Citigroup, Wells Fargo Securities, and Goldman Sachs were the three largest underwriters of commercial mortgage-backed securities (CMBS) in the United States in the first half of 2023. The three firms were responsible for the book-running of almost half of the balance of CMBS issued during that period. Underwriting is part of the issuance process and involves the assessment of the level of credit risk associated with the securitized commercial real estate loans. That includes reviewing property appraisals and other third-party reports, as well as considering factors such as borrowers' net worth and credit history.
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Trepp. (February 13, 2023). Market share of the largest commercial mortgage-backed securities (CMBS) underwriters in the United States in 1st half 2023 [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 27, 2026, from /statistics/1402891/cmbs-underwriters-market-share-usa/
Trepp. "Market share of the largest commercial mortgage-backed securities (CMBS) underwriters in the United States in 1st half 2023." Chart. February 13, 2023. ÌÇÐÄÆƽâ°æ. Accessed July 27, 2026. /statistics/1402891/cmbs-underwriters-market-share-usa/
Trepp. (2023). Market share of the largest commercial mortgage-backed securities (CMBS) underwriters in the United States in 1st half 2023. ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 27, 2026. /statistics/1402891/cmbs-underwriters-market-share-usa/
Trepp. "Market Share of The Largest Commercial Mortgage-backed Securities (Cmbs) Underwriters in The United States in 1st Half 2023." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 13 Feb 2023, /statistics/1402891/cmbs-underwriters-market-share-usa/
Trepp, Market share of the largest commercial mortgage-backed securities (CMBS) underwriters in the United States in 1st half 2023 ÌÇÐÄÆƽâ°æ, /statistics/1402891/cmbs-underwriters-market-share-usa/ (last visited July 27, 2026)
Market share of the largest commercial mortgage-backed securities (CMBS) underwriters in the United States in 1st half 2023 [Graph], Trepp, February 13, 2023. [Online]. Available: /statistics/1402891/cmbs-underwriters-market-share-usa/
