There were pockets of strength in the income-property securitization market, including financing on office properties, mixed-use projects and single-family rentals. But total CMBS issuance fell from the all-time record level set in the fourth quarter of 2020. (Includes data chart.)

Advanced Flower Capital Gamma went public in March. The REIT provides first-lien loans to cannabis companies and it’s generating healthy returns.

An asset manager based in Toronto agreed to acquire Annaly’s commercial business. The REIT will put an even greater emphasis on its investments in residential MBS.