KBRA Releases Research – KBRA CMBS Loss Compendium Update: June 2026
14 Jul 2026 | New York
KBRA releases the June 2026 issue of the KBRA CMBS Loss Compendium, providing updated loss estimates for all 394 KBRA-rated outstanding conduit transactions. The report, together with the accompanying spreadsheet, also includes data on lifetime realized losses for 22 conduits whose ratings have been withdrawn following payoffs.
The compendium uses the following two metrics to present the loss figures: KBRA Lifetime Base Loss (KLBL), which represents our loss estimate for each transaction during its lifetime as a percentage of its original balance; and KBRA Future Base Loss (KFBL), which represents potential future losses as a percentage of outstanding deal balance as of the most recent rating action date.
As of June 2026, the average KLBL (as a % of original deal balance) reached 5.9% (ranging from 1.6% to 22.2%)—the highest recorded level to date. This compares to 5.8% in December 2025 and 5.5% in June 2025. The average KFBL (as a % of review date deal balance) increased to 13.3% (ranging from 2.6% to 94.4%). This marks a continued upward trend, increasing from 12.5% in December 2025 and 10.9% in June 2025. The continued upward trend in our future loss estimates reflects increased losses in the more seasoned vintages and an increase in KBRA’s conduit distress rate—which includes both delinquent loans and current but specially serviced loans—increasing 37 basis points (bps) over the past year to 11.8% as of June 2026.
Click here to view the report.