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KBRA Withdraws Two Ratings and Affirms All Other Ratings for Benchmark 2021-B25

2 Apr 2026   |   New York

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KBRA withdraws its AAA (sf) ratings on Classes A-1 and A-2 of Benchmark 2021-B25, a $1.2 billion CMBS conduit transaction, following the reduction of the principal balance of the rated securities to zero as reflected in the March 2026 remittance report. KBRA also affirms all other outstanding ratings for the deal following a surveillance review of the transaction. The transaction has exhibited a moderate increase in estimated losses since last review; however, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the March 2026 remittance period, there is one (0.8%) specially serviced asset which is in foreclosure. KBRA identified seven K-LOCs (17.1%), including the specially serviced asset. Of the seven K-LOCs, four (14.5%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 2A SOMA Teleco Office OF $102,500 8.8% N C N DSCR 06/25/2025 $13,200 12.9% 10A1 1985 Marcus OF $33,558 2.9% N C N DSCR 12/14/2023 $6,198 18.5% 17A2 The Galleria Office Towers OF $22,863 2.0% N C N Occupancy 01/23/2024 $3,207 14.0% 30 7828 Georgia Avenue NW RT $13,520 1.2% N C Y Prior SS 01/07/2025 - - 31A-2-1 141 Livingston OF $12,500 1.1% N C Y Prior SS 10/01/2024 - - 33 Birmingham Mixed Use Portfolio MU $8,799 0.8% Y 90+ N Specially Serviced 03/27/2023 $1,505 17.1% 43 Mid Cape Flex IN $5,076 0.4% N C N Recent Delinquency 08/06/2024 - - Total K-LOCs $198,816 17.1% $24,111 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 91.5%, compared to 96.1% at last review and 97.9% at securitization. The KDSC is 2.39x, compared to 2.37x at last review and 2.39x at 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.

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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