John B. Levy & Company — February 26, 2026 — The Giliberto Levy Commercial Mortgage Performance Index (G L 1) finished 2025 with clear forward momentum, posting a 1.56% total return in the fourth quarter and 8.71% for the full year—its strongest annual performance since before the pandemic and a notable inflection point for the commercial mortgage market.​..

John B. Levy & Company — February 24, 2026 — John B. Levy & Company (JBLCO) is pleased to announce the successful closing of two new affordable housing communities located at 1400 Hull Street Road and 1500 Hull Street Road in Richmond, Virginia.​

John B. Levy & Company — February 19, 2026 — John B. Levy & Company (JBL&Co.) is pleased to announce the successful closing of a $25,350,000 first mortgage refinance for The Lowell, a luxury condominium project located in McLean, Virginia. 

John B. Levy & Company — January 19, 2026 — The G-L 2 has released its Third Quarter Review, highlighting a surge in loan‑tracking activity and projecting a positive finish to the year. Despite challenges in select real estate sectors, overall indicators point to a high‑growth environment for the index...

The mounting signs that financial asset outperformance is coming to an end

​Cedars Hill Group — November 11, 2025 —​ The great thing about demographics is they are slow moving and relatively straightforward in their cause-effect relationships. Over the long-term we know that economic growth = population growth + productivity growth...

John B. Levy & Company — October 21, 2025 — ​The Giliberto-Levy High-Yield Real Estate Debt Index (G-L 2) posted a total return of -0.13% for the second quarter of 2025, marking its first negative quarterly result since the third quarter of 2015. This compares with a revised +1.00% total return for the first quarter.

How to find unity in the division and chaos of today​

Cedars Hill Group — October 7, 2025 — The tension between tradition and novelty is timeless. It causes pain and if we don’t learn from it, we ultimately become stuck in our ways and eventually outmoded...

JB Levy & Co — September 30, 2025 — ​We're excited to announce the successful closing of a $19 million capital stack for the acquisition of a 130,000 square-foot flex portfolio in Owings Mills, MD. This strategic transaction underscores our commitment to identifying and capitalizing on high-potential commercial real estate opportunities.​..

The final installment in a three-part deep dive into duration risk​

​Cedars Hill Group — September 16, 2025 —​ The markets are worried about inflation and weaker growth at the same time which is creating schizophrenic pricing in the yield curve. Investors expect that the Fed will be forced to lower rates against their will while tariffs keep upward pressure on inflation, and the AI capex boom will support corporate profits but be a drag on employment...

​The shape of the yield curve is wreaking havoc for total return bond investors

​Cedars Hill Group — September 22, 2025 — Issue 200! Thanks for investing your time in reading these musings on life and the markets for 200 issues. It is my sincerest hope that you have earned a good return on that investment.