A gauge of CMBS tenant risk in the U.S. has scarcely been nicked by the U.S. downgrade, according to Standard & Poor's.
The Tenant Credit Risk Index crept up by two basis points to 16.96 from 16.94 following the sovereign's drop to 'AA+.' The index weights each of the 70 largest CMBS tenant exposures by the historical default rate of each tenant's rating category.
Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
Lendbuzz sells the notes as it juggles mixed performance results from 2023. Originations and revenues saw huge jumps, but so did operating expenses.
Institutions and their investors are facing pressure from climate activists, cautiously awaiting interest rate cuts and adjusting to new Federal Reserve and FDIC policies.
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
Price guidance was not available on the series 2024-1, the database notes that the series 2024-2 class A notes are expected to price between 63 and 65 basis points over the three-month interpolated yield curve.
But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
