KBRA Analytics

KBRA DLD is proudly exhibiting at Opal Group's CLO Summit 2024 in Dana Point, CA taking place from December 4-6. Visit the KBRA DLD booth to connect with our team. The summit agenda is available here: https://lnkd.in/eW-bXg7B #DLD #privatecredit #directlending #financialdata #OpalSummit2024 #CLO

Welcome to the November 2024 issue of #KCP Insights! Our newsletter covers the latest in KCP’s industry-leading #research, analysis, and #CMBS news. Read this month's stories here: https://lnkd.in/ejkRjuhH

KBRA Direct Lending Deals (KBRA DLD) DLD is proudly exhibiting at Opal Group's CLO Summit 2024 in Dana Point, CA taking place from December 4-6. Visit the KBRA DLD booth to connect with our team. The summit agenda is available here: https://lnkd.in/eW-bXg7B #DLD #privatecredit #directlending #financialdata #OpalSummit2024 #CLO

KCP Credit Alert: Aldi to Replace Winn-Dixie at Florida Retail Center KCP research indicates Winn-Dixie (32% of GLA, 46,372 sf), the largest tenant at Nine Mile Plaza (UBSCM 2017-C2), permanently closed its store in October 2024. However, Aldi, which acquired Winn-Dixie’s parent company, Southern Grocers, in March 2024, is expected to backfill the Winn-Dixie space in 2025 as part of its $9 billion five-year expansion plan to add 800 stores nationwide. The property was 98% occupied as of June 2024 with June 2024 financials indicating annualized NCF of $1.1 million, 8% above the originator's underwritten assumption. The collateral is a 143,671-sf retail center in Pensacola, FL that was built in 1985 and renovated in 2016. Learn more about KBRA Credit Profile: kcp.kbra.com

Live from KBRA's 2024 Bank Symposium, KBRA Financial Intelligence (#KFI) demonstrates how its powerful #data platform can optimize peer benchmarking processes with a case study focused on #bank deposit composition and cost of funds. KFI’s dataset and its proprietary KFI scores encompass 10,000 U.S. banks and credit unions. Get a customized demo and try out these tools for FREE by requesting a trial now: https://lnkd.in/eNPqEuhy Though #Fed policymakers have projected that the central bank’s ongoing #ratecut regime will continue throughout 2025 and beyond, a number of banks have accrued elevated exposure to expensive time deposits with maturity dates that extend out for a year or longer. Read more about KFI’s insights into the #Fed’s rate cut regime and its impact on bank deposits and profitability here: https://lnkd.in/eik--qwx #fintech #bankingdata #regionalbanks #bankingindustry

KCP Credit Alert: Rockefeller Center Lands Record-Breaking Defeasance The Rockefeller Center loan (GSMS 2005-ROCK) was defeased during the November 2024 remittance period, marking a record as the largest CMBS loan defeasance to date, according to Chatham Financial, which served as adviser during the execution process. In October 2024, Tishman Speyer secured a $3.5 billion CMBS loan from Bank of America and Wells Fargo to refinance the Rockefeller Center. The new financing package (ROCC 2024-CNTR) includes a reserve of $246.8 million for tenant and landlord expenses; $179.8 million will be returned to investors. The new loan bears an interest rate of 6.5% and matures in five years and replaces the prior 20-year loan, which was structured with a 5.6% interest rate. Learn more about KBRA Credit Profile: kcp.kbra.com

KCP Credit Alert: Ashford Receives Forbearance for Hotel Portfolio In a press release from November 2024, Ashford Hospitality Trust, the sponsor for the Ashford Hospitality Trust Portfolio loan (MSC 2017-ASHF), announced it has entered into a 90-day forbearance period for the subject loan. The loan had a fully extended final maturity in November 2024 and was transferred to the special servicer in September 2024 due to imminent monetary default. Ashford believes, per the press release, it will be able to finalize a multi-year extension of the loan’s maturity by the end of the 90-day forbearance. Learn more about KBRA Credit Profile: kcp.kbra.com

Corporate #tax policy will likely be back on the table in D.C. next year. During President-elect Trump's first term of office, Republican majorities in #congress allowed Trump to pass the Tax Cut and Jobs Act (TCJA) of 2017, cutting the corporate tax rate from as much as 35% to its current rate of 21%. KFI calculates that the reduction may have saved #banks roughly $188 billion in additional income taxes that would have been paid throughout the past six years if the average effective tax rate from 2012-2016 had been maintained. That works out to approximately $31.3 billion per year. Provisions of the TCJA are set to expire at the end of 2025, prompting upcoming discussions on potential extensions or revisions. Trump has campaigned on potential reductions to the corporate tax rate for certain industries. For further insight into how tax reform might impact the U.S. #banking industry, read KFI’s latest analysis now: https://lnkd.in/eD7E7Ytq

KBRA Direct Lending Deals (KBRA DLD) is proudly exhibiting at Opal Group's CLO Summit 2024 in Dana Point, CA taking place from December 4-6. Visit the KBRA DLD booth to connect with our team. The summit agenda is available here: https://lnkd.in/eW-bXg7B #DLD #privatecredit #directlending #financialdata #OpalSummit2024 #CLO

KCP Credit Alert: Raleigh, NC Office Loan Identified as a KLOC KCP identified the Oddfellows Building loan (COMM 2015-CR24) as a K-LOC due to deteriorating collateral occupancy and maturity concerns. Occupancy was reported at 63% as of June 2024. KCP research indicates approximately 40% of the space is listed as available for lease. The loan is scheduled to mature in June 2025. The 10-story office building comprising 43,000 sf was built in 1924 and most recently renovated in 2007. It is listed on the National Registry of Historic Places. Learn more about KBRA Credit Profile: kcp.kbra.com