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KBRA Downgrades Four Ratings and Affirms All Other Ratings for Benchmark 2019-B10

3 Apr 2026   |   New York

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KBRA downgrades the ratings of four classes of certificates and affirms all other outstanding ratings for Benchmark 2019-B10, a $968.6 million CMBS conduit transaction. The ratings actions follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization. The ratings actions reflect increases in KBRA’s estimated losses for five K-LOCs (14.0% of the pool balance) and the resulting loss adjusted C/E levels.

As of the March 2026 remittance report, four loans (11.5%) are specially serviced, of which one is REO (1.8%). KBRA identified 13 K-LOCs (34.6%), including the special serviced assets. Of the K-LOCs, five (14.0%) have estimated losses. The K-LOCS are depicted in the table below:

Loss Given Default (000s) Loss Severity 2 3 Park Avenue OF $60,000 6.2% Y C N Specially Serviced 06/04/2020 - - 3 Saint Louis Galleria RT $57,711 6.0% N C N Lease Rollover 03/23/2021 $7,632 13.2% 11 Tailor Lofts MF $36,877 3.8% N C N Recent Delinquency 09/05/2025 - - 13 Flight OF $29,323 3.0% N C N Prior SS 03/07/2025 $5,669 19.3% 18 Spring Hollow Apartments MF $25,940 2.7% Y C Y Modification 01/30/2024 - - 16 Tulsa Office Portfolio OF $23,547 2.4% N C Y Prior SS 04/05/2023 - - 19 Atrium Two OF $22,963 2.4% N C N DSCR 11/07/2025 $2,793 12.2% 21 Union Bay Apartments MF $21,700 2.2% N C N DSCR 08/07/2023 - - 24 166 Geary Street OF $17,773 1.8% Y 90+ Y REO 04/05/2023 $8,675 48.8% 35 69 Clinton & 28 East 13th Street Portfolio MU $12,400 1.3% N C N DSCR 10/12/2021 - - 34 Meridian Tower OF $11,673 1.2% N C N DSCR 04/27/2023 - - 41 Massman Ina Portfolio MU $7,664 0.8% N C N Occupancy 03/07/2025 $365 4.8% 42 Colony Retail RT $7,628 0.8% Y C N Specially Serviced 11/11/2025 - - Total K-LOCs $335,198 34.6% $25,134 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 104.4%, compared to 107.8% at last review and 95.9% at issuance. The KDSC is 1.54x, compared to 1.58x at last review and 1.79x at issuance.

Details concerning the class with a rating change is as follows:

  • Class F to BB- (sf) from BB (sf)
  • Class G to B- (sf) from B (sf)
  • Class X-F to BB- (sf) from BB (sf)
  • Class X-G to B- (sf) from B (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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