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KBRA Affirms All Ratings for Benchmark 2019-B9

16 Jan 2026   |   New York

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KBRA affirms all of its outstanding ratings for Benchmark 2019-B9, an $815.2 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization, including an increase in K-LOCs with estimated losses. However, the magnitude of the changes does not warrant ratings adjustments at this time. Additionally, the transaction has benefited from loan payoffs, amortization and defeasance ($46.7 million, five loans, 5.7% of the pool balance), particularly at the top of the capital structure.

As of the December 2025 remittance period, there are three specially serviced assets (13.0% of the pool balance), of which one (1.1%) is 90+ days delinquent. KBRA identified 12 K-LOCs (32.2%), including the specially serviced assets. Of the K-LOCs, four (11.8%) have estimated losses.

Loss Given Default (000s) Loss Severity 1 3 Park Avenue OF $88,000 10.8% Y C N Specially Serviced 06/04/2020 - - 3 Plymouth Corporate Center OF $45,705 5.6% N C N Occupancy 01/30/2025 $13,788 30.2% 7 Fairbridge Office Portfolio OF $30,129 3.7% N C N Occupancy 02/09/2023 $8,827 29.3% 16 Monarch Corporate Center OF $19,795 2.4% N C N DSCR 12/14/2025 - - 24 8701 Georgia Avenue OF $12,900 1.6% N C N Occupancy 08/03/2023 $2,157 16.7% 23 Courtyard Farmington Hills LO $12,105 1.5% N C N DSCR 04/15/2020 - - 29 Hilton Garden Inn Flowood LO $10,698 1.3% N C Y DSCR 12/29/2025 - - 31 Palo Verde Industrial IN $10,088 1.2% N C N Occupancy 07/10/2023 - - 33 La Quinta Inn Berkeley LO $9,366 1.1% Y 90+ N Specially Serviced 04/15/2020 - - 32 120 Spring Street RT $8,769 1.1% Y C Y Modification 12/27/2023 - - 36 Vista Park Office OF $7,646 0.9% N C N DSCR 10/04/2024 - - 38 735 Bedford Avenue MU $7,500 0.9% N C Y Prior SS 08/04/2020 $3,002 40.0% Total K-LOCs $262,702 32.2% $27,775 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 102.6%, compared to 107.9% at last review and 102.4% at securitization. The KDSC is 1.51x, compared to 1.55x at last review and 1.60x at issuance.

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: 1013088