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KBRA Affirms All Ratings for BMO 2023-C6

15 Aug 2025   |   New York

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KBRA affirms all of its outstanding ratings for BMO 2023-C6, a $597.3 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a worsening in pool performance since closing including the addition of specially serviced loans and K-LOCs with estimated losses. However, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the July 2025 remittance period, there are five specially serviced assets (12.9% of the pool balance), of which three (5.1%) are 90+ days delinquent and one (4.7%) is in foreclosure. KBRA identified 11 K-LOCs (20.2%), including the specially serviced assets. Of the K-LOCs, four (10.2%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 6 Maple Creek Village MF 28,200 4.7% Y 90+ Y Foreclosure 06/27/2024 $2,923 10.4% 10 Cincinnati Multifamily Portfolio II MF 21,000 3.5% Y 90+ Y Delinquent 06/27/2024 $3,265 15.5% 14 HIE Gatlinburg LO 18,579 3.1% Y C Y Specially Serviced 04/04/2024 - - 15 Midwest Anchor Retail Portfolio RT 15,728 2.6% N C Y Tenant Issues 06/02/2025 - - 24 Holiday Inn Santee LO 7,570 1.3% N C Y DSCR 01/08/2025 $3,628 47.9% 25 Best Western Plus Diamond Valley Inn LO 6,407 1.1% N C Y DSCR 05/12/2025 - - 28 2021 Avenue X OF 5,500 0.9% Y 90+ Y Delinquent 04/04/2024 - - 29 Holiday Inn Express Picayune, MS LO 5,427 0.9% N C Y DSCR 06/02/2025 - - 30 938 East 4th Street MF 4,400 0.7% N C Y DSCR 06/27/2024 - - 31 Society Hill Portfolio MU 4,000 0.7% Y 90+ Y Specially Serviced 01/03/2024 $658 16.5% 32 Mini U Storage - Maple Shade SS 3,950 0.7% N C Y DSCR 06/02/2025 - - Total K-LOCs $120,761 20.2% $10,475 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-LOCs with estimated losses, the transaction’s WA KLTV is 83.6%, compared to 86.4% at last review and 85.7% at securitization. The WA KDSC is 1.59x, compared to 1.58x at last review and 1.59x at securitization.

To access ratings and relevant documents, click here.

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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.

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