@KYHBKO:Good thread by Twitter user Mr Kobeissis letter Over the next 5 years, more than $2.5 trillion in commercial real estate debt will mature. This is by far more than any 5 year period in history. Meanwhile, rates have more than doubled and commercial real estate is only 60-70% occupied. Refinancing these loans is going to be incredibly expensive and likely lead to the next major crisis. The worst part? 70% of commercial real estate loans are owned by small banks. Rapidly rising rates are teaching everyone a valuable lesson. There's no such thing as "free" money. $Vanguard Real Estate ETF(VNQ)$