KBRA Releases Monthly CMBS Trend Watch

KBRA releases the February 2026 issue of CMBS Trend Watch.

Following a robust start to the year for commercial mortgage-backed securities (CMBS) private-label issuance, the momentum continued into February. Seventeen deals closed totaling $15.2 billion, bringing the year-to-date (YTD) total to $23.2 billion (30 deals). Commercial real estate (CRE) collateralized loan obligation (CLO) issuance in February included three deals totaling $2.6 billion. While stable capital markets, sustained borrower and investor demand, and a robust pipeline of maturing loans have been supporting issuance, current geopolitical events can lead to increased market volatility. For March, based on our current visibility, up to 17 deals could launch, including eight single-borrower (SB), four conduits, four CRE CLOs, and one Freddie Mac fixed-rate K-Deal (Agency).

In February, KBRA published pre-sales for 11 deals ($11.8 billion), including six SB ($7.4 billion), two CRE CLO ($2.1 billion), two conduits ($1.9 billion), and one small balance commercial (SC) ($355 million). February’s surveillance activity included rating reviews of 597 securities. Of the 597 ratings, 539 were affirmed (90.3%), 54 were downgraded (9%), and four were upgraded (0.7%). In addition, five ratings were placed on Watch Downgrade (DN).

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

Click here to view the report.

Recent Publications