- Through July 2026, 55.1% of classified conduit CMBS loans by volume were cash-out refinancings, compared with 39.7% in 2024, and cash-in deals slid to 32.8% from 42.5%, per Trepp.
- Borrowers took out cash equal to 16.0% of the debt stack, versus 22.5% in 2022, and those still bringing cash supplied 9.6% against 4.9% in 2021.
- Acquisition loans totaled $1.49B through July, an annualized pace 43.4% under 2022, so the conduit recovery relies on refinancing current owners, not a broad pickup in sales.
Cash-out refinancings are back in the lead in conduit CMBS, accounting for 55.1% of classified loans by volume as of July 2026, according to Trepp.
The mix shows the market has moved past the defensive posture of 2023 and 2024, though leverage is still far from the 2021-22 peak.
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How Trepp Measured It
Trepp’s report analyzes how financing is sourced and spent on the biggest 15 loans in every conduit securitization, covering May 2021 to July 2026. Those filings show whether a borrower brought cash to a refinancing or took it out.
From Cash-In to Cash-Out
Higher rates and lower valuations forced borrowers to write checks at closing. Cash-in loans were 42.5% of classified volume in 2024, versus only 14.4% two years earlier.
The squeeze has since loosened. As of July 2026, cash-in deals had slid to 32.8% of volume while cash-out deals climbed to 55.1%, up from 39.7% in 2024.
Leverage Still Lags
Refinancings returned cash equal to 16.0% of overall debt, versus 22.5% in 2022; the band for 2021 and 2022 was 20% to 23%.
Borrowers still bringing cash supplied 9.6% of the stack, nearly twice the 4.9% of 2021. Office and retail borrowers continue to put in about 15% of the stack to refinance.
Acquisition Lending Lags
Conduit acquisition loans totaled $1.49B through July, which annualizes to a pace 43.4% below 2022.
That means the recovery rests on refinancing existing owners rather than a broad rise in property sales.
Why It Matters
Trepp describes a two-speed market. Better properties can once more send money back to owners, but lenders are holding the line on the amount of leverage they extend, a theme in loan-to-value ratios as lenders compete.
Higher rates add to the strain, as CRE Daily reported when yields above 5% reset borrowing costs.
What’s Next
Trepp’s full report breaks cash-in and cash-out patterns out by property type. Watch whether extraction climbs back toward the 2021 and 2022 range or stays near 16%.
