Press Release|CMBS
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KBRA Assigns Preliminary Ratings to BSPDF 2026-FL3

19 Feb 2026   |   New York

Contacts

KBRA is pleased to announce the assignment of preliminary ratings to nine classes of BSPDF 2026-FL3, a managed CRE CLO securitization with the ability to reinvest principal proceeds for 30 months including a 180-day ramp-up period.

The transaction will initially be collateralized by 40 mortgage loans with an aggregate cutoff date in-trust balance of $878.1 million, $145.3 million of cash collateral for the anticipated acquisition of six pre-identified assets (unless the pre-identified asset meets the delayed acquisition conditions and is acquired prior to the closing date), and $76.6 million of cash collateral for the acquisition of additional ramp assets. Additionally, the transaction provides the sponsor with the ability to effectuate significant modifications to performing loans, as well as buy out defaulted and credit risk assets.

This transaction also includes an interest coverage (IC) test and a par value (overcollateralization, or OC) test. If either test is not satisfied on any determination date, on the following payment date, interest proceeds remaining after interest is paid to the Class E notes will be used to pay down the principal balances of the Class A through E notes in sequential order until the tests are satisfied, or the Class A through E notes are paid in full.

To access ratings and relevant documents, click here.

Click here to view the report.

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: 1013589