Nobody publishes a debt comp for the middle market. Trade press covering CRE debt quotes CBRE and CRED iQ because there's no alternative at this size. We size and place deals in this range every week; this report is the number we'd want if we were the one reading it.
Retail and industrial have moved toward multi-family's spread as credit performance held across the cycle. Office remains the outlier, 66 bps wider than multi-family, which is the lending market's own verdict on where uncertainty still sits.
"We're not publishing this to prove a point. We're publishing it because we have the sample size and nobody else at this deal size does."
Each cell here is either a market baseline, clearly labeled, or a number drawn from our own closed placements. The mix shifts toward our own data every quarter. That's the whole point: the number gets more specific to this market, not less, as it ages.