Key Takeaways
- U.S. CMBS overall delinquency and special servicing rates continued to trend upward in first-quarter 2024, largely driven by the office sector. Property type exposures in conduits and single-borrower transactions have largely mirrored market credit concerns.
- Overall issuance pace increased significantly year over year, with $18 billion issued in the first quarter. Conduit issuance remained steady at $6 billion, while SASB issuance rose approximately 70% to $12 billion, largely due to several large industrial transactions. Conduit transactions have also featured lower leverage levels over the past five quarters, though the offerings have been smaller and more concentrated.
- We declined to give preliminary rating feedback on most of the single-borrower offerings priced in the first quarter due to debt service coverage constraints, based on our cash flow analysis and current SOFR levels.
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
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
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
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
- CMBS Global Property Evaluation Methodology, Sept. 5, 2012
- Rating Methodology And Assumptions For U.S. And Canadian CMBS, Sept. 5, 2012
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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