Market Overview - Commercial real estate outstanding debt is $4 trillion [1] - Single-family real estate outstanding debt is $13 trillion, significantly larger than commercial real estate [1] - Multifamily real estate accounts for half of the commercial real estate debt [1] - Office buildings, retail, and hospitality sectors have $2 trillion in outstanding debt [1] Multifamily Sector - Multifamily real estate has performed well due to the constant demand for housing [2] - Fannie Mae and Freddie Mac consistently provide funding for multifamily properties, even when other lenders are hesitant [2] - 50% of the $2 trillion debt is with Fannie and Freddy [1]