U.S. Capital Markets Glide Path to Clearer Skies

CMBS issuance volume also constrained …troublesome because CMBS is one of the key pillars in CRE debt markets

Non-Agency CMBS Issuance Has Sharply Retreated

Agency CMBS Acting as Primary CMBS Originator Source

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

$250

$200

$150

$100

$50

$0

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2006 2023 Agency Conduit Large Loan / Floaters Single Borrower CRE CLO 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Non-Agency CMBS Issuance (Billions)

2023 YTD

Source: Trepp, Green Street

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