-

KBRA Releases Monthly CMBS Trend Watch

NEW YORK--(BUSINESS WIRE)--KBRA releases the September 2025 issue of CMBS Trend Watch.

CMBS private label issuance continued at a healthy pace in September as 14 deals priced ($8.9 billion). For Q3, 48 deals ($28.3 billion) went out the door, including 37 single-borrower (SB) ($21.2 billion) and 11 conduit ($7.2 billion). Through September on a year-to-date (YTD) year-over-year (YoY) comparison, issuance increased by 19.6%.

Historically, the fourth quarter is typically the year’s busiest quarter, and this year seems no different based on our current pipeline. Furthermore, with the Federal Reserve signaling that two more rate cuts could come by the end of 2025, on top of its first rate cut of 25 basis points (bps) in 2025, the market is poised for continued growth. However, if the government shutdown drags on, it could bring uncertainty and volatility to the markets, which could temper this momentum. Based on our current visibility, up to 20 deals could launch in October, including 10 SB, six conduit, three commercial real estate (CRE) collateralized loan obligations (CLO), and one Freddie Mac (Agency).

In September, KBRA published pre-sales for 13 deals ($10.4 billion), including six SB ($5 billion), three conduits ($2.2 billion), two Agency ($2.3 billion), one small balance commercial (SC) ($469.3 million), and one CRE CLO (CL) ($451.6 million). September’s surveillance activity included rating reviews of 463 securities issued in connection with 40 transactions, including 28 conduits, six Agency, two SBs, two CRE CLOs, one large loan (LL), and one SC. Of the 463 ratings, 396 were affirmed (85.5%) and 67 were downgraded (14.5%). In addition, 29 ratings were placed on Watch Downgrade.

This month's edition also highlights recent KBRA research publications that cover various topical issues.

Click here to view the report.

Recent 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: 1011620

Contacts

Solomon Mankin, Senior Analyst
+1 646-731-1244
solomon.mankin@kbra.com

Larry Kay, Senior Director
+1 646-731-2452
larry.kay@kbra.com

Business Development Contact

Andrew Foster, Senior 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

Solomon Mankin, Senior Analyst
+1 646-731-1244
solomon.mankin@kbra.com

Larry Kay, Senior Director
+1 646-731-2452
larry.kay@kbra.com

Business Development Contact

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

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

KBRA Releases Research – What’s up, Doc – Medical Professional Mortgages, A New Niche in RMBS?

NEW YORK--(BUSINESS WIRE)--KBRA releases research assessing the characteristics of medical professional mortgage (MPM) loans, with a focus on their potential role as a niche collateral segment within the prime private label residential mortgage-backed securities (RMBS) market. MPMs, often called physician or doctor loans, are specialized prime mortgage programs designed for medical professionals whose early-career financial profiles often include high student debt, limited savings, and reliance...

KBRA Assigns Preliminary Ratings to OBX 2026-NQM4 Trust

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 14 classes of mortgage-backed notes from OBX 2026-NQM4 Trust, a $789.6 million non-prime RMBS transaction. The underlying collateral, comprising 1,476 residential mortgages, is characterized by fixed-rate mortgages (FRMs) and hybrid adjustable-rate mortgages (ARMs) making up 92.3% and 7.7% of the pool, respectively. A majority of the loans are either classified as non-qualified mortgages (Non-QM; 37.0%) or exempt (51.6%) from the Ab...

KBRA Assigns Rating to MSC Income Fund, Inc.'s $150 Million Senior Unsecured Notes Due 2029

NEW YORK--(BUSINESS WIRE)--KBRA assigns a rating of BBB- to MSC Income Fund, Inc.'s (NYSE: MSIF or “the company”) $150 million, 6.34% senior unsecured notes due 2029. The rating Outlook is Stable. The proceeds will be used for repayment of existing secured indebtedness. Key Credit Considerations The rating is supported by MSIF’s well diversified $1.3 billion investment portfolio spread among 150 portfolio companies (including equity investments) across 30+ industries as of 4Q25, with ~77% of it...
Back to Newsroom