Press Release|CMBS
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KBRA Affirms All Ratings for Benchmark 2025-V18

30 Oct 2026   |   New York

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KBRA affirms all of its outstanding ratings for Benchmark 2025-V18, a $1.3 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since securitization with the addition of specially serviced loans and K-LOCs. However, the magnitude of the additions does not warrant ratings adjustments at this time.

As of the October 2026 remittance period, there are three specially serviced loans (6.2% of the pool balance), which is relatively high for a conduit that is seasoned for only one year. The specially serviced assets include one (3.2%) that is 60+ days delinquent. In addition, one loan (0.5%) is 30+ days delinquent but not specially serviced. KBRA has identified four loans (6.8%) as K-LOCs, including the specially serviced loans. Of the K-LOCs, one (2.1%) has an estimated loss. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 15 Haven at Bellaire MF $41,600 3.2% Y 60+ N SS 06/02/2026 - - 20 Providence at Champions MF $27,500 2.1% Y C N SS 08/04/2026 $4,138 15.1% 32 Leeton Leased Fee Pool B Portfolio RT $13,040 1.0% Y C N SS 08/04/2026 - - 42 Scottish Traveler RV Park MH $7,000 0.5% N 30+ N Delinquent 10/13/2026 - - Total K-LOCs $89,140 6.8% $4,138 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In-Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 92.6% compared to 92.8% at securitization. The WA KDSC is 1.58x, which is unchanged since securitization.

To access ratings and relevant documents, click here.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the US Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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