By October 2023 the Federal Reserve was 18 months into the steepest hiking cycle in recent memory, and there was increasing evidence that higher interest rates were starting to impact the real economy. The 15-year fixed mortgage rate had breached 7% for the first time since 2000 while higher rates and weak fundamentals were creating stress in US commercial real estate debt, a $5.7 trillion asset class of which a significant amount is due to mature in 2024 and 2025.

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