KBRA Releases Monthly CMBS Trend Watch

KBRA releases the July 2025 issue of CMBS Trend Watch.

It has been anything but the summer doldrums for the CMBS private label market, as 20 deals priced in July, outpacing the 14 in June. Investor demand was robust, led by 15 single borrower (SB) transactions and five conduits. For the month, $12.4 billion priced, bringing the year-to-date issuance through July to a level 29% higher year-over-year (YoY). Following a very strong July, August activity could show signs of slowing. Based on our current visibility, up to 12 deals could launch in August, including six SBs, three conduits, two commercial real estate (CRE) collateralized loan obligations (CLO), and one Freddie Mac K-Series (Agency).

In July, KBRA published pre-sales for 10 deals ($7.4 billion), including five SBs ($4.3 billion), four conduits ($2.6 billion), and one single-family rental ($455.6 million). July’s surveillance activity included rating reviews of 603 securities issued in connection with 51 transactions, including 38 conduits, six SBs, four Agencies, and three CRE CLOs. Of the 603 ratings, 546 were affirmed (90.5%), 47 were downgraded (7.8%), and 10 were upgraded (1.7%). In addition, eight 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