What each layer of the capital stack costs
With the 10-year Treasury at 4.94% (), Altus Group's Q2 2026 average quotes put a 10-year fixed senior loan at about 6.89%, fixed mezzanine at about 12.53% and preferred equity at 13.57%.
Quoted spreads, Q2 2026
| Product | LTV band | Q2 2026 average quote | Over |
|---|---|---|---|
| Fixed senior, 5-year | LTV up to 65% | 216 bp | 5-yr Treasury |
| Fixed senior, 5-year | LTV over 65% | 313 bp | 5-yr Treasury |
| Fixed senior, 10-year | LTV up to 65% | 195 bp | 10-yr Treasury |
| Fixed senior, 10-year | LTV over 65% | 249 bp | 10-yr Treasury |
| Fixed mezzanine | 70% to 90% LTV | 759 bp | 10-yr Treasury |
| Fixed preferred equity | 70% LTV and up | 13.57% | All-in coupon |
| Floating senior | LTV up to 65% | 239 bp | Term SOFR |
| Floating senior | LTV over 65% | 332 bp | Term SOFR |
| Floating mezzanine | 70% to 90% LTV | 721 bp | Term SOFR |
What public lenders actually earn
From their quarterly reports for the period ended June 30, 2026. These are seasoned portfolios, so they lag today's quotes, and pay rates can sit below yields when part of the return accrues.
| Lender | Layer | Figure | Detail |
|---|---|---|---|
| Starwood Property Trust | Mezzanine loans | 10.4% weighted-average coupon | $291.7m face; first mortgages 7.0% |
| Arbor Realty Trust | Mezzanine loans | 8.01% pay rate (8.43% yield in Q2) | 61 loans, $300.9m; first-dollar LTV 57%, last-dollar LTV 80% |
| Arbor Realty Trust | Preferred equity | 6.87% pay rate (10.94% yield in Q2) | 34 investments, $202.1m; first-dollar LTV 63%, last-dollar LTV 82%. Yield exceeds pay rate because part accrues and is paid at maturity. |
| Blackstone Mortgage Trust | Senior floating-rate loans | +3.13% cash coupon over benchmark | 133 loans, $17.4bn |
Reading the gap
Between the senior loan and mezzanine, the quoted spread more than triples: 195 bp to 759 bp over the same Treasury. At today's 10-year, fixed mezzanine works out to about 12.5% against 13.57% for preferred equity. With a gap that small, our view is that the choice between them usually turns on remedies and the senior lender's rules more than on price. Both are on the layers page.
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Pricing the debt on a real deal?
Send the senior or mezzanine request to Janover Capital. A person there reads it and replies.