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

• 2026 U.S. CMBS Outlook: Issuance Momentum Builds; Loan Distress Remains Elevated
• CREFC January Conference 2026 – Day 1 Recap
• CREFC January Conference 2026 – Day 2 Recap
• CREFC January Conference 2026 – Day 3 Recap
• 2025 CMBS Loan Maturities: Office Drives Improving Refinance Rates
• KBRA CMBS Loss Compendium Update: December 2025
• Single-Borrower CMBS Default and Loss Study: Shaped by Unprecedented Events
• CMBS Trend Watch: December 2025
• CMBS Loan Performance Trends: December 2025

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

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