KBRA Releases Monthly CMBS Trend Watch

KBRA releases the August 2026 issue of CMBS Trend Watch.

As summer draws to a close, private label CMBS issuance remains robust, with August posting its strongest monthly volume since the start of the decade. During the month, 21 deals totaling $11.6 billion priced, including 15 single-borrower (SB) and six conduit transactions. This brought year-to-date (YTD) issuance to $90.2 billion, up 14.6% from the same period last year.

Commercial real estate (CRE) collateralized loan obligation (CLO) issuance also maintained a strong pace, with two deals totaling $1.9 billion pricing in August. YTD CRE CLO issuance reached $31.6 billion, a 46.2% year-over-year increase, putting the market on track for another strong year.

Looking ahead, the prospect of higher interest rates and borrowing costs could test issuance momentum. However, for now, the near-term pipeline remains active. Based on our current visibility, as many as 18 transactions could be announced in September, including 10 SB deals, four conduits, three CRE CLOs, and one Freddie Mac K-Series Agency transaction.

In August, KBRA published pre-sales for 11 deals ($7.5 billion), including five SB ($2.8 billion), five conduits ($3.8 billion), and one CRE CLO ($900.0 million). August’s surveillance activity included rating reviews of 743 securities issued in connection with 89 transactions. Of the 743 ratings, 667 were affirmed (89.8%), 66 were downgraded (8.9%), and 10 were upgraded (1.3%).

Click here to view the report.

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