KBRA Releases Research – 2025 CMBS Loan Maturities: Office Drives Improving Refinance Rates

NEW YORK--(BUSINESS WIRE)--KBRA releases research highlighting the refinancing experience of $59.3 billion in loans from conduit and single-asset single-borrower (SASB) commercial mortgage-backed securities (CMBS) transactions that matured in 2025, which was slightly more than the $56.2 billion that matured in 2024.

For U.S. conduit and SASB CMBS loans with 2025 maturity dates, nearly 90%, by count, paid off. This reflects a modest increase from 2024, when 85.6% of maturing loans successfully refinanced (for more, see 2024 CMBS Loan Maturities: Payoff Rates Decrease). The payoff rate by loan balance improved more noticeably year-over-year (YoY), rising to 74.3% from 66.6% in 2024. While payoff outcomes improved, refinancing challenges remained for a subset of loans amid continued pressure from relatively higher interest rates and deflated commercial real estate (CRE) values.

Refinancing outcomes diverged by transaction type (conduits versus SASB), loan size, property type, and credit metrics. While interest rates remained elevated throughout much of 2025, capital markets showed selective openness to higher-quality office assets, which was one of the primary drivers for the improved payoff results. As market conditions evolve, payoff performance among 2025 maturities provides important context for the $131.7 billion in CMBS loans scheduled to mature over the next two years, which are further explored in this report.

Key Takeaways 

• A total of $59.3 billion of CMBS loans matured in 2025 across 2,661 loans. 89.8% by loan count and 74.3% by balance paid off by year-end, compared with 85.6% and 66.6%, respectively, in 2024.
• Conduit loans continued to exhibit higher payoff rates, at 90.1% by loan count and 76.6% by balance, compared with 69.2% and 70.6%, respectively, for SASB loans. Payoff rates improved YoY for both transaction types.
• By property type, office—despite still being the worst performer—notched the most significant improvement, with payoff rates increasing to 70.1% by loan count and 58.3% by balance, representing gains of 11.3% and 28.7%, respectively, from 2024. Mixed-use, which often contains a meaningful office component, followed a similar pattern.
• Among major property types, industrial and multifamily loans continued to experience the highest payoff rates by count (96.4% and 94%, respectively) followed by retail (91.7%) and lodging (91.1%).
• As expected, paid off loans exhibited stronger securitized credit profiles than loans that did not pay off across both conduit and SASBs. Among SASB loans, extended loans exhibited the highest leverage, lowest debt service coverage ratios (DSCR), and weakest underwritten debt yield, indicating greater reliance on business plan execution and future cash flow growth to support refinancing.
• Approximately 9.7% of 2025 CMBS loans by balance and 0.9% by loan count were extended by year-end, highlighting the continued use of extensions as a resolution strategy for select loans with limited near-term refinancing viability.
• Looking ahead, 2027 maturities will include loans originated in a higher-rate environment, which may support further improvement in payoff rates if lending conditions and capital markets remain stable.

Click here to view the report.

Related Publications

• 2026 U.S. CMBS Outlook: Issuance Momentum Builds; Loan Distress Remains Elevated
• 2024 CMBS Loan Maturities: Payoff Rates Decrease
• 2023 CMBS Loan Maturities: Better by Count
• CMBS Trend Watch: December 2025
• CMBS Loan Performance Trends: December 2025

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.

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