CRE leaders are coming together in NYC this May and you can be in the room. 📅Join us in Rockefeller Center on May 6 and 7 for Trepp Connect (in NYC), a CRE and capital markets conference. We are bringing together senior leaders from CRE, banking, private credit, and structured finance. The posted agenda features discussions surrounding: 🔹Capital formation & liquidity trends 🔹Lending dynamics & capital stack evolution 🔹Property sector fundamentals 🔹AI in underwriting & risk strategy Register early and save: trepp.com/trepp-connect-in-n…

The data-center sector has grown sharply over the past two years, to 115 gigawatts of power capacity from 93 gigawatts in 2024. Over the next five years, the global data-center inventory is expected to increase by 97 gigawatts, representing $http://1.2 trillion in real estate value creation (JLL). Download The Mid-Year 2026 now📩: hubs.li/Q04kzSV30

This week marks a major milestone as we celebrate Episode 400 of The TreppWire Podcast! We explore whether valuations are beginning to stabilize or if the market is still searching for true price discovery, recap key takeaways from the June CREFC conference, examine acquisition vs. refinancing activity across CMBS issuance, and more. Tune in now 🔊 hubs.li/Q04l4Mz90

Freddie Mac funded $http://12.85 billion of multifamily loans during the first quarter, up 30% from the $10 billion it funded a year ago. However, this is 55% less than the $29 billion it funded during last year's fourth quarter. Download The Mid-Year 2026 now📩: hubs.li/Q04kKwM70

We're approaching a major milestone: Episode 400 of the @TreppWire Podcast and we want YOU to be part of it. Over 399 episodes, we've covered market-moving headlines, dug into CRE with our digging through the data segments, highlighted structured finance trends, and had conversations that (we hope) made complex topics a little clearer. The real reason we continue to put out our weekly show is our incredibly dedicated listeners. We want our 400th episode to include "your" TreppWire podcast story. We're collecting listener stories for our 400th episode celebration: What's your favorite episode or segment? Has a TreppWire podcast discussion shaped how you think about the market? Did a particular episode spark a conversation, a deal, or a new perspective? Drop your story in the comments, send me a DM, or reach out directly at podcast@trepp.com because we'd love to feature your voice in Episode 400. Thank you for 399 episodes of support. The best is still ahead.

📢Healthy liquidity, steady issuance, and moderating distress are pointing to improving conditions across CRE finance. While risks remain, lenders are lending, capital is flowing, and several key market indicators are moving in the right direction. Those themes are explored in the latest edition of The Mid-Year 2026. Access the magazine now📩: hubs.li/Q04kKV0b0

The 2017–2018 office vintage is emerging as the most impaired cohort in CMBS. Median reappraisal declines: • 2017 vintage: -71% • 2018 vintage: -67% Peak-cycle underwriting collided with post-COVID office demand destruction. Access the free report here: hubs.li/Q04gMFGj0

🆕 The Trepp CMBS Delinquency Rate increased by just one basis point to 7.55% in May 2026. Industrial and retail led gains, up 35 bps and 30 bps, while multifamily lagged with a 76 bps drop and office edged down 16 bps. Access the full report: hubs.li/Q04kvGNT0

This week on The TreppWire Podcast: AI sticker shock hits corporate budgets, 60% of 2027 data center capacity isn't under construction yet, and Texas keeps winning with Samsung's HQ move and Dallas's arena shuffle. We close with a REIT 101 and Trepp's new REIT IQ tool. Tune in: hubs.li/Q04kbGRH0

A $32.1M CMBS loan transferred to special servicing for payment default. The collateral is an eight property, 201 unit multifamily portfolio in Jersey City, NJ. Clients have the story with #TreppWire: hubs.li/Q04k1Mg20

🔎Trepp identified $76.6 billion of CMBS hard maturities scheduled for 2026 at the start of the year, up from roughly $44 billion in 2025 and $38 billion in 2024. A hard maturity is a loan with no remaining extension options. At maturity, the borrower must refinance, pay off the loan, or negotiate a resolution. Our latest June data shows a cohort totaling $2.57 billion across 78 loans. While only 6.7% of the balance is currently non-performing, several large loans exhibit elevated refinance risk. The key question isn't how much debt is maturing; it's how much can refinance. Read the June update: hubs.li/Q04jYZxB0

🆕 The Trepp CMBS Delinquency Rate increased by just one basis point to 7.55% in May 2026. Industrial and retail led gains, up 35 bps and 30 bps, while multifamily lagged with a 76 bps drop and office edged down 16 bps. Access the full report: hubs.li/Q04jYnxn0

The 2025 CMBS reappraisal cohort cleared $23B of collateral at a median -53% discount to origination. Office, retail, and mixed-use accounted for roughly 86% of the balance, with office alone making up more than half. Download the full report here: hubs.li/Q04gMcKh0

📈LifeComps participants reported a total quarterly return of posted a 0.42% total return during Q1 2026, driven by a 1.20% income return and a -0.78% appreciation return. Access the Q1 2026 LifeComps report📩hubs.li/Q04jlQsc0

General-purpose AI isn’t built for the complexity of the commercial real estate finance markets. TreppAI combines Trepp’s trusted data with AI designed specifically for these workflows, delivering faster insights and a more direct path to decision-making. Our report, Building AI that Speaks Commercial Real Estate Finance, explores what it takes to build AI that truly performs in this space. Learn more: hubs.li/Q04jkYx80

In Episode 398 of The TreppWire Podcast, we break down elevated rates, inflation, and resilient markets, highlight Chicago multifamily sales surging 117%, and dive into the Equity Residential–AvalonBay merger with an implied cap rate analysis, and more. Tune in now 🔊 hubs.li/Q04jhr900

At valuation declines above 60%, workout economics change materially. The 2025 CMBS reappraisal cohort suggests the market is increasingly shifting from “extend-and-pretend” to “resolve-and-realize.” That means more note sales, discounted payoffs, and real estate owned activity. Download the full report here: hubs.li/Q04gM6Md0

What Structural Factors Contribute to GSE Maturity Risk in the 2028–2030 Cohorts? hubs.li/Q04hSZMv0

Episode 397 is out! We cover Treasury yields breaking past 4.5%, the LA mansion tax backfire, and Google and Blackstone's AI cloud venture. We also discuss the $910M Ares-Scion student housing deal, a 101 on the Fed's hidden benchmarks, and retail's underwriting comeback. We also dig into the $52B Equity Residential & AvalonBay merger and AT&T's move to Plano. Tune in now: hubs.li/Q04hzn1J0

The 2017–2018 office vintage is emerging as the most impaired cohort in CMBS. Why? Peak-cycle underwriting limited amortization cushion post-COVID demand destruction. The result: median reappraisal declines of -71% and -67%. New Trepp research: hubs.li/Q04gMGGX0

🔎The 2025 CMBS reappraisal cohort cleared $23 billion of collateral at a median 53% discount to origination. Office, retail, and mixed-use accounted for roughly 86% of the reappraised balance. Trepp’s latest research examines 495 single-property CMBS loans reappraised in 2025 and finds that the deepest impairment remains concentrated in urban office and enclosed malls... Download here: hubs.li/Q04h5QRt0