Press Release|CMBS
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KBRA Affirms All Ratings for BX 2025-SPOT

26 Mar 2026   |   New York

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KBRA affirms its outstanding ratings for BX 2025-SPOT, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

At securitization, the transaction was secured by a $1.3 billion first-lien whole mortgage loan backed by a portfolio of 98 properties (95 industrial properties, two data centers, and one excess land parcel) encompassing 11.7 million sf. Since closing, 13 industrial property releases have reduced the portfolio to 85 total properties (82 industrial properties, two data centers, and one excess land parcel) and decreased the outstanding balance to $1.18 billion as of the March 2026 remittance period. The portfolio has 10.5 million sf of space in 10 states that is leased to more than 230 tenants. The floating-rate interest-only loan has an initial term of two years and allows three one-year extension options. The initial maturity is April 9, 2027. The sponsors of the borrowers are affiliates of Blackstone Real Estate Income Trust, Inc., which is an affiliate of The Blackstone Group (NYSE: BX).

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $73.4 million and a KBRA value of $998.3 million ($95 per sf). The resulting in-trust KLTV is 118.1%, which compares to 119.3% at securitization. KBRA assigned a KPO of Perform to the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

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.

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 U.S. 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. 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.

Doc ID: 1014153