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KBRA Affirms All Outstanding Ratings for CSAIL 2020-C19

12 Mar 2026   |   New York

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KBRA affirms all of its outstanding ratings for CSAIL 2020-C19, an $804.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance due to an increase in KBRA’s estimated losses compared to its last rating action in March 2025; however, the magnitude of the change does not warrant a rating adjustment at this time.

As of the February 2026 remittance period, there are four delinquent loans (23.9%), of which two (15.4%) are 90+ days delinquent and two (8.5%) are 30+ days delinquent. Three of the delinquent loans (22.6%) are specially serviced. KBRA identified eight K-LOCs (36.1%), including the specially serviced assets. Of the K-LOCs, four (20.1%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 2 Peachtree Office Towers OF $64,315 8.0% Y 90+ N Specially Serviced 09/03/2025 $3,987 6.2% 3 Selig Office Portfolio OF $60,000 7.5% Y 90+ N Specially Serviced 09/03/2024 $26,688 44.5% 4 Arciterra Portfolio MU $57,709 7.2% Y 30+ Y Modification 11/08/2023 - - 5 The Westchester RT $50,000 6.2% N C N DSCR 05/20/2024 - - 13 APX Morristown OF $25,656 3.2% N C Y DSCR 07/11/2022 $7,038 27.4% 21 CEV Upstate Apartments MF $11,879 1.5% N C N DSCR 06/07/2022 $879 7.4% 26 Adam's Towers MF $10,500 1.3% N C N DSCR 07/09/2024 - - 27 DDC4 MU $10,350 1.3% N 30+ N Delinquent 04/09/2025 - - Total K-LOCs $290,410 36.1% $38,593 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. K-LOC Date 1 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
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 107.3%, compared to 112.3% at last review and 100.9% at securitization. The KDSC is 1.82x, compared to 1.85x at last review and 2.13x at securitization.

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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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