Press Release|CMBS
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KBRA Affirms All Ratings for SDAL 2025-DAL

24 Apr 2026   |   New York

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KBRA affirms all outstanding ratings for SDAL 2025-DAL, a CMBS single-borrower transaction. The affirmation follows a surveillance review of the transaction, which has exhibited a slight decline in performance since securitization. However, the magnitude of the change does not warrant rating adjustments at this time.

The transaction collateral is a non-recourse, first lien mortgage loan secured by the borrower’s fee simple and leasehold interests in the Sheraton Dallas, an 1,841-key, full-service convention hotel located on 5.4 acres in downtown Dallas, Texas, along North Olive Street, near the junction of Interstate 30 and US Highway 75. The property is the largest hotel by key count in Texas and is comprised of three towers: the Center Tower (42-story), the North Tower (31- story), the South Tower (28-story), and a three-story convention center/garage located across the street from the hotel. The loan has an outstanding principal balance of $300.0 million ($162,955 per key) as of April 2026. The loan sponsors are Elliott Investment Management L.P. and The Chartres Lodging Group, LLC.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $33.7 million and a KBRA value of $321.2 million ($174,485 per key). The resulting in-trust KLTV is 93.4%, compared to 85.9% at securitization. KBRA assigns a KPO of Perform on the loan.

To access ratings and relevant documents, click here.

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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: 1014628