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KBRA Affirms All Ratings for PFP 2023-10

30 Jul 2025   |   New York

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KBRA affirms all of its outstanding ratings for PFP 2023-10, a CRE CLO transaction with limited loan acquisition ability. The affirmations follow a surveillance review of the transaction, which has exhibited stable credit metrics since securitization.

At the time of this review, the total collateral balance is $764.8 million, which is comprised of 20 first mortgage loans secured by 24 properties. During the 24-month period post-closing, which ends in August 2025, the transaction permits reinvestment of certain proceeds for the acquisition of future funded companion loan participations related to the transaction’s existing collateral.

As of the July 2025 remittance period, one loan (9.5% of the pool) was reported as non-performing matured balloon. However, the loan has three 12-month extension options. KBRA did not identify any loans as K-LOCs at this review. The transaction’s WA KLTV is 122.9%, compared to 116.4% at last review and 118.0% at securitization. The KDSC at Index Cap is 0.84x, compared to 0.87x at last review and 0.86x at closing. The overcollateralization and interest coverage tests have each been satisfied during each distribution date since issuance.

At securitization, 19 loans (68.4% of the issuance loan pool) had related companion participations representing unfunded future advance obligations. In total, there are currently 10 loans (46.2% of the current loan pool), with unfunded future advance obligations with an aggregate of $56.6 million unfunded.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1010584