BDS 2021-FL7 Ltd.: Surveillance Performance Update

DBRS, Inc. (Morningstar DBRS) confirmed its credit ratings on the classes of notes issued by BDS 2021-FL7 Ltd. All trends are Stable. The credit rating confirmations reflect the favorable collateral composition of the transaction as the trust continues to be primarily secured by the multifamily collateral (14 loans, representing 90.0% of the current pool balance). Historically, loans secured by multifamily properties have exhibited lower default rates and the ability to retain and increase asset value. Additionally, the majority of individual borrowers are progressing with the stated business plans to increase property cash flow asset value.