Starts in
Tuesday, October 27, 2026 · 5:00 PM PT
Cash yields reset with every Fed meeting and bonds just had their worst year since 1842. Here’s how private real estate debt generates retirement income — what it actually pays, where the risk sits, and the liquidity questions to ask before you invest a dollar.
What you will discover
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Why Traditional Income Sources Keep Moving: How money market yields reset with Fed policy in both directions, why the bond ladder broke in 2022, and what that means for an income plan built on either one.
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What Private Real Estate Debt Actually Is: Property types, loan strategies from new origination through nonperforming notes, and how position in the capital stack — permanent, bridge, construction, mezzanine — determines the risk you’re taking.
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Why This Window Exists: Over $500 billion in securitized CRE loans mature between 2026 and 2028, with roughly $2 trillion across the broader commercial mortgage market. $115 billion of loans maturing by the end of 2026 already can’t cover their current payment. Banks are back for stabilized deals — but not for transitional and bridge lending.
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How the Returns Are Built: The private credit yield formula — floating base rate plus spread plus origination fees — and the two premiums investors are paid for: illiquidity and complexity. Plus where CRE bridge loan pricing actually sits in 2026 relative to conventional mortgages.
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The Risk Cushion Nobody Explains: What loan-to-value really buys you. On a $1 million property with a $600,000 loan, the borrower’s $400,000 of equity has to be entirely wiped out before a lender’s principal is touched — and why 60–65% weighted-average LTV portfolios have historically survived corrections that 75–80% portfolios did not.
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The Liquidity Question, Answered Honestly: Closed-end, interval, evergreen slow-pay, and BDC structures compared. What happened when BREIT hit its 5% quarterly cap in 2022 and when Partners Group gated an $8.6 billion fund in June 2026 — and why the right question isn’t “is this liquid?”
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Distributions Are Not Redemptions: Why monthly income paid from loan cash flow is a fundamentally different mechanic than asking for your principal back, and why that distinction is the whole ballgame during a redemption wave.
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How to Size It: Where private credit fits against institutional and private-bank allocation benchmarks, and the 12–24 months of liquid reserves that should sit in front of any illiquid income sleeve.
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The Five Questions to Ask Any Manager: The due diligence checklist Nic uses, and that he’ll invite you to turn back on him.
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