KBRA Releases Monthly CMBS Trend Watch

KBRA Releases the June 2026 issue of CMBS Trend Watch.

The summer heat has not cooled the commercial real estate (CRE) securitization market. New issuance continued at a healthy pace in June despite ongoing macroeconomic uncertainty, including the increasing possibility that the Federal Reserve could raise rates by year-end. In June, 18 private label commercial mortgage-backed securities (CMBS) deals closed for $13.4 billion. This brought total year-to-date (YTD) issuance to $70.3 billion, compared to $59.3 billion YTD 2025, for a year-over-year (YoY) increase of 18.1%. In addition, three CRE collateralized loan obligation (CLO) transactions closed, totaling $3.2 billion, with the YTD total at $26.1 billion, representing a 50.9% YoY increase. Looking ahead to July, the positive momentum is expected to continue based on our current visibility, as there are up to 21 deals that could launch, including 10 single-borrower (SB), four conduits, six CRE CLOs, and one Freddie Mac K-Series (Agency).

In June, KBRA published pre-sales for six deals ($7.9 billion), including three SBs ($3.7 billion), one conduit ($1.3 billion), one CRE CLO ($414.5 million), and one re-remic (RR) ($2.5 billion). June’s surveillance activity included rating reviews of 426 securities. Of the 426 ratings, 380 were affirmed (89.2%), 30 were downgraded (7%), and 16 were upgraded (3.8%).

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

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Recent Publications