This episode is sponsored by LaSalle Debt Investors and Kayne Anderson  In the wake of rising rates and falling transaction volumes, US real estate debt markets are undergoing a significant transformation. Traditional lenders – especially regional banks – have stepped back, opening space for private credit providers to play a larger role. As a looming wave of loan maturities approaches, participants are preparing for both stress and opportunity. They're deploying capital selectively, often in the form of rescue financing, while building platforms that can flex across cycles. What emerges isn’t a market in freefall or overdrive, but a reset where discipline and structure matter more than ever. Joining us in this episode is David Selznick, chief investment officer of Kayne Anderson’s real estate group, and Craig Oram, president and fund manager at LaSalle Debt Investors. They share how their firms are adapting by focusing on refinancings, leaning into necessity-based assets like multifamily and industrial, and underwriting with more scrutiny than ever before.