Press Release|CMBS
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KBRA Withdraws One Rating and Affirms All Other Ratings for CF 2019-CF3

13 Nov 2026   |   New York

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KBRA withdraws the rating of one class of certificates and affirms all other outstanding ratings for CF 2019-CF3, a $677.2 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which incurred $10.6 million of realized losses since the last ratings change in November 2025, in line with KBRA’s loss estimate for the disposed loan. The impact of the realized losses was offset by deleveraging resulting from loan payoffs, defeasance, and amortization. The remaining assets have generally exhibited performance in line with the prior review.

As of the October 2026 remittance period, there are no delinquent or specially serviced loans. However, six loans (12.3% of the pool balance) have been identified as K-LOCs. Of the K-LOCs, four (7.7%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 6A4 Wells Fargo Place OF $30,000 4.4% N C N DSCR 03/07/2024 $13,154 43.8% 11 Park Central Tower OF $22,779 3.4% N C N Occupancy 01/04/2023 - - 28 Castalia at Meadowmont OF $8,765 1.3% N C N Occupancy 04/24/2026 $4,438 50.6% 27 4800 North Point Parkway OF $8,270 1.2% N C N Occupancy 07/30/2024 $2,722 32.9% 31 545 & 547 West 20th Street RT $8,000 1.2% N C N Occupancy 08/06/2025 - - 41 3825 Georgia Apartments MF $5,400 0.8% N C N DSCR 02/08/2024 $1,300 24.1% Total K-LOCs $83,214 12.3% $21,614 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 87.6%, compared to 93.8% at KBRA's last ratings change in November 2025 and 95.5% at securitization. The KDSC is 2.78x, compared to 2.53x at KBRA's last ratings change and securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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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.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties 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 US 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. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. 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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