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CMBS Trend Watch: September 2025
KBRA's monthly analysis of Commercial Mortgage-Backed Securities market trends and developments.
CMBSCapital MarketsFinancing & CMBSUnited States
Updated 1 month ago
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KBRA's monthly analysis of Commercial Mortgage-Backed Securities market trends and developments.
KBRA's periodic analysis of Commercial Mortgage-Backed Securities market trends and conditions.
KBRA reports the delinquency rate among KBRA-rated US private label CMBS decreased to 7.7 percent in December 2025 from 7.8 percent in November, while the distress rate ticked up to 10.6 percent.
KBRA's November 2025 report tracks delinquency and distress rates across KBRA-rated US private label CMBS, with continued pressure in the office and multifamily sectors.
KBRA reports the delinquency rate among KBRA-rated US private label CMBS rose to 7.9 percent in October 2025, with 1.7 billion dollars in loans newly added to distress and multifamily seeing the highest new volume.
KBRA reports the office delinquency rate decreased 90 basis points to 12.3 percent in September 2025, while overall KBRA-rated CMBS delinquency stood at 7.7 percent.
KBRA's May 2025 report details delinquency and distress trends across KBRA-rated US private label CMBS, including new loan additions to distress and notable resolutions.
KBRA's CMBS Trend Watch reports year-over-year issuance doubled to 37.1 billion dollars through March 2025, alongside rating activity and surveillance trends across the sector.