Interest rate risk reflects rising cost of capital which translates to risks such as in the office CMBS space and consumer credit.

Source: https://seekingalpha.com/article/4633518-buy-short-term-treasuries-to-reduce-risk-and-enjoy-the-risk-free-yield?source=feed_all_articles

Invesco High Income 2023 Target Term Fund is a CMBS closed end fund.

Source: https://seekingalpha.com/article/4568184-ihit-could-get-8-percent-risk-free-return-here-2023?source=feed_all_articles

Overall, the delinquency outlook for commercial real estate and CMBS is negative, considering the mass refinancing of 2023-2027 period and the already concerning trends.

Source: https://seekingalpha.com/article/4655645-next-default-cycle-started-likely-crack-interest-rates?source=feed_all_articles

So after the Agency CMBS we are started to perform well.

Source: https://seekingalpha.com/article/4585344-ellington-residential-mortgage-reit-earn-q4-2022-earnings-call-transcript?source=feed_all_articles

The purchase price values the entity at $5.55 billion or a 5.6% cap rate on 2023 rent and VICI assumed the CMBS debt with a coupon of just 3.55% (until 2030).

Source: https://seekingalpha.com/article/4587076-vici-properties-doubling-down?source=feed_all_articles

Threadgill Financial LLC purchased a new stake in iShares CMBS ETF in the 4th quarter worth about $213,000.

Source: https://www.etfdailynews.com/2023/05/18/commonwealth-equity-services-llc-has-1-80-million-stock-position-in-ishares-cmbs-etf-nysearcacmbs/