# Episode 358: High Yield Real Estate Lending: 2026 Outlook

Page: https://stenobird.com/podcast/insuranceaum-com-113748/episode-358-high-yield-real-estate-lending-2026-outlook
Text version: https://stenobird.com/podcast/insuranceaum-com-113748/episode-358-high-yield-real-estate-lending-2026-outlook.md
Podcast: [InsuranceAUM.com](https://stenobird.com/podcast/insuranceaum-com-113748)
Published: 2026-02-26T06:03:00+00:00
Episode link: https://insuranceaumjournal.podbean.com/e/episode-358-high-yield-real-estate-lending-2026-outlook/
Audio file: https://mcdn.podbean.com/mf/web/tcgy2xc46ak73m2u/IAP_-_Fidelity_-_William_Maclay_v46wujc.mp3
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JSON: https://stenobird.com/v1/public/podcasts/insuranceaum-com-113748/episodes/episode-358-high-yield-real-estate-lending-2026-outlook
Duration seconds: 2085

## Resource

Bill Maclay, Portfolio Manager in Fidelity’s High Income and Alternatives Division, joins Stewart Foley for a timely conversation on high yield real estate lending and how insurers are positioning in this evolving segment of the market. With banks retrenching, capital structures shifting, and construction volumes slowing, Bill shares how Fidelity is identifying opportunity while managing credit and structural risk across the real estate debt landscape. Drawing on more than two decades of experience across real estate equity and debt markets, Bill walks through key market dynamics, including the role of construction lending, geographic supply-demand imbalances, and where insurers can align capital with niche opportunities. He also discusses the potential for insurer partnerships, co-lending structures, and how Fidelity’s platform brings together public and private real estate capabilities to create value. Whether you're focused on CRE debt allocations, yield targets, or managing risk in uncertain markets, this episode offers a grounded, forward-looking view of where the real estate lending market is headed.

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## Transcript

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