The TreppWire Podcast: A Commercial Real Estate Show

With the urgency of the bank concerns calmed for now, the spotlight this week turned to jobs and economic data. In this episode,  we examine the signs of weakening across the markets ahead of a big jobs week. We also review indications of potential consumer health pressure and/or receding inflation from early retail earnings. In CRE, we discuss tightening lending conditions, CMBS issuance dropping to levels not seen since 2012, delinquencies across the US, and big headlines to watch. Tune in now. Episode Notes: • Markets weakening: economics and job data (0:23) • Fed speak (6:00) • Signs from retail earnings (9:45) • Blackrock selling failed bank securities (12:43) • Tightening of lending conditions (17:25) • Dallas Fed survey • CMBS issuance or “non issuance?”(23:26) • Delinquency moves across the US (26:40) • Property sector news (29:57) • Headlines of CRE stories to watch (34:07) • Shoutouts (40:27) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

This week, the White House called for stricter rules for mid-sized banks as lawmakers sifted through what happened with the recent bank failures and what needs to be done in response. In this episode, we dive into some more details of the SVB bank run, then we debate what makes an asset qualify as "toxic." The team discusses the CMBS Delinquency Rate dip in March, while the office rate continues to climb. Lastly, we discuss the retail, multifamily, and hotel sectors. Tune in now. Episode Notes: We're Not Out of the Woods Yet (0:20) What Makes a Toxic Asset? (9:40) Bank Money Flows (14:40) CMBS Delinquency (23:21) CMBS Spreads and Concerns about CRE (27:10) Crabgrass in Office (31:00) Green Shoot Trading Alerts (35:09) Retail, Multifamily, and Hotels (37:00) Shoutouts (42:01)

In a special guest episode, Warren de Haan, managing director, co-founder, and co-CEO of ACORE Capital joins the team to provide market perspective from a private CRE lender. Here, we examine the impending credit crisis by talking through the current lending environment. Warren shares a boots-on-the-ground view of private lending, market constraints, and assets that are facing pressure or have opportunities. Episode Notes: - Intro (0:20) - Setting the stage: take on current environment (1:07) - Deposit insurance issues (7:34) - CRE and market constraints (8:50) - Dealing with troubled assets (12:30) - Playing lending offense and defense (17:20) - Potential for regulation? (19:20) - Is there a potential for optimism in 2023? (22:12) - Third rail of CRE: office sector (24:24) - Assets that will face pressure (29:18) - Where are the opportunities? (30:57) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

This week, the Fed raised interest rates amid concerns over bank liquidity. In this episode, we dive into what the Fed decision means for bank securities holdings, explain the FHA/deposit insurance model, and ask the question, “can the Fed fight both inflation and contagion?” In other news, there were large layoffs this week and a lot of negative news for office. Lastly, the team debates the proposal for bank regulators to reestablish CRE troubled debt restructuring programs. (And finally, happy 3rd anniversary to The TreppWire Podcast!) Tune in now. Episode Notes: • Fed decision, CS buyout, more banking news (0:23) • Interest rate hike and impact on banks (12:04) • FDIC and FHA/deposit insurance debate (15:33) • Big layoffs this week (21:32) • Bad times for office (23:26) • Emergency measures for distressed CRE debt(32:04) • Shoutouts (41:23)

This week, Trepp’s Managing Director, Matt Anderson joins the team to break down the banking market turbulence after the failure of Silicon Valley Bank and the takeover of Signature Bank by regulators. In this episode, we examine how and why this happened and what came next for other banks and their stocks. We discuss the liquidity position of banks and the current holding pattern for CMBS lenders as lending and issuance dry up. In CRE news, we dive into several office stories that represent continued challenges for the market.  Tune in now. Episode Notes: • What happened with banks this week? (0:23) • Signature Bank’s NY CRE Exposure (13:32) • Small bank failures to come? (16:50) • Deposits leaving banks (20:49) • Contagion to other banks (21:28) • CRE lending and CMBS issuance (24:52) • Unrealized losses (37:09) • CRE stories: more bad news for office (44:45) • Shoutouts (49:03) See our banking news monitor here: https://www.trepp.com/banking-news-monitor Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this week's episode, we dive into the market reaction that followed Fed Chair Powell’s comments, the high stakes that surround the latest jobs data, and a proposed budget. We talk about soaring CMBS spreads and if the widening represents a buying opportunity or a sign of trouble coming for the industry. Then in CRE, we have a flurry of office crabgrass (and a few green shoots) to share. Stick around to hear our take on water cooler data and betting on WWE... Tune in now. Episode Notes: Market reactions this week (0:23) CMBS spreads soaring (9:45) Loans paying off on their maturity date (13:56) Return to office (15:39) Dumping of office space: Amazon (18:30) Flurry of negative office news (21:04) Office green shoots (33:25) Programming notes (33:40) Shoutouts (35:10) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

We may not be fluent in Fed Chair Jerome Powell, but in this special guest episode of The TreppWire Podcast, we found an expert who is. Danielle DiMartino Booth, CEO & Chief Strategist of Quill Intelligence, economist, and former Federal Reserve insider joins the team to make sense of the Fed Chair’s comments coming off the heels of the Senate Banking Committee meeting. We talk about the size of US debt, quantitative tightening, interest rates and Qe2, and how this all can impact commercial real estate. Tune in now. Episode Notes: • Danielle DiMartino Booth intro (0:23) • Making sense of Fed Chair Powell’s comments (3:30) • Has the Fed been wobbly? (5:50) • You switch seats with J. Powell? What do you do differently? (9:46) • How will the average CRE owner or lender be impacted? (11:18) • Size of US debt: is it a ‘Black Swan’ event? (13:57) • Quantitative tightening not being priced like it used to (16:20) • Buyers’ remorse… is there more to come? (19:05) • Can we quantify how high rates would be in other scenarios? (21:40) • What would trigger a 2006/2007 event? (24:15) • Industrial reaching inflection point (27:45) • Biggest risks for CRE (29:55) Questions or comments? Contact us at podcast@trepp.com. Find Danielle: https://dimartinobooth.substack.com/ https://twitter.com/DiMartinoBooth Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this week’s episode of The TreppWire Podcast, it is hard to find good news. Amid treasury yield increases, economic data, consumer confidence, and retail earnings, there are negative signs all around. In commercial real estate, we report on the CMBS delinquency rate posting its second-largest increase since the start of the pandemic, discuss office obsolescence, and dive into a massive trading alert surrounding a large multifamily loan. We also examine data for hotel markets across the US, life insurance mortgage returns, and more. Tune in now. Episode Notes: • Economic news and data to watch(0:23) • Housing market and jobs(5:28) • Retail earnings (8:01) • CMBS delinquency report, rate jumps (13:02) • Massive trading alert: large multifamily loan (16:20) • Retail stories (25:30) • Industrial story (29:43) • Office obsolescence (31:26) • Office stories: sublease siege (33:52) • Hotels (38:59) • Life insurance commercial mortgage returns(43:19) • Shoutouts (44:37)

In this week's episode, there is a lot of news to digest. To start, we review economic results, Fed minutes, geopolitical tension, and company earnings that are revealing mixed messages and signs of stagflation and examine what the impact will be on CRE. In property-type news, we dive into several stories to watch for office and retail and share news for hotels. Tune in now. Episode Notes: • Geopolitical tension, Fed minutes, economic results, earnings (0:23) • Tech company news: Intel & Nvidia (13:50) • Office return to work snags: Disney & Amazon (17:04) • $1.7 billion office loan default (19:07) • Banks’ office loans in danger (22:20) • Office headlines (25:24) • Retail stories (28:00) • Hotel CRE news (36:15) • Shoutouts (39:31) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC

In this week's episode, we cover the latest jobs and housing data, travel earnings, and share takeaways from the MBA CREF conference. We also talk about Brookfield’s defaults and office crabgrass, then share some large multifamily loan moves. In case you missed it, Trepp and CompStak released a report examining office loan maturities and lease expirations. Trepp’s Director of Research, Stephen Buschbom, and, CompStak's Director of Real Estate Intelligence, Alie Baumann, talk through some of the findings. Tune in now. Episode Notes: • Economic news of the week (0:23) • Travel earnings (7:27) • Negative stories: train derailment (9:19) • MBA CREF conference takeaways (12:12) • Office: construction; Brookfield defaults (16:16) • Office crabgrass stories (25:31) • Office loan maturities and lease expirations (27:40) • Large multifamily loan stories (40:14) • Shoutouts (42:38) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp Facebook: www.facebook.com/TreppLLC