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KBRA Affirms All Ratings for GSMS 2021-GSA3

11 Dec 2025   |   New York

Contacts

KBRA affirms all of its outstanding ratings for GSMS 2021-GSA3, a $612.1 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since last review, including an increase in realized losses. However, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the November 2025 remittance period, none of the loans are specially serviced or delinquent, however, two loans (4.3% of the pool balance) have been identified as K-LOCs. The K-LOCs are not within the top 10 and do not have estimated losses at this time. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 15 3101 West Military IN $13,570 2.2% N C N Occupancy 02/11/2025 - - 18 403 South Raymond Avenue MU $12,850 2.1% N C N Recent Delinquency 11/05/2025 - - Total K-LOCs $26,420 4.3% $0 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

The transaction's WA KLTV is 100.2%, compared to 97.8% at last review and 101.8% at securitization. The KDSC is 2.25x, in line with last review and 2.18x 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.

Doc ID: 1012693

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