Benchmark 2021-B24 Mortgage Trust Annual Report - How They Did This Year

I’ve put together this guide to help you understand how the Benchmark 2021-B24 Mortgage Trust performed this year. Think of this as a cheat sheet to help you decide if this investment still fits your portfolio.

1. What does this company do?

Think of this trust as a giant vault holding a collection of commercial real estate loans. You aren't investing in a company that sells products. Instead, you own a slice of the interest payments made by property owners—such as office buildings, industrial parks, and hotels.

This trust is a "pass-through" vehicle. It has no employees or business strategy. Its only job is to collect payments from 55 commercial loans, which originally totaled about $1.08 billion, and pass that cash on to you.

2. How did they perform this year?

For a mortgage trust, performance isn't about sales growth; it’s about whether property owners pay their mortgages on time. Most of the 55 loans remain current on their payments, and the trust continues to distribute monthly interest and principal to investors. Keep in mind that your specific payout depends on your "tranche," or class of security, as senior classes are paid before subordinate classes.

3. Major changes: The "Behind-the-Scenes" Team

The biggest news this year is a reshuffling of the "servicers." These companies handle the daily work, like collecting payments, managing tax accounts, and stepping in if a property owner stops paying.

As of March 2025, several roles have changed. Midland Loan Services now has a larger role as the master servicer. Trimont LLC is the new special servicer for the $300 million 711 Fifth Avenue loan. Additionally, companies like CoreLogic and Computershare now handle administrative tasks like tax payments and document storage. These teams ensure money flows from the buildings to your pocket, and their efficiency directly affects the trust’s costs.

4. Financial health and risks

The trust is a "static pool," meaning it isn't trying to grow or find new customers; it simply manages the loans it started in 2021.

The biggest risk is concentration. The top 10 loans make up about 58.2% of the total pool. A large portion of your investment is tied to a few high-profile properties, like the MGM Grand & Mandalay Bay resort ($150 million) and the 410 Tenth Avenue office building ($105 million). Because so much money is tied to these few assets, a problem with one—like a major tenant leaving or a failure to refinance—could significantly hurt the trust’s cash flow and credit rating.

5. Future outlook

The trust will collect payments until the loans reach their maturity dates between 2026 and 2031. The focus for the coming year is simple: can these large properties keep paying their bills? With office space usage still changing, keep an eye on "special servicing" reports. If a major property moves into special servicing, it’s a red flag. It means the owner is struggling to pay, which could lead to losses for subordinate bondholders.

Investor Tip: To stay on top of your investment, check the monthly distribution reports. If you see a loan move to the "watch list" or "special servicing," it’s time to take a closer look at that specific property's status to see if it threatens your specific tranche.