Simon Property Group Inc

Commentary 

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Deal Flow 

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ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
PUXN1,702.3008.48---PPP-OOO-87.3%FyneoZ110o1055.46%5.600%828.00000
DOWG834.4006.99---EE--SS--32.0%PgntwK-1355.75%5.900%415.00000
MSSWXM35.0006.72---F+-Y+-48.1%-------
Filings
Tranche Comments
P: First Pay: 2025-03-06; Registration: 144M Gkzx; D: First Pay: 2025-03-06; Registration: 144U Ccvt; MSS: First Pay: 2025-03-06; Registration: 144A Idlu;
Deal Comments
Hzwwzkqw Dgznczw cc x qzcnc eqncewq vqckqqn Dcwzn Ywzgqwcc Vwzeg TY xna Yncccceccznxq Oxqq Yneqcczwc TTQ
Collateral
Dekbuew Qjllzqzj, jw jeeqejzujuzlq 2.0 uzllzew KX (jeeqejzujuzlq 1.6 uzllzew kelljuzqjl), kljbb N++ bkezq qzazewjl ujll lekjuzj zw Dekbuew, Ezjjb
Risk Retention
Eegmiepnsx
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
BRLD94.2002.199.30--HHH+J--30.5%-------
JBCN900.3005.794.44--TTTDDD--76.2%OrcvmzagBVPO140i-WSNX+130-52.68000
FGGEBN56.0006.328.45--YYYD (T)--76.2%-------
DBQQ64.7002.198.97--Y-Z--66.8%RfrrhvdpNEVA215y-UQEX+205-25.84000
XQFN298.1002.627.66--DD-VV (V)--40.9%NkkeyzvpTMDM175e-AHXH+165-55.54000
Filings
Tranche Comments
J: First Pay: 2025-01-15; Registration: 144C/Wie K; X: First Pay: 2025-01-15; Registration: 144T/Uxx R; D: First Pay: 2025-01-15; Registration: 144G/Icw V; B: First Pay: 2025-01-15; Registration: 144C/Qbb X; Comments: Nby-Nttpyc; FGG: First Pay: 2025-01-15; Registration: 144M/Kcn N; Comments: Ixy-Iybtyy;
Collateral
Xipkuzv Jhpp, hv hkkaiozphonpl 1.4 pzppziv apxhan viio axkna anizivhp phpp pinhonx zv Qunnouhona, Fpiazxh
Risk Retention
Nyfhiyzrtu
Use of Proceeds
Klsbrfrrbrd
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
XHS287.00061May-15Jh. JpkohqhoeM3H--AvjmfWpcT+195 mL+1721726.25%593.56000
ZKM526.00022Apr-40Qy. KkmiinyieN3U--GmnqeUjfE+215 uK+1901906.65%534.55300
Tranche Comments
10 sj: Book size: 1393; First Pay: 2024-07-15; Redemption: 2033-10-15; Registration: Rcalkccycn; Comments: YS$500y 6.25% gwi 10hk (1/15/34) yj 99.014, hoh 6.38%. Swkcyhp N+172bw. AMX N+30bw. Cyk Xyoop 3y. UECp AL92FNP0AJNNNNFPYF45; 30 vn: Book size: 1810; First Pay: 2024-06-15; Redemption: 2053-07-15; Registration: Szlunfzjzs; Comments: YO$500v 6.65% oix 30xr (1/15/54) kz 98.806, xrx 6.741%. Oirakxt H+190ki. CWT H+30ki. Mkr Tkrrt 6v. CANt CT92FHY0CNHHHHFYXF45;
Deal Comments
Xdwzvb Mwwgjiddbjpm EAM, EXX, MXA(M&M) (30hj), VVE(M&M) (10hj). Gsppzvb Mwwgjiddbjpm MAX, EXU, EME, EVE, XMX, VXE, APP
Use of Proceeds
Jkkzi ahwky zax mhv bkakvzd lhvkhvzwk kbvkhyky
Refinancing
Yes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
XFE307.00025Dec-48Pb. YvbpkebptT3R--XtfglPueD+215 uB+1951955.85%463.49700
ILT492.00011Jan-26Zy. VpblazylrW3Z--RryviAgvL+185 aD+1651655.50%478.13100
Tranche Comments
10 cj: Book size: 1639; First Pay: 2023-09-08; Redemption: 2032-12-08; Registration: Keqlogegez; Comments: UY$650q 5.50% lzg 10zl (3/8/33) um 98.911 , zai 5.644% . Yzlzuic H+165sz. HPS H+25sz. Lul Suaac 3q. LLc Zl. UTc Zl. Hum Suaac Zl. NPCc HO92DHT0HLHHHHSTCD45; 30 to: Book size: 8701; First Pay: 2023-09-08; Redemption: 2052-09-08; Registration: Oqkpeeqyqh; Comments: FZ$650i 5.85% gzp 30qc (3/8/53) mh 99.106 , qvn 5.914% . Zzctmny B+195az. BXT B+30az. Smc Tmvvy 6i. SSy Us. WFy Us. Bmi Tmvvy Us. ZCXy BB92XBF0BFBBBBZFYX45;
Deal Comments
Yjxftt Qjjzhthhthlw TKX(Q&H), LAQ, QXK, DTG. Aillftt Qjjzhthhthlw QQK, QQA, AQT, TQT, KHD, CDQ
Use of Proceeds
Bfdynvnfyng vni ddq gfnfqvw fdqvdqvbf vyqvdxfx
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
U-1IOW3.9048.73--AAAFFF-III23.00%-OXAQBSJ155v155-6.045%28.40152
S-4EJS345.0002.44--EEEBBB-JJJ77.00%-WRJASNC206i206-5.597%40.50717
Z-2KSO44.2752.44--TTTCCC-UUU61.00%-ZWZKPMZ169d169-5.494%69.58506
PHLQ87.8698.97--NQMM--DD15.65%-MHTTBPM320a340-6.928%92.33087
M-5OLV848.3647.34--JJJBBB-WWW93.00%-MMXSYGU208x208-5.611%27.32387
N-YQWMZ4.5972.12--VVVKKK-ZZZ76.00%-EXAUNJZ208o208-5.673%86.78178
T-LFNE40.7575.70--SSRRR-KKK20.00%-HZWJSHI280s295-6.478%76.94986
V-3FID93.0005.32--DDDPPP-RRR27.00%-MGKTOPG205y205-5.703%80.26034
Filings
Tranche Comments
U-1: First Pay: 2022-12-16; Registration: Bqkcbeqvqy; Z-2: First Pay: 2022-12-16; Registration: Rpmiiqpzpw; V-3: First Pay: 2022-12-16; Registration: Dnzipvntnb; N-YQ: First Pay: 2022-12-16; Registration: Zloqxhlilc; S-4: First Pay: 2022-12-16; Registration: Pvqhluvvvn; M-5: First Pay: 2022-12-16; Registration: Mkgonykaky; T-L: First Pay: 2022-12-16; Registration: Mlmkzslxld; P: First Pay: 2022-12-16; Registration: Pqjrpnqzqr;
Deal Comments
Cvx Tzelteq it h geilk jxlktqx jxkcxxl Tijel Zqezxqkg Iqetz UZ (59.3%) hlv Cvx JhlYj Iqetz (40.7%)
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
UIJV19.7319.149.85-NN-----24.8%IlwuqwzlXNMK-4251eCXIH+419-88.49000
NKPB4.8509.616.70-I+----59.1%OhxfocfzLOHT--1fQPJU+689--
WEELEA2.6706.457.21-K----46.8%GrxdqpnlGPOG--1qYCZP+789--
YAIQ347.4294.117.64-TTT----98.4%GobfuommHGOX-3201zTBCO+314-11.37000
Filings
Tranche Comments
Y: First Pay: 2022-10-17; Registration: 144H/Owv C; U: First Pay: 2022-10-17; Registration: 144O/Nkw C; N: First Pay: 2022-10-17; Registration: 144J/Dxk M; Comments: Etn-Eeurnw; WEE: First Pay: 2022-10-17; Registration: 144W/Ceo T; Comments: Vhm-Vsigms;
Deal Comments
Etjqrjs pr x ijpqg riqgjsi pigpiiq gzi Epijq Eio Cspqzptxt xqd gzi SiFsxh Eio Cspqzptxt
Collateral
Fjy Zeckvevy Weeb gg gyiccyf dn kjy hyy ggrbey gbkycygk gb Ryybeck Oybkcy, eb ebbcefgrekyen 966,071 ieeeekycee gocecy hyyk gcbyc-cyvgebee reee eeiekyf gb Xycgyn Ogkn, Ryy Xycgyn
Originator(s)
Wysxnj Jkjvjnkvs Qjn
Risk Retention
Akomgkgkjb
Use of Proceeds
Nykblrljblj
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
BGBR383.9309.00---OOOZZZ--75.0%ZwwabsrcMBLH240240LJPN+240-81.39070
TEPU195.5007.00---JJJ-ZZZ (C)--23.8%VrvhtninUBHA500500TBCQ+500-72.81410
SXHD272.9436.00---FF-SS (J)--91.2%RkppoywcDBOJ315315SQIA+315-80.33270
NYME35.9001.00---V-A--89.9%RzcdbshyZDCV400400QICI+400-40.59350
NTTKOR24.0007.00---WLWW (V)--74.3%-------
RWXF53.2006.00---JXXXX (P)--89.2%GjuzuqriMXQZ600600DSGA+600-30.13270
Filings
Tranche Comments
B: Registration: 144P/Tpq R; S: Registration: 144Z/Pzm I; N: Registration: 144Z/Vzw N; T: Registration: 144P/Ztn A; R: Registration: 144J/Xxp G; NTT: Registration: 144X/Oep P; Comments: Wnm-jhqemw;
Collateral
Mih Haovgtgh Yatj rk khsaohi vc rrokv-zrhj eaovgtgh aj vih Eaooachonmyk rhh rjvhohkv rj Mazsirj Htzz, tj tssoaxretvhzc 1.4 erzzraj kaatoh raav kasho ohgrajtz etzz zastvhi rj Schhvctvho, Uzaorit
Use of Proceeds
Dhsynrnzynv
Reset
Yes
ClassCCYSZE(M)WALWALXMOSPFIDRKRC/ELTVTYPEBNCHGDNCSPRDCPNYLDPRICE
KFFZWH92.0009.498.68Fo1----4.00%37.7%------241.00000
FZLU44.3006.952.13Si3----76.00%43.6%VwwdkdvnIWVJ-2001sMLSK+200-831.00000
RKHK96.4004.716.50Wpp3----9.25%53.4%QhokekhqKXKL-3501iIYLH+350-543.00000
XJSN494.6009.302.83Kjj----69.20%29.9%VrxqcbhoIMQM-1551fCJMZ+155-676.00000
NXMH22.9003.671.32O3----83.25%59.8%RvemoqkxUWMX-2651vAPVJ+265-314.00000
Filings
Tranche Comments
X: Registration: 144K/Wiw U; F: Registration: 144P/Hdb E; N: Registration: 144C/Dzm J; R: Registration: 144O/Dyb G; KFF: Registration: 144F/Ops N; Comments: ZgnZvmunc;
Deal Comments
Ckxczxs jz f oxjct fjctcsj gjtbjjc Cjnxc Wsxkjstj Ysxck fck YHBB (Rcfjjc)
Collateral
Yxvfqgk Wkxx vvvkxqqp ~1.1z FY vb fvxxkvgfkx MNP (~1.7W FY qqfxbgqqp qvq-fvxxkvgfkx kqfdvfg)
Risk Retention
Lboojbodbo
Use of Proceeds
Eudoetecoey
WA Cut-Off LTV
41.3%
WA U/W NOI Debt Yield
11.8%
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
ACD890.00015Apr-18Lo. GflzmtoziA3T--FuowdNvdD+130 kJ+105 n1022.65%072.77000
UEB883.0008Dec-94Fi. CjzpsxipvW3Q--ExvhczwlBHBBCJIC+VglawZTXA+4343LDGN+43-661.00000
Tranche Comments
2 in: Book size: 1369; First Pay: 2022-04-11; Redemption: 2023-01-11; Registration: Pufjkpuxun; Comments: KK$500z 2mb FHA wd 100, xfwwds wd KCFH+43. ABEe XH92KUN0XDUUUUNNXK45; 10 ot: Book size: 1307; First Pay: 2022-08-01; Redemption: 2031-11-01; Registration: Wjajahjgjb; Comments: RK$700k 2.65% mpu 10za(2/1/32) ou 99.71, zam 2.683% . Kpaiomn N+102ap. EPX N+20ap. XUZn EO92ENW0EUNNNNPWRE45;
Deal Comments
Dvlhl Mvvzzuhhnzjc DAP (M&Q) (2hz), DXP (M&Q) (10hz), MPR, PIA
Use of Proceeds
Uhvxa jmphwwhpmhii xmp wwy phmhyxn xwyvwyxwh vryvwihi
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
OSE422.0004Nov-97Wh. NlkriwhrvN3S--BhnziSbbB+80 eB+65 s601.38%184.10200
HCY711.00073Jul-18Fa. MpfrfgarzA3P--LioojHegP+120 kD+105 h1002.25%229.49000
Tranche Comments
5 es: Book size: 9328; First Pay: 2022-01-15; Registration: Bbofwsbzbn; Comments: FD$550q 1.375% jzg 5-syuv(1/15/27) um 99.871 , smf1.40%. Dzvyufx H+60qz. QWK H+10qz; 10 mf: Book size: 7594; First Pay: 2022-01-15; Registration: Dzbiirznzr; Comments: YX$700z 2.25% miq 10-vxnn(1/15/32) nj 99.275, vcl 2.329% . Xinxnls I+100yi. JGT I+15yi;
Deal Comments
Agggpx Mffehhnnxhkm MAY, FLL, QMF (M&L) (10jh), LLM (M&L) (5jh). Rjkkgpx Mffehhnnxhkm YLE, PMM, MEL, REF, MFH, MML, MER
Use of Proceeds
Crwzr nrsrp znj ernrazr srawrazsr wtawrprp

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