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KBRA
CMBS Loan Performance Trends: December 2025
KBRA reports the delinquency rate among KBRA-rated US private label CMBS decreased to 7.7 percent in December 2025 from 7.8 percent in November, while the distress rate ticked up to 10.6 percent.
CMBSCapital MarketsDebt & FinancingU.S. National
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Newmark
4Q25 U.S. Multifamily Capital Markets Conditions & Trends
Newmark's fourth quarter 2025 multifamily capital markets report reviews transaction volume, pricing, debt availability and investor demand for U.S. apartment assets.
MultifamilyCapital MarketsDebt & FinancingU.S. National
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Newmark
4Q25 U.S. Capital Markets Conditions & Trends
Newmark reports U.S. capital markets momentum strengthened through year-end 2025 as improving liquidity and active debt markets sustained a rebound in transaction activity. Institutional investment rose 23 percent year-over-year, while 547 billion dollars in loans maturing between 2025 and 2027 remain potentially troubled, led by office and multifamily.
Capital MarketsOfficeMultifamilyU.S. National
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Trepp
December 2025 CMBS Delinquency Report
Trepp reports the CMBS delinquency rate rose 4 basis points to 7.30 percent in December 2025, with lodging up 44 basis points to 6.61 percent and office retreating 37 basis points to 11.31 percent.
CMBSCapital MarketsDebt & FinancingU.S. NationalUnited States
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Nuveen Real Estate
Real Estate 2026 Outlook: Navigating the real estate resurgence
The outlook argues private real estate is poised for a meaningful recovery in 2026, with values stabilizing and total returns positive for six consecutive quarters. Global institutions begin the year below target allocation, with nearly three times as many investors planning to add capital as to reduce it.
Capital MarketsEconomyDebt & FinancingGlobal
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Brookfield
Private credit: Beyond direct lending
Brookfield makes the case that asset-based finance remains underpenetrated by private capital, but that this is about to change. The piece looks beyond direct lending to the broader private credit opportunity set.
Debt & FinancingAlternativesCapital MarketsGlobalU.S. National
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Fannie Mae
Fannie Mae Publishes December 2025 Economic and Housing Outlook
Fannie Mae's Economic and Strategic Research Group projects the U.S. housing market regaining momentum into 2026 with total housing starts near 1.3 million annually and multifamily construction leveling out as supply and demand rebalance, while the 30-year fixed mortgage stays above 6 percent through much of the forecast.
EconomyMultifamilyDebt & FinancingU.S. NationalUnited States
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Morningstar DBRS
Monthly North American CMBS Rating Action Summary -- November 2025
The monthly summary aggregates Morningstar DBRS rating actions across North American CMBS transactions for November 2025. It is part of the firm's recurring surveillance reporting on the sector.
CMBSFinancing & CMBSU.S. NationalCanada
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Brookfield
Credit outlook: Discipline is an all-weather strategy
Brookfield's credit outlook contends that continued investor appetite for private credit underscores confidence in the asset class. The piece makes the case for disciplined underwriting and a focus on asset quality across market cycles.
Debt & FinancingEconomyCapital MarketsGlobalU.S. National
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CRED iQ
CMBS Distress Rate Climbs to 11.6% in November 2025
CRED iQ records a November 2025 CMBS distress rate of 11.6 percent, with non-performing matured loans comprising the largest share of the distressed universe and office exhibiting the highest sector stress.
CMBSCapital MarketsDebt & FinancingU.S. NationalUnited States
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Arbor Realty Trust
Affordable Housing Trends Report Fall 2025
The report examines the affordable rental sector following the Low-Income Housing Tax Credit allocation increases in the One Big Beautiful Bill Act and notes declining market-based borrowing costs supporting a more accommodative financing environment.
Affordable HousingMultifamilyDebt & FinancingU.S. NationalUnited States
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KBRA
CMBS Loan Performance Trends: October 2025
KBRA reports the delinquency rate among KBRA-rated US private label CMBS rose to 7.9 percent in October 2025, with 1.7 billion dollars in loans newly added to distress and multifamily seeing the highest new volume.
CMBSCapital MarketsDebt & FinancingU.S. National
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Ares Management
Has Private Credit Been Tested?
Part of the 'Demystifying Private Credit' series, this piece argues that across the Global Financial Crisis and the COVID pandemic, direct lending was less volatile than equities and other debt sectors and outperformed on a risk-return basis. It frames private credit's counter-cyclical lending as a component of economic resilience.
Debt & FinancingAlternativesCapital MarketsU.S. NationalGlobal
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Fannie Mae
Fannie Mae Publishes October 2025 Economic and Housing Outlook
Fannie Mae's October 2025 outlook details the Economic and Strategic Research Group's expectations for home sales, housing starts, home prices and mortgage rates amid elevated borrowing costs and affordability constraints.
EconomyMultifamilyDebt & FinancingU.S. NationalUnited States
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Brookfield
Real estate outlook: Investing through the next cycle
Brookfield argues the real estate recovery is underway, with an active credit market supporting a rise in transactions. The firm sees selectivity and operational value creation as the keys to returns as the asset class moves into a new cycle.
Capital MarketsDebt & FinancingEconomyGlobalU.S. National
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CRED iQ
CRED iQ Market Update: Navigating CMBS Distress and Broader CRE Trends in Q3 2025
CRED iQ's third-quarter 2025 market update reviews CMBS distress trends and broader commercial real estate conditions across major property sectors.
CMBSCapital MarketsDebt & FinancingU.S. NationalUnited States
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Newmark
3Q25 U.S. Capital Markets Conditions & Trends
Newmark's third quarter 2025 capital markets report tracks transaction volume, pricing and debt market conditions across the major U.S. property sectors as the recovery continued.
Capital MarketsOfficeMultifamilyU.S. National
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Colliers
Capital Markets U.S. Snapshot | 2025 Q3
The Q3 snapshot reports US capital markets showing renewed momentum amid economic uncertainty, supported by strong liquidity and record-setting CMBS activity. It outlines forces shaping capital flows into year end.
Capital MarketsCMBSFinancing & CMBSU.S. National
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Ares Management
Private Credit Outlook 2026: Growth and Maturity
Ares forecasts private credit could hit new milestones in 2026 amid expansion beyond core corporate lending and rising interest from private wealth investors. Larger deal sizes, new asset classes and individual-investor participation are positioning private credit as a mainstream asset class.
Debt & FinancingAlternativesCapital MarketsGlobalEurope
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Morgan Stanley
What Fed Rate Cuts Mean for Mortgage Rates and Housing
Morgan Stanley analyzes why Fed rate cuts alone may not revive the US housing market, identifying the additional factors needed for a meaningful recovery.
EconomyHomebuildersDebt & FinancingU.S. National
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Greystone
Stability Through Affordability: Key Insights for Multifamily Borrowers
The analysis finds national multifamily vacancy holding near 6.5 percent in the first half of 2025 as steady demand paused further deterioration, with asking rents above 1,900 dollars. Affordability constraints are creating opportunities for borrowers focused on workforce and affordable housing.
MultifamilyAffordable HousingDebt & FinancingU.S. NationalUnited States
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MSCI Real Assets
US Capital Trends: Changing Dynamics in Real Estate Lending
The September 2025 US Capital Trends report examines shifting dynamics in commercial real estate lending, tracking transaction volumes, deal structures, liquidity conditions, and investor behavior across property types.
Capital MarketsDebt & FinancingCMBSU.S. National
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Schroders Capital
Schroders Capital Global Real Estate Lens Q3 2025
The Q3 2025 edition of the Global Real Estate Lens provides a guide to global property markets, with valuations and transaction prices continuing to stabilize and recover despite ongoing macro uncertainty.
Capital MarketsEconomyDebt & FinancingGlobalEurope
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Brookfield
Mapping the market: Why private real estate lending is compelling now
Brookfield examines why reset property values have created an attractive entry point for private real estate lending, offering the potential for reduced risk and higher returns. It maps how the pullback of traditional lenders has opened a structural opportunity for private credit.
Debt & FinancingCapital MarketsAlternativesGlobalU.S. National
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Morningstar DBRS
North American Commercial Real Estate 2025 Midyear Outlook
The midyear update describes a resilient commercial real estate debt market in the first half of 2025, with higher issuance in data center sectors and traditional CMBS consistent with 2024. Maturity defaults remained tied to higher rates and office performance decline.
CMBSDebt & FinancingData CentersU.S. NationalCanada
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JLL
Global Real Estate Outlook 2025: Mid-year update
The mid-year update forecasts an improving real estate cycle with rising transaction activity and stabilising borrowing costs. Debt markets are expected to remain very active as the AI infrastructure boom drives data center demand.
Capital MarketsOfficeIndustrial & LogisticsGlobalU.S. National
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Trepp
Trepp & CRE Direct Release The Mid-Year Magazine 2025 as Multifamily Fundamentals Hold Firm Amid Rising Distress
Trepp's Mid-Year 2025 publication highlights strong multifamily fundamentals despite signs of growing distress across other commercial real estate sectors.
CMBSCapital MarketsDebt & FinancingU.S. NationalUnited States
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CRED iQNews
CMBS Distress Rate Reaches 11% - Breaking a Streak of 3 Consecutive Reductions
CRED iQ records the CMBS distress rate climbing back to 11 percent, ending three consecutive monthly reductions as maturity pressures persist.
CMBSCapital MarketsDebt & FinancingU.S. NationalUnited States
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KKR
Real Estate Credit: Why Our Pipeline is at Record Highs Despite Volatility
Despite market volatility, KKR says it is seeing abundant opportunities in real estate credit and expects its lending pipeline to remain elevated. The note details why the firm's real estate lending pipeline reached record highs.
Debt & FinancingCapital MarketsFinancing & CMBSGlobalU.S. National
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Walker & Dunlop
From repricing to opportunity: commercial real estate market outlook
The outlook frames the repricing of commercial real estate as creating disciplined deployment opportunities through bridge lending and value-add equity strategies. It positions multifamily as transitioning from a supply-heavy correction toward improving fundamentals.
MultifamilyCapital MarketsDebt & FinancingU.S. NationalUnited States
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Schroders Capital
Schroders Capital Global Real Estate Lens Q2 2025
The Q2 2025 edition of the Global Real Estate Lens reports that valuations and transaction prices continued to stabilize and recover despite uncertainties, supporting a cautiously improving outlook for global property markets.
Capital MarketsEconomyDebt & FinancingGlobalEurope
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CRED iQ
CRED iQ's Special Servicing Rate Reaches 9.9%
CRED iQ reports the CMBS special servicing rate climbed to 9.9 percent as loans continued transferring to special servicing ahead of imminent default and maturity.
CMBSCapital MarketsDebt & FinancingU.S. NationalUnited States
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Schroders Capital
Schroders Capital Global Real Estate Lens Q1 2025
The Q1 2025 edition of the Global Real Estate Lens notes deal activity picked up at the end of 2024, reflecting improving sentiment, with clear evidence of prices recovering following significant earlier falls.
Capital MarketsEconomyDebt & FinancingGlobalEurope
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Lument
The Gradual Recovery Accelerates: 2025 Seniors Housing and Healthcare Market Outlook
Lument's 2025 outlook expects seniors housing and care valuations to rise above 2024 levels as occupancy nears pre-COVID norms, while a tight labor market and compressed margins remain the predominant headwinds to value appreciation.
Senior HousingHealthcareCapital MarketsU.S. NationalUnited States
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Freddie Mac
2025 Multifamily Outlook
Freddie Mac forecasts positive but weaker multifamily growth in 2025, projecting rent growth of 2.2 percent and vacancy rising to 6.2 percent, with origination volume expected at 370 to 380 billion dollars.
MultifamilyEconomyCapital MarketsU.S. NationalUnited States
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Principal Asset Management
2025 Inside Real Estate Outlook: Poised for Growth
Principal viewed real estate values as largely adjusted for the cycle, with debt among its highest conviction strategies and structurally-driven sectors such as data centers, logistics and residential well positioned for 2025.
Capital MarketsOfficeIndustrial & LogisticsU.S. NationalGlobal
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PGIM Real Estate
2025 Real Estate Global Outlook
The 2025 global outlook comprises in-depth research articulating distinct investment views across the United States, Europe, Asia-Pacific and Mexico, as well as the private real estate credit markets globally.
Capital MarketsEconomyDebt & FinancingGlobalU.S. National
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CRE Finance Council
CREFC Compendium of Commercial and Multifamily Real Estate Finance Statistics
CREFC's quarterly Compendium compiles data on the state of the CRE debt capital markets, including outstanding debt, issuance volumes and lending activity across the 6.2 trillion dollar sector.
Capital MarketsDebt & FinancingCMBSU.S. NationalUnited States
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TPG
Real Estate Credit: Poised to Outperform
TPG Real Estate leaders argue that ongoing dislocation in real estate credit markets, with a multitrillion-dollar CRE maturity wall, has created one of the best moments to be a real estate lender.
Debt & FinancingCapital MarketsCMBSU.S. National
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Hines
Seizing the "Debt-First" Office Moment
Hines argues that 2025 brings attractive opportunities for debt investment in the U.S. office sector, outlining market trends and strategies for risk-adjusted returns.
OfficeDebt & FinancingFinancing & CMBSU.S. National
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Ares Management
Liquidity Solutions: The Growth Drivers of the Credit Secondaries Asset Class
Ares examines the growth drivers behind the emerging credit secondaries asset class and its role in providing liquidity solutions to credit investors. The analysis details how the market has expanded as private credit has scaled.
Debt & FinancingAlternativesCapital MarketsGlobalU.S. National
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KKR
The Real Estate Credit Opportunity Is Here
KKR discusses four ideas real estate credit investors need to know about today's markets, arguing that a scarcity of capital and rising transaction volume is creating the chance to earn equity-like returns on real estate debt.
Debt & FinancingCMBSCapital MarketsGlobalU.S. National
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Ares Management
Ares Global Credit Monitor - Fourth Quarter 2025
Ares' quarterly credit monitor reviews a year of resilience and divergence across global credit markets shaped by geopolitics, AI and shifting tariff policy. It advises investors to maintain focus on valuations and credit quality as opportunities broaden across public and private markets.
Debt & FinancingCapital MarketsFinancing & CMBSGlobal
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Ares Management
The Evolving Real Estate Environment
Julie Solomon, Head of Real Estate at Ares, discusses how a dramatic repricing of high-quality assets has created an attractive entry point. She notes slowing construction is reducing supply, which she expects to drive further rent growth.
MultifamilyDebt & FinancingREITsGlobalU.S. National
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Ares Management
Ares Global Credit Monitor - Third Quarter 2025
Ares' Q3 2025 credit monitor tracks renewed credit issuance, refinancing and repricing activity, and a pickup in M&A volumes globally. It assesses credit fundamentals across public and private markets amid an evolving macro backdrop.
Debt & FinancingCapital MarketsCMBSGlobalU.S. National
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