Term Sheet: The 2025 PERE Credit 50 revealed; Section 899’s fundraising impact; Northwestern’s industrial upscaling

Real estate debt managers trade places and hold ranks with the release of 2025’s PERE Credit 50; the Trump administration’s latest budget proposal could hinder international capital raising efforts for US managers; Northwestern Mutual doubles down on New Jersey industrial development with $300 million financing; and more in today’s Term Sheet, exclusively for our valued subscribers.