KBRA releases the February 2026 issue of CMBS Trend Watch.

Following a robust start to the year for commercial mortgage-backed securities (CMBS) private-label issuance, the momentum continued into February. Seventeen deals closed totaling $15.2 billion, bringing the year-to-date (YTD) total to $23.2 billion (30 deals). Commercial real estate (CRE) collateralized loan obligation (CLO) issuance in February included three deals totaling $2.6 billion. While stable capital markets, sustained borrower and investor demand, and a robust pipeline of maturing loans have been supporting issuance, current geopolitical events can lead to increased market volatility. For March, based on our current visibility, up to 17 deals could launch, including eight single-borrower (SB), four conduits, four CRE CLOs, and one Freddie Mac fixed-rate K-Deal (Agency).

In February, KBRA published pre-sales for 11 deals ($11.8 billion), including six SB ($7.4 billion), two CRE CLO ($2.1 billion), two conduits ($1.9 billion), and one small balance commercial (SC) ($355 million). February’s surveillance activity included rating reviews of 597 securities. Of the 597 ratings, 539 were affirmed (90.3%), 54 were downgraded (9%), and four were upgraded (0.7%). In addition, five 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
• SFVegas 2026 Conference: Tuesday Recap
• SFVegas 2026 Conference: Monday Recap
• 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: January 2026
• CMBS Loan Performance Trends: February 2026

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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