Trepp

The 10-year Treasury yielded 5.23% in early October, up 135 bps from February, and refinancing remained the central challenge as the third quarter closed for CRE borrowers with loans originated at lower interest rates. Higher benchmark yields can reduce refinancing proceeds even when lenders leave their credit spreads unchanged. The Q3 2026 Quarterly Data Review opens with that refinancing test, then tracks the hard maturity calendar, delinquency, special servicing, property pricing, and lender balances around it. Access the full magazine: hubs.li/Q04CKw7S0

New episode! We break down the Fed's rate hold, dissenting votes, Treasury yields, and widening credit spreads before taking a tour through the "Haunted House of CMBS" to explore data center spread volatility, capital stack ghosts, hotel distress, and more. This episode is sponsored by InvestNext. Tune in now🔊hubs.li/Q04CQWGx0

A law firm leasing about 22.5% of the collateral behind $2.3B of CMBS debt is reportedly discussing a wind down, ahead of the loan's July 2027 maturity. The collateral is a 50 story office tower in Midtown Manhattan. Clients have the story with Trepp: hubs.li/Q04CKtk20

The Fed held at 3.75% to 4.00% in a 10 to 2 vote. For CRE, the hold brings no immediate relief on floating-rate debt costs, and fixed-rate financing still depends on Treasury or swap rates and spreads, which can rise while the Fed waits. hubs.ly/Q04CKr090

The value of the collateral backing a $131.5M CMBS loan was cut by 25% to $162.5M, down from $217M at securitization. The collateral is a 345 unit multifamily property in the Financial District, Manhattan. Clients have the story with Trepp: hubs.li/Q04Cck_s0

🚨TreppWire Trading Alert: L.A. Office and Studio Portfolio Loan Transfers to Special Servicing The $1.1B Los Angeles Office/Studio Portfolio CMBS loan transferred to special servicing for imminent balloon and maturity default. The collateral is 2.23 million square feet of office and studio space. Clients have the story with Trepp: hubs.li/Q04CckYF0

A $73.2M CMBS loan transferred to special servicing after failing to pay off at its October maturity. The collateral is a 341,107 square foot retail property in Houston, TX. Clients have the story with Trepp: hubs.li/Q04CckKR0

New episode of The TreppWire Podcast 🎙️ Hike or Rate Spike? Our hosts debate whether the Fed will raise rates or if markets could see a rate spike instead. Plus, we discuss AI's impact on inflation, 245 Park Ave's $2B refinancing, more signs of CRE loan distress, and a Chicago office foreclosure. Plus... flying cars? Tune in now: hubs.li/Q04C56HK0

Opportunity Zones are now a permanent part of the tax code. What does that mean for multifamily investors? In this special guest episode of The TreppWire Podcast, we sit down with Barrett Linburg of Savoy Companies to talk about Opportunity Zones 1.0 and 2.0, revitalizing a Dallas neighborhood through urban infill and heavy value-add, and how Savoy built its own AI-powered operating system. @DallasAptGP Tune in now: trepp.com/treppwire-podcast/…

New episode! In this week’s episode of The TreppWire Podcast, we break down bank earnings, hotter-than-expected inflation, shifting Treasury yields, and $2.9B in commercial real estate exposure across hurricane-impacted markets. Tune in now 🔊 hubs.li/Q04Bmhcj0

Where Is Multifamily Delinquency Concentrated? Private-Label CMBS Holds Half of Delinquent Debt hubs.li/Q04BhKwv0

Banks and government-sponsored enterprises added the most dollar volume to the $5.1T income-producing CRE debt market in Q2 2026. Securitized balances rose just 0.1% after a strong start, and near-term maturities remain concentrated in banks and securitized lenders. Our new report maps who holds the debt and when it is estimated to come due. Download the report: hubs.li/Q04zKb5d0

Higher financing costs, tighter underwriting, and a growing wall of maturities. This week, we break down the CRE refinancing challenge, $78B of CMBS debt coming due through 2027, leverage trends, and the deals we're watching. Tune in now🔊 hubs.li/Q04zHF-x0

The Trepp CMBS delinquency rate rose 17 bps in September to 8.02%, its highest level since November 2020. The largest was a $1.10 billion eight-property studio-and-office portfolio in Los Angeles. Access the full report: hubs.li/Q04zgjSM0

From the GFC to today’s higher-rate environment, CRE lenders have had to adapt to every market cycle. In this special guest episode of The TreppWire Podcast, we sit down with Stefanie Stewart of Voya Investment Management to discuss lending through market cycles, stressed sponsors vs. stressed assets, opportunities in industrial real estate, and how AI is helping lenders move faster in today’s market Tune in now: hubs.li/Q04zgjQ_0

Four Las Vegas Casino Loans Are Masking Securitized Lodging’s Cash-Flow Compression hubs.li/Q04zc1c30

New episode! As the Fed weighs its next move, we discuss what rising Treasury yields could mean for CRE, and Bain's estimated $4.2T AI revenue gap and the data center boom. We also break down $4.7B of October CMBS hard maturities and the growing gap between performing loans and refinancing reality. Tune in now 🔊: hubs.li/Q04y-8jt0

Episode 424 is out! The 10-year pushes past 5%, diesel prices bite, and Fed speakers keep the door open. We get into the pushback on the AI buildout, what a hotel brand really tells you about loan performance, plus office, industrial & retail stories. Tune in now: hubs.li/Q04ygZ5q0

Trading Alert: Jersey City Hotel Loan Returns to Special Servicing A $100M CMBS loan transferred to special servicing ahead of its October maturity, with an imminent balloon and maturity default. The borrower indicated it will be unable to pay off the loan at maturity. The collateral is a 351 key full service hotel in Jersey City, NJ. Clients have the story with Trepp: hubs.li/Q04y14LF0