Introducing The WAY Forward, WAY Capital’s Weekly Newsletter
WAY Capital is launching The WAY Forward, a weekly newsletter on LinkedIn covering what is moving commercial real estate capital markets and the technology changing how real estate is financed.
Each edition pairs a close look at CRE debt and equity markets with ideas from outside the industry that could shape how capital finds deals. The goal is short, sourced analysis that sponsors, lenders and investors can put to use.
In the first edition: Capital is selective, not scarce
CRE debt is growing again, even with office in distress. Geoffrey Arrobio, Executive Director at WAY Capital, looks at the ~$6.3T U.S. commercial real estate debt market as of Q2 2026:
- Banks remain the largest lender, holding a record $3.1T.
- Lending is growing again. Fannie Mae and Freddie Mac’s multifamily lending grew 8.2%, and securitized debt jumped 7.4% to $771B.
- Office is the exception. Office CMBS delinquency is running around 12.2%, above the Financial Crisis peak.
Unbundling mania: three shifts to watch. Ben Smith shares three trends as AI models, financial assets and software break away from the platforms that traditionally controlled them. He also explains why that could change how illiquid assets, including real estate, are valued, financed and traded.
Follow along
New editions of The WAY Forward publish weekly. Subscribers receive each one by LinkedIn notification and email.
Subscribe to The WAY Forward on LinkedIn
Sources: Mortgage Bankers Association, Q2 2026; Trepp; Federal Reserve Z.1.