Following a very strong June for issuance, the commercial real estate (CRE) securitization market experienced a summer seasonal slowdown in July. A total of 10 private label CMBS conduit and single-borrower (SB) transactions priced during the month, down from 18 in June. SB deals continue to dominate issuance, accounting for eight of the transactions. Despite the slower monthly pace, year-to-date (YTD) private label CMBS issuance reached $76.7 billion through July, compared with $71.7 billion during the same period in 2025, representing a 6.9% year-over-year (YoY) increase.
CRE collateralized loan obligation (CLO) issuance remained active in July, with four pricing during the month. Through July 2026, 30 CRE CLOs had priced, up from 18 during the same period in 2025, contributing to a 62.8% YoY increase in issuance volume.
Based on our current visibility, issuance is expected to rebound in August, with as many as 14 CMBS transactions potentially launching, including nine SB and five…
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