Press Release|CMBS
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KBRA Affirms All Ratings for BX 2024-VLT5

13 Nov 2025   |   New York

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KBRA affirms all ratings for BX 2024-VLT5, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization in November 2024.

The transaction collateral is a $755.0 million fixed-rate, first lien mortgage loan secured by the borrower’s fee simple interest in a portfolio of three data center properties. All three properties were designed and built as data centers and contain a gross building area (GBA) of 690,770 sf and provide 99.6 megawatts (MW) of capacity. Two properties are located in Manassas, Virginia and one is in Sterling, Virginia. The loan was structured with a 10-year ARD, a 12-year final maturity, and requires monthly interest-only payments based on a fixed-rate of 6.1341%. The sponsor is a joint venture between affiliates of QTS Realty Trust Inc., Blackstone Inc., and BlackRock Inc.

The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $59.8 million and a KBRA value of $742.7 million ($1,074 per sf / $7.4 million per MW). The resulting KLTV is 101.7%, down from 103.1% at securitization. KBRA assigns the loan a KPO of Perform.

To access ratings and relevant documents, click here.

Click here to view the report.

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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: 1012109