IMHO ...

The transition from bank lending to private credit is going to be a similar secular shift to the one we saw in the late 90s and through the 2000 and 2010s on the equity side ...  in the early 90s CRE equity investing was largely the preserve of pensions and insurers (owning direct) and listed prop cos ... the tectonic shift of assets that has occurred since that Great Exchange has redefined CRE investing ...  and a whole suite of different investment styles and specialist structures have been borne out of that shift ...The next stage is CRE lending ...