Longer-form thinking on where the market goes.
146 white papers
showing 61–120 of 146
Insurance investing 7 min. read ~ 12 minutes long 13 Jul 2026
Walker & Dunlop guidance on using bridge financing as a readiness tool to prepare affordable housing projects for permanent debt solutions.
Analysis of trends and inflection points in the commercial real estate debt maturity cycle and refinancing landscape.
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Analysis of credit dynamics and lending conditions affecting real estate debt markets.
Henri Vuong examines the evolving landscape of private real estate credit markets and associated investment opportunities.
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After two years of tighter credit conditions, the bank commercial real estate (CRE) lending story has shifted from whether banks are pulling back to where balance sheets are growing again. Aggregate loan growth has picked up in parts of the CRE book, and recent lending commentary has pointed to a cautious return of…
Analysis of how federal LRBA (Limited Recourse Borrowing Arrangement) tax changes affecting self-managed superannuation funds may impact the real estate industry, complicated by lack of comprehensive data tracking.
While the outlook for mortgage rates remains uncertain, a decline could unlock the housing market. The post What Happens to Housing if Mortgage Rates Fall? appeared first on Texas Real Estate Research Center .
Ballooning U.S. federal debt and fiscal policy has already cost borrowers approximately $76,000 over the life of a 30-year mortgage at the median home value. The post Federal Debt Growth: A Rising Risk to the Real Estate Market appeared first on Texas Real Estate Research Center .
Despite mortgage rates above 6 percent, Texas saw record seller activity in 2024–25, driven largely by existing homeowners. Life events, price gains, and market adjustment suggest the lock-in effect is easing. The post Is the Low-Rate Lock-In Grip Finally Loosening? appeared first on Texas Real Estate Research Center .
Future mortgage rate trends depend on the Fed’s balance sheet policy. Slower mortgage-backed securities runoff could lower rates, while faster reductions might raise them temporarily. Eventually, as MBS holdings stabilize or deplete, rates should normalize. The post Where Do Mortgage Rates Go From Here? appeared…
For much of the past two years, loan extensions and maturity modifications have limited forced sales across commercial real estate by deferring pricing decisions amid volatile rates and uneven fundamentals. However, this strategy is increasingly reaching its limits as higher for longer borrowing costs and slower…
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Florida’s unemployment rate rose to 4.8% in May, up from 3.7% a year earlier, one of the largest increases of any state and the highest Florida reading in nearly five years. The rate has continued to climb and now sits above the national unemployment rate of 4.3%.
Morgan Stanley's Chief Fixed Income Strategist and Global Head of Private Credit & Equity discuss recent market pressures affecting the private credit sector.
Analysis of commercial real estate lender positioning and lending appetite amid renewed Treasury market volatility.
Green Street announces expansion of its infrastructure research coverage to include infrastructure debt, transport, and data center assets.
Executive Summary The war in Iran has scrambled traditional views of safety in fixed income, pushing investors out of long‑duration Treasuries and broad investment‑grade benchmarks and into floating‑rate, senior‑secured credit. From February 28 through early July, the Invesco Senior Loan ETF (BKLN) returned just…
On its path to ubiquity, artificial intelligence has seeped into mortgage lending. Regulators are racing to catch up.The same forces in the tech world that created the “move fast and break things” ethos are driving AI’s adoption today. With no overarching...
Corporate financing troubles have dominated the conversation, but multifamily continues to benefit from active competition among real estate lenders.
Depending on your perspective, you may call it back-leverage or you may call it ‘loan-on-loan’ financing. Either way, loan-on-loan financing enables a fund to achieve higher leveraged returns while being an attractive risk-adjusted, capital-efficient way for a bank to lend. This primer is designed to explain how…
There is growing consensus that lender forbearance toward troubled commercial real estate loans is beginning to fade. A large volume of CRE debt is scheduled The post CRE Investors Find Ways to Temper Foreclosure Risk appeared first on Capright .
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Disclaimer: This is an excerpt from Trepp's "The Midwest Multifamily Investment Mirage" paper. Click here to access it . The Sunbelt has become the market everyone loves to hate. Oversupply, concessions, elevated vacancies, and slowing r ent growth have pushed many investors toward a new narrative: that the Midwest…
Analysis of how European regulatory reforms to depositor preference frameworks may affect bank credit rating assessments and risk profiles.
Moody's CRE provides an educational overview of government-sponsored enterprises and alternative financing mechanisms in the multifamily agency lending market.
The document reports that the six-month Treasury yield has risen to approximately 4%, with the government selling $84 billion of six-month Treasury bills at an investment rate of 3.97%, up from 3.80% two weeks prior, signaling that bond markets expect multiple Federal Reserve rate hikes within the next six months. The article argues that the bond market is clearly telling the Fed to proceed with rate increases, as evidenced by the 2-year Treasury yield surging 76 basis points since early February to 4.14%, and that banks are raising CD yields above 4% in response to incoming economic data.
Research perspective examining how back-leverage strategies are being utilized to address debt funding constraints in European real estate markets.
AEW research perspective examining the refinancing environment in European real estate markets and whether the acute phase of the refinancing challenge has passed.
Research perspective on European private infrastructure lending strategies and risk-return positioning for institutional investors.
AEW research examines European borrowing cost trends and persistent refinancing obstacles in real estate capital markets.
AEW research whitepaper examining capital preservation strategies within the evolving private credit landscape for real estate investors across North America.
A discussion of how infrastructure debt is entering a new growth phase driven by structural mega-trends and evolving energy needs.
Barings executives discuss portfolio finance strategies for institutional investors seeking risk-adjusted returns and capital flexibility in private debt markets.
A Barings viewpoint examining traditional middle market direct lending fundamentals and how private credit strategies differ in their portfolio roles.
Q&A exploring how infrastructure debt enhances insurer portfolios through risk-return attributes, diversification, and long-duration cash flows.
Barings executives discuss mid-market direct lending trends, investor demand, and risk mitigation strategies in private credit markets.
The share of mortgages with below-3% interest rates remained flat at 19.5% in Q1 2026 after declining steadily from a peak of 24.6% in Q1 2021, while combined below-4% mortgages fell only 20 basis points quarter-over-quarter, marking the smallest decline since their share began falling in 2022. The document attributes the stalling unwinding of the "lock-in effect" to homeowners retaining ultra-low mortgages that offer effectively free borrowing in real terms given inflation above 3%, though the stall could represent either a temporary blip or a longer-term freezing of the housing market.
Invesco's Global Head of Commercial Real Estate Credit discusses diversification strategies, sector strength, and risk mitigation approaches in real estate credit markets.
Analysis of global real estate credit markets examining how to distinguish meaningful market signals from noise in capital deployment decisions.
Analysis of how private markets are responding to increased investor scrutiny in the leveraged finance sector.
Conference coverage of hospitality industry discussions including ADA compliance concerns, market trends, and financing stability amid interest rate volatility.
An analysis of middle market direct lending opportunities in real estate, examining advantages and common misperceptions in the alternative lending space.
Moody's CRE Analytics examines strategic adaptation approaches for commercial real estate portfolios navigating maturing debt cycles and refinancing pressures.
Analysis of the methodologies, origins, and applications of market tier and ranking systems used to evaluate and prioritize U.S. metropolitan regions for commercial real estate investment.
Trepp's analysis of CRE lending spreads from early 2025 through June 2026 finds that while spreads are compressing uniformly across property types at the 50-59% LTV level, relative premiums between property types are shifting—specifically, retail loan premiums have compressed relative to industrial loans, and office premiums have widened over retail. The report notes that these quoted spread movements may indicate capital rotation toward retail or competitive yield exhaustion in multifamily and industrial, though the data reflects only stabilized, low-leverage deals and may not signal broader credit repricing across higher-leverage or transitional assets.
Freddie Mac launched Optigo Conventional Small in April 2026, replacing its Small Balance Loan program with loans ranging from $2 million to $10 million and integrating the product into Freddie Mac's core Conventional framework. The redesign increases the loan ceiling from $7.5 million to $10 million, creates clearer distinctions from Fannie Mae's Small Loan program, and consolidates documentation and policies while maintaining pricing as the key determinant of program fit for borrowers.
By John Nelson Fannie Mae and Freddie Mac are scaling up their multifamily loan production this year while their partner servicers and underwriters are aggressively pursuing new business. The Federal… The post Fannie, Freddie Enter Bullish Phase appeared first on Multifamily & Affordable Housing Business .
Ten-year conduit loans have declined dramatically from 95.6% of conduit loan count in 2019 to just 12.3% in 2026, while five-year loans have become the dominant format in the CMBS market. Median 10-year conduit spreads tightened from 301 basis points in 2023 to 201 basis points in 2026, suggesting the remaining market reflects more selective underwriting rather than pricing that is prohibitively wide.
Analysis of how distributions to paid-in capital (DPI) has emerged as a key liquidity metric for commercial real estate fund investors, with smaller funds outperforming larger peers in capital returns during the current constrained market environment.
Cushman & Wakefield analyzes how massive AI infrastructure bond issuance by tech hyperscalers is competing for fixed-income capital with CRE debt markets, raising financing costs and lender selectivity across commercial real estate sectors.
Private credit moves toward core as banks retreat and refinancing needs rise.
Real estate lending and insurance capital opportunities in a reset market.
Examines reasons for institutional investors to consider real estate debt, the second largest of real estate's four quadrants at ~$4.5 trillion in the US and Europe.
Freddie Mac's three-year Duty to Serve plan with a substantive manufactured-housing section detailing objectives for MH loan purchases, MHC pad-lease protections and chattel.
Berkadia analysis of the Affordable HOMES Act consolidating federal MH standards under HUD, streamlining oversight to create more predictable conditions for manufacturers, lenders and investors.
CRETI on the structural shift in proptech capital: debt and structured late-stage rounds supplementing/replacing venture equity, with continued VC interest in AI workflow tools.
By Hayden Spiess Professionals active in the seniors housing lending space say that the sector is somewhat insulated from cyclical economic headwinds relative to other types of commercial real estate.… The post Quality Operators Stand Out, Say Lenders appeared first on Seniors Housing Business .
Five-year conduit loans have become the dominant structure in CMBS issuance, rising from 3.1% of loan count in 2019 to 91.0% by 2026, though this shift reflects market preference for shorter duration rather than aggressive pricing. Spreads have remained disciplined post-2023, stabilizing in the high-200s basis points across property types, with multifamily pricing most tightly (263 basis points in 2026) and lodging most widely (319 basis points in 2026), indicating that lenders continue to differentiate sharply by collateral quality and sector risk despite the structural shift toward five-year terms.
Karen Pence , Ben Ranish , and Michael Suher Mortgage servicing right (MSR) valuations decrease when mortgage default and prepayment rates increase, as is generally the case when the economy enters into recession. To estimate how large these MSR valuation declines could be for the banking sector in a severe…
Anna Tranfaglia and Erin Troland Historic swings in rents during the pandemic have driven increased interest in research on the financial impacts of rising rents on households. However, compared to homeowners with a mortgage, data on renters are scarce, limiting researchers’ ability to analyze the 28 percent of…
As the market moves beyond emergency loan extensions, owners and lenders confront a harder question: Which assets are actually recoverable?