Demand is strong but there is some upward pressure on vacancy rates.

In the short term, headwinds are going to make things challenging for investors.

Caution and uncertainty are the popular themes.

Maybe the future isn't going to look like the past.

Rates are significantly higher, but there are no margin calls.

Estimates have been slipping back, depending on whom you ask, to later this year or maybe next.

The combination will be the fourth largest commercial mortgage REIT, the companies claim.

The fund looks to raise $20 million, expandable to $50 million.