$875B commercial maturities face 2026 refinancing test

A massive $875 billion wave of commercial real estate debt is set to mature in 2026—but this isn’t just a refinancing story. It’s a reset. Loans originated in a low-rate, high-leverage environment are colliding with tighter credit, higher costs, and more disciplined underwriting. In this episode, we break down where the real pressure sits—across sectors, lenders, and capital structures—and why this cycle will create selective distress, not a broad collapse. The opportunity isn’t in the maturity wall itself—it’s in identifying which assets and deals won’t make it through it.