".. lenders have stopped pretending ..
.. The delinquency rate for office loans in commercial mortgage-backed securities climbed to a record 12.34% in January, the highest level since .. 2000." 👇🏼 pic.twitter.com/d3N92Hr4YR
— Kalani o Māui (@MauiBoyMacro) February 17, 2026
Lenders to commercial real-estate owners are reaching the breaking point, calling in tens of billions of dollars of troubled loans.
Refinancing property debt has become difficult since interest rates started to soar in 2022. Many lenders initially extended maturing loans they made when borrowing costs were far lower, hoping that either interest rates would fall or that cash flows would grow. It is a strategy known as “extend and pretend.”