PIMCO

Bridge lending – short term, interim financing – is finding momentum as acquisition volumes pick up and confidence improves. Roughly $2 trillion in loans are set to mature by 2027, creating refinancing gaps and more compelled sellers. Explore how well-capitalized lenders are navigating structurally uncertain markets, and dive deeper as PIMCO’s Roman Kogan and Seray Incoglu – portfolio managers for private real estate debt – share their insights on the evolving landscape. https://pim.co/8bb79d

Hear Tiffany Wilding and Marc Seidner break down the key macro signals and investment opportunities for 2026. Watch the Cyclical Outlook Webcast replay now → https://pim.co/9d2652

The recent market moves underscore the importance of maintaining a long‑term perspective. As PIMCO CEO Emmanuel Roman shared on Bloomberg’s Odd Lots, fixed income continues to offer attractive opportunities as investors reassess valuations, global yields, and the balance between geopolitical developments and economic fundamentals.

Bitcoin once tracked gold, but that relationship has broken down. While gold continues a steady climb driven by central‑bank demand and geopolitical tension, bitcoin has peeled away – experiencing sharp swings and plunging from its October 2025 peak. Their early correlation was narrative‑driven, with both pitched as “anti‑fiat” trades. Today, gold stands as institutional infrastructure – supported by sovereign reserves, pensions, and long‑term buyers – while bitcoin remains a volatile, speculative asset, whipsawed by regulation, exchange failures, and leverage dynamics. When correlations break, flows matter more than narratives. #ChartingPerspectives

2026 calls for compounding opportunities. ✔️ Strong bond yields ✔️ Global diversification ✔️ High quality credit Read our Cyclical Outlook for more insights → https://pim.co/fb138c

U.S. Treasuries long carried a “convenience yield” – a premium investors paid for the liquidity and safety of dollar assets compared with other high quality sovereign bonds. Over the past decade, that gap has evaporated, shrinking from nearly 80 bps to roughly zero when adjusting German bund and Japanese government bond yields hedged back into dollars using maturity-matched cross currency swaps. What’s striking is that the premium hasn’t returned even after recent risk-off episodes and geopolitical shocks – conditions that historically pushed the gap wider. #ChartingPerspectives

Prepare for what’s next, not what’s noisy. Our latest Cyclical Outlook distills the macro forces likely to shape 2026 and highlights the investment opportunities we’re capitalizing on in the year ahead. Explore the key takeaways from the outlook now. https://pim.co/4b4f82

🎙️ New Episode of Accrued Interest 🎙️ Group CIO Dan Ivascyn joins host Gregory Hall on the latest episode of Accrued Interest, bringing sharp takes on a K-shaped economy, credit markets, the global opportunity set in bonds, and more. It’s a conversation that helps set the stage for 2026 - tune in! Listen on Apple: https://pim.co/a9e826 Listen on Spotify: https://pim.co/3e52de

In 2026, real estate won’t be about chasing a rebound, it’s about navigating structural uncertainty. We believe investors who stick to fundamentals and focus on income quality, across equity and debt, may be best positioned. Read our views for the opportunities and risks ahead.

Durable opportunities could shape success in 2026 – and bonds are leading the way. After a strong 2025 for bonds, attractive yields still offer a solid foundation for sustainable returns without requiring a broad rate rally. Explore more resilient strategies in our Cyclical Outlook. https://pim.co/4017c3