Commercial real estate is not residential real estate with bigger numbers. It operates on different psychology, different capital structures, and very different risk exposure.
It's ultra exclusive and for high net-worth clientele, but distressed aircraft investing isn’t about glamour. It requires trust, nurtured networks and nuanced market intelligence.
CLOs were designed to distribute risk — not eliminate it. As private credit markets have grown, CLO issuance has surged alongside looser underwriting.
Borrowers are discovering that CMBS lenders aren’t focused on narratives, they’re focused on structure, documentation, and their own downside protection.
In a stressed real estate environment, extend and pretend is a control mechanism. It allows lenders to manage distressed loans without forcing outcomes that destroy value on both sides of the [...]
