This KBRA report, together with the accompanying KBRA CMBS Loss Compendium: June 2025 Spreadsheet, provides updated loss estimates for KBRA-rated conduit transactions. The spreadsheet presents data for 375 outstanding transactions and includes lifetime realized losses for 13 conduits whose ratings have been withdrawn following payoffs. This edition incorporates updated performance data for 180 transactions reviewed since our December 2024 publication, along with 18 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-LOC