mortgagetape™Non-agency CMBS composition by property type
Prompt
“Break down the current non-agency CMBS loan book by property type — count, UPB, and average occupancy for the latest reporting period.”
Response
From the latest Reg AB II Schedule AL filings across the 39 active CMBS conduit trusts loaded:
| Property type | Loans outstanding | Outstanding UPB | Avg loan size |
|---|---|---|---|
| Office (OF) | 290 | $6.57B | $22.7M |
| Retail (RT) | 350 | $6.56B | $18.7M |
| Multi-Family (MF) | 342 | $5.51B | $16.1M |
| Mixed-Use (MU) | 140 | $3.25B | $23.2M |
| Industrial (IN) | 527 | $3.25B | $6.2M |
| Lodging / Hotel (LO) | 169 | $2.59B | $15.3M |
| Self-Storage (SS) | 275 | $1.73B | $6.3M |
| Manufactured Housing (MH) | 123 | $0.56B | $4.5M |
Three observations that would be hard to get without loan-level data:
- Office and retail are essentially tied for #1 by UPB, but for different reasons. Office has fewer loans at larger sizes (avg $22.7M) — the "trophy CBD asset" pattern. Retail has more loans at smaller sizes (avg $18.7M) — more distributed shopping centers and anchored strips. Same aggregate exposure, very different composition.
- Industrial carries the most loans (527) at the smallest average size ($6.2M). Industrial CMBS is the "distributed logistics warehouse" market — many small loans on regional distribution centers, not the massive Prologis-style facilities (which are financed at the entity level, not the loan level).
- Lodging's $2.6B is concentrated risk. 169 loans at a $15.3M average is smaller by count than office or retail, but the tail risk is real: hotel CMBS carries the largest post-COVID occupancy shortfall of any type, and the 2018-2019 vintage originated on 10-year terms is entering its refinance window in 2028-2029.
Data source: SEC EDGAR Reg AB II Schedule AL (form ABS-EE), latest reporting period per trust. Loans without an assigned primary_property_type_code excluded from grouping. Coverage: 39 active non-agency CMBS conduit deals; excludes private-placement CMBS and CRE-CLOs.