Statistics & Data Visualizations

Commercial Mortgage-Backed Securities (CMBS) Issuances

June 9, 2025

Commercial mortgage-backed securities (CMBS) are debt securities secured by cash flows from commercial real-estate mortgages. CMBS issuance statistics provide aggregate information about the volume of registered CMBS offerings, Rule 144A, Agency, and Outside U.S.

Data Visualizations

Click on the link below each image to access interactive features of the graph.

  

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Statistics

Below are the most recent quarterly statistics from 2024:Q1 to 2025:Q1 and the most recent annual statistics from 2024. CMBS issuance statistics are updated quarterly. For all available CMBS issuance statistics from 2016:Q1 to 2025:Q1, view Statistics Download

Metric 2024 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Number of CMBS issuances 302 54 80 74 94 78
Number of CMBS issuances by offering type 
     144A 119 13 38 27 41 27
     Agency 138 34 34 33 37 36
     Outside US 7 0 2 1 4 5
     Registered 38 7 6 13 12 10
Total CMBS deal volume (US$ Billions) 156.5 26.0 37.8 38.3 54.4 50.0
CMBS deal volume by offering type (US$ Billions)
     144A 75.1 9.9 20.7 16.5 28.0 26.1
     Agency 45.8 10.5 10.2 10.6 14.5 13.2
     Outside US 2.8 0.0 1.1 0.3 1.4 2.0
     Registered 32.9 5.7 5.8 11.0 10.5 8.6

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Statistics Guide

The Guide below provides a description of each metric, calculation method, and data source. To download CMBS Issuance Statistics Guide: CMBS Issuance Statistics Guide

Description

The number of CMBS issuances is the number of CMBS deals in each time period.

Calculation Method

The estimate is produced by counting the issuances of CMBS in each time period.  The estimates include initial terms of securities collateralized by mortgage loans and other types of debt on commercial and multifamily properties and contains all rated CMBS that are 1) secured by a static pool of mortgage loans or leases on income-producing commercial and/or multifamily properties; 2) have a trustee and at least one underwriter; and 3) have at least one tranche rated by a nationally recognized statistical rating organization (NRSRO).  The time of offering is based on the pricing date, which is the date on which pricing terms are struck for all or most of the securities that pay principal and interest.

Data Source

CM Alert by Green Street Advisors

Description

The number of CMBS issuances by offering type is the number of CMBS deals by offering type in each time period.

Calculation Method 

The estimate is produced by counting the issuances of CMBS by offering type in each time period. The offering types are asset-backed securities that are issued or guaranteed by a U.S. government agency or government-sponsored enterprise (Agency), asset-backed securities that are exempt from registration pursuant to Rule 144A of the Securities Act of 1933 (144A), asset-backed securities registered with the U.S. Securities and Exchange Commission (Registered), and asset-backed securities that are issued outside the United States (Outside U.S.). The estimates include initial terms of securities collateralized by mortgage loans and other types of debt on commercial and multifamily properties and contains all rated CMBS that are 1) secured by a static pool of mortgage loans or leases on income-producing commercial and/or multifamily properties; 2) have a trustee and at least one underwriter; and 3) have at least one tranche rated by a nationally recognized statistical rating organization (NRSRO).  The time of offering is based on the pricing date, which is the date on which pricing terms are struck for all or most of the securities that pay principal and interest.

Data Source

CM Alert by Green Street Advisors

Description

Total CMBS deal volume is the total dollar amount of CMBS deals for each time period.

Calculation Method

The estimate is produced by aggregating deal volume from CMBS issuances in each time period.  The estimates include initial terms of securities collateralized by mortgage loans and other types of debt on commercial and multifamily properties and contains all rated CMBS that are 1) secured by a static pool of mortgage loans or leases on income-producing commercial and/or multifamily properties; 2) have a trustee and at least one underwriter; and 3) have at least one tranche rated by a nationally recognized statistical rating organization (NRSRO).  The time of offering is based on the pricing date, which is the date on which pricing terms are struck for all or most of the securities that pay principal and interest.

Data Source

CM Alert by Green Street Advisors

Description

CMBS deal volume by offering type is the total dollar amount of CMBS deals placed in each time period by offering type.

Calculation Method 

The estimate is produced by aggregating deal volume from CMBS issuances by offering type in each time period. The offering types are asset-backed securities that are issued or guaranteed by a U.S. government agency or government-sponsored enterprise (Agency), asset-backed securities that are exempt from registration pursuant to Rule 144A of the Securities Act of 1933 (144A), asset-backed securities registered with the U.S. Securities and Exchange Commission (Registered), and asset-backed securities that are issued outside the United States (Outside U.S.). The estimates include initial terms of securities collateralized by mortgage loans and other types of debt on commercial and multifamily properties and contains all rated CMBS that are 1) secured by a static pool of mortgage loans or leases on income-producing commercial and/or multifamily properties; 2) have a trustee and at least one underwriter; and 3) have at least one tranche rated by a nationally recognized statistical rating organization (NRSRO).  The time of offering is based on the pricing date, which is the date on which pricing terms are struck for all or most of the securities that pay principal and interest.

Data Source

CM Alert by Green Street Advisors

Description

Deal structure is described with distributional statistics via quartiles in the number of classes per deal based on reported tranche information.

Calculation Method

CMBS deals are sorted by the number of classes in each deal for each time period. The number of classes for the deal at the 25th %-ile, at the 50th %-ile (median), and at the 75th %-ile of this measure are reported. The estimates exclude resecuritizations identified as observations with deal type “re-REMIC” for resecuritizations of real estate mortgage investment conduits and agency deals identified based on offering type.

Data Source

CM Alert by Green Street Advisors

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Statistics Download

The file below contains all available CMBS issuance statistics from 2016:Q1 to 2025:Q1.

File Format Size
CMBS Issuance Statistics xlsx 30.01KB

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These statistics are produced by the staff of the U.S. Securities and Exchange Commission and the Commission expresses no view regarding the statistics. The statistics are produced from commercial data sets provided by third parties. Staff cannot guarantee the accuracy of third-party data. The statistics may change based on updated or revised data and methodology.


Citation

URL: https://www.sec.gov/data-research/statistics-data-visualizations/commercial-mortgage-backed-securities-cmbs-issuances

Author: U.S. Securities and Exchange Commission Staff

Name: SEC Statistics & Data Visualizations: Commercial Mortgage-Backed Securities (CMBS) Issuances

Publication Date: Aug. 12, 2025

Last Reviewed or Updated: Aug. 12, 2025