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).
The June conduit benchmark last cash flow (LCF)…
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