Loan-level analysis of the 2026 fixed-rate K-Deal series across five-, seven- and ten-year terms, with credit metrics by deal, geographic concentration by state, collateral composition and amortization structure, set against a market overview covering supply, rent performance, the homeownership affordability gap and the 2026 GSE purchase caps.
- Loans analyzed 276
- Cut-off collateral $7.47B
- Units 56,560
- W. avg. rate / LTV / DSCR 5.16% · 65.6% · 1.32x
The market.
The national apartment stock is about 20.7 million units, and 2025 was still digesting the heaviest deliveries in decades. Completions fell about 20 percent in 2025, and the pipeline is expected to keep shrinking through 2027. Effective rents slipped about 0.8 percent in 2025, but renewals were about 57 percent of leasing, so blended rent growth ran ahead of new leases. Buying a comparable home costs about 105 percent more per month than renting one. FHFA set the 2026 multifamily purchase cap at $88 billion for each of Fannie Mae and Freddie Mac, $176 billion combined, 21 percent above 2025.
The 2026 book.
Eight fixed-rate deals — five 5-year, one 7-year and two 10-year — hold 276 loans and 56,560 units against $11.54 billion of appraised value, about $204,000 a unit. The weighted average capitalization rate is 5.47 percent. Five-year loans are 53.2 percent of balance, ten-year loans 34.4 percent and the 7-year deal 12.4 percent. The two 10-year deals, K176 and K177, are the largest, at $1.26 billion and $1.31 billion. Virginia, Texas and California are the three largest states, at 11.5, 10.7 and 9.5 percent of balance. The top 15 states hold 77.2 percent.
How the loans are built.
Partial interest-only is 86.4 percent of balance, full interest-only 12.5 percent and balloon 1.1 percent. In this fixed-rate set, townhome collateral is 54.8 percent of balance, garden 23.1 percent, mid-rise 17.9 percent and co-op 4.2 percent. Weighted average loan-to-value at maturity is 63.3 percent, against 65.6 percent at cut-off.
Collateral detail drawn from Freddie Mac K-Deal offering documents and SCP’s issuance archive. For discussion only; not a valuation opinion, investment advice, or an offer to sell securities.