The Corlan Debt Comp Report, Q3 2026
Spreads by property type from CRED iQ's April 2026 data, measured against the 10-year Treasury at 4.25% at the time. Add today's 10-year, shown live on every Capital Markets page, for an all-in rate.
- Baseline spreads against the 10-year (CRED iQ, April 2026): multi-family 154 bps, industrial 162, retail 176, office 220.
- Office sits 66 bps wider than multi-family. Retail and industrial have converged toward multi-family as credit performance held.
- All four property types tightened year over year: multi-family -18 bps, industrial -12, retail -17, office -17.
- This edition starts from market data, labeled as such. Future editions replace each cell with our own closed placements as sample size allows.
Why we're publishing this
Most published debt comps are built on large-loan data. This one is cut for middle-market loan sizes. It starts from a CRED iQ baseline, labeled as such, and each cell is replaced with the desk's own closed loans as they accumulate.
What the convergence means
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 start from CRED iQ and replace each cell with our own closed loans as we close them."
How this gets more useful every quarter
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. Over time the numbers become specific to middle-market loans.