KBRA releases the July 2025 issue of CMBS Trend Watch.

It has been anything but the summer doldrums for the CMBS private label market, as 20 deals priced in July, outpacing the 14 in June. Investor demand was robust, led by 15 single borrower (SB) transactions and five conduits. For the month, $12.4 billion priced, bringing the year-to-date issuance through July to a level 29% higher year-over-year (YoY). Following a very strong July, August activity could show signs of slowing. Based on our current visibility, up to 12 deals could launch in August, including six SBs, three conduits, two commercial real estate (CRE) collateralized loan obligations (CLO), and one Freddie Mac K-Series (Agency).

In July, KBRA published pre-sales for 10 deals ($7.4 billion), including five SBs ($4.3 billion), four conduits ($2.6 billion), and one single-family rental ($455.6 million). July’s surveillance activity included rating reviews of 603 securities issued in connection with 51 transactions, including 38 conduits, six SBs, four Agencies, and three CRE CLOs. Of the 603 ratings, 546 were affirmed (90.5%), 47 were downgraded (7.8%), and 10 were upgraded (1.7%). In addition, eight 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

• 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
• Churn Rates in Managed CRE CLOs: Vintage Effect
• New Vintage Office Loans: Rising Credit Quality Amid Lingering Uncertainty
• Data Centers: A Comparison of ABS and CMBS Structures
• KBRA Global Rating Stability and Transition Study: 2011-2024
• CMBS Trend Watch: June 2025
• CMBS Loan Performance Trends: July 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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