower Office
12/08/2023 MSDB 2017-712F 55354JAG9 B 47.5 Downgrade AA- (sf) A (sf) Single borrower Office
12/08/2023 MSDB 2017-712F 55354JAJ3 C 35.6 Downgrade BBB (sf) BB+ (sf) Single borrower Office
12/05/2023 GSMSC 2017-GPTX 36257CAA5 A 296.6 Downgrade A+ (sf) BBB- (sf) Single borrower Office
12/05/2023 GSMSC 2017-GPTX 36257CAG2 B 76.1 Downgrade BBB (sf) B (sf) Single borrower Office
12/04/2023 NCMS 2018-FL1 63874MAA0 A 24.0 Downgrade/CreditWatch Neg AAA (sf) AA (sf) Floater Office
12/04/2023 NCMS 2018-FL1 63874MAJ1 B 42.8 Downgrade/CreditWatch Neg A (sf) BBB (sf) Floater Office
12/04/2023 NCMS 2018-FL1 63874MAL6 C 32.0 Downgrade/CreditWatch Neg BBB- (sf) B (sf) Floater Office
12/04/2023 NCMS 2018-FL1 63874MCG5 V-FWB 21.0 Downgrade CCC- (sf) D (sf) Floater Office
12/04/2023 NCMS 2018-FL1 TC440416 WAN-RR 1.1 Downgrade CCC- (sf) D (sf) Floater Office
12/04/2023 NCMS 2018-FL1 63874MBC5 WAN1 11.1 Downgrade B- (sf) D (sf) Floater Office
12/04/2023 NCMS 2018-FL1 63874MBE1 WAN2 9.9 Downgrade CCC- (sf) D (sf) Floater Office
12/04/2023 NCMS 2018-FL1 63874MBG6 X-FWB 21.0 Downgrade CCC- (sf) D (sf) Floater Office
12/01/2023 5 Bryant Park 2018-5BP 33830CAA8 A 200.2 Affirm AAA (sf) AAA (sf) Single borrower Office
12/01/2023 5 Bryant Park 2018-5BP 33830CAC4 B 44.5 Downgrade AA- (sf) A (sf) Single borrower Office
12/01/2023 5 Bryant Park 2018-5BP 33830CAE0 C 33.4 Downgrade A- (sf) BBB (sf) Single borrower Office
12/01/2023 5 Bryant Park 2018-5BP 33830CAG5 D 40.9 Downgrade BBB- (sf) BB (sf) Single borrower Office
12/01/2023 5 Bryant Park 2018-5BP 33830CAJ9 E 55.6 Downgrade BB- (sf) B (sf) Single borrower Office
12/01/2023 5 Bryant Park 2018-5BP 33830CAL4 F 53.8 Affirm CCC (sf) CCC (sf) Single borrower Office
12/01/2023 GSMSC 2018-RIVR 36255WAA3 A 110.8 Downgrade AAA (sf) AA- (sf) Single borrower Office/lodging
12/01/2023 GSMSC 2018-RIVR 36255WAC9 B 26.1 Downgrade A+ (sf) BBB+ (sf) Single borrower Office/lodging
12/01/2023 GSMSC 2018-RIVR 36255WAE5 C 19.6 Downgrade BBB+ (sf) BB+ (sf) Single borrower Office/lodging
12/01/2023 GSMSC 2018-RIVR 36255WAG0 D 24.0 Downgrade BB- (sf) B- (sf) Single borrower Office/lodging
11/30/2023 GSMSC 2017-485L 36252CAN2 HRR 22.5 Downgrade B (sf) D (sf) Single borrower Office
11/22/2023 GSMSC 2018-TWR 36251SAA6 A 79.8 Downgrade AAA (sf) A (sf) Single borrower Office/retail
11/22/2023 GSMSC 2018-TWR 36251SAJ7 B 17.7 Downgrade A- (sf) BB+ (sf) Single borrower Office/retail
11/22/2023 GSMSC 2018-TWR 36251SAL2 C 13.3 Downgrade BBB- (sf) BB- (sf) Single borrower Office/retail
11/22/2023 GSMSC 2018-TWR 36251SAN8 D 16.3 Downgrade B+ (sf) CCC (sf) Single borrower Office/retail
11/22/2023 GSMSC 2018-TWR 36251SAQ1 E 22.2 Downgrade B- (sf) CCC (sf) Single borrower Office/retail
11/22/2023 GSMSC 2018-TWR 36251SAS7 F 21.4 Affirm CCC- (sf) CCC- (sf) Single borrower Office/retail
11/22/2023 GSMSC 2018-TWR 36251SAG3 X-NCP 127.1 Downgrade B+ (sf) CCC (sf) Single borrower Office/retail
11/22/2023 GSMS 2018-GS10 36250SAB5 A-2 72.5 Affirm AAA (sf) AAA (sf) Conduit - Rake Office
11/22/2023 GSMS 2018-GS10 36250SAC3 A-3 62.9 Affirm AAA (sf) AAA (sf) Conduit - Rake Office
11/22/2023 GSMS 2018-GS10 36250SAD1 A-4 175.0 Affirm AAA (sf) AAA (sf) Conduit - Rake Office
11/22/2023 GSMS 2018-GS10 36250SAE9 A-5 199.7 Affirm AAA (sf) AAA (sf) Conduit - Rake Office
11/22/2023 GSMS 2018-GS10 36250SAF6 A-AB 22.5 Affirm AAA (sf) AAA (sf) Conduit - Rake Office
11/22/2023 GSMS 2018-GS10 36250SAJ8 A-S 68.4 Affirm AA+ (sf) AA+ (sf) Conduit - Rake Office
11/22/2023 GSMS 2018-GS10 36250SBD0 WLS-A 5.2 Downgrade A- (sf) BBB (sf) Conduit - Rake Office
11/22/2023 GSMS 2018-GS10 36250SBF5 WLS-B 10.3 Downgrade BBB- (sf) BB (sf) Conduit - Rake Office
11/22/2023 GSMS 2018-GS10 36250SBH1 WLS-C 14.0 Downgrade BB- (sf) B (sf) Conduit - Rake Office
11/22/2023 GSMS 2018-GS10 36250SBK4 WLS-D 13.5 Downgrade B- (sf) CCC (sf) Conduit - Rake Office
11/22/2023 GSMS 2018-GS10 36250SAG4 X-A 601.0 Affirm AA+ (sf) AA+ (sf) Conduit - Rake Office
11/21/2023 CSMC 2017-CALI 12652FAA0 A 72.7 Downgrade AAA (sf) AA (sf) Single borrower Office
11/21/2023 CSMC 2017-CALI 12652FAG7 B 17.9 Downgrade AA- (sf) A- (sf) Single borrower Office
11/21/2023 CSMC 2017-CALI 12652FAJ1 C 19.2 Downgrade BBB+ (sf) BB (sf) Single borrower Office
11/21/2023 CSMC 2017-CALI 12652FAL6 D 23.5 Downgrade BB (sf) B (sf) Single borrower Office
11/21/2023 CSMC 2017-CALI 12652FAN2 E 32.0 Downgrade B- (sf) CCC (sf) Single borrower Office
11/21/2023 CSMC 2017-CALI 12652FAQ5 F 30.9 Affirm CCC- (sf) CCC- (sf) Single borrower Office
11/21/2023 CSMC 2017-CALI 12652FAC6 X-A 72.7 Downgrade AAA (sf) AA (sf) Single borrower Office
11/21/2023 CSMC 2017-CALI 12652FAE2 X-B 37.1 Downgrade BBB+ (sf) BB (sf) Single borrower Office
11/21/2023 COMM 2018-HCLV 20048KAA5 A 123.5 Downgrade AAA (sf) AA- (sf) Single borrower Office
11/21/2023 COMM 2018-HCLV 20048KAC1 B 27.4 Downgrade A+ (sf) BBB+ (sf) Single borrower Office
11/21/2023 COMM 2018-HCLV 20048KAE7 C 20.6 Downgrade BBB+ (sf) B+ (sf) Single borrower Office
11/21/2023 COMM 2018-HCLV 20048KAG2 D 25.3 Downgrade BB+ (sf) B- (sf) Single borrower Office
11/21/2023 COMM 2018-HCLV 20048KAJ6 E 34.3 Affirm CCC (sf) CCC (sf) Single borrower Office
11/21/2023 COMM 2018-HCLV 20048KAL1 F 33.2 Affirm CCC- (sf) CCC- (sf) Single borrower Office
11/20/2023 J.P. MCCMS 2018-AON 46649XAA5 A 154.0 Downgrade AAA (sf) AA (sf) Single borrower Office
11/20/2023 J.P. MCCMS 2018-AON 46649XAG2 B 36.0 Downgrade AA- (sf) A- (sf) Single borrower Office
11/20/2023 J.P. MCCMS 2018-AON 46649XAJ6 C 24.0 Downgrade A- (sf) BBB- (sf) Single borrower Office
11/20/2023 J.P. MCCMS 2018-AON 46649XAL1 D 60.1 Downgrade BBB- (sf) BB- (sf) Single borrower Office
11/20/2023 J.P. MCCMS 2018-AON 46649XAN7 E 74.1 Downgrade B+ (sf) B- (sf) Single borrower Office
11/20/2023 J.P. MCCMS 2018-AON 46649XAU1 F 30.3 Downgrade B- (sf) CCC (sf) Single borrower Office
11/20/2023 J.P. MCCMS 2018-AON 46649XAQ0 HRR 21.5 Affirm CCC (sf) CCC (sf) Single borrower Office
11/20/2023 J.P. MCCMS 2018-AON 46649XAC1 X-A 154.0 Downgrade AAA (sf) AA (sf) Single borrower Office
11/20/2023 J.P. MCCMS 2018-AON 46649XAE7 X-B 60.0 Downgrade A- (sf) BBB- (sf) Single borrower Office
11/16/2023 CSMC 2017-PFHP 12595KAA9 A 61.5 Downgrade AAA (sf) AA- (sf) Single borrower Lodging
11/16/2023 CSMC 2017-PFHP 12595KAC5 B 21.4 Downgrade A+ (sf) BBB (sf) Single borrower Lodging
11/16/2023 CSMC 2017-PFHP 12595KAE1 C 15.9 Downgrade BBB+ (sf) BB+ (sf) Single borrower Lodging
11/16/2023 CSMC 2017-PFHP 12595KAG6 D 21.1 Downgrade BB+ (sf) B+ (sf) Single borrower Lodging
11/16/2023 CSMC 2017-PFHP 12595KAJ0 E 33.1 Downgrade B- (sf) CCC (sf) Single borrower Lodging
11/16/2023 CSMC 2017-PFHP 12595KAL5 F 29.4 Affirm CCC- (sf) CCC- (sf) Single borrower Lodging
11/16/2023 CSMC 2017-PFHP 12595KAU5 X-EXT 25.5 Downgrade AAA (sf) AA- (sf) Single borrower Lodging
11/14/2023 GSMSC 2018-SRP5 36255TAA0 A 295.7 Downgrade BBB- (sf) BB- (sf) Single borrower Regional mall
11/14/2023 GSMSC 2018-SRP5 36255TAJ1 B 69.6 Downgrade BB- (sf) B- (sf) Single borrower Regional mall
11/14/2023 GSMSC 2018-SRP5 36255TAL6 C 52.2 Affirm CCC (sf) CCC (sf) Single borrower Regional mall
11/14/2023 GSMSC 2018-SRP5 36255TAN2 D 46.8 Affirm CCC (sf) CCC (sf) Single borrower Regional mall
11/14/2023 GSMSC 2018-SRP5 36255TAG7 X-NCP 464.3 Affirm CCC (sf) CCC (sf) Single borrower Regional mall
11/09/2023 GSCG 2019-600C 36260TAA3 A 84.9 Downgrade/Off CreditWatch AA (sf) BB+ (sf) Single borrower Office
11/09/2023 GSCG 2019-600C 36260TAE5 B 18.9 Downgrade/Off CreditWatch A (sf) B (sf) Single borrower Office
11/09/2023 GSCG 2019-600C 36260TAG0 C 14.2 Downgrade/Off CreditWatch BB (sf) CCC (sf) Single borrower Office
11/09/2023 GSCG 2019-600C 36260TAJ4 D 17.4 Downgrade/Off CreditWatch B (sf) CCC (sf) Single borrower Office
11/09/2023 GSCG 2019-600C 36260TAC9 X 135.3 Downgrade/Off CreditWatch B (sf) CCC (sf) Single borrower Office
11/08/2023 BWAY 2015-1740 05604LAA0 A 157.5 Downgrade/Off CreditWatch BB+ (sf) CCC- (sf) Single borrower Office
11/08/2023 BWAY 2015-1740 05604LAE2 B 38.6 Downgrade/Off CreditWatch B- (sf) D (sf) Single borrower Office
11/08/2023 BWAY 2015-1740 05604LAG7 C 26.7 Downgrade/Off CreditWatch CCC- (sf) D (sf) Single borrower Office
11/08/2023 BWAY 2015-1740 05604LAC6 X-A 165.9 Downgrade/Off CreditWatch B- (sf) D (sf) Single borrower Office
11/08/2023 BWAY 2015-1740 05604LAU6 X-B 165.9 Downgrade/Off CreditWatch B- (sf) D (sf) Single borrower Office
11/07/2023 BWAY 2015-1740 20048GAA4 A 108.6 Downgrade AAA (sf) A+ (sf) Single borrower Office
11/07/2023 BWAY 2015-1740 20048GAU0 B 24.1 Downgrade AA- (sf) BBB (sf) Single borrower Office
11/07/2023 BWAY 2015-1740 20048GAG1 C 18.1 Downgrade BBB+ (sf) BB+ (sf) Single borrower Office
11/07/2023 BWAY 2015-1740 20048GAJ5 D 22.2 Downgrade BB (sf) B (sf) Single borrower Office
11/07/2023 BWAY 2015-1740 20048GAL0 E 30.2 Downgrade B- (sf) CCC (sf) Single borrower Office
11/07/2023 BWAY 2015-1740 20048GAN6 F 26.7 Affirm CCC- (sf) CCC- (sf) Single borrower Office
11/06/2023 COMM 2012-CCRE4 12624QAR4 A-3 16.5 Affirm AAA (sf) AAA (sf) Conduit Office/retail
11/06/2023 COMM 2012-CCRE4 12624QAT0 A-M 111.1 Downgrade/Off CreditWatch BBB+ (sf) BB+ (sf) Conduit Office/retail
11/06/2023 COMM 2012-CCRE4 12624QBA0 B 65.3 Downgrade/Off CreditWatch B (sf) D (sf) Conduit Office/retail
11/06/2023 COMM 2012-CCRE4 12624QAC7 C 38.9 Downgrade CCC (sf) D (sf) Conduit Office/retail
11/06/2023 COMM 2012-CCRE4 12624QAS2 X-A 127.6 Downgrade/Off CreditWatch BBB+ (sf) BB+ (sf) Conduit Office/retail
11/06/2023 COMM 2012-CCRE4 12624QAA1 X-B 104.2 Downgrade CCC (sf) D (sf) Conduit Office/retail
11/06/2023 GSMSC 2018-HART 36259DAA1 A 89.3 Off CreditWatch AAA (sf) AAA (sf) Single borrower Office
11/06/2023 GSMSC 2018-HART 36259DAG8 B 28.7 Off CreditWatch AA- (sf) AA- (sf) Single borrower Office
11/06/2023 GSMSC 2018-HART 36259DAJ2 C 21.5 Downgrade/Off CreditWatch A- (sf) BBB+ (sf) Single borrower Office
11/06/2023 GSMSC 2018-HART 36259DAL7 D 26.4 Downgrade/Off CreditWatch BBB- (sf) BB+ (sf) Single borrower Office
11/06/2023 GSMSC 2018-HART 36259DAN3 E 35.8 Downgrade/Off CreditWatch BB- (sf) B (sf) Single borrower Office
11/06/2023 GSMSC 2018-HART 36259DAQ6 F 4.7 Affirm B- (sf) B- (sf) Single borrower Office
11/06/2023 GSMSC 2018-HART 36259DAE3 X-NCP 165.8 Downgrade/Off CreditWatch BBB- (sf) BB+ (sf) Single borrower Office
11/06/2023 BANK 2019-BNK20 06540AAC5 A-2 289.2 Affirm AAA (sf) AAA (sf) Conduit Office
11/06/2023 BANK 2019-BNK20 06540AAD3 A-3 399.2 Affirm AAA (sf) AAA (sf) Conduit Office
11/06/2023 BANK 2019-BNK20 06540AAG6 A-S 147.0 Affirm AAA (sf) AAA (sf) Conduit Office
11/06/2023 BANK 2019-BNK20 06540AAB7 A-SB 47.1 Affirm AAA (sf) AAA (sf) Conduit Office
11/06/2023 BANK 2019-BNK20 06540AAH4 B 45.6 Affirm AA (sf) AA (sf) Conduit Office
11/06/2023 BANK 2019-BNK20 06540AAJ0 C 45.6 Downgrade/Off CreditWatch A (sf) A- (sf) Conduit Office
11/06/2023 BANK 2019-BNK20 06540AAM3 D 27.9 Downgrade/Off CreditWatch BBB+ (sf) BBB- (sf) Conduit Office
11/06/2023 BANK 2019-BNK20 06540AAE1 X-A 735.5 Affirm AAA (sf) AAA (sf) Conduit Office
11/06/2023 BANK 2019-BNK20 06540AAF8 X-B 238.1 Downgrade/Off CreditWatch A (sf) A- (sf) Conduit Office
11/06/2023 NCMS 2017-75B 63874EAA8 A 54.1 Downgrade/Off CreditWatch AAA (sf) AA- (sf) Single borrower Office
11/06/2023 NCMS 2017-75B 63874EAG5 B 20.0 Downgrade/Off CreditWatch A (sf) BBB (sf) Single borrower Office
11/06/2023 NCMS 2017-75B 63874EAJ9 C 15.8 Downgrade/Off CreditWatch BBB (sf) BB (sf) Single borrower Office
11/06/2023 NCMS 2017-75B 63874EAL4 D 19.4 Downgrade/Off CreditWatch BB- (sf) B (sf) Single borrower Office
11/06/2023 NCMS 2017-75B 63874EAN0 E 26.4 Downgrade/Off CreditWatch CCC (sf) CCC- (sf) Single borrower Office
11/06/2023 NCMS 2017-75B 63874EAS9 V1-A 57.0 Downgrade/Off CreditWatch AAA (sf) AA- (sf) Single borrower Office
11/06/2023 NCMS 2017-75B 63874EAW0 V1-B 21.1 Downgrade/Off CreditWatch A (sf) BBB (sf) Single borrower Office
11/06/2023 NCMS 2017-75B 63874EAY6 V1-C 16.7 Downgrade/Off CreditWatch BBB (sf) BB (sf) Single borrower Office
11/06/2023 NCMS 2017-75B 63874EBA7 V1-D 20.4 Downgrade/Off CreditWatch BB- (sf) B (sf) Single borrower Office
11/06/2023 NCMS 2017-75B 63874EBC3 V1-E 27.8 Downgrade/Off CreditWatch CCC (sf) CCC- (sf) Single borrower Office
11/06/2023 NCMS 2017-75B 63874EAU4 V1-XB 37.8 Downgrade/Off CreditWatch BBB (sf) BB (sf) Single borrower Office
11/06/2023 NCMS 2017-75B 63874EBE9 V2 143.0 Downgrade/Off CreditWatch CCC (sf) CCC- (sf) Single borrower Office
11/06/2023 NCMS 2017-75B 63874EAC4 X-A 54.1 Downgrade/Off CreditWatch AAA (sf) AA- (sf) Single borrower Office
11/06/2023 NCMS 2017-75B 63874EAE0 X-B 35.9 Downgrade/Off CreditWatch BBB (sf) BB (sf) Single borrower Office
11/06/2023 Benchmark 2018-B1 08162PBB6 C 52.1 Downgrade/Off CreditWatch BBB+ (sf) BBB Conduit Office
11/06/2023 J.P. MCCMS 2018-PTC 46649GAA2 A 58.0 Downgrade/Off CreditWatch A (sf) BB (sf) Single borrower Office
11/06/2023 J.P. MCCMS 2018-PTC 46649GAG9 B 15.7 Downgrade/Off CreditWatch BBB- (sf) B (sf) Single borrower Office
11/06/2023 J.P. MCCMS 2018-PTC 46649GAJ3 C 11.6 Downgrade/Off CreditWatch BB- (sf) B- (sf) Single borrower Office
11/06/2023 J.P. MCCMS 2018-PTC 46649GAL8 D 14.3 Downgrade/Off CreditWatch B- (sf) CCC (sf) Single borrower Office
11/06/2023 J.P. MCCMS 2018-PTC 46649GAN4 E 9.8 Downgrade/Off CreditWatch CCC (sf) CCC- (sf) Single borrower Office
11/06/2023 J.P. MCCMS 2018-PTC 46649GAE4 X-EXT 99.6 Downgrade/Off CreditWatch B- (sf) CCC (sf) Single borrower Office
11/06/2023 MSCI 2018-BOP 61768FAA8 A 61.5 Downgrade/Off CreditWatch AAA (sf) AA (sf) Single borrower Office
11/06/2023 MSCI 2018-BOP 61768FAG5 B 19.0 Downgrade/Off CreditWatch AA- (sf) BBB+ (sf) Single borrower Office
11/06/2023 MSCI 2018-BOP 61768FAJ9 C 14.3 Downgrade/Off CreditWatch A- (sf) BB+ (sf) Single borrower Office
11/06/2023 MSCI 2018-BOP 61768FAL4 D 17.5 Downgrade/Off CreditWatch BB (sf) B+ (sf) Single borrower Office
11/06/2023 MSCI 2018-BOP 61768FAE0 X-EXT 50.8 Downgrade/Off CreditWatch BB (sf) B+ (sf) Single borrower Office
11/06/2023 ONE 2021-PARK 682413AA7 A 294.9 Off CreditWatch AAA (sf) AAA (sf) Single borrower Office
11/06/2023 ONE 2021-PARK 682413AC3 B 65.5 Downgrade/Off CreditWatch AA- (sf) A (sf) Single borrower Office
11/06/2023 ONE 2021-PARK 682413AE9 C 49.1 Downgrade/Off CreditWatch A- (sf) BBB (sf) Single borrower Office
11/06/2023 ONE 2021-PARK 682413AG4 D 60.3 Downgrade/Off CreditWatch BBB- (sf) BB (sf) Single borrower Office
11/06/2023 GSMSC 2021-ROSS 36264YAA8 A 218.8 Downgrade/Off CreditWatch AAA (sf) AA+ (sf) Single borrower Office
11/06/2023 GSMSC 2021-ROSS 36264YAY6 A-IO 218.8 Downgrade/Off CreditWatch AAA (sf) AA+ (sf) Single borrower Office
11/06/2023 GSMSC 2021-ROSS 36264YAU4 A-Y 218.8 Downgrade/Off CreditWatch AAA (sf) AA+ (sf) Single borrower Office
11/06/2023 GSMSC 2021-ROSS 36264YAW0 A-Z 218.8 Downgrade/Off CreditWatch AAA (sf) AA+ (sf) Single borrower Office
11/06/2023 GSMSC 2021-ROSS 36264YAE0 B 51.5 Downgrade/Off CreditWatch AA- (sf) A+ (sf) Single borrower Office
11/06/2023 GSMSC 2021-ROSS 36264YAG5 C 38.6 Downgrade/Off CreditWatch A- (sf) BBB+ (sf) Single borrower Office
11/06/2023 GSMSC 2021-ROSS 36264YAJ9 D 47.4 Downgrade/Off CreditWatch BB- (sf) B+ (sf) Single borrower Office
11/06/2023 BANK 2021-BNK34 06541JBD2 C 38.0 Downgrade/Off CreditWatch A- (sf) BBB+ (sf) Conduit Office
11/06/2023 BANK 2021-BNK34 06541JBE0 C-1 38.0 Downgrade/Off CreditWatch A- (sf) BBB+ (sf) Conduit Office
11/06/2023 BANK 2021-BNK34 06541JBF7 C-2 38.0 Downgrade/Off CreditWatch A- (sf) BBB+ (sf) Conduit Office
11/06/2023 BANK 2021-BNK34 06541JBG5 C-X1 38.0 Downgrade/Off CreditWatch A- (sf) BBB+ (sf) Conduit Office
11/06/2023 BANK 2021-BNK34 06541JBH3 C-X2 38.0 Downgrade/Off CreditWatch A- (sf) BBB+ (sf) Conduit Office
11/06/2023 BANK 2021-BNK34 06541JAS0 X-B 171.8 Downgrade/Off CreditWatch A- (sf) BBB+ (sf) Conduit Office
11/06/2023 BBCMS 2021-AGW 05493HAA3 A 127.7 Off CreditWatch AAA (sf) AAA (sf) Single borrower Office
11/06/2023 BBCMS 2021-AGW 05493HAG0 B 30.4 Off CreditWatch AA- (sf) AA- (sf) Single borrower Office
11/06/2023 BBCMS 2021-AGW 05493HAJ4 C 22.8 Off CreditWatch A- (sf) A- (sf) Single borrower Office
11/06/2023 BBCMS 2021-AGW 05493HAL9 D 28.0 Downgrade/Off CreditWatch BBB- (sf) BB (sf) Single borrower Office
11/06/2023 BBCMS 2021-AGW 05493HAE5 X-NCP 81.2 Downgrade/Off CreditWatch BBB- (sf) BB (sf) Single borrower Office
10/27/2023 WFCM 2018-1745 94990DAA4 A 116.0 Affirm AAA (sf) AAA (sf) Single borrower Office
10/27/2023 WFCM 2018-1745 94990DAE6 B 25.8 Affirm AA- (sf) AA- (sf) Single borrower Office
10/27/2023 WFCM 2018-1745 94990DAG1 C 19.3 Affirm A- (sf) A- (sf) Single borrower Office
10/27/2023 WFCM 2018-1745 94990DAJ5 D 5.2 Affirm BBB+ (sf) BBB+ (sf) Single borrower Retail
10/27/2023 BB-UBS 2012-SHOW 05538UAA1 A 539.5 Affirm AAA (sf) AAA (sf) Single borrower Retail
10/27/2023 BB-UBS 2012-SHOW 05538UAC7 B 82.6 Affirm AA (sf) AA (sf) Single borrower Retail
10/27/2023 BB-UBS 2012-SHOW 05538UAE3 C 77.8 Affirm A (sf) A (sf) Single borrower Retail
10/27/2023 BB-UBS 2012-SHOW 05538UAG8 D 42.1 Affirm A- (sf) A- (sf) Single borrower Retail
10/27/2023 BB-UBS 2012-SHOW 05538UAJ2 E 93.0 Affirm BBB- (sf) BBB- (sf) Single borrower Retail
10/27/2023 BB-UBS 2012-SHOW 05538UAL7 X-A 539.5 Affirm AAA (sf) AAA (sf) Single borrower Retail
10/27/2023 BB-UBS 2012-SHOW 05538UAN3 X-B 82.6 Affirm AA (sf) AA (sf) Single borrower Retail
10/24/2023 ALEN 2021-ACEN 01449NAA4 A 202.8 Affirm AAA (sf) AAA (sf) Single borrower Office
10/24/2023 ALEN 2021-ACEN 01449NAC0 B 45.1 Affirm AA- (sf) AA- (sf) Single borrower Office
10/24/2023 ALEN 2021-ACEN 01449NAE6 C 33.8 Downgrade A- (sf) BBB+ (sf) Single borrower Office
10/24/2023 ALEN 2021-ACEN 01449NAG1 D 41.5 Downgrade BBB- (sf) BB (sf) Single borrower Office
10/24/2023 ALEN 2021-ACEN 01449NAJ5 E 56.3 Downgrade BB- (sf) B- (sf) Single borrower Office
10/24/2023 ALEN 2021-ACEN 01449NAL0 F 48.0 Downgrade B- (sf) CCC (sf) Single borrower Office
10/20/2023 BX 2021-VIEW 05606GAA9 A 102.8 Affirm AAA (sf) AAA (sf) Single borrower Retail
10/20/2023 BX 2021-VIEW 05606GAG6 B 22.8 Affirm AA- (sf) AA- (sf) Single borrower Retail
10/20/2023 BX 2021-VIEW 05606GAJ0 C 17.1 Affirm A- (sf) A- (sf) Single borrower Retail
10/20/2023 BX 2021-VIEW 05606GAL5 D 21.0 Affirm BBB- (sf) BBB- (sf) Single borrower Retail
10/20/2023 BX 2021-VIEW 05606GAE1 X-NCP 61.0 Affirm BBB- (sf) BBB- (sf) Single borrower Retail
10/12/2023 COMM 2012-CCRE4 12624QAT0 A-M 111.1 CreditWatch BBB+ (sf) BBB+ (sf) Conduit Office/retail
10/12/2023 COMM 2012-CCRE4 12624QBA0 B 65.3 CreditWatch B (sf) B (sf) Conduit Office/retail
10/12/2023 COMM 2012-CCRE4 12624QAS2 X-A 127.6 CreditWatch BBB+ (sf) BBB+ (sf) Conduit Office/retail
10/12/2023 NCMS 2017-75B 63874EAA8 A 54.1 CreditWatch AAA (sf) AAA (sf) Single borrower Office
10/12/2023 NCMS 2017-75B 63874EAG5 B 20.0 CreditWatch A (sf) A (sf) Single borrower Office
10/12/2023 NCMS 2017-75B 63874EAJ9 C 15.8 CreditWatch BBB (sf) BBB (sf) Single borrower Office
10/12/2023 NCMS 2017-75B 63874EAL4 D 19.4 CreditWatch BB- (sf) BB- (sf) Single borrower Office
10/12/2023 NCMS 2017-75B 63874EAN0 E 26.4 CreditWatch CCC (sf) CCC (sf) Single borrower Office
10/12/2023 NCMS 2017-75B 63874EAS9 V1-A 57.0 CreditWatch AAA (sf) AAA (sf) Single borrower Office
10/12/2023 NCMS 2017-75B 63874EAW0 V1-B 21.1 CreditWatch A (sf) A (sf) Single borrower Office
10/12/2023 NCMS 2017-75B 63874EAY6 V1-C 16.7 CreditWatch BBB (sf) BBB (sf) Single borrower Office
10/12/2023 NCMS 2017-75B 63874EBA7 V1-D 20.4 CreditWatch BB- (sf) BB- (sf) Single borrower Office
10/12/2023 NCMS 2017-75B 63874EBC3 V1-E 27.8 CreditWatch CCC (sf) CCC (sf) Single borrower Office
10/12/2023 NCMS 2017-75B 63874EAU4 V1-XB 37.8 CreditWatch BBB (sf) BBB (sf) Single borrower Office
10/12/2023 NCMS 2017-75B 63874EBE9 V2 143.0 CreditWatch CCC (sf) CCC (sf) Single borrower Office
10/12/2023 NCMS 2017-75B 63874EAC4 X-A 54.1 CreditWatch AAA (sf) AAA (sf) Single borrower Office
10/12/2023 NCMS 2017-75B 63874EAE0 X-B 35.9 CreditWatch BBB (sf) BBB (sf) Single borrower Office
10/12/2023 Benchmark 2018-B1 08162PBB6 C 52.1 CreditWatch BBB+ (sf) BBB+ Conduit Office
10/12/2023 J.P. MCCMS 2018-PTC 46649GAA2 A 58.0 CreditWatch A (sf) A (sf) Single borrower Office
10/12/2023 J.P. MCCMS 2018-PTC 46649GAG9 B 15.7 CreditWatch BBB- (sf) BBB- (sf) Single borrower Office
10/12/2023 J.P. MCCMS 2018-PTC 46649GAJ3 C 11.6 CreditWatch BB- (sf) BB- (sf) Single borrower Office
10/12/2023 J.P. MCCMS 2018-PTC 46649GAL8 D 14.3 CreditWatch B- (sf) B- (sf) Single borrower Office
10/12/2023 J.P. MCCMS 2018-PTC 46649GAN4 E 9.8 CreditWatch CCC (sf) CCC (sf) Single borrower Office
10/12/2023 J.P. MCCMS 2018-PTC 46649GAE4 X-EXT 99.6 CreditWatch B- (sf) B- (sf) Single borrower Office
10/12/2023 MSCI 2018-BOP 61768FAA8 A 61.5 CreditWatch AAA (sf) AAA (sf) Single borrower Office
10/12/2023 MSCI 2018-BOP 61768FAG5 B 19.0 CreditWatch AA- (sf) AA- (sf) Single borrower Office
10/12/2023 MSCI 2018-BOP 61768FAJ9 C 14.3 CreditWatch A- (sf) A- (sf) Single borrower Office
10/12/2023 MSCI 2018-BOP 61768FAL4 D 17.5 CreditWatch BB (sf) BB (sf) Single borrower Office
10/12/2023 MSCI 2018-BOP 61768FAE0 X-EXT 50.8 CreditWatch BB (sf) BB (sf) Single borrower Office
10/12/2023 GSMSC 2018-HART 36259DAA1 A 89.3 CreditWatch AAA (sf) AAA (sf) Single borrower Office
10/12/2023 GSMSC 2018-HART 36259DAG8 B 28.7 CreditWatch AA- (sf) AA- (sf) Single borrower Office
10/12/2023 GSMSC 2018-HART 36259DAJ2 C 21.5 CreditWatch A- (sf) A- (sf) Single borrower Office
10/12/2023 GSMSC 2018-HART 36259DAL7 D 26.4 CreditWatch BBB- (sf) BBB- (sf) Single borrower Office
10/12/2023 GSMSC 2018-HART 36259DAN3 E 35.8 CreditWatch BB- (sf) BB- (sf) Single borrower Office
10/12/2023 GSMSC 2018-HART 36259DAE3 X-NCP 165.8 CreditWatch BBB- (sf) BBB- (sf) Single borrower Office
10/12/2023 BANK 2019-BNK20 06540AAJ0 C 45.6 CreditWatch A (sf) A (sf) Conduit Office
10/12/2023 BANK 2019-BNK20 06540AAM3 D 27.9 CreditWatch BBB+ (sf) BBB+ (sf) Conduit Office
10/12/2023 BANK 2019-BNK20 06540AAF8 X-B 238.1 CreditWatch A (sf) A (sf) Conduit Office
10/12/2023 ONE 2021-PARK 682413AA7 A 294.9 CreditWatch AAA (sf) AAA (sf) Single borrower Office
10/12/2023 ONE 2021-PARK 682413AC3 B 65.5 CreditWatch AA- (sf) AA- (sf) Single borrower Office
10/12/2023 ONE 2021-PARK 682413AE9 C 49.1 CreditWatch A- (sf) A- (sf) Single borrower Office
10/12/2023 ONE 2021-PARK 682413AG4 D 60.3 CreditWatch BBB- (sf) BBB- (sf) Single borrower Office
10/12/2023 GSMSC 2021-ROSS 36264YAA8 A 218.8 CreditWatch AAA (sf) AAA (sf) Single borrower Office
10/12/2023 GSMSC 2021-ROSS 36264YAY6 A-IO 218.8 CreditWatch AAA (sf) AAA (sf) Single borrower Office
10/12/2023 GSMSC 2021-ROSS 36264YAU4 A-Y 218.8 CreditWatch AAA (sf) AAA (sf) Single borrower Office
10/12/2023 GSMSC 2021-ROSS 36264YAW0 A-Z 218.8 CreditWatch AAA (sf) AAA (sf) Single borrower Office
10/12/2023 GSMSC 2021-ROSS 36264YAE0 B 51.5 CreditWatch AA- (sf) AA- (sf) Single borrower Office
10/12/2023 GSMSC 2021-ROSS 36264YAG5 C 38.6 CreditWatch A- (sf) A- (sf) Single borrower Office
10/12/2023 GSMSC 2021-ROSS 36264YAJ9 D 47.4 CreditWatch BB- (sf) BB- (sf) Single borrower Office
10/12/2023 BANK 2021-BNK34 06541JBD2 C 38.0 CreditWatch A- (sf) A- (sf) Conduit Office
10/12/2023 BANK 2021-BNK34 06541JBE0 C-1 38.0 CreditWatch A- (sf) A- (sf) Conduit Office
10/12/2023 BANK 2021-BNK34 06541JBF7 C-2 38.0 CreditWatch A- (sf) A- (sf) Conduit Office
10/12/2023 BANK 2021-BNK34 06541JBG5 C-X1 38.0 CreditWatch A- (sf) A- (sf) Conduit Office
10/12/2023 BANK 2021-BNK34 06541JBH3 C-X2 38.0 CreditWatch A- (sf) A- (sf) Conduit Office
10/12/2023 BANK 2021-BNK34 06541JAS0 X-B 171.8 CreditWatch A- (sf) A- (sf) Conduit Office
10/12/2023 BBCMS 2021-AGW 05493HAA3 A 127.7 CreditWatch AAA (sf) AAA (sf) Single borrower Office
10/12/2023 BBCMS 2021-AGW 05493HAG0 B 30.4 CreditWatch AA- (sf) AA- (sf) Single borrower Office
10/12/2023 BBCMS 2021-AGW 05493HAJ4 C 22.8 CreditWatch A- (sf) A- (sf) Single borrower Office
10/12/2023 BBCMS 2021-AGW 05493HAL9 D 28.0 CreditWatch BBB- (sf) BBB- (sf) Single borrower Office
10/12/2023 BBCMS 2021-AGW 05493HAE5 X-NCP 81.2 CreditWatch BBB- (sf) BBB- (sf) Single borrower Office
10/12/2023 CG-CCRE 2014-FL2 12528PAA0 A 49.4 Downgrade AA (sf) A+ (sf) Floater Office
10/12/2023 CG-CCRE 2014-FL2 12528PAB8 B 52.2 Downgrade BB+ (sf) B+ (sf) Floater Office
10/12/2023 CG-CCRE 2014-FL2 12528PAC6 C 34.6 Downgrade B- (sf) CCC (sf) Floater Office
10/12/2023 CG-CCRE 2014-FL2 12528PAN2 COL1 5.3 Affirm CCC- (sf) CCC- (sf) Floater Office
10/12/2023 CG-CCRE 2014-FL2 12528PAP7 COL2 13.0 Affirm CCC- (sf) CCC- (sf) Floater Office
10/12/2023 CG-CCRE 2014-FL2 12528PAD4 D 15.5 Affirm CCC (sf) CCC (sf) Floater Office
10/12/2023 CG-CCRE 2014-FL2 12528PAJ1 STC1 16.8 Affirm CCC- (sf) CCC- (sf) Floater Office
10/11/2023 BAMLL 2016-SS1 05525JAA1 A 78.3 Affirm AAA (sf) AAA (sf) Single borrower Office
10/11/2023 BAMLL 2016-SS1 05525JAG8 B 17.4 Affirm AA- (sf) AA- (sf) Single borrower Office
10/11/2023 BAMLL 2016-SS1 05525JAJ2 C 13.1 Downgrade A- (sf) BBB (sf) Single borrower Office
10/11/2023 BAMLL 2016-SS1 05525JAL7 D 16.0 Downgrade BBB- (sf) BB (sf) Single borrower Office
10/11/2023 BAMLL 2016-SS1 05525JAN3 E 21.8 Downgrade BB- (sf) B (sf) Single borrower Office
10/11/2023 BAMLL 2016-SS1 05525JAQ6 F 19.4 Downgrade B- (sf) CCC (sf) Single borrower Office
10/11/2023 BAMLL 2016-SS1 05525JAC7 X-A 78.3 Affirm AAA (sf) AAA (sf) Single borrower Office
10/11/2023 BAMLL 2016-SS1 05525JAE3 X-B 30.5 Downgrade A- (sf) BBB (sf) Single borrower Office
10/10/2023 BBCMS 2020-BID 05493BAA6 A 212.7 Affirm AAA (sf) AAA (sf) Single borrower Office
10/10/2023 BBCMS 2020-BID 05493BAG3 B 48.7 Affirm AA- (sf) AA- (sf) Single borrower Office
10/10/2023 BBCMS 2020-BID 05493BAJ7 C 38.9 Affirm A- (sf) A- (sf) Single borrower Office
10/10/2023 BBCMS 2020-BID 05493BAL2 D 46.1 Affirm BBB- (sf) BBB- (sf) Single borrower Office
10/10/2023 BBCMS 2020-BID 05493BAN8 E 55.8 Affirm BB- (sf) BB- (sf) Single borrower Office
10/10/2023 BBCMS 2020-BID 05493BAQ1 HRR 21.3 Affirm B+ (sf) B+ (sf) Single borrower Office
10/10/2023 BBCMS 2020-BID 05493BAE8 X-EXT 212.7 Affirm BBB- (sf) BBB- (sf) Single borrower Office
10/05/2023 DBJPM 2016-SFC 23312RAA3 A 150.0 Downgrade A (sf) BBB+ (sf) Single borrower Regional mall
10/05/2023 DBJPM 2016-SFC 23312RAE5 B 35.0 Downgrade BBB- (sf) BB (sf) Single borrower Regional mall
10/05/2023 DBJPM 2016-SFC 23312RAG0 C 59.6 Downgrade B (sf) CCC (sf) Single borrower Regional mall
10/05/2023 DBJPM 2016-SFC 23312RAJ4 D 62.3 Downgrade CCC (sf) CCC- (sf) Single borrower Regional mall
10/05/2023 DBJPM 2016-SFC 23312RAC9 X-A 185.0 Downgrade BBB- (sf) BB (sf) Single borrower Regional mall

Related Criteria

This report does not constitute a rating action.

Primary Credit Analyst:Senay Dawit, New York + 1 (212) 438 0132;
senay.dawit@spglobal.com
Secondary Contacts:Rachel Buck, Englewood + 1 (303) 721 4928;
rachel.buck@spglobal.com
James C Digney, New York + 1 (212) 438 1832;
james.digney@spglobal.com
Cathy C de la Torre, New York + 1 (212) 438 0502;
cathy.de.la.torre@spglobal.com
Global Structured Finance Research:James M Manzi, CFA, Washington D.C. + 1 (202) 383 2028;
james.manzi@spglobal.com

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