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As banks retreat from parts of the market, private lenders are filling the gap with flexible capital and through greater interaction with public markets, argue PIMCO’s Roman Kogan and Seray Incoglu.

Rate uncertainty is driving pricing dislocation and opportunity, says Manulife Investment Management’s Jessica Lee, as more institutional investors view real estate credit as a natural complement to other investments in their portfolios.

Higher rates, refinancing pressures and structural market shifts mark the current dynamic in private real estate credit, according to Goldman Sachs’ Andrew White and Steve Pack.

Real estate credit is in fashion, but today’s uncertain macro environment demands conservatism and patience, says Derby Lane founder Adam Piekarski.

As conflict and raised interest rates reshape expectations, alternative lenders are competing harder for deals while underwriting cautiously, say participants in PERE Credit’s Europe roundtable.

As loans mature into a higher-rate, more disciplined lending market, First Growth co-founder and partner Cyril de Romance explains why lenders are increasingly choosing to sell distressed loans rather than negotiate a second extension.

Trimont president Alan Kronovet discusses the refinancing wave, distressed assets, lender workouts and how artificial intelligence is changing US commercial real estate loan servicing.

The commercial real estate lending market is emerging from a period of uncertainty into one of renewed opportunity, says SitusAMC’s Anne Jablonski. The winning lenders will be those who know how best to leverage expertise.

A relative value approach to investing across public and private markets, combined with the ability to structure bilateral deals and maintain control, is how to drive outperformance, argues Lee Levy, head of real estate debt at Kayne Anderson.

A convergence of demographic momentum, bank retreat and housing undersupply has created a rare and durable opportunity in Australian commercial real estate debt, says Andrew Schwartz, group managing director and co-founder at Qualitas.