In this special guest episode of The TreppWire Podcast, we are joined by Steve Chow, Principal and Head of Capital Markets, Analytics and Trading at Prime Finance. Steve oversees the firm's financing and capital markets activity across three distinct commercial real estate debt strategies, including their bridge lending platform that has issued 12 CRE CLOs over the past decade. We dive into the current CRE CLO market resurgence, exploring why issuance has more than doubled in 2025, the relative value proposition driving crossover investors into the space, and the lessons learned from executing deals through various market cycles. We also discuss multifamily market fundamentals, investor concerns around deal structuring, and Prime Finance's approach to transparency and portfolio diversification. Tune in now.

Episode notes:

• Steve Chow's Background and Prime Finance's CRE Platform (0:26)
• The CRE CLO Market Resurgence and Relative Value (5:42)
• 2025 Issuance Trends and Multifamily Market (12:14)
• Execution Strategies and Investor Concerns (18:06)
• Reporting, Transparency, and Deal Structuring (21:53)
• Future Market Outlook and Asset Class Diversification (27:10)

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