Morgan Stanley Capital I Trust 2020-L4

Tranches, pool and monthly delinquency indicator for Morgan Stanley Capital I Trust 2020-L4.

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

Current pool balance: $830.5M (February 2020)
Original pool balance: $830.5M
Loans at issuance: 40
Closing date: 2020-02-20
Weighted average coupon at issuance: 3.70%
Weighted average LTV at issuance: 40.8%
30+ delinquent (latest): 0.00%
Realized stress score: 0.0
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	$8.6M	98.96%	1.831% fixed	61770KAU9	AAA	AAA	NR	not yet reported	not yet reported
A-2	$210.3M	73.64%	2.449% fixed	61770KAW5	AAA	AAA	AAA (sf)	not yet reported	not yet reported
A-3	$346.7M	31.89%	2.698% fixed	61770KAX3	AAA	AAA	AAA (sf)	not yet reported	not yet reported
A-S	$61.2M	24.52%	2.880% fixed	61770KBA2	AAA	AAA	AAA (sf)	not yet reported	not yet reported
A-SB	$15.7M	22.63%	2.624% fixed	61770KAV7	AAA	AAA	AAA (sf)	not yet reported	not yet reported
B	$45.7M	17.13%	3.082% fixed	61770KBB0	AA-	AA	AA- (sf)	not yet reported	not yet reported
C	$39.4M	12.38%	3.536% fixed	61770KBC8	A-	A	NR	not yet reported	not yet reported
D	$23.9M	9.50%	2.500% fixed	61770KAE5	BBB	BBB+	NRprelim	not yet reported	not yet reported
E	$18.7M	7.25%	2.500% fixed	61770KAG0	BBB-	BBB-	NR	not yet reported	not yet reported
F	$19.7M	4.88%	2.250% fixed	61770KAJ4	BB-	BB	NRprelim	not yet reported	not yet reported
G-RR	$9.3M	3.75%	3.674% floating (WAC)	61770KAL9	B-	B	NR	not yet reported	not yet reported
H-RR	$31.1M	0.00%	3.674% floating (WAC)	61770KAN5	not yet reported	not yet reported	NRprelim	not yet reported	not yet reported
R	not yet reported	not yet reported	not yet reported	61770KAS4	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	61770KAR6	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$581.4M	Interest only	1.081% floating	61770KAY1	AAA	AAA	AAA (sf)	not yet reported	not yet reported
X-B	$146.4M	Interest only	0.554% floating	61770KAZ8	A-	AAA	NRprelim	not yet reported	not yet reported
X-D	$42.6M	Interest only	1.174% floating	61770KAA3	BBB-	BBB-	NR	not yet reported	not yet reported
X-F	$19.7M	Interest only	1.424% floating	61770KAC9	BB-	BB	NR	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	40
Original loan balance	$830.5M
Weighted average coupon	3.70%
Weighted average LTV	40.8%
Median loan LTV	58.5%
Full-term interest only (share of balance)	81.5%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	7.8%
Five largest loans (share of balance)	34.3%
Occupancy at issuance (weighted average)	94.0%

Realized outcomes

Months reported	1
Peak 30+ delinquency	0.00% (February 2020)
Ever severe (share of original balance)	0.00%
Ever modified (share of original balance)	0.00%
Past scheduled maturity (share of original balance)	0.00%
Non-performing matured (share of original balance)	34.31%
Maximum servicer advances (share of balance)	0.00%
Median DSCR, first year	not yet reported
Median DSCR, latest	not yet reported
Realized stress score	0.0

Property types

Property type	Original balance	Share of pool
Office	$225.5M	27.2%
Multifamily	$191.2M	23.0%
Lodging	$127.2M	15.3%
Mixed use	$114.1M	13.7%
Retail	$108.0M	13.0%
Other (code 98)	$27.5M	3.3%
Industrial	$26.0M	3.1%
Self storage	$11.0M	1.3%

Property type is reported for 100.0% of the pool balance; shares are of the full pool.

Largest loans

Property	Location	Original balance	Share of pool	Coupon	Originated
Bellagio Hotel and Casino	Las Vegas, NV	$65.0M	7.8%	3.17%	2019
Royal Palm Place	Boca Raton, FL	$60.0M	7.2%	3.81%	2019
545 Washington Boulevard	Jersey City, NJ	$60.0M	7.2%	3.40%	2020
AVR Atlanta Airport Marriott Gateway	Atlanta, GA	$56.0M	6.7%	3.89%	2019
FTERE Bronx Portfolio 2	not yet reported	$43.8M	5.3%	3.74%	2020

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	16 of 18
Net rating change since issuance	+0.00 notches (balance-weighted)
Delinquency threshold crossed	Not crossed in the dataset
First downgrade	None recorded

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.