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KBRA Releases Monthly CMBS Trend Watch

BY Business Wire | AGENCY | 11:44 AM EST

NEW YORK--(BUSINESS WIRE)-- 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

Source: Kroll Bond Rating Agency, LLC

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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