U.S. apartment loan originations are up 26% YoY and on track to make 2026 the second-biggest year EVER. Not because of increased sales activity. But because of a burst of refinance/recap activity from apartment owners with maturing loans, trying to wait out better days (and better values) to sell. The surge in refinancing has helped stabilize values, but compressed sales volumes as many would-be sellers refinance instead. This isn't to say refinancing is cheap or easy or painless. But debt capital is widely available, and it's as much of a lifeline to current owners as it is a hindrance to would-be buying hunting for quality assets at distressed prices. h/t to Newmark for chart below.