CMBS Commentary: June 2026 CMBS returns summary

Research evidence excerpt

CMBS Commentary: June 2026 CMBS returns summary

Exhibit 7: Common Terminology – Commercial Mortgage Backed Securities (CMBS)

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Acronyms Description Acronyms Description

Commercial Mortgage Backed Securities Commercial Mortgage Backed Securities

ACLI American Council of Life Insurers SBL Small balance loan

ACMBS Agency CMBS PSF Per Square Foot

ADR Average Daily Rate SH Senior Housing

Apt Apartment SPE Special purpose entity

ARA Appraisal Reduction Amount SS Special Servicing

ARD Anticipated Repayment Date SS (Property Type) Self-storage

ASERs Appraisal Subordinate Entitlement Reductions TI Tenant Improvements

Cap Rate Capitalization rate TIC Tenant-In-Common

CapEx Capital Expenditure UW Underwriting/Underwritten

CBD Central Business District WAM Weighted average maturity

CMBS Commercial mortgage backed security WL Watchlist

CPY Constant Prepayment Yield YM Yield maintenance

CRE Commercial real estate

Def Defeasance

DSCR Debt service coverage ratio

DUS Fannie Mae delegated underwriting and servicing

DY Debt yield

ERV Estimated Rental Value

Fannie Mae GeMs Fannie Mae Guaranteed Multifamily Structures

FRESB Freddie Mac Small Balance Mortgage Transactions

Freddie K Freddie Mac K deals

FT IO Full term interest only loan

GFC Global Financial Crisis

GLA Gross Leasing Area

GSA Green Street Advisors

HT Hotel

IN Industrial

L/O Lockout

LC Leasing Commissions

MCAS Multifamily Connecticut Avenue Securities

Mezz Mezzanine tranche

MF Multifamily

MH Manufactured Housing

MP3 Monetary Policy 3

MR Most Recent

MX Mixed Use

MU Mixed Use

NAV Net Asset Value

NCF Net cash flow

NCREIF National Council of Real Estate Investment Fiduciaries

NOI Net operating income

OF Office

OMV Open Market Valuation

PL CMBS Private Label CMBS

PT IO Partial term interest only loan

RCA Real Capital Analytics