CMBS lender · #20 of 28 by 12-month volume
Rialto CMBS loans: recent loans, sizes and rates
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
Rialto put 8 loans totaling $294.4 million into CMBS trusts in the 12 months to October 19, 2026, #20 by volume among 28 lenders. The median loan was $13.6M at a 6.88% note rate, and retail was its largest property type (63% of loans). Figures are from SEC ABS-EE filings through October 28, 2026.
- Loans, 12 months
- 8
- Volume
- $294M
- Median loan
- $13.6M
- Median note rate
- 6.88%
- Median LTV
- 60.4%
- Median DSCR
- 1.71x
What Rialto's CMBS lending looks like
- Loan size close to the market: a median of $13.6M against $15M market-wide.
- Rates above the market once property type is accounted for: about 22 basis points over the market median for the same property types, loan-weighted. Timing matters too: a lender that closed more loans when Treasury yields were lower will show lower rates.
- Less leverage than the market: median loan-to-value of 60.4% against 63.9%, and debt service coverage of 1.71x against 1.47x.
- Concentrated in retail: 63% of its loans.
Rialto against the CMBS market
| Measure | Rialto | CMBS market |
|---|---|---|
| Median loan | $13.6M | $15M |
| Median note rate | 6.88% | 6.40% |
| Middle half of rates | 6.71% to 7.09% | |
| Median loan-to-value | 60.4% | 63.9% |
| Median debt service coverage | 1.71x | 1.47x |
| Median debt yield | 13.5% | 10.1% |
| Interest-only for the full term | 88% | 87% |
| Five-year term | 88% | 79% |
| Ten-year term | 13% | 21% |
Rialto: its loans in the 12 months to October 19, 2026. Market: every loan securitized in the 12 months to October 19, 2026 except co-op housing (958 loans). Loan-to-value, coverage and debt yield are at securitization and use whole loans only, since a split note holds only part of the debt. See DSCR and debt yield.
Property types Rialto financed
| Property type | Loans | Volume | Median rate | Market, same type |
|---|---|---|---|---|
| Retail | 5 | $227M | 6.80% | 6.58% (+22 bp) |
| Other or not reported | 1 | $50M | ||
| Hotel | 1 | $10.5M | ||
| Multifamily | 1 | $6.5M |
Median rates shown where Rialto made at least five loans of the type. Market medians are for the 12 months to October 19, 2026.
Loan sizes and terms
| Loan size | Loans | Share | Market |
|---|---|---|---|
| Under $5M | 0 | 0% | 8% |
| $5M to $10M | 3 | 38% | 22% |
| $10M to $25M | 2 | 25% | 38% |
| $25M to $50M | 0 | 0% | 17% |
| $50M and up | 3 | 38% | 15% |
| Term | Loans | Share |
|---|---|---|
| 5-year | 7 | 88% |
| 7-year | 0 | 0% |
| 10-year | 1 | 13% |
| Other terms | 0 | 0% |
Smallest loan $6.3M, largest $100M. 88% were interest-only for the whole term. What those terms mean for a borrower: CMBS loan terms and interest-only CMBS loans.
Where Rialto lends
Most frequent states for its loans in the 12 months to October 19, 2026:
- OR 1
- MD 1
- AL 1
- WA 1
- TN 1
- OH 1
- CA 1
Portfolio loans count once, at the state of the largest property. CMBS loans by state.
Rialto loans securitized each quarter
| Quarter ending | Loans | Chart |
|---|---|---|
| Jan 20, 2025 | 0 | |
| Apr 21, 2025 | 0 | |
| Jul 21, 2025 | 0 | |
| Oct 20, 2025 | 4 | |
| Jan 19, 2026 | 2 | |
| Apr 20, 2026 | 3 | |
| Jul 20, 2026 | 1 | |
| Oct 19, 2026 | 2 |
Eight 91-day periods ending October 19, 2026, by origination date. Loans reach the filings when their trust prices, so the latest quarter fills in over the following months.
Recent Rialto CMBS loans
The 12 most recent loans in the filings, each at its full original amount. A split loan lists the trust holding its largest note.
Property links go to the loan's page on cmbs.news (balance, payment status, servicer comments); trust links to the trust's page there.
How Rialto appears in the SEC filings
Trusts name the originator in their own words. These are the versions of the name on Rialto loans in the 24 months to October 19, 2026, with the number of notes filed under each, including loans made jointly with other lenders. 6 trusts hold these loans; the most were in Wells Fargo Commercial Mortgage Trust 2026-5C9 (5).
RREF V - D Direct Lending Investments, LLC4RREF DLI4BSPRT, Rialto3Rialto3RREF V-D Direct Lending Investments, LLC1GSMC RREF DLI1
Rialto's own website: rialtocapital.com. Lender programs, contacts and terms are theirs to state; this page reports only what the filings show.
Getting a CMBS loan like these
Janover Capital LLC is a commercial mortgage advisor, not a lender, and has no affiliation with Rialto. Nothing here means Rialto will make a particular loan or offer a particular rate. What the filings do show is the kind of loan it has been closing. If your property and loan size look like the ones above, send the deal and we will place it with conduit lenders whose recent loans fit, which may or may not include Rialto. Before you do, read CMBS loan requirements and the document checklist.
Similar CMBS lenders
Closest in property mix:
- JPMorgan Chase: 34 loans, median $47M at 6.38%
- UBS: 20 loans, median $17M at 6.54%
- BMO: 43 loans, median $16.4M at 6.46%
- Goldman Sachs: 71 loans, median $14.5M at 6.33%
All CMBS lenders, ranked · CMBS loan rates · Methodology
Questions people ask
How big are Rialto's CMBS loans?
In the 12 months to October 19, 2026, Rialto securitized loans from $6.3M to $100M, with a median of $13.6M. 38% were under $10 million. A loan split into notes across trusts counts once, at its full amount.
What interest rate does Rialto charge on a CMBS loan?
Its loans in the 12 months to October 19, 2026 carried a median note rate of 6.88%, with the middle half between 6.71% and 7.09%. Those are rates at closing as filed with the SEC, not a quote: a new loan is priced off today's Treasury yield and the property.
What properties does Rialto finance with CMBS loans?
Retail (5 loans), Other or not reported (1 loan), Hotel (1 loan), Multifamily (1 loan), in the 12 months to October 19, 2026. Its most frequent state was OR (1 loans).
Who services a Rialto CMBS loan?
Not the originator, usually. Once a loan is in a trust, the master servicer named in that trust's pooling and servicing agreement collects payments and handles routine requests, and the special servicer takes over if the loan gets into trouble. Look up a loan by property or trust to see both.
Have a deal that looks like Rialto's recent loans?
Janover Capital LLC is an advisor, not a lender, and is not affiliated with any lender named here. Send the deal and we place it with conduit lenders whose recent loans look like it.