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KBRA Affirms All Ratings for WFCM 2018-C48

5 Dec 2025   |   New York

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KBRA affirms all of its outstanding ratings for WFCM 2018-C48, a $722.5 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited an increase in estimated losses on four K-LOCs (17.0% of the pool balance) since last review. However, the magnitude of the changes does not warrant ratings adjustments at this time. In addition, the transaction’s capital structure, particularly at the top, has benefitted from deleveraging from loan payoffs, amortization, and defeasance.

As of the November 2025 remittance period, there are no specially serviced loans, however, one loan (3.3%) is 30+ days delinquent. KBRA identified eight K-LOCs (22.2%), including the delinquent loan. Of the K-LOCs, four (17.0%) have estimated losses.

Loss Given Default (000s) Loss Severity 4 Riverworks OF $38,629 5.3% N C N Occupancy 08/06/2024 $9,152 23.7% 5 1000 Windward Concourse OF $30,071 4.2% N C N Occupancy 02/05/2024 $2,817 9.4% 6 Starwood Hotel Portfolio LO $30,000 4.2% N C N DSCR 01/29/2025 $13,307 44.4% 10 1600 Terrell Mill Road OF $24,133 3.3% N 30+ N Delinquent 03/26/2024 $8,775 36.4% 19 Lakeside Pointe & Fox Club Apartments MF $15,417 2.1% N C N Property Damage 12/22/2020 - - 31 Fair Oaks Mall RT $8,467 1.2% N C N Prior SS 10/13/2020 - - 34 Kaden Tower OF $7,086 1.0% N C N Occupancy 8/11/2020 - - 36 Hampton Inn & Suites - Sterling Heights LO $6,752 0.9% N C N DSCR 05/02/2024 - - Total K-LOCs $160,555 22.2% $34,051 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 90.3%, compared to 96.2% at last review and 99.9% at securitization. The WA KDSC is 1.73x, compared to 1.72x at last review and 1.66x at securitization.

To access ratings and relevant documents, click here.

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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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