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KBRA Affirms All Ratings for BDS 2021-FL9

29 Aug 2025   |   New York

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KBRA affirms all of its outstanding ratings for BDS 2021-FL9, a CRE CLO transaction which had a two-year reinvestment period. The affirmations follow a surveillance review of the transaction, which has exhibited stable pool performance since the last rating change in August 2022.

At the time of this review, the total collateral balance is $388.5 million which is comprised of 14 first mortgage loans secured by 25 properties. During the transaction’s reinvestment period, the issuer could acquire previously unidentified whole loans and senior participations with principal proceeds from the mortgage assets, provided such assets satisfied the reinvestment criteria and eligibility criteria. The reinvestment period ended in October 2023, as expected.

As of the August 2025 remittance period, there are no delinquent or defaulted loans, and no loans have been identified as K-LOCs. The transaction’s WA KLTV is 141.0%, compared to 129.8% at last review and 132.6% at the last ratings change in August 2022. The KDSC at Index Cap is 0.88x, compared to 0.94x at last review and 0.90x at the last ratings change. The overcollateralization and interest coverage tests have each been satisfied during each distribution date since issuance.

At securitization, 24 loans (82.4% of total collateral balance) had related companion participations representing unfunded future advance obligations, with an aggregate unfunded amount of $76.7 million. As of August 2025, 11 loans (89.9%) have an aggregate unfunded future advance component of $16.5 million.

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.

Doc ID: 1011051