[
 {
  "lender_type": "bank",
  "lender_name": "Banks and credit unions",
  "index_id": "UST5",
  "index_label": "5-year Treasury",
  "index_pct": 4.82,
  "index_date": "2026-10-23",
  "spread_lo_bps": null,
  "spread_hi_bps": null,
  "indicative_lo_pct": null,
  "indicative_hi_pct": null,
  "spread_sources": "No public source",
  "spread_source_urls": "",
  "spread_as_of": ""
 },
 {
  "lender_type": "life-company",
  "lender_name": "Life insurance companies",
  "index_id": "UST10",
  "index_label": "10-year Treasury",
  "index_pct": 5,
  "index_date": "2026-10-23",
  "spread_lo_bps": 115,
  "spread_hi_bps": 220,
  "indicative_lo_pct": 6.15,
  "indicative_hi_pct": 7.2,
  "spread_sources": "Northmarq, Current Rates sheet; ACLI Commercial Mortgage Commitments, as restated by Nassau CorAmerica (2026 white paper)",
  "spread_source_urls": "https://www.northmarq.com/insights/rates-spreads https://assets.nfg.com/documents/CML-White-Paper-2026.pdf",
  "spread_as_of": "2026-10-21; 2025-12-31"
 },
 {
  "lender_type": "cmbs",
  "lender_name": "CMBS (conduit) lenders",
  "index_id": "UST10",
  "index_label": "10-year Treasury",
  "index_pct": 5,
  "index_date": "2026-10-23",
  "spread_lo_bps": 175,
  "spread_hi_bps": 250,
  "indicative_lo_pct": 6.75,
  "indicative_hi_pct": 7.5,
  "spread_sources": "Northmarq, Current Rates sheet; CRED iQ, CRE loan spreads by property type",
  "spread_source_urls": "https://www.northmarq.com/insights/rates-spreads https://cred-iq.com/blog/2026/04/17/cre-loan-spreads-tighten-across-property-types-as-the-2026-refinancing-window-widens/",
  "spread_as_of": "2026-10-21; 2026-03-31"
 },
 {
  "lender_type": "agency",
  "lender_name": "Agency (Fannie Mae, Freddie Mac, FHA)",
  "index_id": "UST10",
  "index_label": "10-year Treasury",
  "index_pct": 5,
  "index_date": "2026-10-23",
  "spread_lo_bps": 95,
  "spread_hi_bps": 190,
  "indicative_lo_pct": 5.95,
  "indicative_hi_pct": 6.9,
  "spread_sources": "Northmarq, Current Rates sheet",
  "spread_source_urls": "https://www.northmarq.com/insights/rates-spreads",
  "spread_as_of": "2026-10-21"
 },
 {
  "lender_type": "debt-fund",
  "lender_name": "Debt funds and bridge lenders",
  "index_id": "SOFR30",
  "index_label": "30-day average SOFR",
  "index_pct": 3.88887,
  "index_date": "2026-10-23",
  "spread_lo_bps": 300,
  "spread_hi_bps": 359,
  "indicative_lo_pct": 6.89,
  "indicative_hi_pct": 7.48,
  "spread_sources": "Mortgage REIT quarterly reports (Form 10-Q) for the quarter ended June 30, 2026",
  "spread_source_urls": "https://www.sec.gov/Archives/edgar/data/1061630/000106163026000069/bxmt-20260630.htm",
  "spread_as_of": "2026-06-30"
 }
]