KBRA Affirms All Ratings for Benchmark 2021-B26
11 Apr 2025 | New York
KBRA affirms all of its outstanding ratings for Benchmark 2021-B26, a $981.0 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in pool performance compared to securitization including the addition of K-LOCs. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the March 2025 remittance period, there is one specially serviced asset (1.3% of the pool balance). KBRA identified four K-LOCs (11.9%), including the specially serviced asset. Of the K-LOCs, one (3.8%) has an estimated loss.
Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 92.0%, compared to 92.3% at last review and 95.0% at securitization. The KDSC is 2.86x, compared to 2.89x at last review and 2.85x at securitization.
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