# EDGAR Filing Document

**Accession Number:** 0002108968
**File Stem:** 0000000000-26-002511
**Filing Date:** 2026-3
**Character Count:** 7483
**Document Hash:** f3f453faca8e2e11ff160ebd462c1f8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-26-002511.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0000000000-26-002511

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260311

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nomura Commercial Asset Depositor Co LLC
- **CENTRAL INDEX KEY:** 0002108968
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 133518229
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-293355

**BUSINESS ADDRESS:**
- **STREET 1:** 251 LITTLE FALLS DRIVE
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19808
- **BUSINESS PHONE:** 212-667-9000

**MAIL ADDRESS:**
- **STREET 1:** 251 LITTLE FALLS DRIVE
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19808
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001539497-26-000314

## Text-Extract

```

                                                            March 11, 2026

Natalie Grainger
President and Managing Director
Nomura Commercial Asset Depositor Company LLC
Worldwide Plaza
309 West 49th Street
New York, New York 10019

       Re: Nomura Commercial Asset Depositor Company LLC
           Registration Statement on Form SF-3
           Filed February 10, 2026
           File No. 333-293355
Dear Natalie Grainger:

       We have reviewed your registration statement and have the following
comments.

       Please respond to this letter by amending your registration statement
and providing the
requested information. If you do not believe a comment applies to your facts
and circumstances
or do not believe an amendment is appropriate, please tell us why in your
response.

       After reviewing any amendment to your registration statement and the
information you
provide in response to this letter, we may have additional comments.

Registration Statement on Form SF-3
General

1.     Please confirm that the depositor and any issuing entities previously
established, directly
       or indirectly by the depositor or any affiliate of the depositor have
been current and
       timely with Exchange Act reporting during the last twelve months with
respect to asset-
       backed securities involving the same asset class. Please refer to
General Instruction
       I.A.2. of Form SF-3.
Summary of Terms
Distributions
E. Shortfalls in Available Funds, page 42

2.     We note your disclosure here of various types of shortfalls in available
funds which will
       reduce distributions to the classes of certificates or trust components
with the lowest
       payment priorities. This includes shortfalls resulting "from
extraordinary expenses of the
       issuing entity including indemnification payments payable to the parties
to the pooling
 March 11, 2026
Page 2

       and servicing agreement." Please revise to clarify that such shortfalls
will not include any
       expenses or costs incurred by the certificate administrator or any other
party
       administering an asset review vote or referring a dispute for mediation
or arbitration.
Risk Factors
Office Properties Have Special Risks, page 66

3.     Your form of prospectus provides,    as a result of the COVID-19
pandemic office
       properties have been experiencing lower than historical utilization
levels and it is
       uncertain whether utilization levels return to levels experienced prior
to the COVID-19
       pandemic.    This risk factor does not appear to reflect the current
state of the COVID-19
       pandemic and related market conditions. Please revise to update.
Condominium Ownership May Limit Use and Improvements, page 79

4.     We note your bracketed disclosure on page 81 regarding condominium
regimes
       established with respect to land only. Please revise your disclosure to
describe the
       specific risks that a land condominium regime would pose to investors,
and explain how
       such risks differs from those disclosed with respect to condominiums
generally. Refer to
       Item 105 of Regulation S-K.
Concentrations Based on Property Type, Geography, Related Borrowers and Other
Factors May
Disproportionately Increase Losses, page 82

5.     We note your disclosure here and elsewhere throughout your form of
prospectus
       describing the risk associated with concentrations of mortgaged
properties in particular
       geographic areas. We also note your cross-reference to Description of
the Mortgage
       Pool   Mortgage Pool Characteristics on page 169. Please provide
bracketed disclosure
       stating that, if 10% or more of the pool in any one state or other
geographic region is
       present, you will describe any economic or other factors specific to
such state or region
       that may materially impact the pool asset or pool asset cashflows. Refer
to Item
       1111(b)(14) of Regulation AB.
Transaction Parties
The Asset Representations Reviewer, page 221

6.     We note your cross-reference to the section entitled Certain
Affiliations, Relationships
       and Related Transactions Involving Transaction Parties (on page 396) for
a description
       of the material affiliations between the asset representations reviewer
and other
       transaction parties. Please confirm, and revise your prospectus as
necessary to clarify,
       that the asset representations reviewer will not be affiliated with any
sponsor, depositor,
       servicer, or trustee of the transaction, or any of their affiliates at
all times throughout the
       lifetime of the transaction. Please also confirm that the asset
representations reviewer
       will not be the same party or an affiliate of any party hired by the
sponsor or underwriter
       to perform pre-closing due diligence work on the pool assets. See Item
1101(m) of
       Regulation AB.
 March 11, 2026
Page 3
Credit Risk Retention
Qualifying CRE Loans, page 235

7.     Your disclosure refers to certain credit risk requirements under
Regulation RR of the
       Securities Act.    Please revise your disclosure here and elsewhere in
the form of
       prospectus, as necessary, to reflect that Regulation RR is promulgated
under the
       Securities Exchange Act.
Part II - Information Not Required in Prospectus
Item 14. Exhibits, page II-2

8.     Please file your remaining exhibits with your next amendment. Refer to
Item 1100(f) of
       Regulation AB and Item 601 of Regulation S-K. Note that we may have
additional
       comments on your registration statement following our review of any such
exhibits.

        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       Please contact Hodan Siad at 202-679-7829 or Arthur Sandel at
202-551-3262 with any
questions.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of Structured
Finance

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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