NEW YORK–(BUSINESS WIRE)–#creditratingagency–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.
Doc ID: 1013354
Contacts
Solomon Mankin, Senior Analyst
+1 646-731-1244
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Larry Kay, Senior Director
+1 646-731-2452
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Business Development Contact
Andrew Foster, Senior Director
+1 646-731-1470
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