KBRA releases the October 2025 issue of CMBS Trend Watch.

As we approach year-end, commercial mortgage-backed securities (CMBS) private label issuance is on track to have its strongest year since 2007. Helping us get there, our current visibility shows up to 21 potential deals in November including eight single-borrower (SB), seven conduit, five commercial real estate (CRE) collateralized loan obligations (CLO), and one Freddie Mac K-Series (Agency) deal. In October, 15 deals totaling $10.8 billion priced, representing a 17.1% increase on a year-to-date (YTD) year-over-year (YoY) basis.

In October, KBRA published pre-sales for seven deals ($6.6 billion), including four SB ($3.3 billion), two conduits ($2 billion), and one Agency ($1.3 billion). October’s surveillance activity included rating reviews of 583 securities issued in connection with 54 transactions, including 37 conduits, 10 SBs, and seven Agency. Of the 583 ratings, 514 were affirmed (88.2%), 59 were downgraded (10.1%), and 10 were upgraded (1.7%). In addition, 11 ratings were placed on Watch Downgrade.

This month's edition also highlights recent KBRA research publications that cover various topical issues.

Click here to view the report.

Recent Publications

• Self-Storage: The Shifting Landscape
• CMBS Servicer Advances: Curtailments Accelerate
• Conduit CMBS Default and Loss Study Update: 2.0 Begins to Make Its Mark
• Conduit Subordination: Follow the Credit Metrics
• KBRA CMBS Loss Compendium Update: June 2025
• CMBS Trend Watch: September 2025
• CMBS Loan Performance Trends: October 2025

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

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