{"id":4726,"date":"2025-05-22T20:44:44","date_gmt":"2025-05-22T20:44:44","guid":{"rendered":"https:\/\/cred-iq.com\/blog\/?p=4726"},"modified":"2025-05-22T20:44:46","modified_gmt":"2025-05-22T20:44:46","slug":"top-cmbs-conduit-originators-of-2025-a-mid-year-review","status":"publish","type":"post","link":"https:\/\/cred-iq.com\/blog\/2025\/05\/22\/top-cmbs-conduit-originators-of-2025-a-mid-year-review\/","title":{"rendered":"Top CMBS Conduit Originators of 2025 \u2013 A Mid-Year Review"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>As summer 2025 approaches, CRED iQ\u2019s research team has taken a moment to reflect on the year\u2019s commercial mortgage-backed securities (CMBS) conduit originations. Our latest analysis dives into the top originators, loan balances, and property type trends shaping the market. With significant activity in CRE CLO originations earlier this year, we were eager to see if those patterns carried over to the conduit sector. Here\u2019s what we found.<\/p>\n\n\n\n<p><strong>Top CMBS Conduit Originators of 2025<\/strong><\/p>\n\n\n\n<p>Leading the pack, <strong>Citigroup<\/strong> secured the top spot with an impressive <strong>$1.9 billion<\/strong> in loan balances across <strong>64.5 loans<\/strong>. This strong performance underscores Citigroup\u2019s dominance in the CMBS conduit space so far this year.<\/p>\n\n\n\n<p>The race for second place was tight, with <strong>Wells Fargo<\/strong> edging out <strong>Barclays<\/strong> to claim the number two position with <strong>$1.371 billion<\/strong> in loan balances, compared to Barclays\u2019 <strong>$1.356 billion<\/strong>. However, Barclays originated more loans, with <strong>58.1<\/strong> compared to Wells Fargo\u2019s <strong>43.8<\/strong>, highlighting their differing approaches to deal volume and size.<\/p>\n\n\n\n<p>Rounding out the top five, <strong>Morgan Stanley<\/strong> landed in fourth place with <strong>$912 million<\/strong> in originations and <strong>41.1 loans<\/strong>, followed closely by <strong>Goldman Sachs<\/strong> in fifth with <strong>$806 million<\/strong> across <strong>25.6 loans<\/strong>. These rankings reflect a dynamic and competitive landscape among leading financial institutions.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"672\" height=\"861\" src=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2025\/05\/CRED-iQ-CMBS-Top-Originators-for-2025.png\" alt=\"\" class=\"wp-image-4728\" srcset=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2025\/05\/CRED-iQ-CMBS-Top-Originators-for-2025.png 672w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2025\/05\/CRED-iQ-CMBS-Top-Originators-for-2025-234x300.png 234w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2025\/05\/CRED-iQ-CMBS-Top-Originators-for-2025-328x420.png 328w\" sizes=\"auto, (max-width: 672px) 100vw, 672px\" \/><\/figure>\n<\/div>\n\n\n<p><strong>Property Type Trends<\/strong><\/p>\n\n\n\n<p>The 2025 CMBS conduit market has shown clear preferences in property type allocations:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Multifamily<\/strong> led the way, commanding <strong>23.8%<\/strong> of all loan originations. This strong showing reflects continued investor confidence in residential rental properties.<\/li>\n\n\n\n<li><strong>Retail<\/strong> secured second place with <strong>16.1%<\/strong> of loans, signaling resilience in the sector despite ongoing challenges.<\/li>\n\n\n\n<li><strong>Office<\/strong> properties staged a notable resurgence, capturing <strong>15.4%<\/strong> of originations, a sign of renewed interest in this asset class.<\/li>\n\n\n\n<li><strong>Hospitality<\/strong> (13.9%) and <strong>mixed-use<\/strong> (11.3%) properties rounded out the top five, showcasing diversified investment across property types.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"960\" src=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2025\/05\/CRED-iQ-CMBS-2025-New-Issue-Property-Types.png\" alt=\"\" class=\"wp-image-4729\" srcset=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2025\/05\/CRED-iQ-CMBS-2025-New-Issue-Property-Types.png 960w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2025\/05\/CRED-iQ-CMBS-2025-New-Issue-Property-Types-150x150.png 150w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2025\/05\/CRED-iQ-CMBS-2025-New-Issue-Property-Types-300x300.png 300w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2025\/05\/CRED-iQ-CMBS-2025-New-Issue-Property-Types-768x768.png 768w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2025\/05\/CRED-iQ-CMBS-2025-New-Issue-Property-Types-696x696.png 696w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2025\/05\/CRED-iQ-CMBS-2025-New-Issue-Property-Types-420x420.png 420w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/figure>\n<\/div>\n\n\n<p><strong>Key Takeaways<\/strong><\/p>\n\n\n\n<p>The first half of 2025 has been a vibrant period for CMBS conduit originations, with major players like Citigroup, Wells Fargo, and Barclays driving significant loan volumes. The dominance of multifamily properties, alongside a rebound in office and steady retail activity, points to a market adapting to evolving economic conditions.<\/p>\n\n\n\n<p>At CRED iQ, we\u2019re committed to providing actionable insights into commercial real estate trends. Stay tuned for more updates as we continue to track the CMBS market and other CRE developments throughout the year.<\/p>\n\n\n\n<p><strong>About CRED iQ<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/cred-iq.com\/about\">CRED iQ<\/a> is a market data provider that offers a robust suite of data and software solutions tailored for commercial real estate and finance professionals.<\/p>\n\n\n\n<p>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\u2019s data and analytical capabilities are instrumental in helping investors, lenders and brokers make informed and strategic decisions critical to their business.<\/p>\n\n\n\n<p>THE DATA, INFORMATION AND\/OR RELATED MATERAL (\u201cDELIVERABLES\u201d) IS BEING OFFERED AS-IS\/WHERE-AS CONDITION. CRED-IQ MAKES NO REPRESENTATION OR WARRANTY AS TO QUALITY OR ACCURACY OF SUCH DELIVERABLES BEING PURCHASED, WHETHER EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, STATUTE, OR OTHERWISE, AND CRED-IQ SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED OR STATUTORY WARRANTIES INCLUDING WARRANTIES OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE, TECHNICAL PERFORMANCE, AND NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, YOU AS CUSTOMER ACKNOWLEDGE THAT YOU HAVE NOT AND ARE NOT RELYING UPON ANY IMPLIED WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE, OR UPON ANY REPRESENTATION OR WARRANTY WHATSOEVER AS TO THE DELIVERABLES&nbsp; IN ANY REGARDS WHATSOEVER, AND ACKNOWLEDGE&nbsp; THAT CRED-IQ MAKES NO, AND HEREBY DISCLAIMS ANY, REPRESENTATION, WARRANTY OR GUARANTEE THAT THE PURCHASE, USE OR COMMERCIALIZATION OF ANY DELIVERABLES WILL BE USEFUL TO YOU OR FREE FROM INTERFERENCE. BY ACCEPTANCE OF THE DELIVERABLES, YOU HEREBY RELEASE CRED-IQ AND ITS AFFILIATES AND AGENTS FROM ALL CLAIMS, DAMAGES AND LIABILITY ARISING HEREUNDER.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As summer 2025 approaches, CRED iQ\u2019s research team has taken a moment to reflect on the year\u2019s commercial mortgage-backed securities (CMBS) conduit originations. Our latest analysis dives into the top originators, loan balances, and property type trends shaping the market. With significant activity in CRE CLO originations earlier this year, we were eager to see [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":4727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[9],"tags":[4,5,8,124,29],"class_list":{"0":"post-4726","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-research","8":"tag-cmbs","9":"tag-commercial-real-estate-data","10":"tag-loan-data","11":"tag-loan-originators","12":"tag-new-issuance"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/posts\/4726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/comments?post=4726"}],"version-history":[{"count":1,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/posts\/4726\/revisions"}],"predecessor-version":[{"id":4730,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/posts\/4726\/revisions\/4730"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/media\/4727"}],"wp:attachment":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/media?parent=4726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/categories?post=4726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/tags?post=4726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}