Press Release|CMBS
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KBRA Affirms All Ratings for Benchmark 2024-V5

30 Jan 2026   |   New York

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KBRA affirms all of its outstanding ratings for Benchmark 2024-V5, an $884.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight decline in pool performance since last review. However, the magnitude of these changes does not warrant ratings adjustments at this time.

As of the January 2026 remittance period, there are two specially serviced assets (2.4% of the pool balance), including one (1.1%) REO asset, and three additional assets are delinquent (6.1%). KBRA identified six assets (9.0%) as K-LOCs, including the specially serviced and delinquent assets. Of the K-LOCs, two (2.3%) have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 14 311 Pine Street MF 25,000 2.83% N 30+ Y Recent Delinquency 01/23/2025 - - 18A1 Horn Southeast Multifamily Portfolio MF 18,350 2.07% N 60+ Y Delinquent 10/09/2025 - - 21 100 Valley Hill Road MF 11,350 1.28% Y 90+ Y Specially Serviced 04/08/2025 $2,072 18.3% 22 Green Tree Villas MF 10,500 1.19% N 30+ Y Recent Delinquency 1/23/2026 - - 24 Meadowbrook Apartments MF 9,400 1.06% Y 90+ Y Specially Serviced 09/24/2024 $3,341 35.5% 31 537 Edgecombe Avenue MF 5,300 0.60% N C Y Recent Delinquency 08/25/2025 - - Total K-LOCs $79,900 9.0% $5,413 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 89.0%, compared to 88.6% at last review and 88.1% at securitization. The WA KDSC is 1.52x, compared to 1.54x at last review 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.

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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