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Federated Hermes

2025 Top 500 ranking: 31

Not everything that counts can be counted: Rethinking real estate credit underwriting

Not everything that counts can be counted

Our latest Private Markets Insight explores why traditional metrics like LTV, debt yield and ICR, while useful, can distort true risk when relied on in isolation. Real estate isn’t homogenous, and neither are the risks behind each asset.

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