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CRE Securitized Debt Update

March 3, 2026

Private-Label CMBS and CRE CLOs

Two transactions totaling $1.4 billion priced last week:

1. BMARK 2026-B42, a $729.2 million conduit backed by 62 loans secured by 123 properties across 34 states. All but one loan have 10-year terms. The loan contributors are Deutsche, Citi, Goldman, NCB, Barclays, UBS, and BMO.
2. FS 2026-HULA, a $650 million SASB backed by a floating-rate, interest-only loan for BDT & MSD Partners to refinance the 249-room Four Seasons Resort Hualalai in Kailua-Kona (Big Island of Hawaii). The loan has a two-year initial term plus three one-year extension options.

By the numbers: YTD 2026 private-label CMBS and CRE CLO issuance totaled $23.2 billion, 15% lower than the $27.2 billion for same period last year.

Conduit Spreads Steady; SASB Spreads Widen

• Conduit AAA and A-S spreads were unchanged at +68 and +100, respectively.
• Conduit AA and A spreads were unchanged at +125 and +175, respectively.
• Conduit BBB- spreads were unchanged at +435.
• SASB AAA spreads moved from -1 to +25 bps, depending on property type, to a range of +100 to +165.
• CRE CLO AAA spreads were unchanged at +135/+140 (static/managed); BBB- spreads were also unchanged at +275/+285 (static/managed).

Agency CMBS

• Agency issuance totaled $3 billion last week, comprising an $1.6 billion in Freddie K and ML transactions, $1.2 billion in Fannie DUS, and $218.4 million in Ginnie transactions.
• Agency issuance for YTD 2026 totaled $31 billion, 39% higher than the $22.3 billion recorded for the same period in 2025.

Contact Raj Aidasani (raidasani@crefc.org) with any questions.

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DHS Shutdown Update

March 3, 2026

The shutdown of the Department of Homeland Security (DHS) heads into its third week with few signs of actual progress on reopening the department.

• The U.S. military action against Iran has heightened domestic security concerns, which may move lawmakers toward a deal framework. 

Why it matters: The DHS funding lapse began February 14 amid Democratic pushback on Immigration and Customs Enforcement (ICE) funding. The bill is the last remaining piece of FY 2026 government appropriations.

Democrats sent their last offer to fund the department to the White House on February 16. This offer included the following reforms to the agency as a stipulation of any funding deal:

• A mandate for body cameras,
• Judicial warrants before agents can enter private property (rather than administrative warrants,
• A ban on ICE agents wearing face masks,
• Stricter use-of-force policy, and 
• New training standards for agents.

The White House stated that many of those reforms were “non-starters” and did not respond to Democrats with an official counter offer until February 26, nearly two weeks later. 

• Senate Minority Leader Chuck Schumer (D-N.Y.) and House Minority Leader Hakeem Jeffries (D-N.Y.) said in a statement that they are “reviewing the counter offer closely.”

This past Friday, TSA employees received only a partial paycheck. As the shutdown of the agency heads into its third week, it’s unclear what, if anything, will incentivize lawmakers to come together and work on a solution.

Shutdown Effects: While services such as TSA and FEMA remain active, staff are still unpaid. To the good, ICE received significant funding from the One Big Beautiful Bill Act that it can tap to continue operations.

• Global Entry suspended: DHS announced that the Global Entry program, which expedites customs processing for pre-approved travelers, is halted for the duration of the shutdown.
• TSA PreCheck was initially paused, then restored. An earlier decision to suspend TSA PreCheck was reversed after pushback from industry and lawmakers, and the program remains operational, though DHS says it may adjust operations based on staffing constraints.
• Travel disruptions and staffing strain: Reports show that, despite official program continuations, some airports have temporarily shifted travelers from PreCheck to standard screening lanes due to resource limitations, compounding potential delays.
• Broader DHS impacts: The shutdown has also affected other areas of the department, including restrictions on FEMA travel and non-disaster response activities under current funding limitations.
  

Contact James Montfort (jmontfort@crefc.org) with any questions.

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Shape the Future of CREFC: Call for Forum Chair-Elect Nominations

March 3, 2026 

A vital part of the CRE Finance Council’s mission is driven by our Forums—specialized peer groups that serve as the engines of industry progress. Beyond providing a platform for discussing sector-specific trends and regulatory shifts, these groups are instrumental in tackling systemic issues and driving tangible change in how the industry operates, including the development and widespread adoption of market-leading best practices.

To ensure these groups continue to lead the industry conversation and catalyze meaningful change, we are officially opening nominations for our next class of Forum Chair-Elects.

This is a unique opportunity for members to take a leadership role within the Council, helping to curate programming and advocate for the interests of their specific market segment.

About the Forums

Our Forums are divided by constituency and asset focus to ensure relevant, high-level engagement across the CRE Finance industry. We are currently seeking leadership for the following groups:

• Alternative Lenders and High Yield Investors
• B-Piece Investors 
• GSE/Multifamily Lenders
• Investment-Grade (IG) Bondholders
• Issuers
• Portfolio Lenders – Bank & Insurance Company
• Servicers – Master and Special

Nominee Requirements

To maintain the high caliber of leadership our members expect, we invite nominations for individuals who meet the following criteria:

• Member Alignment: Nominees must be current employees of a CREFC member firm.
• Sector Expertise: Candidates should demonstrate significant professional experience and a proven track record within the specific Forum’s sector.
• Commitment to the Industry: A desire to contribute to the collective voice of the CRE finance community and a willingness to collaborate with fellow industry leaders.

Submit Your Nomination

Whether you are interested in stepping into a leadership role yourself or would like to recommend a colleague who has demonstrated exceptional insight and dedication to the industry, we want to hear from you.

The nomination process is straightforward and can be completed via the link below: SUBMIT A NOMINATION 

For a detailed breakdown of each Forum’s mission and current activities, please visit our Forums Overview page.

Join us in steering the future of CRE finance—nominate a leader today.

Contact Rohit Narayanan (RNarayanan@crefc.org) with any questions.

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