CRE Securitized Debt Update
March 10, 2026
Private-Label CMBS and CRE CLOs
Three transactions totaling $2.6 billion priced last week:
- BMARK 2026-V21, a $1.2 billion conduit backed by 41 five-year loans secured by 68 properties from Goldman, Citi, Deutsche, Barclays, and BMO.
- BMO 2026-5C14, a $766.7 million conduit backed by 33 five-year loans secured by 95 properties from a group of nine lenders led by BMO.
- BX 2026-OPTM, a $617 million SASB backed by a floating-rate, five-year loan (at full extension) for Blackstone to acquire a portfolio of nine multifamily properties totaling 2,936 units across six states.
By the numbers: YTD 2026 private-label CMBS and CRE CLO issuance totaled $35.8 billion, down 1% from the $36.3 billion for the same period last year.
Conduit Spreads Widen Out Over Conflict in Middle East
- Conduit AAA spreads were wider by 10 bps to +78, while A-S spreads were wider by 5 bps to +105.
- Conduit AA spreads were wider by 10 bps to +135, while A spreads were wider by 20 bps to +195.
- Conduit BBB- spreads were wider by 15 bps to +450.
- SASB AAA spreads moved from +3 to +7 bps, depending on property type, to a range of +104 to +172.
- CRE CLO AAA spreads were wider by 10 bps to +145/+150 (static/managed); BBB- spreads were wider by 75 bps to +350/+360 (static/managed).
Agency CMBS
- Agency issuance totaled $3.5 billion last week, comprising $3 billion in Freddie Multi-PC and K transactions, $344.4 million in Fannie DUS, and $115.3 million in Ginnie transactions.
- Agency issuance for YTD 2026 totaled $34.7 billion, 41% higher than the $24.6 billion recorded for the same period in 2025.
Contact Raj Aidasani (raidasani@crefc.org) with any questions.