KBRA Affirms All Ratings for A10 2025-FL6
13 Nov 2026 | New York
KBRA affirms all of its outstanding ratings for A10 2025-FL6, a CRE CLO transaction with an 18-month 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 $350.0 million, which is comprised of 22 first mortgage loans secured by 27 properties and $19.4 million of cash collateral. During the remainder of the transaction’s reinvestment period, which ends in May 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 acquisition criteria and eligibility criteria.
As of the October 2026 remittance period, there is one loan (5.0% of the loan pool balance) that is 60+ days delinquent and has been identified as a K-LOC. However, the loan is expected to be purchased out of the trust in the near term. The transaction’s WA KLTV is 114.5%, compared to 106.6% at securitization. The KDSC at Index Cap is 0.86x, compared to 0.92x at closing. The overcollateralization and interest coverage tests have each been satisfied during each distribution date since issuance.
At securitization, 12 loans (50.7% of issuance loan balance) had a related pari passu unfunded future advance obligation, in the aggregate amount of $14.8 million. In total, there are currently 11 loans (46.9% of current loan balance) with unfunded future advance obligations with an aggregate of $13.0 million unfunded as of June 2026.
To access ratings and relevant documents, click here.
Click here to view the report.