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KBRA Affirms All Ratings for JPMCC 2019-COR4

23 Jan 2026   |   New York

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KBRA affirms all outstanding ratings for JPMCC 2019-COR4, a $742.3 million CMBS conduit transaction. The rating actions follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance compared to last review. However, the magnitude of the change does not warrant rating adjustments at this time.

As of the January 2026 remittance period, there are two specially serviced loans (3.9% of the pool balance), both of which are delinquent. Additionally, one loan (0.7%) is delinquent and has not transferred to the special servicer. KBRA identified fifteen K-LOCs (49.0%), including the specially serviced loans. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 1A2 Renaissance Seattle LO $77,000 10.4% N C Y DSCR 03/01/2024 $36,848 47.9% 2 400 South El Camino OF $68,734 9.3% N C N Occupancy 01/02/2025 - - 5A1A3 Saint Louis Galleria RT $44,853 6.0% N C N Lease Rollover 03/23/2021 $6,074 13.5% 6 Grand Hyatt Seattle LO $33,000 4.4% N C Y DSCR 03/26/2020 - - 9 Pier 54 Seattle MU $23,000 3.1% N C N DSCR 04/14/2022 $3,500 15.2% 13 221 S Franklin IN $18,729 2.5% N C N Recent Delinquency 09/16/2024 - - 14 Sorento Flats MF $18,200 2.5% Y 60+ N Specially Serviced 06/20/2023 - - 17 Inland Empire Office Portfolio II OF $16,076 2.2% N C N Occupancy 09/17/2023 $2,676 16.6% 20 The Strand OF $13,500 1.8% N C N Occupancy 11/09/2023 - - 21 Medical Office & Walgreens Portfolio MU $12,506 1.7% N C N Recent Delinquency 11/15/2024 - - 22 Hampton Inn & Suites Alpharetta LO $10,727 1.4% Y 90+ N Specially Serviced 02/14/2025 $4,828 45.0% 29 Carlsbad OF $9,100 1.2% N C N Occupancy 11/09/2023 - - 31 North Oak Marketplace RT $7,791 1.0% N C N DSCR 10/24/2023 $2,391 30.7% 34 Northshore Plaza RT $5,744 0.8% N C N Occupancy 12/18/2024 - - 36 Wilton Walk Townhomes MF $4,900 0.7% N 60+ N Delinquent 01/05/2026 - - Total K-LOCs $363,860 49.0% $56,317 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 K-LOCs with estimated losses, the transaction’s WA KLTV is 112.8%, compared to 108.8% at last review and 102.2% at securitization. The WA KDSC is 1.36x, compared to 1.41x at last review and 1.57x at securitization.

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.

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