This KBRA report, together with the accompanying KBRA CMBS Loss Compendium: December 2025 Spreadsheet, provides updated loss estimates for KBRA-rated conduit transactions. The spreadsheet presents data for 386 outstanding transactions and includes lifetime realized losses for 17 conduits whose ratings have been withdrawn following payoffs. This edition incorporates updated performance data for 203 transactions reviewed since our June 2025 publication, along with 15 newly rated transactions. Additionally, the number of transactions with rating withdrawals due to payoffs has increased by four.
The KBRA Base Loss estimates presented in the compendium are generally informed by our analysis at the single B rating level for performing loans and are superimposed with discreet loss estimates for certain KBRA Loans of Concern (K-LOC1 ) as of the most recent rating action date.