Archive - Leaf & Ledger Insights

The Visible Strain: A Gentle Squeeze in Private Credit

We previously examined commercial real estate through the public reporting window of CMBS.

Nov 27 •

The CMBS Window on Private Asset Valuations in Europe

Europe’s CMBS market is smaller than the US market, yet it serves the same function of transferring real estate risk from banks to investors.

Nov 3 •

October 2025

Where the Capital Went: Allocation Tilt, New Drivers, and Shifting Liquidity

Think of this as an evolving narrative about how markets are changing.

Oct 17 •

The Insurance Capital Capacity Engine: the Cylinders that Drive Growth

Private equity’s role in life insurance now operates at a scale that clearly impacts global markets.

Oct 2 •

September 2025

Why This Plumbing Was Built

Asset-intensive reinsurance and the quiet engine of capacity

Sep 18 •

Out of the Light

How risk migrated from bank marks to insurance clocks

Sep 9 •

Summer Series Part III: Transmission Lines — Private Credit and Insurance Balance Sheets

The Hidden Currents Beneath Calm Waters

Sep 2 •

August 2025

Summer Series Part II: Extend and Pretend, Again — A Behavioral History of Debt Deferral

The New Cycle of Delay Has Familiar Roots

Aug 6 •

July 2025

Summer Series Part I: Lending Signals and the Repricing of Office Values

A Structural Repricing of Office Risk Has Begun

Jul 8 •

June 2025

Research Review: ECB Study Quantifies Climate Risk Discounts in CRE

From Research to Reality: Climate Risk Now Has a Formal Price Tag

Jun 12 •

May 2025

Strategic Insight: Rethinking Underwriting — How Machine Learning is Reshaping CRE Modelling

A New Kind of Risk Requires a New Kind of Model

May 27 •

April 2025

Operational Strategy: The Quiet Legal Innovation Powering Europe’s Green Office Revolution

How evolving green lease provisions are turning regulatory risk into retrofit-readiness

Apr 23 •

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