KBRA Releases the June 2026 issue of CMBS Trend Watch.
The summer heat has not cooled the commercial real estate (CRE) securitization market. New issuance continued at a healthy pace in June despite ongoing macroeconomic uncertainty, including the increasing possibility that the Federal Reserve could raise rates by year-end. In June, 18 private label commercial mortgage-backed securities (CMBS) deals closed for $13.4 billion. This brought total year-to-date (YTD) issuance to $70.3 billion, compared to $59.3 billion YTD 2025, for a year-over-year (YoY) increase of 18.1%. In addition, three CRE collateralized loan obligation (CLO) transactions closed, totaling $3.2 billion, with the YTD total at $26.1 billion, representing a 50.9% YoY increase. Looking ahead to July, the positive momentum is expected to continue based on our current visibility, as there are up to 21 deals that could launch, including 10 single-borrower (SB), four conduits, six CRE CLOs, and one Freddie Mac K-Series (Agency).
In June, KBRA published pre-sales for six deals ($7.9 billion), including three SBs ($3.7 billion), one conduit ($1.3 billion), one CRE CLO ($414.5 million), and one re-remic (RR) ($2.5 billion). June’s surveillance activity included rating reviews of 426 securities. Of the 426 ratings, 380 were affirmed (89.2%), 30 were downgraded (7%), and 16 were upgraded (3.8%).
This month’s edition also highlights recent KBRA research publications that cover various topical issues.
Click here to view the report.
Recent Publications
- CMBS Trend Watch: May 2026
- CMBS Loan Performance Trends: June 2026
- CRE CLO Loan Default and Loss Study: Rising Defaults and Modifications Amid Limited Losses
- Late Checkout: Lodging Delinquencies Vary by Price Class and Chain
- Metro-Level CRE Loan Distress: Bifurcated Performance
- Institutional SFR Ownership Limits Could Slow Sector Growth
- Anatomy of Loss in Single-Borrower CMBS: A Loan-Level Analysis
- Data Center Leases: Variations on Established Themes
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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