-

KBRA Releases Research – KBRA CMBS Loss Compendium Update: June 2025

NEW YORK--(BUSINESS WIRE)--KBRA releases the June 2025 issue of the KBRA CMBS Loss Compendium, providing updated loss estimates for all 375 KBRA-rated outstanding conduit transactions. The report, together with the accompanying spreadsheet, also includes data on lifetime realized losses for 13 conduits whose ratings have been withdrawn following payoffs.

The compendium uses the following two metrics to present the loss figures: KBRA Lifetime Base Loss (KLBL), which represents our loss estimate for each transaction during its lifetime as a percentage of its original balance; and KBRA Future Base Loss (KFBL), which represents potential future losses as a percentage of outstanding deal balance as of the most recent rating action date.

As of June 2025, the average KLBL (as a % of original deal balance) reached 5.5% (ranging from 2.1% to 19.1%)—the highest recorded level to date. This compares to 5.3% in December 2024 and 5% in June 2024. The average KFBL (as a % of review date deal balance) increased to 10.9% (ranging from 2.7% to 88.4%). This marks a continued upward trend, increasing from 9.9% in December 2024 and 8.4% in June 2024. The continued upward trend in our loss estimates reflects increased losses in the more seasoned vintages and an increase in KBRA’s conduit distress rate—which includes both delinquent loans and current but specially serviced loans— increasing 340 basis points (bps) over the past year to 11.5% as of June 2025.

Click here to view the report.

Related Publications

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1010223

Contacts

Jay Mody, Associate
+1 646-731-2359
jay.mody@kbra.com

Neel Munot, Senior Director
+1 646-731-1215
neel.munot@kbra.com

Robert Grenda, Managing Director
+1 215-882-5494
robert.grenda@kbra.com

Nitin Bhasin, Senior Managing Director, Global Head of CMBS
+1 646-731-2334
nitin.bhasin@kbra.com

Business Development Contact

Andrew Foster, Director
+1 646-731-1470
andrew.foster@kbra.com

Kroll Bond Rating Agency, LLC

Details
Headquarters: New York City, New York
CEO: Jim Nadler
Employees: 400+
Organization: PRI

Release Versions

Contacts

Jay Mody, Associate
+1 646-731-2359
jay.mody@kbra.com

Neel Munot, Senior Director
+1 646-731-1215
neel.munot@kbra.com

Robert Grenda, Managing Director
+1 215-882-5494
robert.grenda@kbra.com

Nitin Bhasin, Senior Managing Director, Global Head of CMBS
+1 646-731-2334
nitin.bhasin@kbra.com

Business Development Contact

Andrew Foster, Director
+1 646-731-1470
andrew.foster@kbra.com

Social Media Profiles
More News From Kroll Bond Rating Agency, LLC

KBRA Assigns AA Rating to the Department of Water and Power of the City of Los Angeles, CA Power System Revenue Bonds, 2026 Series B; Outlook is Stable

NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of AA to the Department of Water and Power of the City of Los Angeles, CA Power System Revenue Bonds, 2026 Series B. The Outlook is Stable. The long-term rating reflects the stable operating and financial performance of the Power System of the Los Angeles Department of Water and Power ("LADWP”), which benefits from a large, mostly residential service area, with rising, though still affordable customer rates, a diverse generation mix, an...

KBRA Releases Research – Esoteric ABS Forum: Sectors in Bloom—KBRA Event Recap

NEW YORK--(BUSINESS WIRE)--KBRA releases a recap of its Esoteric ABS Forum: Sectors in Bloom, an event focused on the key trends shaping today’s commercial asset-backed securities (ABS) sectors. The forum, which was held on May 19, brought together market participants from across the ABS ecosystem for a series of panels covering the music, fiber, communication infrastructure, and whole business sectors. The program opened with remarks from Rosemary Kelley, KBRA’s Head of Structured Finance Busi...

KBRA Assigns Preliminary Ratings for RRE 29 Loan Management DAC

LONDON--(BUSINESS WIRE)--KBRA UK (KBRA) assigns preliminary ratings to five classes of notes issued by RRE 29 Loan Management DAC, a cash flow collateralised loan obligation (CLO) backed primarily by a diversified portfolio of Euro-denominated corporate loans. RRE 29 Loan Management DAC is managed by Redding Ridge Asset Management (UK) LLP (“RRAM UK” or the“collateral manager”). The CLO will have a 4.5-year reinvestment period and a 14.5-year legal final. The ratings reflect initial credit enha...
Back to Newsroom