Securitization of industrial properties, including data centers, was the hottest sector in non-agency commercial MBS last year. Meanwhile, all three agencies saw hefty increases in multifamily MBS issuance. (Includes two data tables.)

The commercial MBS delinquency rate climbed in December. Record CMBS issuance as well as a fading maturity wall are expected in 2026.

More than $100 billion of loans in commercial MBS have maturity dates this year. Refinancing the loans could be difficult given interest rate movements and declining revenues from commercial properties.