Longer-form thinking on where the market goes.
569 white papers
showing 541–569 of 569
Examination of seniors housing financing options across traditional lenders, debt funds, and GSEs (Freddie Mac, Fannie Mae, HUD), noting a 23% rise in acquisition activity and tighter refinancing terms.
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On March 19, 2026, the Federal Reserve, FDIC, and OCC jointly proposed Basel III capital rules that expand access to credit risk transfer (CRT) structures for U.S. banks, eliminating the prior requirement for case-by-case Federal Reserve approval and allowing standardized regulatory treatment instead. The document examines how synthetic risk transfer and credit-linked notes work for commercial real estate portfolios, illustrating with a stylized example how a regional bank holding a $500 million multifamily portfolio could reduce risk-weighted assets from $500 million to $78.1 million (16% of original) through a CRT, and identifies strongest CRT candidates as stabilized income-producing properties and smaller-balance owner-occupied commercial properties with strong fundamentals that diverge from their regulatory risk weights.
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The document examines how the Federal Reserve, OCC, and FDIC's new model risk management guidance SR 26-02 (issued April 17, 2026) replaces the 15-year-old SR 11-7 framework, with key changes including a narrower model definition that excludes spreadsheet arithmetic and deterministic rule-based systems, explicit carve-outs for generative and agentic AI, and applicability primarily to institutions above $30 billion in assets. The guidance creates a governance gap for AI-driven commercial real estate workflows by placing statistical models within the MRM perimeter while excluding generative layers, extraction pipelines, and orchestration logic, meaning banks have regulatory latitude in deploying agentic AI for CRE underwriting but remain responsible for downstream risks that feed into pricing and credit estimates.
TPG leaders discuss how asset-based finance is expanding across housing, commercial real estate, and digital infrastructure as bank retrenchment and structural demand reshape private credit.
Clarion Partners reviews the permanent extension of the Opportunity Zones program and its implications for real estate capital formation. The brief assesses how the structure shapes long-term investment.
Barings discusses emerging demand drivers and underwriting approaches for alternative real estate sectors and the case for diversification beyond the core property types.
Walker & Dunlop Investment Partners argues the transition phase in multifamily offers attractive entry points as fundamentals improve and new supply declines.
Blackstone President and COO Jon Gray writes that real estate is approaching the steeper phase of recovery, citing record leasing at Link Logistics, up 38 percent year on year, and New York City office leasing at levels not seen since before the pandemic.
J.P. Morgan Asset Management argues commercial real estate valuations have fallen roughly 25% from their 2022 peak even as operating income rose, creating an attractive entry point as the recovery extends through 2026.
TPG CEO Jon Winkelried surveys the 2026 macro outlook across policy, interest rates, and AI, and explains why he sees real estate as one of the more interesting investing opportunities ahead.
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.
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.
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.
The white paper sets out Invesco Real Estate's house view across global markets following the recent pricing correction, anticipating a period of yield stability. It identifies sectors and regions positioned for rental growth and recovery into 2026.
Hines research finds the development return premium is typically greatest early in the cycle and diminishes later, helping investors decide when to buy versus build across market phases.
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.
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.
TPG Angelo Gordon's Reid Liffmann and Matt Jackson outline a U.S. real estate strategy built on collaborating with local partners to source deal flow and execute value-add programs.
This interview with McKinsey senior partner Aditya Sanghvi examines where office attendance stands today and the growing opportunity for commercial real estate to adapt to new ways of working. It revisits demand projections from the firm's earlier hybrid-work research.
Blackstone President and COO Jon Gray argues the conditions are in place for a strong dealmaking environment in 2025, including in real estate, which he sees continuing on a path of recovery alongside infrastructure investment opportunities.
Jim Coulter and Scott Lebovitz argue the major themes of climate investing are cascading from private equity into infrastructure, where capital is needed to scale solutions over the next decade.
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.
After a two-year downturn in which property values dropped 22% from a recent peak as interest rates increased, KKR argues the current real estate investment environment is one of the most attractive it has ever seen. The piece lays out the case for investing into the early stage of the recovery.
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.
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.
TPG Real Estate co-heads discuss the rising differentiation between individual real estate sectors and geographies, and how thematic conviction guides their investment selection.
Ares makes the case that today presents an important opportunity to rebuild allocations to core commercial real estate, focusing on 'New Economy' sectors aligned with digitization and supply-chain transformation. Published via AccessAres, the thought-leadership arm of Ares Wealth Management Solutions.
A Hines guide to the roles of private infrastructure and real estate in institutional portfolios, weighing benefits, risks, and liquidity as the two asset classes converge.
Research on how private real estate complements public markets, offering diversification, income stability, and recovery potential for institutional investors positioning for the next cycle.