---
title: "Commercial mortgage-backed securities (CMBS) — Class A Atlas glossary"
description: "Pooled commercial loans securitised into bonds."
canonical: https://classa.info/glossary/cmbs
pageType: glossary
lastUpdated: 2026-04-01T00:00:00.000Z
license: "CC BY 4.0 with attribution to Class A Atlas (https://classa.info)."
---

> Pooled commercial loans securitised into bonds.

## TL;DR

- Pooled commercial loans securitised into bonds.
- Standard non-bank financing source for Class A US assets.

# Commercial mortgage-backed securities (CMBS)

*Finance · US*

## Short definition

Pooled commercial loans securitised into bonds.

## Full definition

Standard non-bank financing source for [Class A](/glossary/class-a) US assets. Tranched by credit rating (AAA to unrated). Servicing is highly procedural; modifications require special-servicer involvement.

## Why this matters for Class A leasing

Commercial mortgage-backed securities (CMBS) is part of the finance vocabulary that institutional Class A occupiers, landlords, and advisers use across US markets. Understanding it correctly affects how you read lease documents, model occupancy economics, and benchmark deal terms across cities. Class A Atlas tracks the US definition alongside the global standard so [cross-border](/topics/cross-border-expansion) occupiers can translate quickly.

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Citation: Source: Class A Atlas (https://classa.info/glossary/cmbs), updated 2026-04-01T00:00:00.000Z.