Morgan Stanley Capital I Trust 2019-L2

Tranches, pool and monthly delinquency indicator for Morgan Stanley Capital I Trust 2019-L2.

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

Current pool balance: $860.5M (September 2026)
Original pool balance: $934.9M
Loans at issuance: 57
Closing date: 2019-03-12
Weighted average coupon at issuance: 5.00%
Weighted average LTV at issuance: 62.0%
30+ delinquent (latest): 11.33%
Realized stress score: 66.3
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	$16.2M	98.23%	3.013% fixed	61768HAS5	PIF	not yet reported	NR	not yet reported	Discontinued
A-2	$17.1M	96.36%	3.960% fixed	61768HAT3	PIF	not yet reported	NR	not yet reported	Discontinued
A-3	$218.3M	72.53%	3.806% fixed	61768HAV8	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
A-4	$361.2M	33.10%	4.071% fixed	61768HAW6	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
A-S	$82.4M	24.10%	4.272% fixed	61768HAZ9	AAA	not yet reported	AA (sf)	not yet reported	AA (sf)
A-SB	$28.4M	21.00%	3.906% fixed	61768HAU0	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
B	$44.7M	16.13%	4.494% floating (WAC)	61768HBA3	AA-	not yet reported	NR	not yet reported	A (sf)
C	$41.2M	11.63%	5.142% floating (WAC)	61768HBB1	A-	not yet reported	NRprelim	not yet reported	BBB (low) (sf)
D	$25.2M	8.88%	3.000% fixed	61768HAC0	BBB	not yet reported	NR	not yet reported	BB (low) (sf)
E	$15.3M	7.20%	3.000% fixed	61768HAE6	BB	not yet reported	NR	not yet reported	B (low) (sf)
F-RR	$24.7M	4.50%	5.142% floating (WAC)	61768HAH9	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
G-RR	$9.2M	3.50%	5.142% floating (WAC)	61768HAK2	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
H-RR	$32.1M	0.00%	5.142% floating (WAC)	61768HAM8	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
R	not yet reported	not yet reported	not yet reported	61768HAQ9	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
V	not yet reported	not yet reported	not yet reported	61768HAP1	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$641.2M	Interest only	1.198% floating	61768HAX4	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
X-B	$127.1M	Interest only	0.792% floating	61768HAY2	AA-	not yet reported	NR	not yet reported	A (high) (sf)
X-D	$40.5M	Interest only	2.142% floating	61768HAA4	BB	not yet reported	NR	not yet reported	B (sf)

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	57
Original loan balance	$1.08B
Weighted average coupon	5.00%
Weighted average LTV	62.0%
Median loan LTV	60.9%
Full-term interest only (share of balance)	64.3%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	5.8%
Five largest loans (share of balance)	24.0%
Occupancy at issuance (weighted average)	92.1%

Realized outcomes

Months reported	90
Peak 30+ delinquency	14.61% (May 2020)
Ever severe (share of original balance)	22.53%
Ever modified (share of original balance)	4.70%
Past scheduled maturity (share of original balance)	1.68%
Non-performing matured (share of original balance)	52.38%
Maximum servicer advances (share of balance)	0.91%
Median DSCR, first year	1.66
Median DSCR, latest	1.94
Realized stress score	66.3

Property types

Property type	Original balance	Share of pool
Office	$343.9M	31.7%
Multifamily	$250.8M	23.1%
Retail	$183.5M	16.9%
SE	$111.8M	10.3%
Lodging	$91.8M	8.5%
Mixed use	$44.5M	4.1%
Multiple property types	$10.0M	0.9%

Property type is reported for 95.6% of the pool balance; shares are of the full pool.

Largest loans

Property	Location	Original balance	Share of pool	Coupon	Originated
Defeased	not yet reported	$63.0M	5.8%	5.25%	2019
One At&t Plaza	Dallas, TX	$60.0M	5.5%	4.39%	2018
Southlake Office Park	Lenexa, KS	$57.0M	5.3%	5.13%	2019
Le Meridien Hotel Dallas	Dallas, TX	$42.8M	3.9%	5.58%	2019
Serenity Apartments	Boston, MA	$37.0M	3.4%	4.01%	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	18 of 18
Classes with a current rating in the dataset	13 of 18
Net rating change since issuance	+0.00 notches (balance-weighted)
Delinquency threshold crossed	May 2020
First downgrade	October 2024

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.