Every report, newest first.

Commercial and Multifamily Mortgage Debt Outstanding Crosses $5 Trillion in First-Quarter 2026

MBA's quarterly Commercial/Multifamily Mortgage Debt Outstanding report finds total debt rose $26.3 billion (0.5%) to $5.02 trillion in Q1 2026, with multifamily debt up $23.0 billion to $2.32 trillion.

Warsh's First FOMC Meeting Signals a New Fed Playbook

<div class="hs-featured-image-wrapper"> <a href="https://www.trepp.com/trepptalk/warshs-first-fomc-meeting-signals-a-new-fed-playbook" title="" class="hs-featured-image-link"> <img src="https://www.trepp.com/hubfs/fed%20FOMC%20usa%20government%20(min).jpg" alt="Warsh's First FOMC Meeting Signals a New Fed Playbook"…

1970s Vintage Multifamily: The Value-Add Repricing Has Slowed, CRE CLOs Show

<div class="hs-featured-image-wrapper"> <a href="https://www.trepp.com/trepptalk/1970s-vintage-multifamily-the-value-add-repricing-has-slowed" title="" class="hs-featured-image-link"> <img src="https://www.trepp.com/hubfs/GettyImages-2199650737%20(1).jpg" alt="1970s Vintage Multifamily: The Value-Add Repricing Has…

Large Bank CRE Delinquency Rates Drop Sharply in Q1, While Others Drift Higher

<div class="hs-featured-image-wrapper"> <a href="https://www.trepp.com/trepptalk/large-bank-cre-delinquency-rates-drop-sharply-in-q1" title="" class="hs-featured-image-link"> <img src="https://www.trepp.com/hubfs/GettyImages-2254658122%20(1).jpg" alt="Large Bank CRE Delinquency Rates Drop Sharply in Q1, While…

Basel III Re-Proposed: What the New Rules Mean for CRE Lending and Credit Risk Transfer – Part 3

<div class="hs-featured-image-wrapper"> <a href="https://www.trepp.com/trepptalk/basel-iii-re-proposed-what-the-new-rules-mean-for-cre-lending-and-credit-risk-transfer-part-3" title="" class="hs-featured-image-link"> <img src="https://www.trepp.com/hubfs/banking%20graph%20chart%20finance%20virtual%20(min).jpg"…

Chief Economist's Weekly Watch – June 15 2026: FOMC Meetings, Treasury Yield Curve, and CRE Credit Spreads

<div class="hs-featured-image-wrapper"> <a href="https://www.trepp.com/trepptalk/chief-economists-weekly-watch-june-15-2026-fomc-meetings-treasury-yield-curve-and-cre-credit-spreads" title="" class="hs-featured-image-link"> <img src="https://www.trepp.com/hubfs/Angled%20Graphic%20Report%20Covers%20Emails%20(9).png"…

Asset-Based Finance: A Growing Frontier for Private Credit

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.

Detroit Office CMBS: Limited Securitization, Divergent Credit Outcomes

<div class="hs-featured-image-wrapper"> <a href="https://www.trepp.com/trepptalk/detroit-office-cmbs" title="" class="hs-featured-image-link"> <img src="https://www.trepp.com/hubfs/Detroit%20downtown%20skyline%20and%20river%20office%20(min).jpg" alt="Detroit Office CMBS: Limited Securitization, Divergent Credit…

Private Markets Are Expected to Have a Growing Role in Data Center Financing

With hyperscaler spending on AI and data centers projected to top $5 trillion by 2030, Goldman Sachs Research expects private infrastructure and real estate funds to supply a growing share of that capital.

CRE Prices See Stability in the Face of Instability: TPPI Q1 2026

<div class="hs-featured-image-wrapper"> <a href="https://www.trepp.com/trepptalk/cre-prices-see-stability-in-the-face-of-instability-tppi-q1-2026" title="" class="hs-featured-image-link"> <img src="https://www.trepp.com/hubfs/GettyImages-1198442138%20(1).jpg" alt="CRE Prices See Stability in the Face of…

CMBS Special Servicing Rate Declines in May, Led by Office Pullback & Denominator Growth

<div class="hs-featured-image-wrapper"> <a href="https://www.trepp.com/trepptalk/cmbs-special-servicing-rate-declines-in-may" title="" class="hs-featured-image-link"> <img src="https://www.trepp.com/hubfs/GettyImages-1267416265%20(1).jpg" alt="CMBS Special Servicing Rate Declines in May, Led by Office Pullback…

The Agencies Replace SR 11-7: What the 2026 Model Risk Management Guidance Means for Model Use in Banking

<div class="hs-featured-image-wrapper"> <a href="https://www.trepp.com/trepptalk/the-agencies-replace-sr-11-7" title="" class="hs-featured-image-link"> <img src="https://www.trepp.com/hubfs/dollar%20bills%20banking%20usa%20earnings%20(min).jpg" alt="The Agencies Replace SR 11-7: What the 2026 Model Risk Management…

CRE Capital Markets Are Tightening

John Burns Research and Consulting analyzes tightening commercial real estate capital markets, covering inflation, Sunbelt rental growth and shifting build-to-rent policy across the apartment sector.

Mortgage Applications Retreat in May, with ARMs Gaining Share

The Mid-Year 2026: Green Lights Across CRE Finance

<div class="hs-featured-image-wrapper"> <a href="https://www.trepp.com/trepptalk/the-mid-year-2026-green-lights-across-cre" title="" class="hs-featured-image-link"> <img src="https://www.trepp.com/hubfs/Mid-Year%2026%20Background.png" alt="The Mid-Year 2026: Green Lights Across CRE Finance"…

Mortgage Rates Increase Further as Inflation Remains Elevated

Quarterly Commercial/Multifamily Mortgage Delinquency Rates

MBA's complimentary Commercial Mortgage Delinquency Rates report analyzes delinquency trends across the five largest investor groups—banks/thrifts, CMBS, life companies, Fannie Mae and Freddie Mac.

Canada Monetary Policy

The Bank of Canada held the overnight rate at 2.25 per cent; a higher-for-longer rate environment is curbing commercial real estate investment momentum.

Single-Family Rental Investment Trends Report Q2 2026

Developed with Chandan Economics, the report tracks single-family rental performance, documenting sector resiliency, build-to-rent supply additions and property-level yields amid a softening for-sale home market.

Multifamily Lending Mid-Year Market Landscape

Mid-year review of multifamily lending: agency lending volumes rising, third-party capital remains accessible, and transaction activity concentrating in higher-quality assets amid disciplined underwriting.

Why HUD financing is gaining momentum in 2026

Examines why HUD-insured financing is becoming more attractive for long-term capital, citing improved processing timelines, competitive economics, and streamlined environmental requirements. References the firm's 2026 HUD Outlook.

Chart of the Week: Total CRE Lending, 2020-2025

Drawing on MBA's 2025 Annual Origination Volume Summation, this chart shows CRE lending recovered to roughly $706 billion in 2025, a 40% increase over 2024, led by depositories and agency lenders.

Commercial/Multifamily Borrowing Increased 52 Percent in the First Quarter of 2026

MBA's Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations shows Q1 2026 originations up 52% year-over-year, led by an 80% rise in depository lending.

TreppTalk Research & Insights

Trepp's research blog covers CMBS, CRE lending and banking, noting capital is flowing again into 2026 as rates ease and leasing fundamentals stabilize.

Small Multifamily Investment Trends Report Q2 2026

The report finds small multifamily prices and lending activity continuing to recover, supported by steady rent growth, rising occupancy and declining expense ratios that have lifted average net operating incomes.

1Q26 U.S. Multifamily Capital Markets Conditions & Trends

Multifamily posted strong absorption and slowing deliveries in 1Q26, while debt market liquidity remained robust with originations up 46% year over year.

MBA Annual Report Finds Total Commercial Real Estate Borrowing and Lending Increased 40 Percent in 2025

MBA's 2025 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation estimates total CRE borrowing and lending reached $706 billion in 2025, a 40% increase over 2024.

The Graying Gold Rush: Seniors Housing Outshines Amid Uncertainty

Capital-markets research on seniors housing, which delivered a 10.6% total return in 2025 (vs. 4.9% NCREIF), with core assets trading below 6% cap rates and an estimated $275B investment needed by 2030.

Trepp CMBS Delinquency Report

Trepp's monthly delinquency report tracks CMBS late-payment rates by property type, with office continuing to carry the highest delinquency among the major sectors.

Commercial and Multifamily Mortgage Debt Outstanding Increased to $4.99 Trillion in Fourth-Quarter 2025

Commercial and multifamily mortgage debt outstanding rose 1.5 percent, or 75.2 billion dollars, to 4.99 trillion dollars in the fourth quarter of 2025. Multifamily debt grew 57.3 billion dollars during the quarter and 142.9 billion dollars for the full year.

Chart of the Week: Commercial Real Estate Loan Maturity Volumes

Based on MBA's 2025 Commercial Real Estate Survey of Loan Maturity Volumes, 17% ($875 billion) of the $5.0 trillion in outstanding commercial mortgages is scheduled to mature in 2026, down 9% from 2025.

Private Credit in CRE: Liquidity, Competition, and Evolving Opportunities in 2026

Analysis of the private credit landscape in CRE lending, where abundant liquidity is compressing spreads and pressuring risk-adjusted returns as institutions, life companies, and private lenders compete for quality multifamily and industrial assets.

MBA CREF 2026: Five Takeaways Shaping CRE Lending & Investment

Five takeaways from the 2026 MBA CREF conference: CRE originations hit $633B in 2025 (+27%) with $805B projected for 2026, nearly $1T in 2025-2026 loan maturities, and intensifying agency lender competition.

Commercial Real Estate Insights

Moody's Analytics CRE insights forecast roughly $805 billion in CRE lending for 2026, a 38% increase from 2025, with office and retail stabilizing and multifamily facing short-term headwinds.

MBA CREF Forecast: Total Commercial Mortgage Originations to Increase 27 Percent to $805 Billion in 2026

MBA's annual CREF Forecast projects total commercial mortgage origination volume to rise 27% to $805.5 billion in 2026, with multifamily originations climbing to $399.2 billion.

Fannie Mae Expands U.S. Rental Housing Supply Through Nearly $74 Billion in Multifamily Loan Production Volume in 2025

Fannie Mae provided approximately $74 billion of multifamily financing in 2025, up 34 percent year over year, including more than $8.3 billion in affordable housing and $1.9 billion in manufactured housing, marking its largest annual multifamily volume since 2020.

Commercial real estate

Moody's commercial real estate hub tracks deal volume, lending and property-level performance, noting December CRE deal volume sank further with office a relative bright spot.

U.S. Real Estate: Gradual Recovery Supported by Low New Supply

Barings' U.S. CRE research notes recovery underpinned by solid household balance sheets, sharply lower construction activity, three-year-high transaction volumes in Q4 2025, and record CMBS issuance amid disciplined underwriting.

CREFC 4Q 2025 BOG Sentiment Index Approaches All-Time High as Financing Demand Hits Survey Record

The 4Q 2025 index rose 2.1 percent to 125.4 from 122.8 in 3Q 2025, approaching the all-time survey high of 126.6 set in 4Q 2024 as financing demand expectations reached a survey record.

2025: A Banner Year!

Freddie Mac Multifamily reports 2025 production volume topped 77 billion dollars, up 17 percent year over year, supporting over 577,000 affordable rental housing units.

Steady Growth Accelerates: 2026 Seniors Housing and Healthcare Market Outlook

Lument's annual seniors housing and healthcare outlook projects continued recovery as occupancy approaches pre-pandemic levels and valuations firm, with ample financing opportunities for borrowers, buyers and sellers across the sector.

Commercial and Multifamily Mortgage Debt Outstanding Increased in Third-Quarter 2025

Commercial and multifamily mortgage debt outstanding increased 53.4 billion dollars, or 1.1 percent, to 4.93 trillion dollars at the end of the third quarter of 2025. Multifamily mortgage debt alone rose 40.3 billion dollars to 2.24 trillion dollars.

CMBS Distress Rate Climbs to 11.70% in December 2025 Amid Ongoing Refinancing Pressures

CRED iQ reports the overall CMBS distress rate rose to 11.70 percent in December 2025, a third consecutive monthly increase, with a delinquency rate of 8.89 percent and a specially serviced rate of 11.15 percent.

MBA: Mortgage Applications Decreased Over a Two-Week Period

From the MBA: <a href="https://www.mba.org/news-research-and-resources/newsroom">MMortgage Applications Decreased Over a Two-Week Period in Latest MBA Weekly Survey</a><blockquote>Mortgage applications decreased 9.7 percent from two weeks earlier, according to data from the Mortgage Bankers Association’s (MBA)…

CMBS Loan Performance Trends: December 2025

KBRA reports the delinquency rate among KBRA-rated US private label CMBS decreased to 7.7 percent in December 2025 from 7.8 percent in November, while the distress rate ticked up to 10.6 percent.

Real Estate 2026 Outlook: Navigating the real estate resurgence

The outlook argues private real estate is poised for a meaningful recovery in 2026, with values stabilizing and total returns positive for six consecutive quarters. Global institutions begin the year below target allocation, with nearly three times as many investors planning to add capital as to reduce it.

CRE Market Outlook 2026: Lending Recovery, Multifamily Rebound and Investment Opportunities

The outlook projects commercial real estate lending rising to 805 billion dollars in 2026, a 38 percent increase over the 583 billion seen in 2025. Peak maturity volumes of 875 billion are forecast for 2026, keeping refinancing risk elevated even as multifamily fundamentals improve.

4Q25 U.S. Multifamily Capital Markets Conditions & Trends

Newmark's fourth quarter 2025 multifamily capital markets report reviews transaction volume, pricing, debt availability and investor demand for U.S. apartment assets.

4Q25 U.S. Capital Markets Conditions & Trends

Newmark reports U.S. capital markets momentum strengthened through year-end 2025 as improving liquidity and active debt markets sustained a rebound in transaction activity. Institutional investment rose 23 percent year-over-year, while 547 billion dollars in loans maturing between 2025 and 2027 remain potentially troubled, led by office and multifamily.

December 2025 CMBS Delinquency Report

Trepp reports the CMBS delinquency rate rose 4 basis points to 7.30 percent in December 2025, with lodging up 44 basis points to 6.61 percent and office retreating 37 basis points to 11.31 percent.

Private credit: Beyond direct lending

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.

Credit in 2026: A Market That Demands Insight, Not Just Capital

Carlyle's Mark Jenkins identifies 2026 as a year requiring disciplined underwriting and specialized expertise rather than capital alone. He highlights five themes including widening credit dispersion, the expansion of private credit into complex structures, asset-backed finance growth, and attractive European private-credit valuations.

Fannie Mae Publishes December 2025 Economic and Housing Outlook

Fannie Mae's Economic and Strategic Research Group projects the U.S. housing market regaining momentum into 2026 with total housing starts near 1.3 million annually and multifamily construction leveling out as supply and demand rebalance, while the 30-year fixed mortgage stays above 6 percent through much of the forecast.

CMBS Distress Rate Climbs to 11.6% in November 2025

CRED iQ records a November 2025 CMBS distress rate of 11.6 percent, with non-performing matured loans comprising the largest share of the distressed universe and office exhibiting the highest sector stress.

LaSalle's ISA Outlook 2026: Americas real estate poised to break its Groundhog Day cycle

The Americas chapter of LaSalle's ISA Outlook 2026, with stabilizing valuations, improving debt market liquidity and a sharp pullback in new development signaling early signs of a new cycle.

CMBS Loan Performance Trends: November 2025

KBRA's November 2025 report tracks delinquency and distress rates across KBRA-rated US private label CMBS, with continued pressure in the office and multifamily sectors.

2026 Real Estate Outlook: Private CRE Credit

PGIM Real Estate's 2026 outlook for private commercial real estate credit, noting rising multifamily origination share and demand for transitional bridge-to-agency financing amid upcoming loan maturities.

Starwood Property Trust Reports Results for Quarter Ended September 30, 2025

Third quarter GAAP net income was 72.6 million dollars and Distributable Earnings were 148.6 million dollars, with the company acquiring Fundamental, a 2.2 billion dollar net lease portfolio.

Affordable Housing Trends Report Fall 2025

The report examines the affordable rental sector following the Low-Income Housing Tax Credit allocation increases in the One Big Beautiful Bill Act and notes declining market-based borrowing costs supporting a more accommodative financing environment.

CMBS Loan Performance Trends: October 2025

KBRA reports the delinquency rate among KBRA-rated US private label CMBS rose to 7.9 percent in October 2025, with 1.7 billion dollars in loans newly added to distress and multifamily seeing the highest new volume.

Has Private Credit Been Tested?

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.

Fannie Mae Publishes October 2025 Economic and Housing Outlook

Fannie Mae's October 2025 outlook details the Economic and Strategic Research Group's expectations for home sales, housing starts, home prices and mortgage rates amid elevated borrowing costs and affordability constraints.

Government Shutdown - GSE & HUD Lending Update

Analysis of how a federal shutdown affects GSE (Fannie/Freddie) and HUD-insured multifamily lending, concluding GSE markets remain fully operational while HUD processing may slow. Includes the $73B-per-GSE 2025 cap context.

Real estate outlook: Investing through the next cycle

Brookfield argues the real estate recovery is underway, with an active credit market supporting a rise in transactions. The firm sees selectivity and operational value creation as the keys to returns as the asset class moves into a new cycle.

CRED iQ Market Update: Navigating CMBS Distress and Broader CRE Trends in Q3 2025

CRED iQ's third-quarter 2025 market update reviews CMBS distress trends and broader commercial real estate conditions across major property sectors.

CMBS Loan Performance Trends: September 2025

KBRA reports the office delinquency rate decreased 90 basis points to 12.3 percent in September 2025, while overall KBRA-rated CMBS delinquency stood at 7.7 percent.

3Q25 U.S. Capital Markets Conditions & Trends

Newmark's third quarter 2025 capital markets report tracks transaction volume, pricing and debt market conditions across the major U.S. property sectors as the recovery continued.

CREFC 3Q 2025 BOG Sentiment Index Rises Again

The 3Q 2025 Board of Governors Sentiment Index rose 9.3 percent to 122.8 from 112.3 in 2Q 2025, reaching its highest level since 4Q 2024 and solidifying the market's recovery momentum.

Private Credit Outlook 2026: Growth and Maturity

Ares forecasts private credit could hit new milestones in 2026 amid expansion beyond core corporate lending and rising interest from private wealth investors. Larger deal sizes, new asset classes and individual-investor participation are positioning private credit as a mainstream asset class.

Commercial and Multifamily Mortgage Debt Outstanding Increased in Second-Quarter 2025

Commercial and multifamily mortgage debt outstanding increased 47.1 billion dollars, or 1.0 percent, to 4.88 trillion dollars at the end of the second quarter of 2025. Multifamily mortgage debt rose 27.7 billion dollars to 2.19 trillion dollars.

CMBS Distress Rate Reaches a New Record at 11.8%

CRED iQ reports the CMBS distress rate reached a record 11.8 percent, driven by maturity defaults and continued stress in the office sector.

Stability Through Affordability: Key Insights for Multifamily Borrowers

The analysis finds national multifamily vacancy holding near 6.5 percent in the first half of 2025 as steady demand paused further deterioration, with asking rents above 1,900 dollars. Affordability constraints are creating opportunities for borrowers focused on workforce and affordable housing.

US Capital Trends: Changing Dynamics in Real Estate Lending

The September 2025 US Capital Trends report examines shifting dynamics in commercial real estate lending, tracking transaction volumes, deal structures, liquidity conditions, and investor behavior across property types.

Schroders Capital Global Real Estate Lens Q3 2025

The Q3 2025 edition of the Global Real Estate Lens provides a guide to global property markets, with valuations and transaction prices continuing to stabilize and recover despite ongoing macro uncertainty.

Navigating liquidity and lease-up opportunities in today's multifamily market

Examines how multifamily owners can use expanded financing options when facing maturing construction debt or lease-up properties, advocating parallel execution paths including agency takeouts, bridge financing, and sales. Draws on RealPage and Zelman data.

Starwood Property Trust Reports Results for Quarter Ended June 30, 2025

Second quarter GAAP net income was 129.8 million dollars and Distributable Earnings were 151.1 million dollars, with commercial real estate lending representing about half of the company's asset base.

CREFC 2Q 2025 Sentiment Index Jumps as CRE Market Optimism Rebounds

The index surged 27.8 percent to 112.3 from 87.9 in 1Q 2025, returning above the neutral 100 baseline, with 86 percent of respondents expecting more borrower demand, up from 48 percent in the prior quarter.

North American Commercial Real Estate 2025 Midyear Outlook

The midyear update describes a resilient commercial real estate debt market in the first half of 2025, with higher issuance in data center sectors and traditional CMBS consistent with 2024. Maturity defaults remained tied to higher rates and office performance decline.

Commercial and Multifamily Mortgage Debt Outstanding Increased in First-Quarter 2025

Commercial and multifamily mortgage debt outstanding increased 46.8 billion dollars, or 1.0 percent, to 4.81 trillion dollars at the end of the first quarter of 2025. Multifamily mortgage debt rose 19.9 billion dollars to 2.16 trillion dollars.

Trepp & CRE Direct Release The Mid-Year Magazine 2025 as Multifamily Fundamentals Hold Firm Amid Rising Distress

Trepp's Mid-Year 2025 publication highlights strong multifamily fundamentals despite signs of growing distress across other commercial real estate sectors.

CMBS Distress Rate Reaches 11% - Breaking a Streak of 3 Consecutive Reductions

CRED iQ records the CMBS distress rate climbing back to 11 percent, ending three consecutive monthly reductions as maturity pressures persist.

Real Estate Credit: Why Our Pipeline is at Record Highs Despite Volatility

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.

From repricing to opportunity: commercial real estate market outlook

The outlook frames the repricing of commercial real estate as creating disciplined deployment opportunities through bridge lending and value-add equity strategies. It positions multifamily as transitioning from a supply-heavy correction toward improving fundamentals.

CMBS Loan Performance Trends: May 2025

KBRA's May 2025 report details delinquency and distress trends across KBRA-rated US private label CMBS, including new loan additions to distress and notable resolutions.

Schroders Capital Global Real Estate Lens Q2 2025

The Q2 2025 edition of the Global Real Estate Lens reports that valuations and transaction prices continued to stabilize and recover despite uncertainties, supporting a cautiously improving outlook for global property markets.

CRED iQ's Special Servicing Rate Reaches 9.9%

CRED iQ reports the CMBS special servicing rate climbed to 9.9 percent as loans continued transferring to special servicing ahead of imminent default and maturity.

Ten critical considerations for exploring your small-balance multifamily financing options

A financing guide comparing ten factors borrowers should weigh when selecting small-balance multifamily debt sources, including loan structure, hold period, and lender type. Contrasts direct lenders versus intermediaries.

Starwood Property Trust Reports Results for Quarter Ended March 31, 2025

First quarter GAAP net income was 112.3 million dollars and Distributable Earnings were 156.3 million dollars, with commercial lending originations already surpassing the prior full year.

United States Capital Markets Report

Newmark's U.S. capital markets report covering investment sales, debt maturities and pricing trends, including an estimated $582 billion of potentially troubled debt maturing in 2025-2026.

Monthly CMBS Trend Watch: March 2025

KBRA's CMBS Trend Watch reports year-over-year issuance doubled to 37.1 billion dollars through March 2025, alongside rating activity and surveillance trends across the sector.

2025 Credit Outlook: Back to Basics

Jason Thomas and Mark Jenkins examine private credit's rapid expansion and argue future growth should shift toward less saturated segments like investment-grade and asset-backed finance. The report cautions against overreliance on sponsored M&A activity for deal sourcing.

CREFC 1Q 2025 Sentiment Index Shows Steep Decline Amid Rising Tariff and Market Uncertainty

The 1Q 2025 Sentiment Index fell 30.5 percent to 87.9 from 126.6 in 4Q 2024, the second largest drop on record, coinciding with the Liberation Day tariff announcements on April 2.

2025 Inaugural Multifamily Investment Sentiment Survey: Opportunities and Trends to Watch

Survey of 200+ clients on 2025 multifamily expectations: 65% plan moderate portfolio expansion, Fannie Mae and Freddie Mac expected as most active lenders, and stable cap rates with exit rates 25-50 bps higher than entry.

Key takeaways from MBA CREF 2025

Field report from the MBA Commercial/Multifamily Finance Convention covering capital availability, lending competition, and credit-spread compression across CRE sectors. Notes spreads as tight as 2021 and shifting lender risk tolerance.

Schroders Capital Global Real Estate Lens Q1 2025

The Q1 2025 edition of the Global Real Estate Lens notes deal activity picked up at the end of 2024, reflecting improving sentiment, with clear evidence of prices recovering following significant earlier falls.

The Gradual Recovery Accelerates: 2025 Seniors Housing and Healthcare Market Outlook

Lument's 2025 outlook expects seniors housing and care valuations to rise above 2024 levels as occupancy nears pre-COVID norms, while a tight labor market and compressed margins remain the predominant headwinds to value appreciation.

2025 Multifamily Outlook

Freddie Mac forecasts positive but weaker multifamily growth in 2025, projecting rent growth of 2.2 percent and vacancy rising to 6.2 percent, with origination volume expected at 370 to 380 billion dollars.

CREFC Compendium of Commercial and Multifamily Real Estate Finance Statistics

CREFC's quarterly Compendium compiles data on the state of the CRE debt capital markets, including outstanding debt, issuance volumes and lending activity across the 6.2 trillion dollar sector.

2025 Real Estate Global Outlook

The 2025 global outlook comprises in-depth research articulating distinct investment views across the United States, Europe, Asia-Pacific and Mexico, as well as the private real estate credit markets globally.

Real Estate Credit: Poised to Outperform

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.

Seizing the "Debt-First" Office Moment

Hines argues that 2025 brings attractive opportunities for debt investment in the U.S. office sector, outlining market trends and strategies for risk-adjusted returns.

Liquidity Solutions: The Growth Drivers of the Credit Secondaries Asset Class

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.

The Real Estate Credit Opportunity Is Here

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.

Optimizing Debt Solutions Amid Seniors Housing Industry Growth

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.

Quick Guide to Freddie Mac Multifamily Financing for Investors

Educational guide to Freddie Mac Optigo multifamily loan products and programs, covering conventional, senior housing, and small-balance loans with detail on rates, terms, and non-recourse options.

Despite Rising Rates, REITs Took on More Debt in 2013

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Quarterly Commercial/Multifamily Mortgage Debt Outstanding

MBA's quarterly research series tracking the level of commercial and multifamily mortgage debt outstanding by capital source, with a downloadable latest report.

Ares Global Credit Monitor - Third Quarter 2025

Ares' Q3 2025 credit monitor tracks renewed credit issuance, refinancing and repricing activity, and a pickup in M&A volumes globally. It assesses credit fundamentals across public and private markets amid an evolving macro backdrop.

Ares Global Credit Monitor - Fourth Quarter 2025

Ares' quarterly credit monitor reviews a year of resilience and divergence across global credit markets shaped by geopolitics, AI and shifting tariff policy. It advises investors to maintain focus on valuations and credit quality as opportunities broaden across public and private markets.

The Evolving Real Estate Environment

Julie Solomon, Head of Real Estate at Ares, discusses how a dramatic repricing of high-quality assets has created an attractive entry point. She notes slowing construction is reducing supply, which she expects to drive further rent growth.

Credit outlook: Discipline is an all-weather strategy

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.

Mapping the market: Why private real estate lending is compelling now

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.