Press Release|CMBS
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KBRA Affirms All Ratings for Benchmark 2020-B21

13 Nov 2025   |   New York

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KBRA affirms all of its outstanding ratings for Benchmark 2020-B21, a $1.0 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization, including an increase in estimated losses for three K-LOCs (4.2% of the pool balance). However, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the October 2025 remittance period, there is one specially serviced loan (0.8%) that is 90+ days delinquent. KBRA identified seven K-LOCs (8.9%), three (4.2%) of which have estimated losses.

Loss Given Default (000s) Loss Severity 11 The Standard OF $29,303 2.8% N C N Lease Rollover 09/03/2024 $13,262 45.3% 16 44 Whippany Fee OF $26,250 2.5% N C N Prior SS 02/11/2025 - - 28 3100 Research Boulevard MU $10,000 1.0% N C N Occupancy 04/10/2023 $1,749 17.5% 29 Walmart Neighborhood Market & Shops - Chicago RT $9,450 0.9% N C N Tenant Issues 04/12/2023 - - 31 212 East 47th Street OT $8,015 0.8% Y 90+ N Delinquent 03/07/2025 - - 34 BJ's Olean RT $4,771 0.5% N C N Recent Delinquency 01/09/2025 - - 35 Rite Aid - Yucca Valley RT $4,500 0.4% N C N Tenant Issues 05/14/2025 $1,564 34.8% Total K-LOCs $92,289 8.9% $16,574 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 WA KLTV is 98.9%, compared to 92.2% at last review and 92.3% at issuance. The KDSC is 2.82x, compared to 2.79x at last review and 2.84x at issuance.

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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.

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