Lenders · debt
Debt
183 of 652 tracked assets carry recorded debt · 204 outstanding loans · $142.4B stated principal
Scope
204 of 204 loans in view · $142.4B stated principal
Maturity window
Undated loans
Market
Lender
Debt type is derived · rate bands use stated coupons only
Assets in view
177
Stated principal
$142.4B
Maturing 2026–2028
$25.1B
Book wtd coupon
4.89%
Undated loans
115
32 loans maturing · book coupon derived — weighted over 37 of 204 loans · $39.7B of $142.4B stated principal
Maturity wall
89 of 204 loans in view carry a stated maturityStack by
Maturity year
n/a
Undated
clipped
clipped
OfficeRetailHotelMultifamilyMixed-useResidentialUndated (no stated maturity)Cumulative % (right axis) · derived
Bars: stated principal, left axis · line: cumulative % of dated principal, right axis — derived. $71.5B undated principal is in neither.
| Year | Loans | Stated principal | Share | Cumulative | Wtd coupon |
|---|---|---|---|---|---|
| 2015 | 2 · 1 w/o stated principal | $1.3B | 1.8% | 1.8% | — |
| 2021 | 3 · 2 w/o stated principal | $675M | 1.0% | 2.8% | 2.70% · 1/3 |
| 2022 | 1 | $400M | 0.6% | 3.3% | 5.13% · 1/1 |
| 2023 | 1 | $900M | 1.3% | 4.6% | — |
| 2024 | 2 | $370M | 0.5% | 5.1% | — |
| 2025 | 5 · 2 w/o stated principal | $550M | 0.8% | 5.9% | 4.06% · 1/5 |
| 2026 | 6 | $3.5B | 5.0% | 10.9% | 6.11% · 1/6 |
| 2027 | 13 | $10.7B | 15.1% | 26.0% | 4.45% · 4/13 |
| 2028 | 13 | $10.9B | 15.3% | 41.3% | 4.75% · 4/13 |
| 2029 | 12 | $13.9B | 19.5% | 60.8% | 4.84% · 5/12 |
| 2030 | 12 | $10.9B | 15.4% | 76.2% | 5.54% · 7/12 |
| 2031 | 14 · 1 w/o stated principal | $13.2B | 18.6% | 94.8% | 4.17% · 8/14 |
| 2033 | 1 | $800M | 1.1% | 95.9% | 6.25% · 1/1 |
| 2034 | 1 | $178M | 0.3% | 96.2% | — |
| 2035 | 2 | $2.7B | 3.8% | 100.0% | 6.14% · 2/2 |
| 2051 | 1 · 1 w/o stated principal | — | 0.0% | 100.0% | — |
| Undated | 115 · 15 w/o stated principal | $71.5B | excluded from every year figure — no stated maturity | ||
Wtd coupon derived · n/of = loans stating both a principal and a rate
Refinancing exposure
37 of 204 loans in view state both a principal and a rateDebt maturing 2026–2031 carries a weighted coupon of 4.72% on $33.8B of priced principal — −2.29 pp against the newest sourced originations at 7.01%. Low-coupon debt rolling into costlier money is the exposure.
Derived · weighted over 29 of 70 loans · $33.8B of $63.0B stated principal
—————
Maturity year · y-axis is the principal-weighted stated coupon (%)
Below basis by ≥ 0.25 pp — refinancing into costlier debtWithin ± 0.25 pp of basisAbove basis by ≥ 0.25 pp — already priced at or above itRecent-vintage basisBook coupon, all years in view
| Year | Maturing principal | Wtd coupon | Coverage | vs basis |
|---|---|---|---|---|
| 2015 | $1.3B | — | no rate stated on any of 2 loans | — |
| 2021 | $675M | 2.70% | weighted over 1 of 3 loans · $675M of $675M stated principal | −4.31 pp |
| 2022 | $400M | 5.13% | weighted over 1 of 1 loan · $400M of $400M stated principal | −1.89 pp |
| 2023 | $900M | — | no rate stated on any of 1 loans | — |
| 2024 | $370M | — | no rate stated on any of 2 loans | — |
| 2025 | $550M | 4.06% | weighted over 1 of 5 loans · $300M of $550M stated principal | −2.95 pp |
| 2026 | $3.5B | 6.11% | weighted over 1 of 6 loans · $500M of $3.5B stated principal | −0.90 pp |
| 2027 | $10.7B | 4.45% | weighted over 4 of 13 loans · $5.8B of $10.7B stated principal | −2.57 pp |
| 2028 | $10.9B | 4.75% | weighted over 4 of 13 loans · $3.6B of $10.9B stated principal | −2.27 pp |
| 2029 | $13.9B | 4.84% | weighted over 5 of 12 loans · $8.8B of $13.9B stated principal | −2.17 pp |
| 2030 | $10.9B | 5.54% | weighted over 7 of 12 loans · $6.0B of $10.9B stated principal | −1.48 pp |
| 2031 | $13.2B | 4.17% | weighted over 8 of 14 loans · $9.2B of $13.2B stated principal | −2.84 pp |
| 2033 | $800M | 6.25% | weighted over 1 of 1 loan · $800M of $800M stated principal | −0.76 pp |
| 2034 | $178M | — | no rate stated on any of 1 loans | — |
| 2035 | $2.7B | 6.14% | weighted over 2 of 2 loans · $2.7B of $2.7B stated principal | −0.87 pp |
| 2051 | — | — | no rate stated on any of 1 loans | — |
Basis: wtd coupon of the 6 newest origination-dated loans on record (SEC ABS-EE, 2023-08-31 – 2024-01-18) — a sourced sample, not a market rate. All coupons derived.
Lender concentration
193 of 204 loans in view name a lender publicly| Maturity profile | ||||||
|---|---|---|---|---|---|---|
| 1 | 1 · 1 undated | $9.0B | — | — | ||
| 6 | 6 · 6 undated | $5.8B | — | — | ||
| 4 | 4 · 4 undated | $3.6B | — | — | ||
| 1 | 1 | $3.5B | 6.23% · 1/1 | 2029 | ||
| 1 | 1 · 1 undated | $3.1B | — | — | ||
| 1 | 1 | $3.0B | 3.67% · 1/1 | 2029 | ||
| 1 | 1 | $3.0B | 2.85% · 1/1 | 2031 | ||
| 1 | 1 | $2.9B | — | 2030 | ||
| 1 | 1 · 1 undated | $2.4B | — | — | ||
| 1 | 1 | $2.3B | 3.43% · 1/1 | 2027 | ||
| 2 | 2 | $2.2B | — | 2031 | ||
| 3 | 3 · 3 undated | $1.9B | — | — | ||
| 1 | 1 | $1.8B | 4.97% · 1/1 | 2031 | ||
| 1 | 1 | $1.8B | 4.30% · 1/1 | 2027 | ||
| 1 | 1 | $1.8B | 4.10% · 1/1 | 2028 | ||
| 3 | 3 · 1 undated | $1.7B | — | 2025 | ||
| 1 | 1 · 1 undated | $1.7B | — | — | ||
| 1 | 1 | $1.6B | 5.81% · 1/1 | 2031 | ||
| 1 | 1 · 1 undated | $1.6B | — | — | ||
| 1 | 1 · 1 undated | $1.6B | — | — |
2026 onwardPast stated maturityUndated2015–2051, one bar per year in view · full height = $9.0B
Wtd coupon derived · n/of = loans stating both a principal and a rate · Nearest = earliest stated maturity
Stated rates
39 of 204 loans in view carry a stated rateMedian 5.30% · range 2.44–7.80% · 33 priced loans ($37.4B of $39.7B) sit below the 7.01% recent-vintage basis
12.0
42.5
23.0
33.5
54.0
24.5
45.0
55.5
76.0
26.5
27.0
27.5
x: stated coupon (%), 50 bps buckets · y: number of loans
Loans with no stated rate are absent — never counted as 0%. Basis: newest sourced originations, not a market rate.