CMBS

Delinquency trends split in Q3, with securitized and agency loans showing more strain while banks and life companies saw small improvements amid uneven vacancy and rent conditions.

New securitization volume should surpass 2024 business by 16%, after getting a boost from consumer asset-backed securities (ABS) classes and do $948 billion in new business in 2026.

Private-label CMBS loan delinquencies are rising, but ample liquidity is making 2025 issuance volume the highest since 2007.

Overall, new 60-day-plus delinquencies totaled $2 billion, up from $1.69 billion in August, while maturity defaults accounted for half, or 51% ($1.05 billion) of new delinquencies.

Adam Piekarski, founder, leads initial senior members Kory Klebanoff and Urian Yap, partners, to commit $1.8 billion across the firm's investment strategies.

There is no amortization during the entire term, and interest-only payments are based on the one-month Secured Overnight Financing Rate (SOFR), plus a spread of about 3.74%.

The regulatory fate of TikTok, the largest tenant in New York City's One Five One tower, remains unknown.

Ratings are holding up but global economic prospects dim

The methodology combines existing ABS and CMBS analyses