KBRA Releases Monthly CMBS Trend Watch

NEW YORK--(BUSINESS WIRE)--
KBRA releases the November 2025 issue of CMBS Trend Watch.

With the Federal Reserve’s December meeting drawing near, market participants will be closely watching the central bank’s policy decision and guidance to aid in their projections for 2026. Meanwhile, declining borrowing costs in 2025 have contributed to healthy commercial real estate (CRE) securitization issuance. For commercial mortgage-backed securities (CMBS), the $115.2 billion of issuance year-to-date (YTD) through November already marks the highest level since full-year 2007, and CRE collateralized loan obligations’ (CLO) $29.6 billion is the highest since full-year 2022. Year-over-year (YoY), YTD CMBS issuance increased 18.9%, and CRE CLOs by over 3x (albeit from depressed levels). Looking toward December—based on our current visibility, up to 14 deals could launch, including six single-borrower (SB), three conduits, three CRE CLOs, and two Freddie Mac fixed-rate K-deals (Agency).

In November, KBRA published pre-sales for seven deals ($4.2 billion), including two conduits ($1.5 billion), two single-family rentals (SFR) ($1.1 billion), two CRE CLOs ($957 million), and one Agency ($620 million). November’s surveillance activity included rating reviews of 666 securities issued in connection with 66 transactions, including 39 conduits, 12 SFRs, six SBs, five Agency, three small-balance commercial (SC), and one large loan (LL). Of the 666 ratings, 584 were affirmed (87.7%), 61 were downgraded (9.1%), and 21 were upgraded (3.2%). In addition, 17 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

• 2026 U.S. CMBS Outlook: Issuance Momentum Builds; Loan Distress Remains Elevated
• 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: October 2025
• CMBS Loan Performance Trends: November 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.

Doc ID: 1012579

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Solomon Mankin, Senior Analyst

+1 646-731-1244

[email protected]

Larry Kay, Senior Director

+1 646-731-2452

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Business Development Contact

Andrew Foster, Senior Director

+1 646-731-1470

[email protected]

Source: Kroll Bond Rating Agency, LLC