After months of silence, a couple of critical developments from the beleaguered commercial real estate sector show up all at once. For the first time since the Global not-Financial Crisis, a senior tranche of a CLO took losses - a lot of losses - while redemptions threaten to force liquidations at one of the spaces more important CRE funds. Not good first signs for the bubble unwind.Eurodollar University's Money & Macro AnalysisBloomberg A Really Bad Sign for Commercial Real Estatehttps://www.bloomberg.com/news/newsletters/2024-05-23/bloomberg-evening-briefing-a-really-bad-sign-for-commercial-real-estateBloomberg Starwood’s $10 Billion REIT Turns to Survival Mode as Real Estate Pain Lingershttps://www.bloomberg.com/news/articles/2024-05-23/starwood-reit-sets-drastic-redemption-limits-on-liquidity-crunchBloomberg Lenders Race to Buy Back Delinquent Multifamily Mortgage Loanshttps://www.bloomberg.com/news/articles/2024-05-01/jpmorgan-says-commercial-real-estate-clo-loan-buyouts-are-set-to-reach-a-recordFitch Global Contagion Risk Growing from Rising CRE Losses, Led by Officehttps://www.fitchratings.com/research/non-bank-financial-institutions/global-contagion-risk-growing-from-rising-cre-losses-led-by-office-02-04-2024https://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU