This KBRA report, together with the accompanying KBRA CMBS Loss Compendium: June 2026 Spreadsheet, provides updated loss estimates for KBRA-rated conduit transactions. The spreadsheet presents data for 394 outstanding transactions and includes lifetime realized losses for 22 conduits whose ratings have been withdrawn following payoffs. This edition incorporates updated performance data for 177 transactions reviewed since our December 2025 publication, along with 13 newly rated transactions. Additionally, the number of transactions with rating withdrawals due to payoffs has increased by five.
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 discrete loss estimates for certain KBRA Loans of Concern (K-LOC
KBRA expects these…
Log in or Subscribe to KBRA Premium to view this report.
Trusted Ratings. Actionable Intelligence.
With a KBRA Premium subscription, you gain full access to KBRA’s authoritative ratings, deep research, and industry-leading analytics. Built for market professionals who require clarity, context, and confidence in every decision.