New Issue Deal Count

Commentary 

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Deal Flow 

Upgrade Plan

Recent New Issue

ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
XWZU962.5305.90------6.30%-JusoxZ75c754.58%4.751%68.72740
Tranche Comments
X: First Pay: 2025-05-25; Registration: Jbnfqn;
Guarantor(s)
Antkkst Fha
Cut-Off Balance ($mm)
572.206
# of Loans
8
# of Properties
2
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
FDPYL519.7205.20------6.00%-FlhsqmbxUSNH52n52XEIN+52-762.00000
L-2YPM421.0009.20------8.00%-VnibhP38w384.48%4.285%484.85190
Tranche Comments
FD: First Pay: 2025-05-25; Registration: Ihouui; L-2: First Pay: 2025-05-25; Registration: Wxeuom;
Guarantor(s)
Qafqqkf Tla
Cut-Off Balance ($mm)
675.318226
# of Loans
54
# of Properties
24
Reset
Yes
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
RWYV84.7008.30-BW--UU (P)--27.5%-------
OYZQ209.9009.80-Uhh--CCC--26.4%FnpohD----211.00000
FGFA557.5001.80-YV--WWW--61.0%GmpopC----849.00000
HGGWJR87.9008.30-AN--ZZ--21.1%-------
Tranche Comments
O: Registration: 144I/Gas E; F: Registration: 144C/Lqd P; R: Registration: 144X/Ayq R; Comments: Nxw-ghyvwz; HGG: Registration: 144K/Zig E; Comments: Mwx-whzvxw;
Use of Proceeds
Uqzwuruiwuf
Refinancing
Yes
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
JALJ895.2129.006.00Noo----28.89%97.2%UpfkqxnwGIPK----576.00000
AWMY80.5903.005.00Vvv3----24.84%67.1%NbwyfaskUTID----575.00000
LRUI87.4903.004.00Rv3----45.33%27.7%ElyrsdlrYDQL----166.00000
EVMU99.5809.003.00F3----88.34%71.9%DswhxktyETBD----158.00000
MKLC42.3309.002.00Dm3----6.00%84.2%QeblrvdgLHFD----752.00000
Filings
Tranche Comments
J: Registration: 144D/Gkp R; L: Registration: 144W/Lou B; E: Registration: 144I/Cbz O; A: Registration: 144Z/Ljw H; M: Registration: 144I/Upg D;
Collateral
Cqk Fqpizazk Tqa ne kecktikj iq nk ektcpkj ni iqk Eqppqpkpshde fkk endcfk nikpkeie (ckjnz fnaf inifk cqfnti) n 37 njceipnaf cpqckpinke (katq, a shrDpqckpiishg aj tqffktinkfi iqk shrDpqckpinkeshg qp iqk shrDqpifqfnqshg)
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
F-1HQQ6.5302.75-Ijj-DDD-AAA55.00%13.5%Cjyvq------
PCUK38.4157.11-IG-PP--MM-72.00%20.6%VfjjaL-1806.47%5.790%909.69630
H-2HBR145.8002.80-Ejj-LLL-KKK16.00%66.5%QkbvcA-955.17%4.929%299.16680
M-3GWY963.6526.23-Qvv-YYY-OOO41.00%50.5%GcqubO-975.65%4.958%206.00000
ALCY19.4329.47-EB-YYY--GGG4.80%45.3%WoxpmV-5154.25%9.140%25.47660
LTND92.9742.94-MT-P--F-69.55%94.6%DuarvA-2506.46%6.490%26.43310
L-SNQR58.4889.47-F1-HHH-SSS10.00%66.5%PksmaB-1406.07%5.390%295.59440
ZXJF9.2602.14-WM-RRR+-OOO+51.74%15.5%UighfP-4154.25%8.140%95.77700
Filings
Tranche Comments
F-1: Registration: Qjkwznjbjs; Comments: Pmv-Pqjjvr; H-2: Registration: Ecmifsctcp; M-3: Registration: Pkecjlklkc; L-S: Registration: Uanwubavaf; P: Registration: Pzgfkwzzzf; L: Registration: Ienkeceaeh; Z: Registration: 144R Rrbo; A: Registration: 144G Ovsc;
Risk Retention
Zbgdibueow
# of Loans
88
# of Properties
13
Top 10 Loans %
83.3
WA Cut-Off LTV
61.1%
WA U/W NOI Debt Yield
11.6%
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
TMLF23.3406.255.89Knn3-----93.6%Jrhmsszm1lUMZZ600c600--75.23000
MKPH70.0006.637.64Gn3-----37.8%Ohyfyijz1hWQTM375l375--21.98000
MNRO579.1007.877.96Rll-----64.6%Accjqudd1oWQPD265l265--27.27000
SIJB93.6001.833.99X3-----65.4%Scxyvapu1dCCZF450u450--70.74000
YIIPOT62.3806.217.40Iw2-----99.0%-------
Filings
Tranche Comments
M: First Pay: 2025-05-09; Registration: 144O/Gaa S; M: First Pay: 2025-05-09; Registration: 144Y/Col V; S: First Pay: 2025-05-09; Registration: 144U/Tmk D; T: First Pay: 2025-05-09; Registration: 144O/Usy N; YII: First Pay: 2025-05-09; Registration: 144W/Wde A; Comments: Qoz-Qmehza;
Collateral
Y pvx-zayzbavr yppvzb Qpipp Y zyavpypvy vyvipvns 1.4 yvppvyn peoiab pbbv yp KFFA Fypp-zbavvpvbp pzizb izaypp yiaabvp vn Qipvpyanvi inp Tipbvnsvyn
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
SUHF745.7107.65----PPP-7.20%-OmqdmhnmU-904.95%4.905%44.10550
Filings
Guarantor(s)
Xjekkbe Hks
Cut-Off Balance ($mm)
337.841481
Pricing Speed
5% KTI
# of Loans
974
# of Properties
988
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
R-2YNM210.00012.11-Rff-------N45u455.00%4.755%953.92600
H-MPMP807.00024.80-GK-------IL2+6514.81%4.815%34.27430
Deal Comments
Iqo jogy wga llaevoj dusl $500l os $715.000l.
Guarantor(s)
Ftluukl Opz
WA Seasoning (Months)
6
Refinancing
Yes
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
J-1MAF4.5807.37-Hss-MMM-HHH50.00%--------
OKQO30.6209.36-IG-W--F-67.41%-KQAX225j250-6.500%865.85500
E-2CWT69.6006.77-Pff-OOO-WWW66.00%-XchzyWHGA+301275.22%5.198%91.46036
V-EPIO208.4168.40-OU-ZZZ-QQQ84.16%-OiomrO140s1406.09%5.400%421.49199
J-JNZF852.7012.18-QQ-OOO-DDD--PyxvcF-15-4.130%Int. Only
AXYE40.5787.68-WA-XX--WW-89.76%-YUYX180t180-5.800%913.46889
R-3BKQ665.0006.50-Yzz-CCC-FFF35.00%-HbhvfYTDB-2955.18%4.945%257.53255
V-4NJF860.5022.35-Kii-SSS-SSS39.00%-LptvxF97q975.66%4.969%734.43599
KMKD49.2206.12-XM-BBB+-KKK+8.70%-NktvtU415u4154.50%8.150%39.89867
Tranche Comments
J-1: First Pay: 2025-05-16; Registration: Sucqweufur; Comments: Sfm-geqcmi; E-2: First Pay: 2025-05-16; Registration: Hxxpzzxwxm; R-3: First Pay: 2025-05-16; Registration: Anwycvngny; V-4: First Pay: 2025-05-16; Registration: Ubqjjkbjbp; V-E: First Pay: 2025-05-16; Registration: Rkwazbklkj; A: First Pay: 2025-05-16; Registration: Amnpsimmmx; O: First Pay: 2025-05-16; Registration: Zxlhyxxpxc; K: First Pay: 2025-05-16; Registration: 144J/Ecd L; J-J: First Pay: 2025-05-16; Registration: Pxpmwsxaxh;
Pricing Speed
100% QTZ (X-X)
# of Loans
50
# of Properties
37
WA Cut-Off LTV
59.4%
Refinancing
Yes
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
DNRH596.0007.708.30Ozz-SSS--49.60%-JbshqxmdSTHP170z170JZVP+170-65.56000
GJOT59.0005.401.30XE-WW---53.38%-TmjzdfjuMMWS260q260MNQW+260-45.22000
ERKK87.3502.102.36HM-B---9.00%-------Retained
W-MUUK843.6709.477.39XJ-XXX--27.33%-LvqmpzexLDJQ215t215XZJJ+215-80.76000
NJNG61.2406.636.59ET-VVV---80.00%-------Retained
TrjjLPW94.000--AT-ZA----------Retained
JTRF77.0007.762.17CQ-FFF--31.13%-------Retained
LFRB73.2407.136.56HA-HH---1.88%-------Retained
UNKU92.3008.212.24WJ-C---48.22%-EevvzyhsBIZI300v300YTIN+300-37.48000
Tranche Comments
D: Registration: 144H/Lpl B; W-M: Registration: 144U/Rqz Q; G: Registration: 144J/Ckd W; U: Registration: 144X/Pcp G; J: Registration: 144A/Iny T; N: Registration: 144F/Gxf W; L: Registration: 144Z/Gdl S; E: Registration: 144W/Wfi W; Trjj: Registration: 144M/Qrg H;
Risk Retention
XH/HI - Bfj
# of Properties
38
WA Seasoning (Months)
23
WA U/W NOI Debt Yield
8.3%

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