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KBRA Affirms All Ratings for GSMS 2019-GC39

1 May 2026   |   New York

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KBRA affirms all of its outstanding ratings for GSMS 2019-GC39, a $631.9 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with last review.

As of the April 2026 remittance period, there are two specially serviced loans (3.1% of pool balance) in the pool, one (2.4%) of which is REO. KBRA identified eight K-LOCs (15.7%), including the specially serviced assets. Two of the K-LOCs (4.5%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 10 The Garfield Apartments MU $22,771 3.6% N C N DSCR 08/05/2021 - - 13 Tulsa Office Portfolio OF $16,387 2.6% N C Y Prior SS 04/05/2023 - - 16 57 East 11th Street OF $15,000 2.4% Y REO Y Tenant Issues 04/01/2020 $11,046 73.6% 20 42 Crosby Street RT $13,000 2.1% N C N Occupancy 07/06/2021 $300 2.3% 22 Walgreens Flushing & Steinway Mixed Use MU $11,025 1.7% N 30+ N DSCR 03/05/2026 - - 26 Walgreens EJR Portfolio RT $10,100 1.6% N C N Tenant Issues 02/09/2026 - - 29 American Blue Ribbon HQ OF $6,477 1.0% N C N Occupancy 02/09/2026 - - 35 The Shops at Bee Cave RT $4,300 0.7% Y C N Specially Serviced 04/17/2026 - - Total K-LOCs $99,060 15.7% $11,346 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s weighted average WA KLTV is 95.0%, compared to 99.4% at last review and 93.5% at securitization. The WA KDSC is 1.82x, compared to 1.78x at last review and 1.98x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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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: 1014743