Commercial Real Estate

Every model on both sides of the desk says the trade should work. What’s most interesting is that house flipping costs, not values, are driving the problem.

Private credit didn’t grow because it was safe. It grew because the banks stepped back from risk after the global financial crisis. That capital gap had to be filled and it arrived by the trillion.

The private credit market is sophisticated, regulated, fast-moving ecosystem. If it isn't already part of how you think about funding, this is a good place to start.

Negotiating distressed commercial real estate without understanding which version of "lender" you're dealing with, you're not negotiating, you're guessing.

A new paper from Brian Shearer argues P&C insurance premiums are over $100 billion too expensive and raises a question every creditor should be asking.

There's a quiet disconnect happening in a lot of portfolios right now. The numbers look fine on paper, but something feels off. The relationship between inflation and wealth are moving against [...]

New AI-powered infrastructure is emerging to solve the biggest obstacle in private credit trading: efficient, confidential matchmaking without tipping your hand.

I've spent thirty years studying the financial cycles that create exactly this kind of moment — the slow build, the visible warnings, the critical window where preparation either happens or it [...]

I wrote The Storm to spark this conversation about how decisions made in silos — a coverage requirement, a rate reset, a zoning call, a premium increase, a lax building code — are affecting all [...]

Every so often someone explains a corner of the CMBS market so cleanly that I just want to pass it along. Thomas Taylor's "Agency CMBS 101" over at Trepp is one of those.