Some real debt pricing we saw this past week across a few different types of executions: - Life co: $4.75MM — 10 yr UST + 125; 5 years IO; 30 yr AM - Life co: $11MM — 3 yr term; 5.8% fixed rate; 30 yr AM - Life co: $6MM — 10 yr UST + 145; 5 years IO; 30 yr AM - Regional Bank (Construction/Perm): $9.75MM — S + 275 - Life co: $11.5MM — 5.35% fixed rate; 5 yr term; full term IO - Debt Fund (Bridge): $12MM — 3 yr UST + 335 What stands out is how clearly the capital stack has stratified. Life companies are still the most competitive source of capital for the right deals, particularly stabilized or light transitional “storage-like” assets, offering the lowest coupons with strong structures (IO periods and long amortization). Regional banks sit in the middle of the stack, typically pricing wider but providing flexibility for construction/perm executions and transitional business plans. Debt funds continue to lead on flexibility and speed for value-add and bridge scenarios, but at a meaningful premium to permanent capital. Curious what others are seeing across their markets right now.

Hey everyone, excited to join the group. I work on the commercial real estate debt side as both a direct lender and mortgage broker, primarily across bank, life company, and debt fund executions, and I also invest passively in commercial real estate deals. If helpful, I’d be happy to share periodically, real-time lender color on pricing, leverage, recourse, and which capital sources are tightening up or getting aggressive. Just from last week: • Regional banks were around 5.75% fixed • Life companies were quoting roughly 130–175 bps over Treasury • Bridge lenders were generally around SOFR + 275 depending on leverage and business plan The capital markets have become very deal-specific lately, and it’s been interesting seeing how differently lenders are underwriting industrial based on tenancy, rollover, sponsor profile, and market liquidity. Looking forward to connecting with everyone and hearing what people are seeing in the market.