Shares of many large private-asset managers peaked around late 2024 or early 2025, following a long surge. Now, after recent sharp price drops, those firms’ shares are each down by at least 30% since the start of 2025.
In 2008, banks originated around 60% of mortgages and serviced about 95% of mortgage balances. As of 2023, banks originated 35% of mortgages and serviced 45% of mortgage balances.
Total issuance of CMBS reached roughly $125.6 billion in 2025, up about 21% from the prior year and the highest annual volume since before the financial crisis.
More than half of the roughly $100 billion of commercial real-estate loans packaged into securities and coming due this year are unlikely to repay at maturity. That compares with a maturity payoff rate of about 75% in 2024 and 2025 and more than 80% in 2023.
Thomas Pritzker, the billionaire scion to the Hyatt Hotels fortune, who has served as executive chairman of the company board since 2004, resigned from the role effective immediately over his ties to Jeffrey Epstein.
The delinquency rate for office loans in commercial mortgage-backed securities climbed to a record 12.34% in January, the highest level since 2000.
The delinquency rate for office loans in CMBS climbed to a record 12.34% in January, the highest level since at least 2000. More than half of the $100 billion of commercial real-estate loans packaged into securities and coming due this year are unlikely to repay at maturity.
Home sales fell 8.4% in January, the biggest monthly decline since February 2022, after snowstorms and low consumer confidence slowed a housing market that was showing signs of recovery. Sales of existing homes fell from the prior month to a seasonally adjusted annual rate of 3.91 million. The decline came after sales rose three of the previous four months.
The Chinese owners of the famed Waldorf Astoria in New York City are preparing to put the hotel up for sale, only months after it reopened following a multibillion-dollar, much-delayed overhaul. The Waldorf’s transformation was completed last year about five years behind schedule and more than $1 billion over budget. Developers and real-estate executives say it was likely the most expensive real estate conversion ever attempted in the U.S.
