Pillar III · Reports · Forthcoming Q2 2026
The credit cycle, in one short monthly read.
A monthly read on the CRE credit cycle — origination volume, distressed inventory, lender appetite by asset class, agency vs. non-agency flow. Short and tactical, ~12 pages, paired with the Lender Edition for live capital-markets context.
What each issue covers
~12pp
Short tactical read. Designed for inbox arrival on the first business day of the month.
Monthly
12 issues a year. Subscription is the dominant use case; single issues available.
$19
$29 per issue. $179 annual subscription (12 issues) before launch.
Who this is for
Originators
Read the cycle before quoting. Where credit is competitive, where capital is constrained, which agency programs are open or paused.
Sponsors timing capital raises
Decide when to refinance, when to extend, when to sit. The monthly cadence makes the cycle-read tactical rather than retrospective.
LP allocators
Position equity commitments around the debt cycle. Knowing the capital-markets backdrop sharpens conviction on sponsor pacing.
Lender BD + portfolio teams
Monitor competitor activity by lender type. Track distressed inventory and special-servicing volume.
Issue outline
I. Origination Volume
Month-over-month and trailing-12 origination volume by lender type — bank, life co, agency, CMBS conduit, debt fund. With commentary on inflection signals.
II. Distressed Inventory
Special-servicing volume, delinquencies, modifications. Where in the asset-class mix distress is concentrated.
III. Lender Appetite
Active programs by lender type and asset class, key parameter movements (LTV, debt yield, recourse), and notable program pauses or launches.
IV. CMBS Spreads
New-issue spreads by class, secondary trading levels, spread to Treasuries decomposition, AAA / AS / AJ / BBB pricing.
V. Agency Flow
Freddie Mac, Fannie Mae, and FHA/HUD new-loan announcements and program updates. Caps, scorecard activity, key-credits announcements.
FAQ
How does this differ from the Lender Edition?
Lender Edition is the standing record of 888 CRE capital providers — refreshed quarterly. Capital Markets Brief is the monthly delta on the credit cycle — what's moved between Lender Edition refreshes. Designed to be used together.
Annual subscription pricing?
$179 for 12 monthly issues at founders' price. $228 standard ($19 per issue). Subscribers to the Dispatch get founders' pricing.
Is the data verifiable?
Every data point cites its source — MBA, Trepp, FDIC, agency releases. The Brief's job is editorial synthesis; the underlying data is auditable.
Refund policy?
30 days, no questions, no forms. Email support@valoreregistry.com.
Pricing
Single issue $29
Founders' price (first 14 days) $19
Annual subscription (12 issues) $179
PDF, ~12 pages per issue, monthly. Internal-use license per purchasing firm. Informational only — not investment, securities, or financial advice.