The index continued its steady climb, reaching 27.32% in November 2025, its highest since June 2021.
The strategy is increasingly finding its place in commercial real estate portfolios.
"The likelihood of significantly lower mortgage rates this year has decreased as rate cuts by the Fed are less likely,” says orthmarq Capital's Ernie DesRocher.
The language around non-recourse carve-outs has become more technical over the past 15 years.
Real estate private credit managers are capitalizing on the opportunity set around the US housing shortage.
The investment manager approved data center loans last year, but its activity was largely focused on logistics and living rather than financing data center technology.
Robert Holuba will oversee the merged private real estate platform at the Pennsylvania manager while Dean Frankel will continue leading the public platform.
Apollo Commercial Real Estate Finance this week sold the residential- and office-heavy portfolio to Athene, its insurance arm.
Managers and market participants are still expecting one or two more reductions following comments from Federal Chair Jerome Powell this week.
The New York-based alternative asset manager is expecting to sell the performing loans individually and is open to small discounts.