In Conversation: MBA CREF 2026 Takeaways

The Mortgage Bankers Association (MBA) Commercial/Multifamily Finance Convention and Expo, held from February 8–11, 2026, in sunny San Diego, attracted a diverse mix of industry professionals. With robust participation and a palpable sense of momentum, the event highlighted key trends, shifts in the landscape, and emerging opportunities within commercial real estate (CRE) finance. 

To capture the pulse of the conference, Andy Garrett, SitusAMC Head of Marketing & Communications, sat down with Mike Benz, Managing Director of CRE Revenue, and Joe McBride, Senior Director, CRE and CMBS. The trio discussed the energy at the event, major themes of the conference, and what lenders should consider in the year ahead.  

A Market Energized but Cautious 

The general sentiment from the conference was one of optimism, tempered by caution. Mike Benz, reflecting on the event’s mood, shared that the momentum from previous conferences like CREFC and NMHC carried over into MBA 2026. “It was great, with the momentum continuing. What stood out was how conversations shifted from theoretical to practical,” said Benz. “The originators were just as excited as the other groups we met with.” 

Joe McBride echoed this sentiment, describing the business environment as “cautiously bullish,” with pipelines full and an active market. He cautioned, however, that players in the space would need to pace themselves, as the year still held a long cycle of conferences and opportunities ahead. Despite some caution, the mood was largely positive, with many attendees expressing confidence in the market’s resilience. 

A Diverse Mix of Market Participants  

A noteworthy trend at MBA 2026 was the growing diversity in participants, with both traditional and non-traditional lenders showing up in force. The market saw an influx of private credit lenders, while banks were not absent, with several major players making their presence felt. “We had meetings with a range of lenders: bridge lenders, balance sheet banks, debt funds, and life insurance companies,” said Benz. “It was a diverse representation across the board.” 

McBride added that while larger institutions like KKR and Bank of America still command significant volume, there appears to be considerable activity in the middle and lower ends of the market. Smaller lenders—such as those focused on loans between $2M to $20M—remain as busy as ever, proving that there’s a place for every type of lender in this market.  

The Battle for Differentiation in a Crowded Space 

As the number of players in the commercial real estate finance space grows, the challenge of differentiation becomes more pressing. Both Benz and McBride pointed out that lenders are finding success by carving out their area of focus. “Everyone seems to have their niche,” said McBride. “Some lenders specialize in specific sectors, like healthcare, or focus on smaller markets. It’s a crowded space, but there’s still room for those who can find their specialized area of expertise.” 

A good example of this niche approach was a conversation with a lender specializing in memory care within the healthcare space, who was thriving despite being in a very specific subset of CRE. McBride also noted that some lenders were opting for more sustainable, lifestyle business models, finding success without the need to compete with the largest players. This diversity of strategies is key to standing out in a market full of new entrants. 

AI: Moving Beyond Buzzwords  

Artificial intelligence (AI) was another major topic at MBA 2026, but this time the conversation moved beyond generalities. As Benz pointed out, the discussion around AI felt more “real” compared to previous years. “It was more into the weeds,” he said. “People were asking specific questions about how they were using AI.” 

A fascinating example shared by Benz was a broker who, despite having no technical background, had built an AI bot using recent Claude enhancements to manage his email and other tasks, making him “200% more efficient.” Benz stressed that this kind of practical use of AI in the real estate space—solving specific, everyday problems—will likely be the way forward, with many professionals discovering AI’s potential through hands-on experimentation. 

CRE CLOs: Growing Interest and New Players 

Commercial real estate collateralized loan obligations (CRE CLOs) were another hot topic at MBA 2026. With strong demand for floating rate exposure to CRE, more players are entering the space, especially as the flexibility of CRE CLOs becomes increasingly attractive. “We had conversations with a number of lenders who were either about to launch their first-ever CRE CLO or were seeking advice on how to securitize their loans,” said Benz. 

While traditional CMBS markets continue to shrink, the CRE CLO structure is gaining momentum. McBride added that the trend of large investment banks partnering with debt funds to offer a more diverse range of products—such as fixed-rate loans—might contribute to the further expansion of CRE CLOs in the coming years.  

A More Creative, Diversified Market 

The overarching theme at MBA 2026 was the increasing importance of diversification and creativity in the commercial real estate finance space. Both Benz and McBride stressed that with so many players entering the market, and so many capital sources competing, the future will belong to those who can think outside the box. 

“There’s a lot of opportunity right now,” McBride said. “People are getting creative—whether it’s in their debt boxes, credit boxes, or even the products they’re pursuing.” He noted that this creativity, whether through niche lending, technological advancements, or new financing structures, would shape the future of the market.