NAV loans experienced a 30% compound annual growth between 2019 and 2023, a market that amounted to about $100 billion in 2022 but poised to reach $600 billion by 2030. These loans usually pay an interest rate of above 10% and, while subordinated to the debt of the companies in the private-equity portfolio, have relatively safe loan-to-value ratios of between 10% and 25%.
The U.S. federal government spent $6.75 trillion in the most recent fiscal year ended Sept. 30. Walk around town handing $20,000 to everyone you see. Now do that for the entire U.S. population, all 337 million of us. That is about how much the U.S. spent.
The 71 million square feet of conversions that are planned or under way only account for 1.7% of U.S. office inventory.
Americans bought $300 billion in retail goods online last quarter, with e-commerce accounting for 16.2% of all retail sales. That proportion is nearly back to peak levels in 2020, when many stores were closed.
The four-quarter moving sum of the percentage of balances becoming 30-plus-days past due fell 0.26 percentage point from the second quarter to the third, to 8.79%. Early data show the trend continuing into the fourth quarter.
Global hotel investment activity strengthened in the past three months, with year-to-date Q3 liquidity reaching $40.9 billion, an increase of 10.2 percent relative to 2023.
Sales of bonds backed by the riskiest auto loans to subprime borrowers hit nearly $40 billion this year through October, up 17% from all of 2023.
The spread between hotel and commercial real estate (x hotels) cap rates expanded to 4.44% in 2020 then compressed to 2.44% by Q1 2024. The long-run average since 2001 equals 2.98% indicating a normalization of hotel investment risk.
Marriott International Inc. has started eliminating corporate jobs across the globe as part of a larger restructuring aimed at trimming annual expenses by as much as $90 million.
Thirty years ago, Americans with a college degree accounted for roughly 20% of the population and held the same percentage of household wealth as those without a degree. Today, Americans with a college degree account for 38% of the population and 73% of household wealth.
