The latest KCP Monthly Insights explores October’s biggest CMBS stories, including rising operating costs for NYC multifamily properties, hurricane-related exposure, and ongoing refinancing challenges. Read the October 2026 report below and subscribe for the latest KCP research. lnkd.in/p/e_NmUm4H

The GENIUS Act has accelerated a new stablecoin regulatory framework across banking. From NCUA and OCC rulemaking to live bank pilots and national trust charters, KFI highlights 10 developments bank and credit union leaders should be watching. Read the latest KBRA Financial Intelligence (KFI) analysis of 10 recent stablecoin developments across the banking industry that executives seeking to dive deeper into the market should be aware of for planning the right approach. kbra.com/analytics/products/… #Banking #Stablecoins #GENIUSAct #DigitalAssets #KFI

The $28.5 million Riverside Center loan (JPMDB 2016-C4) transferred to special servicing after failing to pay off at maturity in October 2026. The collateral is a 272,596 sf, three building office complex in La Crosse, Wisconsin. The single tenant, United Healthcare Services, Inc., formerly occupied 100% of all three buildings but vacated one building, 332 Front Street (34% of GLA), following the July 2025 lease expiration. The tenant's remaining lease (66%) expires in July 2028. The borrower is currently marketing the three buildings for sale at a combined asking price of $36 million ($132/sf). KCP identified the loan as a K-LOC in September 2023 due to tenant rollover concerns. Learn more: kbra.com/analytics/products/…

KBRA Credit Profile (KCP) is featured in the latest Commercial Mortgage Alert, highlighting improved CRE CLO distress metrics in September as new issuance, distressed loan resolutions, and deal redemptions helped bring rates down. Office remained an exception, with delinquencies rising 37 bps to 14.30%. Read the full article on Green Street or explore more at kbra.com/analytics/products/… #KCP #GreenStreetCommercialMortgageAlert #CRECLO #insights

In securitized markets, year-to-date (YTD) private label commercial mortgage-backed securities (CMBS) issuance through October 16 reached $108.1 billion, ahead of the $99.7 billion recorded over the same period last year. Commercial real estate (CRE) collateralized loan obligation (CLO) issuance also remains active, reaching $38 billion YTD, up from $23.1 billion over the same period in 2025. Learn more: kbra.com/analytics/products/…

The $205.4 million 2400 Market loan (COMM 2021-2400) transferred to special servicing ahead of its December 2026 maturity. The loan is secured by a 592,476 sf class A office and retail property in Philadelphia, Pennsylvania. According to servicer commentary, the borrower engaged CBRE to market the property for sale and requested a 150-day extension through May 8, 2027, as it does not anticipate completing the sale in time to repay the loan at maturity. The borrower has exhausted its three contractual extension options, and the current workout strategy is loan modification. The transfer follows a recently reported JPMorgan Chase sublease at the property, as detailed in our October 15 Credit Alert. Learn more: kbra.com/analytics/products/…

The $517.7 million Blackjack Portfolio loan (BX 2021-21M) transferred to special servicing in October, with special servicer commentary indicating that a three-month forbearance agreement was finalized to provide additional time to complete pending asset sales. The loan reached its October 2026 maturity and was reported as matured performing. The remaining collateral consists of six multifamily properties totaling 1,842 units following the release of Lakeside Villas, which resulted in a $51.6 million principal curtailment this month. At issuance, the portfolio comprised 21 multifamily properties totaling 6,671 units. Learn more: kbra.com/analytics/products/…

KCP examined 216 CMBS loans totaling $4.11 billion across New York City’s outer-borough multifamily market. Among loans with updated financials, latest reported occupancy was 96.5%, though operating expenses climbed 31.3% from underwriting against 2.8% revenue growth, pushing weighted-average DSCR down from 1.37 to 1.27. Learn more: linkedin.com/posts/kcp-kbra_…

During the October 2026 remittance period, the workout strategy for the $120 million 111 Livingston Street loan (CD 2017-CD3, CGCMT 2017-P7, CD 2017-CD4) shifted to a discounted payoff (DPO). The loan is secured by a 434,000 sf office building in Brooklyn, New York, and transferred to special servicing in July 2026 due to imminent default. Financials for the year ended December 2025 reflected NCF of $2.3 million (0.39 DSCR), while approximately 129,000 sf (30% of GLA) was being marketed for lease as of October 2026. The loan is scheduled to mature in January 2027. Learn more: kbra.com/analytics/products/…

The ICBA is challenging the OCC’s authority to grant national trust bank charters to firms conducting substantial non-fiduciary activities. The dispute comes as the OCC has received 29 de novo charter applications in 2026 so far, including 20 national trust charter applications. Dive into the full breakdown from KBRA Financial Intelligence (KFI) here: kbra.com/analytics/products/… #Banking #OCC #DeNovo #BankCharters #KFI

The $745.7 million Project Prime loan (THPT 2023-THL) transferred to special servicing during the October 2026 remittance period due to imminent monetary default. The loan is secured by a portfolio of 72 hotels (7,008 keys) across 19 states, down from 84 hotels (7,993 keys) at issuance following the release of 12 properties. The loan is scheduled to mature in December 2026 and was structured with no extension options. Learn more: kbra.com/analytics/products/…

KBRA Analytics looks forward to meeting you at ABS East 2026 in Miami Beach, October 18–21. Our complementary suite of data, news, research, and analytical solutions provides ABS and structured finance market participants with a more comprehensive view of the market. Stop by our booth to chat with our experts and learn how we help firms across the markets stay ahead of credit risk.

The 261-key Ritz-Carlton Half Moon Bay, collateral for the $1.58 billion Strategic Hotel Portfolio loan (SHR 2024-LXRY), is being sold to Regency Half Moon Bay LLC for an undisclosed price. The Half Moon Bay City Council recently approved an estoppel certificate related to the pending sale. Separately, the hotel paid approximately $2.2 million in delinquent taxes and interest to the city. The development comes shortly after the 750-key Fairmont Scottsdale Princess changed hands, which KCP previously highlighted in a September 28 credit alert. Both properties were among six collateral hotels marketed for sale earlier this year through Eastdil Secured. If both properties are released from the collateral, the portfolio would decline from nine hotels totaling 4,957 keys to seven totaling 3,946 keys. Learn more: kbra.com/analytics/products/…

Strong renter demand and rising occupancy are supporting New York City’s outer-borough multifamily market, but increasing operating expenses are putting pressure on property cash flows and raising concerns about emerging credit distress. In the latest KCP K-LOC Index, we examine multifamily performance across Brooklyn, the Bronx, Queens, and Staten Island, highlighting how rising costs are outpacing revenue growth and weakening debt service coverage despite favorable market fundamentals. Read the full report for the latest insights: go.kbra.com/KBRAKCPMarketing…

The Tysons Corner Center property was sold and released from the $271.1 million HBS Portfolio loan (HBCT 2015-HB10, HBCT 2015-HB7). The sale generated approximately $35.0 million in gross proceeds, of which $33.3 million was applied as a principal curtailment to the HB10 component. The remaining collateral consists of 20 retail properties, including 13 former Lord & Taylor locations and seven Saks Fifth Avenue stores. The transaction follows the release of four properties that generated approximately $74.6 million in net proceeds, as highlighted in a July 14 Credit Alert, and represents further progress in the special servicer’s orderly liquidation of the remaining collateral. Learn more: kbra.com/analytics/products/…

In October 2026, unionized workers at six downtown Chicago hotels, including the 1,641-key Palmer House Hilton (JPMCC 2018-PHH), went on strike ahead of the Chicago Marathon on Sunday, October 11, following unsuccessful contract negotiations. As previously highlighted in KCP's September 10 credit alert, five CMBS loans totaling $513.6 million were identified as having exposure to the broader labor dispute. The $328.9 million Palmer House Hilton loan transferred to special servicing in April 2020 and remains in foreclosure, with ongoing litigation delaying a judicial sale. The loan was deemed non-recoverable in December 2025, and a March 2026 appraisal valued the property at $295.0 million ($179,768/key). Learn more: kbra.com/analytics/products/…

KBRA Financial Intelligence is sponsoring the ABA Annual Convention, Oct. 25-27. Connect with KFI to explore how our financial data and analytics provide deeper insight into bank performance and the banking sector. aba.com/training-events/conf…

The property securing the $150.0 million The Grad loan (ACORE 2026-FL1) was sold in October 2026 for approximately $204.8 million ($204,391/bed) to a joint venture between Brookfield Asset Management and Coastal Ridge. The 19-story, 260-unit, 1,002-bed student housing property is located in San Jose, California, approximately one block from San Jose State University. The sale price represents a 9% discount to the November 2025 appraised value of $226 million ($225,549/bed). The floating-rate loan has an initial maturity in December 2026 and three one-year extension options. Learn more: kbra.com/analytics/products/…

Cushman & Wakefield is marketing the $73 million The Branson at Fifth loan (JPMBB 2015-C27) for sale following its failure to repay at its February 2025 maturity. Bids for the note sale were due October 8, while foreclosure proceedings remain ongoing against the collateral, a 31-unit multifamily property with 14,881 sf of retail space in Manhattan, New York. A July 2026 appraisal valued the collateral at $30.5 million ($516/sf), down 74% from $119.0 million ($2,012/sf) at issuance. Learn more:kbra.com/analytics/products/…

Credit union assets, loans, and deposits all grew in 2Q 2026, but consolidation remains a defining industry trend. Assets reached $2.5 trillion, loans $1.76 trillion, and deposits $2.13 trillion, while 51 proposed credit union-to-credit union mergers were open to comment in 1H. Dive into the exclusive KBRA Financial Intelligence (KFI) analysis here: kbra.com/analytics/products/… #CreditUnions #NCUA #CommercialLending #BankingData