Greg Friedman

What’s been the biggest highlight and biggest challenge of 2025 for your team thus far?  

This has been a strong year for our credit platform. We’ve already surpassed $2 billion in originations year-to-date, well ahead of last year’s $1.6 billion, and we’re on pace to close closer to $3 billion by year’s end. The strength has come from both direct originations and opportunistic loan purchases from banks seeking to de-risk or reduce CRE exposure. The team’s ability to execute across multiple strategies in a very tight market has been a clear highlight.

The same macro dynamics that have created opportunity have also been our biggest headwind. We entered 2025 expecting a more constructive environment, but optimism quickly faded with renewed tariff pressures, geopolitical uncertainty and persistent budget deficits, all of which have kept long-term rates “higher for longer.” Structurally, we’re operating in the early stages of a new cycle after decades of declining rates, which continue to impact asset valuations and cap rates. Navigating that shift while maintaining discipline has been both our challenge and our differentiator.

Which lending opportunities that didn’t exist last year are you grabbing today?

Private credit will continue to play a critical and expanding role in commercial real estate lending over the next year. Traditional lenders remain constrained, whether due to regulatory pressure, balance sheet exposure or simply the inability to lend at historical leverage levels, creating a significant void in the market. That dislocation is where private credit steps in. We’re seeing heightened demand not only for our core products — bridge, acquisition, and construction loans — but also for more structured solutions, such as note-on-note financing. A growing number of investors are purchasing existing loans from banks or other lenders, and we’re increasingly providing the capital behind those transactions.

In short, private credit is becoming the liquidity engine for CRE. It provides flexibility, creativity and execution speed in an environment where those attributes are at a premium.

What’s shocked you the most this past year in terms of market activity or response?

What’s surprised me most this year is that we’ve ended up in a stagflated environment. Coming into 2025, there was an expectation that the new administration would be more successful in spurring growth and stabilizing inflation. Instead, we’ve seen slower economic momentum and persistent price pressures that have kept long-term rates elevated.

On the market side, I’ve also been surprised by how many groups in the private credit space have struggled to execute. There’s been tremendous growth in the number of lenders entering the market, but not all of them have the infrastructure, discipline or experience to close and manage complex transactions. As a result, we’ve had multiple deals come back to us after others couldn’t perform, reinforcing the value of a fully integrated, cycle-tested platform.

Lighting Round:

Biggest moment of 2025: TSwift’s engagement or Fed rate cuts?

Definitely the Fed rate cuts. I’ve got Taylor Swift fatigue.

Data centers: Been there done that, or Gimme more?

Been there, done that. Too much capital chasing a niche. 

Where will rates be one year from now?

Fed funds around the low to mid-3’s; 10-year near 4 percent.

Holiday wish?

Surpass $3 billion in new loan originations.

How do you shake off market stress?

By leaning into it. We don’t see stress, we see opportunity.

NFL or college football?

Definitely college football.

What song would be the theme tune of your life?

“Not Afraid” by Eminem. It’s about resilience and pushing through challenges.

Ultimate dinner party: Pick three guests?

Nick Saban, my grandfather Fred Rosemore and Warren Buffett. Three people who’ve shaped how I think about leadership, legacy and discipline.

Thanksgiving: Chef or spectator/taster?

I am a taster.