KBRA Affirms Outstanding Rating for DWIGHT 2025-FL1
16 Jun 2026 | New York
KBRA affirms its outstanding rating for DWIGHT 2025-FL1, a CRE CLO transaction with a two-year reinvestment period that commenced with a six-month ramp-up period. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.
At the time of this review, the total collateral balance is $925.0 million, which is comprised of 32 first mortgage loans secured by 37 properties and $23.2 million of cash collateral. During the remainder of the transaction’s reinvestment period, which ends in June 2027, the issuer can continue to acquire previously unidentified whole loans and senior participations with principal proceeds from the mortgage assets, provided such assets satisfy the reinvestment criteria and eligibility criteria.
As of the May 2026 remittance period, there is one loan (2.2% of the loan pool balance) that is non-performing matured balloon. The loan is expected to be extended. Four additional loans (9.5%) are performing matured balloon but each has additional extension options remaining. The transaction’s WA KLTV is 111.6%, compared to 111.3% at securitization. The KDSC at Index Cap is 0.90x, compared to 0.89x at closing. The overcollateralization and interest coverage tests have each been satisfied during each distribution date since issuance.
At securitization, 18 loans (73.3% of issuance loan balance) had a related pari passu unfunded future advance obligation,in the aggregate amount of $73.6 million. In total, there are currently 18 loans (70.1% of current loan balance) with unfunded future advance obligations with an aggregate of $52.0 million unfunded as of March 2026.
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