Benchmark 2019-B11 Mortgage Trust

Tranches, pool and monthly delinquency indicator for Benchmark 2019-B11 Mortgage Trust.

Data as of loan data through September 2026; ratings as held in the dataset at build

Current pool balance: $924.9M (September 2026)
Original pool balance: $1.10B
Loans at issuance: 69
Closing date: 2019-06-17
Weighted average coupon at issuance: 4.59%
Weighted average LTV at issuance: 57.8%
30+ delinquent (latest): 5.87%
Realized stress score: 62.1
Net rating change since issuance: +0.00 notches

Tranches

Class	Original balance	Credit support (computed)	Coupon	CUSIP	Fitch	KBRA	S&P	Moody's	DBRS
A-1	$14.7M	98.59%	2.568% fixed	08162BBA9	PIF	not yet reported	NR	not yet reported	Discontinued
A-2	$81.7M	90.77%	3.410% fixed	08162BBB7	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
A-3	$20.6M	88.79%	3.262% fixed	08162BBC5	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
A-4	$215.3M	68.17%	3.280% fixed	08162BBD3	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
A-5	$379.9M	31.78%	3.542% fixed	08162BBE1	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
A-S	$125.3M	19.78%	3.784% fixed	08162BBJ0	AA-	not yet reported	A (sf)	not yet reported	AA (high) (sf)
A-SB	$18.6M	18.00%	3.393% fixed	08162BBF8	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
B	$43.1M	13.88%	3.955% floating (WAC)	08162BBK7	A-	not yet reported	NRprelim	not yet reported	A (sf)
C	$40.5M	10.00%	3.750% floating (WAC)	08162BBL5	BBB-	not yet reported	NRprelim	not yet reported	BB (high) (sf)
D	$23.5M	7.75%	3.000% fixed	08162BAJ1	B	not yet reported	NRprelim	not yet reported	BB (low) (sf)
E	$18.3M	6.00%	3.000% fixed	08162BAL6	CCC	not yet reported	NRprelim	not yet reported	CCC (sf)
F	$18.3M	4.25%	3.312% fixed	08162BAN2	CC	not yet reported	NRprelim	not yet reported	C (sf)
G	$10.4M	3.25%	3.312% fixed	08162BAQ5	C	not yet reported	NRprelim	not yet reported	C (sf)
H	$33.9M	0.00%	3.312% fixed	08162BAS1	not yet reported	not yet reported	NRprelim	not yet reported	not yet reported
R	not yet reported	not yet reported	not yet reported	08162BAW2	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
S	not yet reported	not yet reported	not yet reported	08162BAU6	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$856.2M	Interest only	1.050% floating	08162BBG6	AA-	not yet reported	A (sf)	not yet reported	AAA (sf)
X-B	$83.5M	Interest only	0.667% floating	08162BBH4	BBB-	not yet reported	NRprelim	not yet reported	BBB (low) (sf)
X-D	$41.8M	Interest only	1.523% floating	08162BAA0	CCC	not yet reported	NRprelim	not yet reported	CCC (sf)
X-F	$18.3M	Interest only	1.211% floating	08162BAC6	CC	not yet reported	NRprelim	not yet reported	C (sf)
X-G	$10.4M	Interest only	1.211% floating	08162BAE2	C	not yet reported	NRprelim	not yet reported	C (sf)
X-H	$33.9M	Interest only	1.211% floating	08162BAG7	not yet reported	not yet reported	NRprelim	not yet reported	not yet reported

Credit support is computed from the class stack order in the prospectus: the share of the deal's principal balance in classes junior to the class. Interest-only classes carry a notional balance and no principal support figure. Ratings are the latest held in the dataset for each class and agency; NR means the agency shows the class as not rated, WR that the rating was withdrawn, PIF that the class has been paid in full. Any other status value is shown exactly as the agency reports it. A + after a CUSIP marks a class with companion CUSIPs in the dataset.

Pool at issuance

Loans	69
Original loan balance	$1.53B
Weighted average coupon	4.59%
Weighted average LTV	57.8%
Median loan LTV	60.8%
Full-term interest only (share of balance)	75.7%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	6.6%
Five largest loans (share of balance)	25.0%
Occupancy at issuance (weighted average)	93.5%

Realized outcomes

Months reported	88
Peak 30+ delinquency	7.55% (October 2020)
Ever severe (share of original balance)	13.10%
Ever modified (share of original balance)	6.06%
Past scheduled maturity (share of original balance)	5.71%
Non-performing matured (share of original balance)	49.22%
Maximum servicer advances (share of balance)	1.18%
Median DSCR, first year	1.88
Median DSCR, latest	2.05
Realized stress score	62.1

Property types

Property type	Original balance	Share of pool
Office	$368.0M	24.1%
Lodging	$225.9M	14.8%
Mixed use	$193.1M	12.6%
Retail	$130.2M	8.5%
Multifamily	$116.7M	7.6%
Warehouse	$80.2M	5.3%
Multiple property types	$78.0M	5.1%
Industrial	$78.0M	5.1%
Self storage	$39.9M	2.6%
SE	$38.0M	2.5%
Manufactured housing	$16.8M	1.1%
Other (code 98)	$6.0M	0.4%

Property type is reported for 89.8% of the pool balance; shares are of the full pool.

Largest loans

Property	Location	Original balance	Share of pool	Coupon	Originated
3 Columbus Circle	New York, NY	$100.0M	6.6%	3.91%	2019
["2810 Pukoloa Street", "1360 Pali Highway", "1001 Ahua Street", "848 Ala Lilikoi Street A", "2850 Paa Street", "949 Mapunapuna Street", "2828 Paa Street", "80 Sand Island Access Road", "1030 Mapunapuna Street", "150 Puuhale Road", "2344 Pahounui Drive", "120 Sand Island Access Rd", "1122 Mapunapuna Street", "2915 Kaihikapu Street", "819 Ahua Street", "2144 Auiki St", "1027 Kikowaena Place", "1931 Kahai Street", "148 Mokauea Street", "2886 Paa Street", "2838 Kilihau Street", "803 Ahua Street", "220 Puuhale Road", "930 Mapunapuna Street", "2103 Kaliawa Street", "2969 Mapunapuna Street", "158 Sand Island Access Road", "1926 Auiki St", "113 Puuhale Road", "2250 Pahounui Drive", "733 Mapunapuna Street", "761 Ahua Street", "918 Ahua Street", "180 Sand Island Access Road", "2829 Awaawaloa Street", "120 Mokauea Street", "2861 Mokumoa Street", "2826 Kaihikapu Street", "179 Sand Island Access Road", "855 Mapunapuna Street", "2308 Pahounui Drive", "619 Mapunapuna Street", "2846-A Awaawaloa Street", "238 Sand Island Access Road", "704 Mapunapuna Street", "120B Mokauea St", "1150 Kikowaena Place", "2127 Auiki Street", "2810 Paa Street", "2841 Pukoloa Street", "1000 Mapunapuna Street", "2829 Pukoloa Street", "889 Ahua Street", "2819 Pukoloa Street", "1038 Kikowaena Place", "2965 Mokumoa Street", "850 Ahua Street", "1330 Pali Highway", "2855 Pukoloa Street", "2865 Pukoloa Street", "789 Mapunapuna Street", "2960 Mokumoa Street", "231B Sand Island Access Road", "2020 Auiki Street", "2857 Awaawaloa Street", "1050 Kikowaena Place", "2850 Mokumoa Street", "2840 Mokumoa Street", "2830 Mokumoa Street", "960 Mapunapuna Street", "125B Puuhale Road", "2809 Kaihikapu Street", "212 Mohonua Place", "692 Mapunapuna Street", "1024 Kikowaena Place", "669 Ahua Street", "215 Puuhale Road", "142 Mokauea St", "2847 Awaawaloa Street", "2816 Awaawaloa Street", "2928 Kaihikapu Street - B", "2864 Mokumoa Street", "770 Mapunapuna Street", "151 Puuhale Road", "207 Puuhale Road", "2970 Mokumoa Street", "2868 Kaihikapu Street", "2908 Kaihikapu Street", "2814 Kilihau Street", "759 Puuloa Road", "659 Puuloa Road", "667 Puuloa Road", "679 Puuloa Road", "689 Puuloa Road", "950 Mapunapuna Street", "822 Mapunapuna Street", "842 Mapunapuna Street", "214 Sand Island Access Rd", "709 Ahua St", "766 Mapunapuna Street", "830 Mapunapuna Street", "2855 Kaihikapu Street", "865 Ahua Street", "852 Mapunapuna Street", "2906 Kaihikapu Street", "2879 Paa Street", "702 Ahua Street", "2864 Awaawaloa Street", "2819 Mokumoa Street - A", "2869 Mokumoa Street", "2819 Mokumoa Street - B", "228 Mohonua Place", "2264 Pahounui Drive", "808 Ahua Street", "2827 Kaihikapu Street", "697 Ahua Street", "2849 Kaihikapu Street", "2831 Awaawaloa Street", "2858 Kaihikapu Street", "2276 Pahounui Drive", "2806 Kaihikapu Street", "1052 Ahua Street (surface parking lot)", "2889 Mokumoa Street", "685 Ahua Street", "2839 Mokumoa Street", "94-240 Pupuole Street", "2928 Kaihikapu Street - A", "719 Ahua Street", "2812 Awaawaloa Street", "2927 Mokumoa Street", "197 Sand Island Access Road", "2844 Kaihikapu Street", "2879 Mokumoa Street", "2135 Auiki Street", "855 Ahua Street", "2122 Kaliawa Street", "2831 Kaihikapu Street", "729 Ahua Street", "739 Ahua Street", "2833 Paa Street 2", "2833 Paa Street", "2815 Kaihikapu Street", "1062 Kikowaena Place", "673 Ahua Street", "2106 Kaliawa Street", "812 Mapunapuna Street", "2804 Kilihau Street", "525 N. King Street", "204 Sand Island Access Road", "660 Ahua Street", "218 Mohonua Place", "125 Puuhale Road", "645 Ahua Street", "675 Mapunapuna Street", "659 Ahua Street", "1055 Ahua Street", "944 Ahua Street", "2019 Kahai Street", "2001 Kahai Street", "106 Puuhale Road", "2875 Paa Street", "1024 Mapunapuna Street", "2760 Kamehameha Highway", "2635 Waiwai Loop A", "2635 Waiwai Loop B", "2836 Awaawaloa Street", "609 Ahua Street", "905 Ahua Street", "2110 Auiki Street", "140 Puuhale Road", "2139 Kaliawa Street", "231 Sand Island Access Road", "2140 Kaliawa Street", "33 S Vineyard Blvd", "970 Ahua Street", "960 Ahua Street", "1045 Mapunapuna Street", "165 Sand Island Access Road", "2839 Kilihau Street", "2829 Kilihau Street", "2833 Kilihau Street", "2821 Kilihau Street", "2808 Kam Highway", "2815 Kilihau Street", "2850 Awaawaloa Street", "846 Ala Lilikoi Street B"]	["Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu", "Honolulu"], ["HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI", "HI"]	$78.0M	5.1%	4.31%	2019
2810 Pukoloa Street	Honolulu, HI	$78.0M	5.1%	4.31%	2019
59 Maiden Lane	New York, NY	$75.0M	4.9%	3.99%	2019
101 California Street	San Francisco, CA	$50.0M	3.3%	3.85%	2019

Delinquency and stress indicator

▬ 30+ days delinquent · ▬ Distressed (90+, foreclosure, REO, non-performing matured)

Monthly shares of the deal's reported balance, from the deal indicator series in the dataset. Months in which fewer than half of the reported loans carry a delinquency status code are not plotted.

Ratings

Classes with a CUSIP	22 of 22
Classes with a current rating in the dataset	20 of 22
Net rating change since issuance	+0.00 notches (balance-weighted)
Delinquency threshold crossed	June 2020
First downgrade	July 2023

Sources: SEC Form ABS-EE asset-level reports, Form 10-D distribution reports and the deal prospectus; rating histories published under SEC Rule 17g-7(b) and agency releases. Definitions are in the methods note on the market page.