Ten-Year Conduit Loans Are No Longer the Market’s Default Setting – Spreads Show Why They Still Matter

Ten-year conduit loans have declined dramatically from 95.6% of conduit loan count in 2019 to just 12.3% in 2026, while five-year loans have become the dominant format in the CMBS market. Median 10-year conduit spreads tightened from 301 basis points in 2023 to 201 basis points in 2026, suggesting the remaining market reflects more selective underwriting rather than pricing that is prohibitively wide.