BXMT 2020-FL2, Ltd.: Surveillance Performance Update

Ratings

• Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  13-Mar-24	Class A Senior Secured Floating Rate Notes	AAA (sf)	Stb	Confirmed	US
  13-Mar-24	Class A-S Second Priority Secured Floating Rate Notes	AAA (sf)	Stb	Confirmed	US
  13-Mar-24	Class B Third Priority Secured Floating Rate Notes	AA (low) (sf)	Stb	Confirmed	US
  13-Mar-24	Class C Fourth Priority Secured Floating Rate Notes	A (low) (sf)	Neg	Trend Change, Confirmed	US
  13-Mar-24	Class D Fifth Priority Secured Floating Rate Notes	BBB (low) (sf)	Neg	Downgraded, Trend Change	US
  13-Mar-24	Class E Sixth Priority Secured Floating Rate Notes	BB (high) (sf)	Neg	Downgraded, Trend Change	US
  13-Mar-24	Class F Seventh Priority Floating Rate Notes	B (sf)	Neg	Downgraded, Trend Change	US
  13-Mar-24	Class G Eighth Priority Floating Rate Notes	CCC (sf)	--	Downgraded	US

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