Thursday, June 11, 2026

On Tap Today

  • House rules: CoStar’s fight with Zillow is really a fight over who controls real estate’s listing infrastructure.

  • Rate wait: Core inflation misses expectations, keeping mortgage rates and Fed policy frozen for now.

  • Hard money, soft landing: A major home equity lender expands into fix-and-flip financing through acquisition.

  • AI in real estate capital raising: A live workshop for capital markets professionals on how AI can transform your fundraising. Sign up

Essential Metrics

Indicator Close Change
S&P 500 7,266.99 -119.66 (-1.62%)
FTSE Nareit All Equity REITs 857.52 +0.22 (+0.03%)
10-Year Treasury Yield 4.53% -0.04
SOFR 3.63% +0.01
Data as of market close, June 10, 2026
May CPI printed at 4.2%, the hottest since 2023, as war driven energy costs bleed into the broader price level. Equities took the brunt of it, with the Dow logging its worst day of 2026 on renewed Middle East clashes, while Treasury yields held steady on a soft core reading and REITs caught a modest defensive bid. With a December hike now fully priced and Warsh chairing his first FOMC meeting next week, floating rate borrowers should be underwriting hike risk, not cut hope.

Editor’s Pick

CoStar’s Litigious Track Record Doesn’t Undermine Its Claims Against Zillow

CoStar has spent years building a reputation as one of real estate’s most aggressive litigants, from its bruising fight with Xceligent to its more recent copyright lawsuit against Zillow. On the surface, its decision to weigh in on Zillow’s antitrust case against MRED and Compass might look like another portal giant using the courts to shape the market in its favor.

But CoStar’s amicus brief makes a different argument. The company says Zillow is trying to force MLSs to hand over listing data while preserving its own exclusive pre-market inventory through Zillow Preview. In CoStar’s telling, this is not a fight over one company’s competitive position. It is a fight over whether the MLS system can still function as shared infrastructure.

That distinction matters. Copyright lawsuits over listing photos are one thing. A court ruling that lets a dominant portal demand universal access while controlling its own inventory is something else entirely. If Zillow wins, the decision could do more than settle a dispute in Chicago. It could redefine who controls real estate’s most important data network.

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Flash Poll

Fast Take

Core Inflation Data Keeps Fed Neutral, Mortgage Rates Pinned Near 6.5%

The federal government released inflation data this week showing the Consumer Price Index hit 4.2% in May, up from 3.8% in April. This marks the highest inflation level in three years. Energy prices drove the increase, a direct result of the Middle East conflict that began in February. Before the war, inflation was at 2.4%. The report met forecaster expectations given the energy surge, but the more significant finding came in core inflation, which excludes volatile food and energy categories. Core inflation came in at 2.9% year-over-year, below what economists anticipated.
The Federal Reserve indicated the report is unlikely to change its near-term policy. The central bank appears set to hold rates steady through the summer rather than cut or raise. Softer-than-expected core inflation means that rates are likely going to stay about where they are for the near to medium term. Mortgage rates remained relatively stable following the report, with 30-year fixed rates around 6.67% as of midday June 10. Markets are still pricing in a potential short-term rate hike for late 2026 or early 2027, though that timing could shift depending on future inflation reports.
The question of future Fed policy may depend less on inflation data than on who occupies leadership positions at the central bank. If Trump appoints a Fed chair or governors more inclined toward rate cuts, the current hold-steady approach could shift regardless of inflation readings. A more dovish Fed would prioritize economic growth over inflation control, potentially opening the door to rate reductions later in 2026 or 2027. That scenario would represent a significant policy reversal from the current inflation-focused stance. The current Fed leadership remains focused on inflation and so far they have not seen anything worrisome enough to require a change in rates either way.
 
Fast Take

Institutional Capital Pours Into Small Investor Lending With $717 Million Deal

Figure Technology Solutions is acquiring fix-and-flip lender Kiavi for $717 million in a transaction that includes a joint venture with Sixth Street to purchase the accompanying loan portfolio. Figure will take over Kiavi's technology and operating platforms, while the two firms will jointly manage Kiavi's existing loan book. Kiavi CEO Arvind Mohan will join Figure as chief business officer when the deal closes. Jefferies Financial Group advised Kiavi, while Barclays Capital advised Figure and Sixth Street.
Kiavi originated more than $7 billion in loans last year to small-scale residential investors, bringing its 13-year total above $30 billion. The lender generated $250 million in revenue last year with over $100 million in EBITDA. Figure, founded in 2018 by former SoFi CEO Mike Cagney, already operates as the largest non-bank home equity lender in the country, with $25 billion in loans on its blockchain-based platform. The company says it expects an unlevered cash payback in less than four years on the acquisition.
Institutional investors have expanded into lending for smaller real estate operators over the past decade, with insurers, sovereign wealth funds and other large capital sources driving originations to $145 billion in 2025. These loans to property flippers and small landlords were once the domain of niche lenders. Figure and Sixth Street entered a previous joint venture in 2025 and plan to continue originating residential-transition loans together after this deal closes. Figure reaffirmed its medium-term target of 60% EBITDA margins.

Overheard

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209 West Jackson Shows Chicago’s Office Conversion Wave Is Entering Its Next Phase

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Why AI Won’t Solve Your CRE Problems

For commercial real estate firms racing to adopt AI, the real barrier isn't the technology, it's the fragmented, unstructured data sitting inside static reports and disconnected systems that makes even the most advanced tools unreliable.

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How Mobile Credentials Are Solving Student Housing's Biggest Operational Headaches

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