Data visualised.
Evidence organised.

Direct lending to SaaS has structurally surged

Stock of loans outstanding, USD billions, year-end.

Source PitchBook LCD, BIS, Apollo Chief Economist, Daily Spark, June 16, 2026.

CRE Stress Is No Longer Just an Office Story

Commercial real estate delinquency rates by property type, 2015–2025 (annual average, %)

Source FDIC Quarterly Banking Profile (QBP); Trepp CMBS Delinquency Report; Federal Reserve Bank of St. Louis FRED database (DRCRELEXFACBS)

Method Delinquency rates represent annual averages of quarterly CMBS and bank CRE loan delinquency data. Office, Multifamily, Retail, and Industrial from Trepp CMBS series; Construction from FDIC QBP bank loan data. Values are approximate pending full quarterly verification.