How does the #10/ #11 come from? 7.25% & 1.90
CMBS LOAN METRICS AVERAGE PER LOAN AMOUNT NUMBER OF LOANS IN CMBS POOL LOAN TO VALUE ANNUAL INTEREST PAYMENTS ON TOTAL LOAN BORROWINGS TOP TEN LOAN % OF TOTAL LOANS WEIGHTED AVERAGE CAP RATE OF ASSETS NOI OF THE POOLED LOANS LOAN DEBT YIELD $12,000,000 75 60% $65,000,000 47% 8.25% $123,750,000 13.75% BOND COUPON CMBS BOND INVESTOR TRANCHES BOND INTEREST PAID TO INVESTORS TRANCHE A OTHER INVESTMENT GRADE TRANCHES (SUBORDINATED TO TRANCHE A) UNRATED B TRANCHE (SUBORDINATED TO ABOVE TRANCHES) TOTAL 90% 6% 4% 100% 2.50% 6.00% 12.00% ANNUAL FEES PAID BY ISSUERS RELATED TO CMBS SECURITIZATION TRUSTEE FEE SPECIAL SERVICER FEE OTHER AGGREGATE ANNUAL FEES TOTAL ANNUAL CMBS FEES PAID CALCULATE THE FOLLOWING 1.TOTAL LOAN AMOUNT 2. VALUATION OF THE COMMERCIAL REAL ESTATE 0.20% 0.25% 0.60% $900,000,000 $1,500,000,000 7.22% AVERAGE INTEREST RATE TO LOAN BORROWERS 810,000,000$20,250,000 $3,240,000 BOND TRANCHE A NOTIONAL AMOUNT/ANNUAL BOND INTEREST 5. OTHER INVESTMENT GRADE TRANCHES NOTIONAL AMOUNT/ANNUAL BOND INTEREST $54,000,000 UNRATED B TRANCHE B NOTIONAL AMOUNT/ANNUAL BOND INTEREST TOTAL OF BOND TRANCHE NOTIONAL/BOND INTEREST $900,000,000 $27,810,000 $423,000,000 $5,400,000 31,790,000 7.25% 1.90 7. TOP TEN LOAN AMOUNT TOTAL AGGREGATE TOTAL OF ALL ANNUAL FEES PAID 9AAR NET CMBS PROFIT ( S/%) INCLUDING NET OF ALL ANNUAL FEES PAID 10. CALCULATE THE IMPLIED CAP RATE OF THE CMBS REAL ESTATE PROPERTIES 11. DEBT SERVICE COVERAGE RATIO OF CMBS LOANS 12A&B. IF THE CMBS TRANCHES % ARE TRANCHE A OTHER INVESTMENT GRADE TRANCHES(SUBORDINATED TO TRANCHE A) 3.53% 80% 7%,& 13% WHAT IS NET PROFIT (S/N) BOND INTEREST $3,780,000 $900,000,000 $35,820,000 720,000,000$18,000,000 63,000,000 117,000,000 TED B TRANCHE (SUBORDINATED TO ABOVE TRANCHES) TOTAL NET CMBS PROFIT $23,780,000 2.64%