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KBRA Upgrades Three Ratings and Affirms All Other Ratings for RCMT 2019-5

23 Jan 2026   |   New York

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KBRA upgrades the ratings of three classes and affirms all other ratings for RCMT 2019-5, a $77.7 million small balance commercial transaction. The rating actions follow a surveillance review of the transaction, which has benefited across the top of the capital stack from increased certificate C/E levels due to amortization, defeasance, and loan payoffs. The transaction's total principal balance has decreased by 80.5% since securitization due to the payoff of 68 loans (76.8% of the issuance balance), including 33 loans (29.8%) since KBRA's last ratings change in February 2022.

As of the December 2025 remittance period, there is one specially serviced asset (0.6% of the pool balance), which is in foreclosure. KBRA identified eight K-LOCs (32.7%), including the specially serviced asset. Of the K-LOCs, three (20.5%) have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 10 308-310 West 21st Street MF $8,095 10.4% N C Y DSCR 09/21/2020 $2,523 31.2% 17 Riano aPodments MF $6,142 7.9% N C N DSCR 12/09/2024 - - 29 Colorado Professional Bldg OF $4,776 6.1% N C N DSCR 05/21/2020 $2,266 47.4% 49 Grandview Shopping Plaza RT $3,021 3.9% N C Y Occupancy 08/22/2023 $872 28.9% 75 7300 N Cicero OF $1,219 1.6% N C N Lease Rollover 10/18/2023 - - 80 Harway Ave MU $977 1.3% N C N Occupancy 05/15/2025 - - 78 Baxley Shopping Center RT $727 0.9% N C N Occupancy 06/22/2022 - - 74 Michael Alves Multifamily Portfolio MF $470 0.6% Y 90+ Y Specially Serviced 05/15/2025 Total K-LOCs $25,426 32.7% $5,661 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 97.3% compared to 103.4% at last review and 103.0% at securitization. The KDSC is 1.16x compared to 1.12x at KBRA's last review and 1.16x at securitization.

Details concerning the classes with rating changes are as follows:

  • Class C to AAA (sf) from AA+ (sf)
  • Class D to A+ (sf) from A (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.

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