The TreppWire Podcast: A Commercial Real Estate Show

In a special live edition of The TreppWire Podcast recorded at the California MBA Western States CREF conference, we dig into why today’s CRE market can seem so contradictory and what the data says when you look beyond the national headlines. We break down the three clocks driving CRE today: property performance, capital markets, and credit. We examine the uneven Western office recovery, life sciences distress, why Western multifamily is outperforming the Sun Belt despite a $30.6 billion maturity test, and whether self-storage is flashing an early warning for housing. Plus, we follow two properties through very different cycles to show how performance, value, and credit can tell completely different stories. Tune in now.Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by Spencer Levy, Global Client Strategist and Senior Economic Advisor at CBRE and host of CBRE's podcast, The Weekly Take. Spencer shares how his diverse career spanning law, investment banking, and capital markets shapes his perspective on the commercial real estate industry and the trends influencing today's market.Throughout the conversation, Spencer emphasizes the value of relationships, communication, and strategic thinking, particularly in landlord-tenant dynamics and business decision-making. He offers insights into the current commercial real estate environment, discussing the impact of sustained high interest rates and the industry's growing focus on NOI growth and revenue generation over exit cap rates. Spencer also explores the power of storytelling, drawing on his experience hosting The Weekly Take, and explains how podcasting has expanded his network, credibility, and reach across the industry. Tune in now.Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we break down the latest moves in rates and capital markets as the 10-year Treasury approaches 5%. We discuss what higher long-term yields mean for CRE and why capital continues to move despite the higher-rate environment. In Digging Through the Data, we kick off college football season with a surprising look at $6.1 billion of securitized student housing debt near AP Top 25 schools and debate the long-term outlook for student versus senior housing. We also cover Ares and Scion's $435 million student housing acquisition, a Houston multifamily loan in special servicing despite 93% occupancy, two very different office stories, major industrial portfolio activity, and a surprise mall payoff despite a nearly 50% drop in appraised value. Tune in now. Episode notes:(00:00) Economic Update(13:00) College Football & Student Housing(25:30) Student Housing Deals & Outlook(35:35) Multifamily & Office Stories(44:43) Industrial & Retail Stories(51:06) Programming Notes(53:11) ShoutoutsQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

In this special guest episode of the TreppWire Podcast, we sit down with Catherine Sierakowski, Managing Director & Group Head of Corporate Banking, North American Real Estate at BMO Capital Markets. Catherine reflects on her nearly 20-year career at BMO, from starting in banking during the Global Financial Crisis to helping build the firm's institutional real estate platform and now leading its North American real estate corporate banking business. We discuss how CRE lending has evolved from traditional balance sheet lending to more strategic capital solutions, along with where Catherine sees opportunity in today’s CRE market. We explore the explosive growth of the data center sector and the unique challenges of financing assets that sit at the intersection of real estate, technology, power, and corporate credit. Catherine shares her perspective on relationship-driven lending, effective client engagement, and the importance of balancing AI-driven insights with experienced human judgment. Tune in now.Episode Notes• Start at BMO (0:00)• Real Estate Cycles (4:20)• BMO Banking Strategy (8:23)• Massive Data Center Deals Pricing (15:56)• Where to Find Opportunity in CRE (24:54)• How Transforms Lending (28:32)• Shoutouts & Closing (33:40)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we break down the latest PCE inflation data and what the fine print could mean for rates, plus new Canadian tariffs and another potential hit to construction costs. We also cover Dick’s Sporting Goods’ record stock drop and continued struggles at Foot Locker, Google’s unusual $10 million purchase of Spirit Airlines’ internal corporate data, and the $2.2 billion redemption queue testing liquidity at Invesco’s real estate fund. We dig into the return of cash-out refinancing, and why today’s borrowers are taking less equity off the table than they did at the market peak. We close with five CRE distress stories that trace the spectrum of outcomes for impaired assets, from successful modifications and fresh equity buying time to sponsor liquidity shortfalls, foreclosure, and a staggering 98% valuation cut. Tune in now.Episode notes: () Macro Update: PCE Inflation, Rounding & Rate Outlook() Canadian Tariffs Add to Construction Cost Pressures() Dick's Sporting Goods' Record Drop & Foot Locker Weakness() Google's $10M Purchase of Spirit Airlines' Data() Invesco's $2.2B Redemption Queue()Cash-In vs. Cash-Out Refinancing() Five CRE Distress Stories: Who Writes the Next Check?() Programming Notes() ShoutoutsQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we unpack a volatile week in the bond market as the 30-year Treasury yield climbed above 5.3%, Treasury Secretary Scott Bessent stepped in with expanded long-term buybacks, and much of the initial market reaction quickly reversed. We discuss what the move says about the battle over long-term rates, growing capital demands, and whether the Fed's next move could actually be a hike. In AI, increasingly complex financing structures and roughly $3 trillion in off-balance-sheet commitments are raising new questions about leverage, interconnected risk, and just how much has to go right for the infrastructure boom to pay off. We then examine $12.1 billion of performing securitized office loans with DSCRs below 1.0x, including surprisingly well-occupied properties, and the maturity wall that could force borrowers to confront those cash-flow shortfalls. We close with major CRE transactions, including Rexford Industrial's $1.2 billion portfolio sale and a wave of maturity- and distress-driven hotel sales in California. Tune in now. Episode notes: (00:00) Macro Update: Yields, Buybacks & Fed Hike Talk (11:28) Goldman Sachs Buys LCN Capital (16:54) Data Center Deals & $3T Commitments (28:07) Office Loans Below Breakeven (37:19) Rexford's $1.2B Sale & Hotel Distress (42:50) Programming Notes (44:31) Shoutouts Questions or comments? Contact us at [email protected].      Follow Trepp:   X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp  

In this special guest episode of The TreppWire Podcast, we are joined by Jim Dillavou, co-founder and principal at Paragon Commercial Group, a retail investment and development firm. Jim left a career as a real estate and finance attorney to launch Paragon after the global financial crisis, betting on necessity retail when almost no one else wanted the asset class. He explains why treating retail as one asset class is misleading, and how grocery-anchored centers built on daily trips deliver durable cashflow across cycles. Jim also walks us through why institutional capital is lining up for the sector and still struggling to get in. We cover the value-add work most investors avoid, from repositioning drugstore boxes and out parcels to vetting mom-and-pop tenants with no credit behind them. Jim closes with what COVID revealed about tenant quality and why he believes this is not a guesswork business. Tune in now.Episode notes:• From Big Law to Buying Retail in the GFC (1:17)• Defining Necessity Retail & Why Nuance Matters (3:23)• Why Capital Cannot Easily Get Into the Sector (7:00)• Fixed Rent Bumps & the Shift to Risk-Off Capital (9:34) • Retailer Failures, Mark-to-Market Upside & an Operator's Market (14:44)• Value-Add Playbook: Demising Boxes, Drugstores & Out Parcels (20:28)• Tenant Mix, Cross-Shopping & the Mom-and-Pop Surprise (25:41) • Vetting Non-Credit Tenants, Elbow Space & Final Take (31:24)Questions or comments? Contact us at [email protected].      Follow Trepp:   X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we break down the latest inflation and jobs data, what it could mean for the Fed, and why long-term Treasury yields and CRE borrowing costs may remain elevated. We also dig into the extraordinary scale of the AI capital boom, from surging hyperscaler bond issuance to Nvidia’s $500 billion financing initiative, new compute futures, and growing questions around credit and the pace of the AI buildout. In CRE, we discuss AI’s growing footprint in San Francisco office, a new contrarian fund betting on the office sector’s recovery, major multifamily and data center deals, and moves across retail and lodging. Plus, we examine Trepp data showing signs of relief in Florida multifamily insurance costs after years of sharp increases, and what that means for underwriting going forward. Tune in now.Episode notes: Macro Update (00:00)AI Economy (9:15)Hyperscaler Data Center Trends (11:48) Compute Trading Evolution (18:56)Florida Insurance Data (26:24)Office Transactions (34:51)Multifamily & Data Center Deals (42:31)Retail & Lodging Stories (49:15)Programming Notes & Shoutouts (55:39)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by Larry Kravetz, Head of U.S. Commercial Real Estate (CRE) and Commercial Mortgage-Backed Securities (CMBS) at Nomura, to discuss the firm’s return to CRE finance and the expansion of a full-service CRE platform.With more than 30 years of experience in the industry, including helping launch Lehman Brothers' large-loan CMBS business in the 1990s and later leading U.S. CRE Finance at Barclays, Larry reflects on his career, the evolution of the CMBS market, and how lessons from past market cycles are shaping today's CRE landscape.We explore the resilience of today's CRE market, the continued momentum behind SASB issuance, CMBS's role in providing liquidity during periods of market disruption, and the opportunities and challenges surrounding data center financing. Larry also shares his outlook for the market ahead, Nomura's rapid growth in CRE finance, and the career advice that has guided him throughout his decades in the industry. Tune in now.Episode Notes(0:00) Larry's Background(11:47) Nomura's Return(15:21) State of of the Market(20:13) Data Centers & More(24:10) What's Next in CRE(26:26) Career Advice(28:21) ClosingQuestions or comments? Contact us at [email protected].    Follow Trepp:  X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp  

In this week’s episode of The TreppWire Podcast, we break down mixed economic signals as stronger manufacturing activity contrasts with softer labor market data. At the same time, higher interest rates continue to pressure housing and commercial real estate. We also dig into what CMBS hard maturities reveal about refinancing risk, why current loan performance can mask looming maturity challenges, and what those trends mean for lenders and investors. Then we cover several notable CRE headlines, including the $3.3 billion financing for New York City's 350 Park Avenue development, Best Buy's continued expansion of smaller-format stores, Apollo's official plans for a second headquarters in Austin, and what Diamond Rock’s earnings reveal about today's increasingly K-shaped economy. We also discuss the surprising strength of Austin's newest office buildings, discuss signs that the Airbnb investment boom may be reversing as listings flood the market, and examine why demand for data centers continues to surge despite growing development constraints. Tune in now. Episode notes: Macro Update: Mixed Economic Signals (0:28) Camden Property Trust leaving California (5:41) Diamond Rock’s Earnings (10:54) Apollo’s Second Headquarters in Austin (21:34) $5.49B in CMBS Hard Maturities (27:34) $3.3 Billion Office Development Loan (41:38) Data Center Regulation in Lewton County (48:04) Programming Notes (53:43) Shoutouts (56:49) Questions or comments? Contact us at [email protected].      Follow Trepp:   X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we unpack a week of mixed market signals as the Fed held rates steady, but the bond market told a different story. We discuss what the market's reaction says about inflation, interest rates, and the outlook for CRE financing. We also cover a series of major New York City real estate stories, including new stop-work orders at office-to-residential conversion projects, Macy's decision to remove its iconic Herald Square shopping bag sign, the latest on the Flatiron Building's luxury residential conversion, and the rollout of the city's new pied-à-terre tax database. Finally, we break down super regional bank earnings to assess what they reveal about CRE lending and credit availability, before discussing the latest data center developments, from AI-driven market volatility and power constraints to tenant credit risk, and another massive project announcement. Tune in now.Episode notes: • Macro Update: The Fed Holds Steady & the Bond Market Pushes Back• AI Anxiety Triggers Circuit Breakers in South Korea• New York Property Tour: Stop Work Orders, Macy's Sign, the Flatiron & the Pied-à-Terre Tax• Digging Through the Data: Super Regional Bank Earnings• July CMBS Delinquency Rate • Data Centers: A Kentucky Mega-Campus, Grid Constraints & Neocloud Risk• Programming Notes• ShoutoutsQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we unpack the return of geopolitical and trade risks to the forefront of market discussions. We break down AMC’s latest earnings and what they reveal about the health of theater credit, and examine how companies, including Verizon, Pep Boys, and Cracker Barrel, are rethinking their real estate strategies amid changing business priorities and market conditions. In a digging through the data section, we analyze four recent data center CMBS deals that priced between May and July, finding that pricing differences were primarily driven by lease terms and tenant credit quality rather than AI-related sentiment concerns. Finally, we review notable credit stories, including major appraisal reductions on office properties in Philadelphia and New York, and discuss the potential implications of Yellowstone Real Estate Investments assuming control of the Parkmerced redevelopment project in San Francisco. Tune in now. Episode notes: Macro Update: Geopolitical & Trade Risks (0:29) AMC Earnings & Real Estate Impact (8:50) Real Estate Strategies: Verizon, Pep Boys & Cracker Barrel (16:40) Data Center Issuance Digging through the Data (24:25) Office Credit Stories: Philadelphia & New York (34:50) Parkmerced Apartment Complex (41:53) Programming Notes (49:08) Shoutouts (51:07) Questions or comments? Contact us at [email protected].      Follow Trepp:X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we’re joined by Marty Allen, Head of Capital Markets at Grandbridge Real Estate Capital, a Truist company, which recently launched a master and special servicing platform. Why now? Marty breaks down how today's commercial real estate market created the opportunity, how the shift from middle-market to institutional borrowers reshaped the business, and what he's seeing across agency, CMBS, and institutional lending. Marty also offers a servicer's perspective on the maturity wall, the move from 10-year to 5-year loan terms, why early intervention beats reacting at resolution, and how data and AI influenced the platform's launch. Plus, he shares advice for professionals looking to build a career in commercial real estate. Tune in now. Episode Notes:Background and Path to Capital Markets (0:48)Launching Master and Special Servicing (5:25) CRE Cycle Outlook, SASB Growth, and 5-Year Terms (7:16)The Maturity Wall and the Extension Debate (9:40)Where Servicing Adds Value Through Early Intervention (14:38)Data, AI, and the Launch Process (17:01)Career Advice and Rethinking This Cycle (20:55) Questions or comments? Contact us at [email protected].      Follow Trepp:   X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp

Inflation cooled, bank earnings surged, and AI spending accelerated, but are the headline numbers masking what's really happening beneath the surface?In this week's episode of The TreppWire Podcast, we discuss why softer inflation may be a head fake, what record bank earnings reveal (and what they don't), how AI infrastructure investment is creating new economic bottlenecks, and why Austin's multifamily market highlights the growing gap between occupancy and cash flow. We also break down the growing wave of data center moratoriums, walk through a Back Leverage 101 on loan-on-loan financing and its risks, and share an exclusive client trading alert on Chicago's Aon Center. Plus, in this week's Digging Through the Data, we break down Austin's multifamily watchlist trends, rent concessions, and what recent loan vintages reveal about the market. Tune in now. Episode notes: Economic Inflation Update: Softer CPI & PPI, a Head Fake? (1:52)Bank Earnings: JP Morgan, Goldman Sachs & Morgan Stanley (7:06)AI Spending & IBM's Earnings Miss (15:06)Digging Through the Data: Austin Multifamily Concessions & Watchlist Trends (18:16)Back Leverage 101: Loan-on-Loan Financing & Its Risks (30:55)Trading Alert: Chicago's Aon Center Reappraisal (37:45)Data Center Moratoriums, Property Headlines & Credit Stories (45:38)Programming Notes (50:44)Shoutouts (54:57)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we’re joined by Justin Stein, Executive Vice President, Chief Revenue Officer at Tanger, a leading owner and operator of open-air outlet and lifestyle shopping centers across the United States. Justin discusses Tanger's evolution from an outlet retail leader to an operator of open-air lifestyle destinations, sharing how food and beverage, experiential retail, data-driven leasing, and strategic acquisitions are redefining the modern retail experience. We also explore today's value-focused consumer, the importance of retailer partnerships and analytics, and why Justin believes the future of retail belongs to destinations that blend shopping, dining, and entertainment. Tune in now.Episode NotesBackground & Start in the Industry (1:16)Tanger’s Retail Strategy Evolution (5:09)How Brands Use the Outlet Channel (9:10)Food Options to Meet Market Demands (13:18)Organizational Structure and Land Development (16:31)Omnichannel Strategies Post-COVIDData-Driven Retail Partnership Strategies (19:03)Future of Retail Real Estate (26:59)Business Success Advice (29:38)Closing (31:00)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we take a mid-year pulse check on the commercial real estate market and revisit some of Trepp's biggest predictions for 2026. We explore why CMBS issuance continues to exceed expectations, what persistently stable delinquency rates tell us about today's credit environment, and whether the market is finally shifting from an "extend and pretend" mindset to a more definitive "resolve and recognize" approach. We also break down several of the week's most notable headlines, including the structural and economic hurdles highlighted by a stalled Manhattan office-to-residential conversion, the Texas Stock Exchange's latest milestone on its path to launch, and what recent multifamily developments reveal about today's investment landscape and capital flows. Finally, we dive into Trepp's latest research on the Midwest-versus-Sunbelt debate, examining why investors may need to look beyond familiar market narratives and focus instead on the underlying fundamentals. Tune in now. Episode notes: Economic Update (0:29)Office-to-resi Conversion in NYC (8:35)Texas Stock Exchange Launch Plans (15:37)Mid-year Check In: CMBS Issuance Growth Trends (18:44)S2 Capital Fund Collapse (42:22)AvalonBay Communities’ Acquisition of a Full City-Block in Miami (50:20)Trepp Report: Midwest Multifamily Market Analysis (52:00)Programming Notes & Shoutouts (56:59)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of the TreppWire Podcast, we mark 250 years of American commercial real estate with a special Fourth of July deep dive into the original 13 colonies and how their markets evolved. We also spotlight three historic properties still carrying active CMBS debt today. Before the history, we cover a softening macro backdrop, the New York City Rent Guidelines Board's freeze on roughly 1 million stabilized apartments, and Sergey Brin's reported exit from a New York multifamily fund at six cents on the dollar. We also hit Kroger's planned acquisition of Giant Eagle, Digital Realty's $3.5 billion data center buyout, and Target's latest store openings. Happy Fourth of July from all of us at Trepp. Tune in now. Episode notes: • Economic Update: Manufacturing, Labor & the Housing Affordability Squeeze • New York Multifamily Under Pressure: Rent Freeze & Sergey Brin's Exit • Kroger's Next Move: The $1.65B Giant Eagle Acquisition • Digital Realty Buys Out Blackstone's $3.5B Data Center Stake • 250 Years of American Real Estate: The 13 Colonies in Today's CMBS • Three Historic Properties Older Than the Country • Programming Notes & ShoutoutsQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of the TreppWire Podcast, we are joined by David Harrison, Chief Operating Officer and Head of Special Servicing at Midland Loan Services, for a discussion on commercial real estate servicing and market dynamics. David shares his non-traditional path from political science into commercial real estate finance and outlines what servicing entails, noting its focus on managing the intersection of structure, credit, legal, operational, and investor considerations. He discusses the shift from 10-year to 5-year securitization terms, explaining how shorter durations are increasing pressure on borrowers and making workouts more complex. He also highlights the rise of SASB issuance and how this shift is changing the servicing landscape. David emphasizes the importance of experienced servicers and the need for early communication and transparency to drive better outcomes. We also cover challenges in office properties, particularly in secondary markets, potential risks in data center lending, and the current tone of the overall market. Tune in now.Episode Notes• Background & Start in the Industry• What Servicing is & Misconceptions• Pooling and Servicing Agreements• Importance of Servicer Experience & Expertise• CMBS Market and Risk Challenges• SASB Issuance, Conduit CMBS• Data Center Lending Risk• ClosingQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of the TreppWire Podcast, we examine what is becoming one of the defining themes of today's commercial real estate market: capital is still available, but it is moving far more selectively. We break down the Federal Reserve’s increasingly hawkish stance under new chair Kevin Warsh, following the latest inflation data, and reflect on the legacy of former Fed Chair Alan Greenspan. We dive into key CRE headlines, including Wheeler REIT’s plan to sell a significant portion of its portfolio as it grapples with ongoing leverage challenges and balance sheet strain, and discuss Morgan Stanley’s potential $1.3 billion office investment in Dallas as it expands its presence in Texas. We also break down the lending landscape, where banks are increasingly lending to private credit lenders rather than making direct CRE loans. Finally, we dive into Trepp's latest research on the 2021 multifamily vintage, examining how acquisition activity differed across major and secondary markets before bringing the data to life with a case study of 10X Living at Weston as it approaches maturity. Episode notes: Economic Update: Greenspan’s Legacy (0:23) The 21st Century ROAD to Housing Act (13:27) Wheeler REIT Marketing its Portfolio (18:23) Morgan Stanley Office Tower Investment in Dallas (23:56) Commercial Real Estate Lending Evolution (32:58) Multifamily Market Analysis 2021 (38:43) Case Study: 10X Living at Weston Loan (41:48) Programming Notes (55:18) Shoutouts (55:44) Questions or comments? Contact us at [email protected].      Follow Trepp:  X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp  

In this week's episode of The TreppWire Podcast, we discuss Kevin Warsh's first FOMC meeting as Fed Chair and what the potential end of forward guidance means for CRE investors. We also examine Apollo's decision to wind down ARI, revisit key themes from our conversation with Scott Rechler on the "Age of Disruption" and why today's environment increasingly favors operators, explore what current office cap rates may be signaling about market sentiment, and break down credit risk transfer (CRT) and its potential impact on bank lending. We close with several notable trading alerts, including Bank of America Plaza in Los Angeles and the Fairmont Austin. Tune in now.Episode notes: • Economic Update: Fed Holds Rates Steady (2:14)• Apollo To Shutter Mortgage REIT Following $9B Loan Sale (9:44)• Scott Rechler, RXR on the Age of Disruption, AI & NYC Office Cap Rates (14:59)• 101: Credit Risk Transfer and What It Means for Bank Lending (23:46)• Office Deals & Trading Alerts: BofA Plaza, 26 Broadway, Illinois Center (30:43)• Programming Notes (46:50)• Shoutouts (50:31)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In a special episode of The TreppWire Podcast, we’re bringing you a keynote conversation recorded live at Trepp Connect (in NYC). RXR Chairman & CEO Scott Rechler joined Trepp CEO Annemarie DiCola on stage to discuss what he calls the "Age of Disruption" – a period defined by rapid technological change, shifting capital markets, evolving workplace trends, and new opportunities emerging across commercial real estate.Their conversation explores higher-for-longer interest rates, the future of office, housing demand, public-private partnerships, and the investment themes shaping the next decade. Revisiting RXR's 2022 "Project Kodak" study, Scott explains how the firm identified which office assets were positioned to succeed in a post-pandemic world and why it viewed the transformation of the sector as a structural shift rather than a cyclical one.Scott also shares how RXR approaches investing through uncertainty, evaluates market dislocations, and identifies opportunities amid changing economic and policy environments. The discussion examines AI's impact on commercial real estate, the rapid growth of digital infrastructure and data centers, and why periods of disruption often create the greatest opportunities for investors and operators willing to adapt. Tune in now.Episode notes:The "Age of Disruption" and the forces reshaping commercial real estate (2:36)Investing through uncertainty and identifying market constraints (4:44)Public-private partnerships and community revitalization (11:20)The future of office and RXR's "Project Kodak" framework (21:25)Office-to-residential conversions and beyond (24:00)Emerging growth markets and long-term investment themes (28:00)AI, data centers, and the tactical and strategic perspective (31:24)Career advice for CRE professionals (41:32)Why Scott Rechler remains optimistic about the future (43:50)Questions or comments? Contact us at [email protected] Trepp:X: https://x.com/TreppWireLinkedIn: https://www.linkedin.com/company/trepp/

This week marks a major milestone as we celebrate Episode 400 of The TreppWire Podcast. In this episode, we tackle one of the biggest questions facing commercial real estate today: are valuations beginning to stabilize, or is the market still searching for true price discovery? We break down May CPI data, recap key takeaways from the June CREFC conference, and discuss what healthy liquidity, strong CRE CLO issuance, lender competition, and a refinance-driven market may be signaling about the state of CRE.Digging through the data, we examine acquisition versus refinancing activity across CMBS issuance and what transaction volumes can tell us about market valuations. To celebrate 400 episodes, we also spotlight several notable CMBS properties with addresses in the 400s, including the JW Marriott Marco Island, PGA National Resort, Lyrik Back Bay, and the Sheraton Dallas, which also happen to be some of the market's most interesting recent transactions. Tune in now.Thank you to our listeners for being here for 400 episodes!Episode notes: Economic Update: CPI Data (0:55) Refinancing vs. Acquisition Activity (8:06) Key Themes from CREFC (17:27) CMBS Addresses in the 400s (22:02)Programming Notes (39:24)Shoutouts (42:15)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we break down macro data pointing to a resilient economy, with Institute for Supply Management (ISM) PMIs at multi-year highs, but employment components still in contraction and the Fed firmly on hold. We dig into corporate AI sticker shock, including one company's reported $500 million monthly bill, and discuss whether data center build-out delays could slow the CapEx engine driving the economy. We then cover sports and CRE: underwhelming World Cup hotel demand, the Mavericks' planned arena at the Valley View Mall site, Samsung's HQ move to Plano, and how Midtown has transformed since the Knicks' last Finals run. To close, we do a Real Estate Investment Trust (REIT) 101 and introduce Trepp's new REIT IQ tool. Tune in now.Episode notes: • Economic Update • AI Sticker Shock & Corporate AI Spending• Data Center Build-Out Delays • Trepp MCP & AI Use Cases• World Cup Hotel Demand Underwhelms• Dallas Mavericks’ Valley View Arena & Dallas Stars’ Move to Plano, TX• Samsung HQ Relocation to Plano, TX• Knicks & Midtown’s Transformation• REIT 101 & Trepp’s REIT IQ Tool• Programming Notes• Shoutouts Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we discuss elevated rates, inflation concerns, and surprisingly resilient equity markets as capital costs continue to shape commercial real estate. We cover JPMorgan’s plan to liquidate its 24-year-old real estate fund, new NYC hotel labor agreements ahead of the World Cup, and Chicago multifamily sales surging 117%. We then break down the proposed Equity Residential and AvalonBay merger, including how to derive an implied cap rate from deal financials, and what that may signal about the disconnect between public and private market pricing in multifamily today. We also highlight key office activity, from the recapitalization of 600 California Street to a downtown Dallas departure and Braven Office Commons hitting the market. We close with two office-to-residential conversion stories, including a $114 million HUD loan from Dwight Capital for a Milwaukee project and a controversial conversion in downtown Denver. Tune in now.Episode notes: Economic Update (2:19) Chicago Multifamily Sales Up 117% (7:44)JP Morgan Liquidating Real Estate Fund (11:34)NYC Hotel Labor Agreement Ahead of the World Cup (14:08)Equity Residential & Avalon Bay Merger Analysis (18:50)Harvest Properties & Lone Star Form JV (32:00)Fifth Third Leaving Downtown Dallas (35:23)Braven Office Commons Up for Sale (39:04)Two Office-to-Resi Conversion Headlines (41:14)Programming Notes (51:00)Shoutouts (52:44) Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we unpack a sharp Treasury repricing that pushed the 10-year past 4.5% and what it means for the CRE recovery. We also cover consumer warning signs from Costco, the underwhelming results of LA's mansion tax, Google and Blackstone's new AI cloud venture, and the Ares-Scion $910 million student housing portfolio deal. In our 101 segment, "Dancing with the Stars," Stephen breaks down the Fed's hidden benchmarks (R*, U*, Y*, Pi*) and how they shape rate decisions. We also dig through the data on retail originations, cover the Equity Residential and AvalonBay's $52 billion mega-merger, and run through trading alerts on 20 Times Square, 2 Manhattan West, and AT&T's new Dallas headquarters. Tune in now.Episode notes: • Economic Update: Treasury Repricing, the 4.5% CRE Threshold and Costco Consumer Signals• Google & Blackstone AI Cloud Venture• Ares & Scion Launch JV For Student Housing Portfolio• 101 Segment: Hidden Fed Benchmark• Digging Through the Data: Retail Originations by Subtype• AvalonBay & Equity Residential $52B Merger• Trading Alerts: 20 Times Square, 2 Manhattan West, AT&T Dallas HQ• Programming Notes • Shoutouts Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we unpack a split picture: hotter-than-expected CPI and PPI prints set against a more constructive capital markets backdrop. We recap two days of our Trepp Connect (in NYC) conference, where the overall sentiment was positive on capital availability and deal activity, walking through the conference sessions on the economic outlook, capital deployment, property sector bifurcation, the lending reset, and AI and data centers, plus our keynote with Scott Reckler of RXR and a fireside chat with Bill Sexton, CEO of Trimont. We also discuss CBRE's report showing CRE lending at a five-year high, Blackstone's new homebuilder lending platform, the political uncertainty around build-to-rent, and a Georgia data center story that shows how infrastructure risk is becoming a bigger part of the conversation. Tune in now.Episode notes: Economic Update: Macro Numbers (1:46) Trepp Connect (in NYC) Recap Day 1 (10:57) Trepp Connect (in NYC) Recap Day 2 (43:59) CBRE Report: CRE Lending (1:04:58) Blackstone Homebuilder Lending Program (1:06:11) Build-to-Rent Political Uncertainty (1:06:55) Georgia Data Center Story (1:07:37) Programming Notes (1:11:35) Shoutouts (1:12:49)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of the TreppWire Podcast, we explore the market forces shaping commercial real estate, with a focus on structure, control, and optionality in today’s investment landscape. We cover several major headlines, including a potential AvalonBay–Equity Residential combination, Starwood’s pause on redemptions at its S-REIT, and KKR’s launch of a $10 billion AI-driven data center fund led by former AWS CEO Adam Selipsky, unpacking what these moves reveal about strategy and capital allocation. We also break down how mall ownership really works, explaining why regional malls often involve multiple ownership layers across anchors, inline space, and common areas, with structures ranging from ground leases to owned boxes. We preview our latest Trepp CMBS delinquency report, which shows the overall rate ticking down 1 basis point to 7.54% in April. Tune in now.Episode notes: • Economic Update• Lending Environment & Market Themes• AvalonBay–Equity Residential• Starwood Pause on Redemptions• Private Real Estate Fund Investments• KKR's $10 Billion AI Infrastructure Fund• Mall Ownership 101• North Shore Mall Repositioning Strategy• Programming Notes• Shoutouts Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of the TreppWire Podcast, we unpack the latest macro uncertainties shaping markets, from the Federal Reserve’s rate outlook to the potential transition to a Warsh-led Fed. We also share a 101 on Trimmed Mean PCE, explaining how the metric works, why it matters, and why it is gaining attention as an alternative way to read underlying inflation trends. We also examine mixed signals across commercial real estate (CRE), highlighting strength in data centers and AI-driven office leasing in San Francisco alongside cooling housing trends. The conversation digs into earnings and deal activity, including a strong quarter from CBRE driven by infrastructure momentum. We highlight cautious return to lending from mortgage REITs and improving credit trends among regional banks from recent Trepp research. Finally, we discuss major transactions like Ken Griffin expanding office footprint at planned Miami headquarters, Supermicro’s large San Jose lease, and Oracle’s Michigan data center project. Tune in now.Episode notes: Economic Update (0:29)Market Outlook, Data Centers & AI (2:09)Housing Market & Oil Prices (9:28)FOMC Meeting and Rate Decisions (26:45)Trimmed Mean PCE Inflation 101 (32:42)CBRE Earnings and Growth Performance (39:44) Mortgage REITs & Regional Bank Earnings Review (43:07)AI-Driven Leasing in San Francisco & NYC (50:04)Ken Griffin Expanding Office Footprint (54:15)Oracle Data Center Project in Michigan (57:58)Programming Notes (1:00:42)Shoutouts (1:02:29)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we sit down with Chad Lavender, President of Capital Markets for North America at Newmark, to unpack how credit, liquidity, and pricing have recalibrated through the 2025 maturity wave and what that signals for 2026. With more than $50 billion in investment sales, recapitalizations, debt placements, and JV equity transactions to his name, Chad brings a front-row view of the capital stack. He explains why this cycle differs fundamentally from the GFC, thanks to deep debt liquidity, why senior housing is outperforming every asset class with his team alone closing over $12.5 billion this year, and how operational alpha is separating winners from losers. We also cover the resurgence of Class A office, the rise of active adult and medical office, GP-led recaps and continuation funds, and why Dallas remains one of the most investable CRE markets in the country. Tune in nowEpisode notes:Chad's Background & Path to Newmark (1:17)How Today's Cycle Differs from the GFC: The Role of Debt Liquidity (6:50)Deal Flow in 2026: Problem-Solving Deals, GP-Led Recaps & Continuation Funds (9:32)What Separates Great Operators in Today's Market (13:20)Why Senior Housing Is Outperforming Every Asset Class (16:25)Class B/C Buyer Pools & Class A Office Resurgence (23:39)Dallas CRE Momentum (27:16)How Newmark Uses Data & Technology to Advise Clients (30:57) Underwriting Priorities & Closing Thoughts (32:28)Questions or comments? Contact us at [email protected].      Follow Trepp:   X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp 

In this week's episode of The TreppWire Podcast, we examine the selective stabilization theme shaping CRE in 2026, with strong retail sales and pending home sales pointing to forward motion even as affordability still caps housing. We break down Blue Owl's $2.4 billion acquisition of Sila Realty Trust, dig into multifamily supply dynamics as the top 25 developers command a record share of starts, and cover New York City's $4 billion pension commitment to affordable housing. We walk through Trepp's latest CRE debt universe analysis, showing banks finally showing early signs of credit expansion. We then dedicate a deep dive to data centers, covering operational resilience, the emerging power stack, Meta's $1 billion Tulsa AI facility, Maine's new construction ban, and Google-linked data centers' record $5.7 billion junk bond. Tune in now.Episode NotesEconomic Update: Retail Sales & Pending Home Sales (1:55)Blue Owl's $2.4B Sila Realty Acquisition (6:10)Multifamily Supply & the NMHC Top 25 Developer Shake-Up (12:43)NYC Pension Fund's $4 Billion Affordable Housing Bet (17:34)CRE Debt Universe Update: Credit Growth & Banks Re-Entering (20:54)Data Center 101: Operational Resilience Tiers & the Power Stack (25:41)Meta's $1 Billion AI Data Center in Tulsa, Oklahoma (35:25)Maine Bans Large Data Center Construction (40:14)Google-Linked Data Centers' Record $5.7 Billion Junk Bond (45:26)Multifamily Deals: San Francisco, New Jersey, & St. Petersburg Foreclosure (46:53)Programming Notes & Shoutouts (50:26)Questions or comments? Contact us at [email protected].    Follow Trepp:  X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp  

In this special guest episode of The TreppWire Podcast, we’re joined by Justin Kennedy, Co-Founder and Managing Partner of 3650 Capital, to discuss the state of commercial real estate (CRE) through the lens of nearly three decades of experience. Justin outlines how 3650 Capital operates across stable cash flow lending, real estate credit solutions, and special situations. We dive into significant market dispersion in the market and why micro-market fundamentals and property utility matter more than ever, as performance increasingly diverges across similar assets within geographic proximity. Justin explains how technology-driven shifts in retail and office demand represent secular change, why investors must focus on forward-looking utility over historical metrics, and how AI is beginning to influence real estate analysis. Tune in now.Episode Notes• Background in CRE & CMBS• 3650 Investment Strategy & Three Vehicle s• Real Estate Market Dispersion• Market Evolution: CRE Today• Technology Impact on CRE• AI's Role in Real Estate Workflows• Closing Thoughts & AdviceQuestions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we cover persistent inflation pressures tied to energy costs, improving liquidity in commercial real estate (CRE) financing and private credit markets, and key takeaways from bank earnings, where large banks continue to pull back from CRE lending while regional banks increase exposure. We also discuss the planned July 2026 launch of the Texas Stock Exchange and its implications for Dallas–Fort Worth as a financial hub. In a 101 segment, we break down 1031 exchanges and examine how eliminating the tax benefit could impact transaction volumes. On the CRE front, we cover Blackstone’s planned $2 billion IPO of its data center REIT (BXDC), the 575 Fifth Avenue acquisition by Sovereign Partners and Hudson Point Capital, WeWork’s new product. We also share several trading alerts from Trepp data. Tune in now.Episode notes: Economic Update (0:29)Market Liquidity & Mortgage Trends: Blue Owl Capital's Bonds (11:36)Banks Earnings & Trading Challenges (18:02)Texas Stock Exchange & Dallas Discussion (33:10)1031 Exchanges 101 (40:22)Blackstone Data Center REIT IPO (51:56) Trading Alert: Aon Center Loan (54:56)575 Fifth Avenue Acquisition (59:25) Trading Alert: South Plains Mall Loan (1:01:20) WeWork Go (1:06:50)Programming Notes (1:10:55)Shoutouts (1:13:00)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we sit down with Mike McDonald, Senior Managing Director of JLL Capital Markets, Americas, to unpack the current reality and outlook of the U.S. office real estate market. Mike shares his career journey, from managing boutique firms to co-leading JLL’s national office investment platform, and offers a 25-year perspective on how office real estate has evolved, particularly in the wake of COVID-19. He explains why traditional Class A and Class B labels no longer tell the full story and how JLL’s new tiering system better evaluates office assets based on quality, location, and vintage. Despite the challenges facing the sector, Mike remains bullish on office investment, and he walks through his three core investment strategies. We also highlight opportunity-rich markets such as Dallas and Austin and discuss AI’s impact on the sector. Tune in now.Episode NotesBackground & Start in the Industry (1:18)Office Sector Evolution (3:08)Three Strategies for Investing in the Office Sector (14:36)Market Trends & Cycles: 2023 to Today (23:28)Opportunities in Dallas and Austin (26:54)AI's impact on the Office Sector (36:47)Betting on Office (40:54)Closing Thoughts (45:27)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this episode of The TreppWire Podcast, we unpack the market reaction to the US-Iran ceasefire and examine whether the energy shock has already left its mark on upcoming inflation data. We analyze Jamie Dimon's annual shareholder letter and its warnings on geopolitics, AI, and banking regulations. We share highlights from our Trepp banking webinar on CRE lending trends and private credit dynamics, then dive into our Q1 2026 CMBS issuance data, including a 76% surge in CRE CLO volume and rising office concentration in conduit deals. We also walk through a CMBS appraisal reduction trigger 101, cover Empire State Realty Trust's sale of a Midtown Manhattan office building, the biggest LA office lease of 2026 tied to the 2028 Summer Olympics, and Bed Bath & Beyond's recent acquisitions. Tune in now.Episode notes: Economic Update: Iran Ceasefire, Oil Shock & Inflation Outlook (2:12)Petrodollar System & De-dollarization Risk (7:46)Jamie Dimon's Shareholder Letter: Geopolitics, AI & Bank Regulations (10:51)Bank CRE Lending Trends & Private Credit Dynamics (15:52)Q1 2026 CMBS Issuance: Records, CRE CLO Surge & Office Comeback (23:52)Appraisal Reduction 101: CMBS Triggers Explained (30:50)Office: Empire State Realty Trust Sells Midtown Building to Namdar (36:26)Office: On Location Signs Biggest LA Office Lease of 2026 for 2028 Olympics (39:39)Retail: Bed Bath & Beyond Acquires Lumber Liquidators' Parent Company (41:58)Programming Notes (45:55)Shoutouts (47:43)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

This week, the data is sending mixed signals about the state of the economy. In this episode of The TreppWire Podcast, we break down February retail sales coming in stronger than expected, suggesting the consumer was still holding up earlier in the year, even as more recent data points to some softening beneath the surface and rates remain volatile. We also take a step back to examine long-term cycles, using the Artemis II mission as a lens to compare today’s economy and built environment to 1972, the last time humans orbited the moon. In commercial real estate (CRE), we dive into what happens as loans reach maturity, tracking a cohort over time to understand how many pay off, refinance, extend, or fall into distress. We also cover the latest CMBS delinquency data, along with notable headlines including a record-breaking $327.50 per square foot office lease in NYC, BGO’s $350 million acquisition of Bell Partners, and CVS’s plans to open more stores than it closes in 2026.Episode notes: Economic Update: Retail Sales & Consumer Trends (0:28)Artemis II Mission: Economic Indicators Since 1972 Analysis (13:32)Loan Performance Data Analysis: Q1 2020 to Q1 2026 (24:56) Trepp’s March 2026 CMBS Delinquency Report (30:43)Office: Record-setting Office Lease in NYC & GSA (31:43)BGO’s Acquisition of Bell Partners (38:18)CVS's Expansion Plans in 2026 (42:08)Programming Notes (49:00)Shoutouts (50:30)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we break down a market defined by volatility and an “escalate‑to‑de‑escalate” dynamic playing out in real time. We unpack the sharp intraday reversals in rates as weak Treasury demand and inflation concerns push yields higher, only to be pulled back by intermittent hopes for de‑escalation. We also examine new Federal Reserve proposals aimed at reducing bank capital requirements for commercial real estate (CRE) loans, a potential catalyst for increased lending capacity at a critical point in the cycle. We also cover key CRE headlines, including a $166.8 million data center land sale in Virginia, notable office financings at One Madison Avenue and San Francisco’s Merchants Exchange, and Nordstrom’s upcoming store closure at Galleria Dallas. Tune in now.Episode notes: Economic Update: Market Volatility & Banking (0:29)CMBS Spreads Performance in the Past Month (12:59)Commercial Real Estate Fundraising (16:37) Bank Capital Requirements Framework Update (24:02)Starwood’s Data Center Land Deal in Virginia (33:42)Office: SL Green's $1.65 billion refinancing of One Madison Avenue and Exonic's $50 million loan against the Merchants Exchange building in San Francisco (38:39)Mixed Use: JP Morgan & Vici Lend $4.3B for One Beverly Hills Completion (41:51)Nordstrom Store Closing at Galleria Dallas (43:39)Programming Notes (49:37)Shoutouts (50:48) Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we examine the Fed's decision to hold rates steady against a rapidly escalating geopolitical energy shock that is re-accelerating inflation and effectively taking rate relief off the table for CRE borrowers. We also look back six years to when COVID shocked the world and walk through Trepp data to review how each property sector held up, recovered, and in some cases still has not fully healed. We analyze the $5.6 billion Public Storage acquisition of National Storage Affiliates and what CMBS data reveals about self-storage performance. We close with office green shoots, including Bank of America's 20-year lease at One Bryant Park, OpenAI surpassing 1 million square feet in San Francisco, a Wells Fargo SASB financing in Silicon Valley, and Starbucks expanding to Nashville. Tune in now.Episode notes: • Economic Update: Fed Holds, Iran Energy Shock & Higher-for-Longer (2:08)• Six years post-COVID: CRE Delinquency Retrospective by Property Type (12:48)• COVID Lessons: Modifications, Policy Response & Structural Shift (16:22)• Self-Storage: Public Storage & NSA Deal, and CMBS Performance (34:11)• Office Stories: BofA at One Bryant Park, OpenAI, Wells Fargo SASB & Starbucks Nashville (41:09)• Trading Alerts: Manhattan, Chicago, Virginia & Office Special Servicing Transfers (47:56)• Programming Notes (48:50)• Shoutouts (52:29)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we break down how the spike in oil is affecting the broader economy and discuss how the energy shock is adding new uncertainty to inflation, Fed policy, and market sentiment. We also analyze the state of the student housing market as March Madness approaches and examine proposed housing legislation that could reshape the single-family rental landscape. In commercial real estate (CRE) news, we cover a major industry consolidation as Savills is reportedly set to acquire Eastdil Secured in a deal valued at $1.2 billion. We highlight insights from Trepp’s latest CMBS Special Servicing Report, review recent trends in the Trepp Property Price Index (TPPI), and discuss several significant headlines and transactions from the week, including Manhattan office tower valuations falling below their COVID-era lows. Tune in now.Episode notes: Economic Update: Market Volatility & Oil Impact (0:29)Student Housing Market Analysis (12:04) Single-Family Rental Property Bill (18:45)Savills Acquisition of Eastdil (24:50)CMBS Special Servicing Report & TPPI (28:02)Manhattan Office Tower Values Plummeting Below COVID-Era Levels (30:22)Multifamily Transactions: Philadelphia & Phoenix (33:44)Fort Worth Texas Industrial Complex (41:02)Programming Notes (42:05)Shoutouts (44:13)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we examine rising Middle East tensions following US-Israeli strikes on Iran, including Iranian drone damage to Amazon data centers in the Gulf, and the ripple effects on oil prices and the 10-year Treasury. We cover the reversal of the 10-year Treasury back above 4%, rising oil prices, and record redemption requests at Blackstone's private credit fund. We review Trepp's February CMBS delinquency data, take a deep dive into the surging CRE CLO market, and break down $7.6 billion in SASB AAA downgrades. We close with a trading alert on the Minneapolis City Center loan and Target's surprise lease buyout. Tune in now.Episode notes: • Economic Update: Labor Data, Middle East Conflict & Ides of March Superstition (1:14)• Iranian Drone Strikes on Amazon Middle East Facilities (15:35)• Treasury Yields & Oil: Market Reaction to Gulf Conflict (18:55)• Blackstone Private Credit Fund: Record Redemptions & Liquidity Response (22:05)• CMBS Delinquency Report: Rate Declined, Led by Large Office & Retail Loan Extensions (26:19)• CRE CLO Market: Record 2026 Issuance Pace (33:21)• SASB Ratings Migrations & SF Office Losses (40:33)• Programming Notes (53:26)• Shoutouts (56:02)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, we explore whether current market conditions reflect resilience or the early stages of repricing. We break down mixed inflation signals, the Supreme Court’s tariff ruling, and what policy uncertainty means for rates and risk appetite. We dig into private credit volatility and rising selectivity, CMBS issuance sentiment coming out of the SFVegas conference, cash-in refinancings, and new examples of office repricing from Chicago to San Francisco. We also cover fresh Trepp trading alerts and what servicer data is signaling across property types. Tune in now.Episode notes: Economic Update (1:51)TJ Maxx/Loews (14:24)SFVegas 2026 Inights (19:54)Chicago West Jackson Property (29:28) Amex Global HQ 2 WTC (32:07)Shvo Transamerica Pyramid Up for Sale (34:15)JP Morgan, Zenith Secure $130M Refi From KeyBank for IOS (37:44)NYC Multifamily Value Reduced Heavily, Expected to Exit Special Servicing (39:55)Programming Notes: LifeComps Report & More (42:28)Shoutouts (45:39)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we highlight softer‑than‑expected inflation, market takeaways from the Fed minutes, and key data releases on deck in a shortened week. We talk about key developments in affordable housing cand multifamily markets, followed by a look at data center growth and why Texas could be emerging as the next major hub. In a “digging through the data” segment, we do a deep dive into industrial performance across the top MSAs by occupancy, delinquency and average revenue per square foot. We break down office trading alerts for a Queens office and Chicago SASB loan, along with retail trading alerts involving loans from Saks Fifth Avenue and Paramus Park. We also discuss Palisade Center’s post‑foreclosure sale and wrap with Wendy’s plans to close 300 stores and the implications for retail and franchise operators. Tune in now.Episode notes: Economic Update (1:44)Affordable Housing Construction Progress (13:18)Data Center Market Growth: JLL Report (20:31)Industrial Deep Dive: Top MSAs by Occupancy, Delinquency & Average Revenue per Sq Ft (29:39)Industrial Headlines of the Week (35:35)Office Trading Alerts: Queens Loan & Chicago SASB Loan (37:55) Retail Trading Alerts: Saks Fifth Avenue & Paramus Park Loans (45:15)Palisade Center Sells After Foreclosure (48:07) Wendy’s Closing 300 Stores (49:32)Programming Notes (52:01)Shoutouts (54:37)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we sit down with Larry Connor, Founder and Managing Partner of The Connor Group, one of the largest privately held multifamily investment firms in the U.S. Larry shares how he went from a failed business venture to building a multi-billion-dollar multifamily platform grounded in operational discipline. He explains why operations, not renovations, drive the greatest value creation, how his team uses real-time data and AI to measure resident satisfaction, and why the 2020- 2022 liquidity era created a market that couldn’t last. Beyond real estate, Larry reflects on serving as pilot on Axiom Mission 1 to the International Space Station and participating in other demanding expeditions, outlining the philosophy of disciplined risk, preparation, and purpose that guides both his missions and his investment strategy. He closes with advice for builders and operators alike: aim high and don’t self-limit. Tune in now.Episode NotesBackground & Start in Real Estate (1:10)Parallels Between AI & Introduction of Computers (4:09) Tenant Satisfaction & Property Value (4:39)Real Estate Market Predictions (12:43)The Connor Group Investment Strategy (17:14)Adventures and Philanthropy (24:12) Questions or comments?Contact us at [email protected].    Follow Trepp:  X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp  

In this week’s episode of The TreppWire Podcast, we break down the growing disconnect between headline strength and underlying softness in the economy. Retail sales came in flat, jobs surprised to the upside, and sweeping BLS revisions quietly erased nearly 900,000 jobs from 2025 totals, leaving markets to reconcile conflicting signals. In commercial real estate, a wave of store closures from legacy brands like Eddie Bauer, Pizza Hut, Red Lobster, and Saks made headlines, but we explain why this looks more like retail rationalization than another apocalypse. In multifamily, we analyze Camden’s decision to exit California, the rent-setting software antitrust settlement, Los Angeles’ new adaptive reuse ordinance, and recent transactions in Quincy, Wilmington, and Charlotte. On the lodging side, we cover a $372 million Nashville hotel construction loan, Gencom’s acquisition of the Ritz-Carlton Central Park, and the Waldorf Astoria returning to the market after a $4 billion-plus renovation. We close with a preview of Trepp’s upcoming CMBS maturity playbook. Tune in now.Episode notes: Economic Update: Retail Sales, Jobs Report & BLS Revisions (1:52)Retail Store Closures (8:22)Multifamily Deep Dive: Camden's California Exit, Rent Control, Antitrust Settlement & Adaptive Reuse (19:38)Multifamily Transactions: Quincy, MA; Wilmington, DE; Charlotte, NC (35:44)Lodging: Nashville Construction Loan, Ritz-Carlton Acquisition & Waldorf Astoria Sale (38:37)Programming Notes (46:08)Shoutouts (53:31)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

Right after we recorded last week, President Trump nominated Kevin Warsh to succeed Jerome Powell. In this week’s episode of The TreppWire Podcast, we examine what that move could signal for the future path of interest rates and how markets are reacting. A brief government shutdown also delayed key economic data releases, leaving investors with limited visibility into growth and labor conditions. We also sit down with Ryan Sievers, Tax Partner at EisnerAmper, to unpack the One Big Beautiful Bill and its key implications for CRE, including bonus depreciation, Qualified Opportunity Zones, and what didn't make the cut. On the banking side, the latest Senior Loan Officer Opinion Survey shows lending standards remain tight for office and construction—a trend we tie into findings from Trepp’s own lending survey—along with a look at Santander’s $12B acquisition of Webster Financial. Turning to commercial real estate, we unpack the January jump in the Trepp CMBS office delinquency rate, largely driven by two sizable loans, and close with key headlines from the week, including Brookfield’s $1.2B acquisition of Peakstone Realty Trust and Oracle’s plan to raise $45-$50B this year to expand its data center footprint. Tune in now.Episode notes: Economic Update: Fed Chair Nomination & Government ShutdownOne Big Beautiful Bill Deep Dive with Ryan Sievers, Tax Partner at EisnerAmper (15:12)January SLOOS & Trepp-i Data (23:07)Santander to Acquire Webster Financial (30:18)First Bank Failure of 2026: Metropolitan Capital Bank & Trust (33:10)Miami Office Tower Trying to Evict Banco Master (36:11)Trepp January CMBS Delinquency Report (37:58)Brookfield Acquisition of Peakstone Realty Trust (42:13)Data Centers: Oracle to Raise $45B+ (45:56)Programming Notes (47:55)Shoutouts (49:45)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWireLinkedIn: www.linkedin.com/company/trepp

As much of the U.S. stays frozen, the Fed also kept rates on ice this week. In this week’s episode of The TreppWire Podcast, we break down the decision and what a shifting policy landscape could mean as Chair Powell’s term winds down. In multifamily, we share insights from the National Multifamily Housing Council conference, including a closer look at disciplined JV equity underwriting and the bridge-to-bridge lending trend fueling CRE CLO issuance. We also apply the Gordon Growth Model to San Francisco’s 3,165-unit Park Merced complex to unpack valuation dynamics and cash flow trends. Plus, we cover the co-working market’s resurgence, the halt of the $16 billion Hudson Tunnel project, Amazon’s closure of Fresh and Go stores, Fat Brands’ Chapter 11 filing, and recent multifamily transactions, including NBA star Giannis expanding his CRE portfolio with a Chicago apartment purchase. Tune in now.Episode notes: • Economic Update (1:40)• Fed Holds Rates Steady (4:11)• Multifamily Insights & Cap Rates (9:00)• Bridge to Bridge Lending & CRE CLO Issuance (19:34)• Park Merced Case Study: Gordon Growth Model Valuation Analysis (21:25)• $16 Billion Hudson Tunnel Project Halted (28:17)• Co-Working Market Roars Back to Life (31:17)• Retail Closures: Amazon Fresh/Go & Fat Brands Bankruptcy (36:03)• Multifamily Transactions: Giannis' Chicago Buy & Arizona Deal (39:55)• Programming Notes (44:10)• Shoutouts (47:12)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we are joined by Richard (Rick) Schaupp, equity owner, Managing Director, and Head of Private Wealth Distribution at Clarion Partners. Rick shares his expert perspective on today’s commercial real estate (CRE) landscape and how Clarion is positioning itself across cycles. Rick provides insights into Clarion’s strategic focus on industrial and alternative assets, how the firm’s positioning helped it navigate the COVID-19 pandemic, and their approach to private credit and portfolio construction. We explore the evolving nature of industrial real estate, including the impact of Amazon's leasing practices and the potential challenges of long-term tenant commitments. We highlight data centers as an attractive asset class, as well as potential opportunities in senior housing and assisted living. Tune in now. Episode Notes• Background & Start in the Industry (1:14)• Industrial & Alternative Assets Focus (3:26)• Private Credit & Portfolio Construction (7:06)• Investment Strategy Four Themes (11:29)• COVID-19, Tariffs, and Amazon Impact on Industrial (17:46)• Data Center Demand (23:49)• Senior Housing & Assisted Living (28:04)• Opportunistic Approach & Outlook (32:16)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this week's episode of The TreppWire Podcast, we break down a busy week of economic data as markets look ahead to the Fed’s next meeting and reset expectations for 2026 interest rates. We also cover policy headlines out of Davos that are adding uncertainty around taxes, credit, and regulation. In commercial real estate, we spotlight the growing divide between slowing construction activity and strong data center investment driven by AI demand. We explain why data centers continue to outperform, unpack the nuances behind multifamily distress, and review recent deals that reveal both optimism and trouble across the market. We close with Amazon’s plan for its largest physical retail store yet — a 230,000‑square‑foot big‑box location in the Chicago suburbs. Tune in now.Episode notes:Economic Update (0:29) Market Uncertainties (4:03) CRE Construction: Data Centers & More (15:29) Transition Between CRE & Infrastructure (24:26) Supply Wave on the Multifamily Market (32:37) Amazon's Giant Hybrid Retail Store (43:41) Programming Notes (49:19) Shoutouts (51:34) Questions or comments? Contact us at [email protected] Trepp:X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp

In this week’s episode of The TreppWire Podcast, markets are digesting a mix of macro headlines and early signals from commercial real estate (CRE) as 2026 gets underway. We kick things off with insights from the CRE Finance Council Conference in Miami, where discussions centered on improving liquidity, tighter spreads, and the uptick in CMBS issuance. From there, we turn to macroeconomic updates, including the DOJ subpoenaing the Fed, potential caps on credit card interest rates, and wholesale inflation trends. In property type stories, we cover GameStop closing stores nationwide and Saks filing for Chapter 11 bankruptcy. Plus, we break down two loans recently sent to special servicing: a large single-tenant triple net lease (NNN) office portfolio and a Los Angeles mall SASB loan. Tune in now. Episode notes: CREFC Miami Recap (2:47) Data Centers & AI (9:39) DOJ/Fed, Credit Card Cap, Inflation (18:38) NNN Office Portfolio Loan Sent to Special Servicing (30:52) GameStop & Saks (39:10) Los Angeles Mall SASB Loan Sent to Special Servicing (43:57) Programming Notes (45:46) Shoutouts (49:54) Questions or comments? Contact us at [email protected].      Follow Trepp:  X: www.x.com/TreppWire  LinkedIn: www.linkedin.com/company/trepp  

In this week’s episode of The TreppWire Podcast, we kick off 2026’s first full trading week with a look at the headlines shaping CRE, housing, and the broader economy. We discuss President Trump’s proposal to limit institutional purchases of single-family homes, the year-end drop in mortgage demand, Treasury Secretary Bessent’s comments on potential Fed rate cuts, and Mamdani’s bankruptcy sale policy in NYC. We then dive into advanced CRE fundamentals, exploring what stress looks like before a default and identifying early warning signs in loan-level data, while expressing optimism for a year of deal-making driven by improving rates and market conditions. Finally, we break down the first major transactions of 2026, including AT&T’s headquarters move to suburban Dallas, Google’s long-awaited Austin office opening, and the office-to-residential conversion at 5 Times Square. Tune in nowEpisode notes: Economic Update: Housing Market & Oil Impact (1:49)JOLTS, Jobless Claims & Uncertainty in CRE: Will 2026 Be the Year of Transactions? (14:48)What Does Stress Look Like Before a Default and How to Spot Early Warning Signs? (19:25)AT&T Moving HQ to Dallas Suburb (28:41)SL Green Selling Minority Interest in 100 Park Avenue (35:09)Chicago Investor Buying San Francisco Office Tower in Half-Off Sale (37:55)Google Finally Moving into Austin Office Tower (40:11)5 Times Square Office-to-Resi Conversion (43:44)NYC Mamdani Bankruptcy Building Sale (45:11)Programming Notes (50:00)Shoutouts (52:21)Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

In this special guest episode of The TreppWire Podcast, we’re joined by Carmen Spinoso, Chairman and CEO of Spinoso Real Estate Group, one of the country's largest privately held enclosed mall operators. With more than 35 years of industry experience, Carmen shares how his firm approaches value creation across its portfolio, including high-profile projects like the management of Grand Central Terminal and Ovation Hollywood. We dive into the current state of the retail sector, why brick-and-mortar still captures 75-80% of all sales, and how Gen Z is driving traffic back to malls. Carmen walks us through case studies on repositioning vacant anchors and attracting experiential tenants, the importance of community-focused marketing and events, and why the 2026 outlook for enclosed malls is looking strong. Tune in now.Episode notes:Carmen's Journey: From Leasing Rep to CEO (2:16) Portfolio Update: Grand Central Terminal & Ovation Hollywood (13:00) Why Malls Are Still a Valuable Investment Class (17:00) Turning Around Underperforming Malls (26:12) Marketing, Events & Community Building (29:31) 2026 Outlook & Final Thoughts (36:15) Questions or comments? Contact us at [email protected]. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp