CMBS

Retail (36.1%) and office (28.1%) accounted for the largest percentages of loans by far, and the largest percentage of loans is in large metro areas.

Most California households and businesses lack adequate flood insurance protections, raising concerns about eventual risks to RMBS and CMBS transactions.

Members of the Brazos Electric Power Cooperative seek to recoup cost outlays from the fallout of Winter Storm Uri in 2021 the latest Texas utility to do so.

For hotel mortgage-backed securities, Fitch expects a better outlook, with the 2023 delinquency rate not expected to return to its pandemic peak of 18.4%.

A high concentration in multifamily properties, which have defaulted at much lower rates than other property types, is a positive consideration.

Investors in the senior classes of the capital structure will receive principal and interest payments sequentially, beginning with class A, until class E2 receives all of its principal and interest.

At stake are 10 properties in CMBS loans representing about $382.2 million in allocated property balances with leases will expire before yearend 2023.

Primary markets is the locale for just under half of the collateral pool, 49.3%, which is below the average of 53.4% observed in the comparison set.

Real-estate owned assets sold in 2021 achieved 109% of the most recent appraised value, on average, compared with the 97% that the sales achieved, in 2020.

Half of the loans were originated prior to the onset of the COVID-19 pandemic, and mainly in Q1 2020, while classes A and B have interest-only portions.