Citigroup Drives CMBS Conduit Loan Train in Early 2025
As summer 2025 approaches, CRED iQ’s research took a moment to reflect on the year’s 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 commercial real estate collateralized loan obligation originations earlier this year, we were eager to see if those patterns carried over to the conduit sector.
Leading the pack, Citigroup secured the top spot with an impressive $1.9 billion in loan balances across 64.5 loans. This strong performance underscores Citigroup’s dominance in the CMBS conduit space so far this year.
The race for second place was tight, with Wells Fargo edging out Barclays to claim the number two position with $1.371 billion in loan balances, compared to Barclays’ $1.356 billion. However, Barclays originated more loans, with 58.1 compared to Wells Fargo’s 43.8, highlighting their differing approaches to deal volume and size.
Rounding out the top five, Morgan Stanley landed in fourth place with $912 million in originations and 41.1 loans, followed closely by Goldman Sachs in fifth with $806 million across 25.6 loans. These rankings reflect a dynamic and competitive landscape among leading financial institutions.
The 2025 CMBS conduit market has shown clear preferences in property type allocations.
Multifamily led the way, commanding 23.8 percent of all loan originations. This strong showing reflects continued investor confidence in residential rental properties.
The retail sector secured second place with 16.1 percent of loans, signaling resilience in the sector despite ongoing challenges.
Office properties staged a notable resurgence, capturing 15.4 percent of originations — a sign of renewed interest in this asset class.
Hospitality (13.9 percent) and mixed-use (11.3 percent) properties rounded out the top five, showcasing diversified investment across property types.
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.
Mike Haas is the founder and CEO of CRED iQ.
