KBRA Releases Monthly CMBS Trend Watch

KBRA releases the January 2026 issue of CMBS Trend Watch.

The commercial real estate (CRE) securitization market has remained hot, even while much of the country has been in a deep freeze. Commercial mortgage-backed securities (CMBS) private-label issuance was $7.9 billion (13 deals) in January, and CRE collateralized loan obligation (CLO) issuance made a meaningful contribution of $7.5 billion (seven deals), representing 48% of total CRE securitization issuance. Based on current visibility, February issuance could see up to 24 deals, including 12 single-borrower (SB), six CRE CLO, five conduit, and one Freddie Mac K-Series (Agency) deal.

In January, KBRA published pre-sales for 11 deals ($9.1 billion), including four SB ($3.3 billion), three conduits ($2.4 billion), two CRE CLO ($1.8 billion), one Agency ($1.2 billion), and one single-family rental (SF) ($410.5 million). January’s surveillance activity included rating reviews of 364 securities. Of the 364 ratings, 319 were affirmed (87.6%), 40 were downgraded (11%), and five were upgraded (1.4%). In addition, 12 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