CMBS Special Servicing Commentary

This dataset contains data about CMBS loans in special servicing from Edgar Form 10-D filings for 100+ CMBS deals across 1000+ filings (monthly). The earliest reported period is 2023-03-02. The dataset is updated daily to capture all future 10-D filings as they are published in Edgar.

The SEC Form 10-D is a fundamental tool for financial transparency, primarily designed to disclose essential information regarding Asset-Backed Securities (ABS) and their performance to the investors. Filed monthly, it provides a comprehensive account of the pool's assets, payment priorities, and the distribution of the cash flow amongst investors. Its meticulous detail aids in assessing the overall performance of the ABS, ensuring analysts in Commercial Mortgage-Backed Securities (CMBS) and Commercial Real Estate (CRE) fields can make informed investment decisions.

The schema includes Edgar identifiers and timestamps along with the structured fields scraped from the html filings:

- FILING_ID: Unique identifier for each SEC 10-D filing.
- FILING_DATE: The date the 10-D filing was submitted.
- ACTUAL_BALANCE: The outstanding balance on the loan.
- APPRAISAL_VALUE: The most recent property valuation amount.
- DSCR (Debt Service Coverage Ratio): Financial metric assessing debt servicing capability.
- DSCR_DATE: The date when the DSCR was last calculated.
- APPRAISAL_DATE: The date of the most recent property appraisal.
- ENDING_SCHEDULE_BALANCE: The scheduled balance of the loan at the end of the period.
- LOAN_ID: Unique identifier for each individual loan.
- MATURITY_DATE: The date when the loan is due to be paid off.
- NET_OPERATING_INCOME: Revenue remaining after operating expenses are deducted.
- PROPERTY_TYPE: Category defining the type of property securing the loan.
- PROS_ID: Unique identifier for each Property Reporting Obligation Status.
- REMAINING_AMORT_TERM: The remaining period for loan amortization.
- RESOLUTION_STRATEGY_CODE: Code signifying the approach taken to resolve loan issues.
- SERVICING_TRANSFER_DATE: The date when loan servicing was transferred.
- SPECIAL_SERVICING_COMMENTS: Comments related to specific loan servicing actions.
- STATE: The U.S. state where the property securing the loan is located.

This dataset is a paid dataset however the data itself is freely available on the edgar sec.gov site and many other sites: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001780131/000188852423010151/bub19c04_ex991-202307.htm. The cost associated with this dataset is for the data pipelines to extract this data from Edgar system on a daily basis, simple quality checks and basic transformations, and loading this data into Snowflake data warehouse.

Data Wrangling for this dataset was performed by Aanya Kongettira
Data Scraping\Pipelining for this dataset was performed by Drew Bittenbender

搜集汇总

背景与挑战

背景概述

该数据集每日更新，收录了2023年3月至今100多个CMBS项目的10-D申报文件，包含18项贷款服务指标，如债务覆盖率、物业估值等。虽然原始数据可在SEC官网免费获取，但付费服务提供了从EDGAR系统每日抓取、质量检查及数据仓库整合的全流程处理。