KBRA Downgrades One Rating for COMM 2014-UBS2 to D (sf) Following Realization of Principal Losses

KBRA downgrades the ratings of the Class D certificates to D (sf) from C (sf) for COMM 2014-UBS2, a $10.2 million CMBS conduit transaction, following realized losses incurred from the resolution of the One North State Street REO asset ($59.9 million loan balance at issuance) as reflected in the January 2026 remittance report. The asset was liquidated with a loss of $45.6 million (76.1% loss severity of original balance). The loss was generally in line with KBRA's expectations in the July 2025 Surveillance Report. As of the January 2026 remittance period, there is one remaining asset, 300 East 23rd Street, which is REO. There are $94.7 million in cumulative principal losses on the transaction according to the January 2026 remittance report. Classes E, F and G have been reduced to zero and the realized losses have resulted in the principal balance of Class D accumulating losses of 18.1 million (23.9% of the original certificate balance).

KBRA's other outstanding ratings are unchanged at this time.

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