At a glance
- The quarterly figure was the highest since the third quarter of 2022.
- For allocators in private real estate debt, the pipeline Trepp flags is refinancing: borrowers rolling into higher rates are the source of new bridge and mezz demand.
- The analysis draws on Trepp's Anonymized Loan-Level Repository, which holds about $196 billion of bank balance-sheet loans, and its Bank Navigator dataset of Call Report filings.
Bank commercial real estate originations totaled $9.2 billion in the second quarter, up 29% from the first, according to a Trepp report on bank CRE loan performance published Nov. 5.
The quarterly figure was the highest since the third quarter of 2022. The noncurrent rate on CRE loans across all U.S. banks fell to 1.42%, the lowest since the third quarter of 2023.
For allocators in private real estate debt, the pipeline Trepp flags is refinancing: borrowers rolling into higher rates are the source of new bridge and mezz demand. A 1.42% noncurrent rate gives banks little reason to sell loans at a discount.
The analysis draws on Trepp's Anonymized Loan-Level Repository, which holds about $196 billion of bank balance-sheet loans, and its Bank Navigator dataset of Call Report filings.
The Q2 figures are as of June 30, 2026. Since then the Federal Reserve has raised rates and the 10-year Treasury yield has moved sharply higher, as Private Wealth Daily previously reported. Trepp's review of third-quarter 2026 earnings calls from 33 U.S. banks found higher rates for borrowers who must refinance as the main forward risk.
| Measure | Q2 2026 | Comparison |
|---|---|---|
| Bank CRE originations | $9.2 billion | Up 29% from Q1; highest since Q3 2022 |
| CRE noncurrent rate, all U.S. banks | 1.42% | Lowest since Q3 2023 |
| T-ALLR loan-level dataset | About $196 billion | Bank balance-sheet loans from multiple banks |
Reported by the Real estate debt desk from Trepp. Published . Corrections