As we have crossed the midpoint of 2025, the CRED iQ research team focused upon the new issuance volumes across the securitized and agency ecosystems. We wanted to understand 2025 YTD volumes for each deal type, and then projected full year metrics which we can compare to 2024 levels.
Our analysis covered the CMBS Conduit, CRE CLO, SBLL, Freddie and Fannie Mae loan volumes. Our projections indicate increased volumes in every category when compared to 2024.
Projected Issuance Volumes and comparison to 2024
CMBS Conduit $35 billion (versus $32.98B in 2024)
CRE CLO $32.5 billion (versus $8.7B in 2024)
SBLL $90 billion (versus $70.5B in 2024)
Freddie Mac $65 billion (versus $56.2B in 2024)
FannieMae $65 billion (versus $55B in 2024)
CRE CLO loans are projected to notch the largest gains compared to 2024 –nearly quadrupling 2024 volumes. SBLL is forecasted to issue ~$19.5 billion more loans than in 2024 –landing in second place. Freddie and Fannie are projected to add ~$9 billion and $10 billion respectively vs 2024. Conduit loans expected to add ~$2 billion more in issuances.
Interest Rate Averages
Interest rate averages varied by loan type for the first six months of 2025:
CMBS Conduit 6.63%
CRE CLO 7.62%
SBLL 8.30%
Freddie Mac 5.71%
FannieMae 5.74%
About CRED iQ
CRED iQ is a market data provider that offers a robust suite of data and software solutions tailored for commercial real estate and finance professionals.
With over $2.3 trillion of CRE loans, CRED iQ delivers instant access to a comprehensive range of financial data and analytics for millions of properties in every market. CRED iQ’s data and analytical capabilities are instrumental in helping investors, lenders and brokers make informed and strategic decisions critical to their business.
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