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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 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.

The debt market has a transparency problem and most investors aren't even aware they're working with incomplete data. The delinquency rate is telling a story — just not the whole one.

If you look at any one variable affecting real estate deals right now, most of it still holds together. That's what makes this moment so easy to misread.

Today’s foreclosure trends are developing under pressure from multiple directions: higher interest rates, affordability constraints, policy interventions, and borrower fatigue.

If you look at any one variable affecting real estate deals right now, most of it still holds together. That's what makes this moment so easy to misread.

Climate risk in real estate markets is starting to show up in ways most people aren’t fully accounting for yet. There’s a tendency right now to look backward for clarity.

People tend to still think about risk the way we experienced it in 2008. But the storm we're experiencing now is very different.