This week marks a major milestone as we celebrate Episode 400 of The TreppWire Podcast. In this episode, we tackle one of the biggest questions facing commercial real estate today: are valuations beginning to stabilize, or is the market still searching for true price discovery? We break down May CPI data, recap key takeaways from the June CREFC conference, and discuss what healthy liquidity, strong CRE CLO issuance, lender competition, and a refinance-driven market may be signaling about the state of CRE. Digging through the data, we examine acquisition versus refinancing activity across CMBS issuance and what transaction volumes can tell us about market valuations. To celebrate 400 episodes, we also spotlight several notable CMBS properties with addresses in the 400s, including the JW Marriott Marco Island, PGA National Resort, Lyrik Back Bay, and the Sheraton Dallas, which also happen to be some of the market&#x27;s most interesting recent transactions. Tune in now. Thank you to our listeners for being here for 400 episodes! Episode notes: Economic Update: CPI Data (0:55) Refinancing vs. Acquisition Activity (8:06) Key Themes from CREFC (17:27) CMBS Addresses in the 400s (22:02) Programming Notes (39:24) Shoutouts (42:15) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

400. Liquidity is Back, (Sales) Price Discovery Isn't | CREFC Takeaways & Episode 400

The TreppWire Podcast: A Commercial Real Estate Show

# Full Transcript

**Podcast:** The TreppWire Podcast: A Commercial Real Estate Show

## Participants

- **Haley Keen** (Trepp)
- **Lonnie Hendry** (Trepp)
- **Stephen Bushbaum** (Trepp)

## Transcript

Welcome to The TreppWire Podcast, the show where commercial real estate meets data and insights. This is our week in review for the week ending June 12th, 2026. I'm Haley Keen with Trepp, a data, modeling, and analytics firm for the CMBS, commercial real estate, and CLO markets. I'm with Lonnie Hendry, Chief Product Officer, and Stephen Bushbaum, Head of Applied Research and Analytics. This is a fun one for us because today we are recording our 400th episode of The TreppWire Podcast.

When we started this show back in March 2020, we thought it would be a way to help make sense of an incredibly uncertain market. Six years, nearly 2.5 million listens, and 400 episodes later, we're still here talking commercial real estate, structure finance, credit markets, and all the stories shaping the industry. We do have a few 400th themed surprises sprinkled throughout today's episode, but before we get there, let's start with the macro backdrop.

It was a lighter week for major data, but CPI gave us plenty to talk about. Headline inflation moved higher in May, largely because of energy, while core CPI was more contained but still above the Fed's target.

On today's episode, we'll also recap some of the major themes from the CRE Finance Council's June conference in New York, where the tone seemed to be that liquidity is healthy, lenders are competing, CRE CLO issuance remains a bright spot, and alternative lenders are continuing to evolve from last resort capital into preferred lending partners. And we'll also give a closer look at the composition of refi and acquisition activity across new issuance on today's show.

And also, if you are listening from New York or you're a fan, it's probably an especially good day. The Knicks pulled off a crazy win on Wednesday to take a 3-1 lead in the finals. So, Stephen and Lonnie, a lot of excitement in the air for today's episode. Let's start at the top. Between the CPI release and the CREFC conference this week, what stood out to you the most? Well, I mean, the main macro inflation takeaway is that the higher for longer is alive.

It's sticking around probably for the rest of the year. That headline inflation moved higher. Energy was obviously the big driver. So, you don't want to overstate the read-through to broader inflation, but short story long or long story short is that, yeah, like, until this oil crunch goes away, which it doesn't look like that's happening anytime soon, given the renewed tensions. Yeah, I know a peace deal is being brokered, but it's going to take a little while for this thing to smooth out.

So, yeah, it's probably going to carry through until most of the way through the second half of the year. So, for Siri, that reinforces what we heard at CREFC, don't count on cap rate compression to bail ou...

400. Liquidity is Back, (Sales) Price Discovery Isn't | CREFC Takeaways & Episode 400

Transcript

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400. Liquidity is Back, (Sales) Price Discovery Isn't | CREFC Takeaways & Episode 400

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.