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KBRA Upgrades Four Ratings and Affirms All Other Ratings for PFP 2024-11

4 Aug 2026   |   New York

Contacts

KBRA upgrades four ratings and affirms all other outstanding ratings for PFP 2024-11, a CRE CLO transaction with limited post-closing acquisition ability. The rating actions reflect the increased subordination levels due to deleveraging from loan payoffs and amortization, as the transaction balance has paid down by $392.9 million (35.5% of the original transaction balance).

At the time of this review, the total collateral balance is $712.4 million, which is comprised of 25 first mortgage loans secured by 34 properties. During the 24-month period post-closing, which ends in August 2026, the transaction permits reinvestment of certain proceeds for the acquisition of future funded companion loan participations related to the transaction’s existing collateral.

The transaction’s WA KLTV is 119.0%, compared to 113.7% at last review and 114.6% at securitization. The KDSC at Index Cap is 0.84x, compared to 0.88x at last review 0.87x at closing. The overcollateralization and interest coverage tests have each been satisfied during each distribution date since issuance.

At securitization, 26 loans (51.2% of the issuance loan pool) had related companion participations representing unfunded future advance obligations totaling $108.6 million. In total, there are currently 11 loans (34.4% of the current loan pool), with unfunded future advance obligations with an aggregate of $31.9 million unfunded as of March 2026.

Details concerning the classes with ratings changes are as follows:

  • Class B to AA+ (sf) from AA- (sf)
  • Class C to A+ (sf) from A- (sf)
  • Class D to A- (sf) from BBB (sf)
  • Class E to BBB (sf) from BBB- (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

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.

Doc ID: 1016322