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Look Ahead 2026

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Lenders gear up for special situation opportunity as loan extensions end 

News & Analysis
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The opportunity set is driven in part by an estimated $936bn of loans slated to mature in 2026. 
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Revived CMBS market finishes strong with issuance set to top $150bn

News & Analysis
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CMBS issuance in 2025 will be about 140% higher than one year ago, according to data from the CRE Finance Council.
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Banks gear up for commercial real estate lending and leverage boost

News & Analysis
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Bank lending made a strong comeback in Q3 2025, rising to about 38.5% of all loan volume through the end of November, according to data from MSCI.
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PERE Credit Lending Barometer tracks continued multifamily dominance in 2025

News & Analysis
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Our proprietary database on commercial real estate lending tracked $106.26bn in total loan origination through early December, reflecting roughly one-fifth of activity.

Operating partnerships set to rise as managers seek to increase alpha 

News & Analysis
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QuadReal chief executive Dennis Lopez tells PERE Credit the firm only lends in sectors where it has operating platforms.

How private real estate credit managers are chasing alpha

News & Analysis
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The evolution of the commercial real estate private credit market means fund managers have multiple options for lenders and investors.
Michael Nierenberg

Look Ahead 2026: Rithm’s Nierenberg on the growth of asset-based finance

Insight
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The asset class overlaps with the real estate and consumer sectors.

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