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KBRA Affirms All Ratings for BBCMS Mortgage Trust 2021-C10

12 Jun 2026   |   New York

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KBRA affirms all of its outstanding ratings for BBCMS Mortgage Trust 2021-C10, a $778.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance compared to issuance due to an increase in K-LOCs with estimated losses. However, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the May 2026 remittance period, there are two specially serviced asset (3.0% of the pool balance), of which one(1.0%) is REO. KBRA identified 10 K-LOCs (20.0%), including the specially serviced assets. Of the K-LOCS, five (5.6%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 4 Philadelphia Logistics Center IN $39,870 5.1% N C N Bankruptcy & Sole Tenant gone dark 09/12/2025 - - 8 Berkshire Corporate Center MU $25,600 3.3% N C N Occupancy 05/26/2026 - - 10 Palm Terrace OF $24,202 3.1% N C N Occupancy & Rollover risk 07/15/2025 - - 18 3600 Horizon OF $15,103 1.9% Y C N Specially Serviced and Occupancy 12/04/2025 $3,515 23.3% 21 Woodfield Financial Center OF $13,459 1.7% N C N Occupancy and DSC decrease 01/14/2025 - - 24 Oakland Park Festival Center RT $10,892 1.4% N C N DSCR 04/10/2024 $1,095 10.0% 30 2437 Pitkin Avenue MF $9,200 1.2% N C N Recent Delinquency & Deferred maitenance 07/15/2025 - - 28 Wyndham National Hotel Portfolio LO $7,878 1.0% Y REO N REO 05/28/2024 $989 12.6% 46 830-840 Plaza RT $5,030 0.6% N C N DSCR & Occupancy 06/21/2023 $2,731 54.3% 53 Cliff Drive Medical Plaza OF $4,624 0.6% N C N Occupancy 12/12/2024 $124 2.7% Total K-LOCs $155,859 20.0% $8,454 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 97.5%, compared to 99.4% at last review and 101.8% at securitization. The KDSC is 2.26x, compared to 2.17x at last review and 2.18x at securitization.

To access ratings and relevant documents, click here.

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Methodologies

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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