Justin Mahoney, Co-Founder of Shelter Growth Capital, joins the InsuranceAUM.com Podcast to discuss the residential mortgage market, insurance company involvement, and why RMLs are gaining traction as a high-quality, scalable asset class for insurers.
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The maturity wall is a durable source of demand. With roughly $2.1 trillion of CRE debt maturing over the next several years, we expect refinancing and bridge demand to stay elevated well beyond 2026, a tailwind for the direct bridge lending strategies at the center of our platform.
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Commercial real estate has entered Q2 2026 at an inflection point. Deal activity is picking up and capital is available, even as rates remain in flux. At the same time, the refinancing need is large and growing.
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Residential mortgage markets (RMLs and RMBS) remained active and resilient despite broader volatility from geopolitical tensions, with steady issuance, origination, and investor demand. While spreads and yields have risen alongside markets, activity across both securitizations and loan trading continues to function efficiently, supported by consistent buyer interest in the asset class broadly.
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Residential Credit has kicked off 2026 strongly, with RMLs and RMBS supported by solid technicals and credit quality, as investors navigate shifting buyer dynamics, attractive returns, capital flows, and evolving housing policy.
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A moderating interest rate environment, steady economic growth, and continued pullback by traditional banks are creating favorable conditions for private lenders. Residential and multifamily credit remain supported by a long-term housing shortage, while select commercial sectors, particularly industrial and hospitality, continue to show improving fundamentals.
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Multifamily bridge lending can present attractive investment opportunities amid persistent housing shortages, aging assets, and strong investor demand. These structural drivers create opportunities for disciplined lenders to support value-add strategies and lease-up transitions while achieving attractive risk-adjusted returns; targeting high single-digit unlevered and double-digit levered.
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Shelter Growth Capital Partners and FHLB NY co-hosted an interactive Lunch and Learn in NYC. The discussion covered an update on residential investing fundamentals: home prices, origination volumes and credit performance. Additionally, we covered the state of insurance RML investing, solving for the operational complexity of RMLs, and the relationship between Insurance companies the FHLBs.
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Small to mid-sized industrial properties (100-300k SF) represent an attractive opportunity for floating-rate bridge loans, with favorable entry points and strong repositioning potential.
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Now that we have a moment of calm, and fresh off meeting with 50+ mortgage originators at last week’s Mortgage Bankers Association (MBA) conference, we wanted to provide some insights into what we saw during the post-Liberation Day volatility, along with our broader thoughts on residential credit and RMLs.
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Justin Mahoney, co-founder of Shelter Growth Capital Partners, explains that as interest rates, regulatory changes and climate risks reshape the investment landscape, insurers are shifting focus from securitized mortgage assets to direct residential loan ownership.
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We expect 2025 to remain an attractive environment for RML investing. The underlying fundamentals remain favorable and opportunities for portfolio loan investors are likely to continue growing. With this attractive backdrop, we expect insurance companies to expand their access to RML investing. Those who develop RML capabilities, either through partnerships or internally, will have access to both programmatic flow and tactical opportunities that deliver performance, provide diversification, and generate liquidity.
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We are pleased to share with you a webinar we recently offered in partnership with the Federal Home Loan Bank of Boston focused on Investment Opportunities in Residential Mortgage Loans (RMLs). The session was hosted by Matt Stewart, Vice President and Director of Sales at FHLB Boston, and features Justin Mahoney, Co-Founder and Senior Portfolio Manager at Shelter Growth Capital Partners.
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US insurance companies have historically been under-allocated to residential mortgage loan (RML) investments.
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It’s been a busy and productive month and half since our last update. Non-QM origination volumes continue to scale and spreads across both whole loans and RMBS tightened into continued strong demand for product. At SG we had record lock volumes in May and in talking with clients and other market participants, it seems like volumes were strong industry wide. Last month we were with a couple thousand other mortgage market participants in Times Square for the annual MBA Secondary conference. It was interesting to see how Non-QM has evolved into a focal point for the conference. From an originator’s perspective, Non-QM offers a welcome growth opportunity versus the traditional GSE origination business. We came away from the conference with the belief that the sector can continue to grow, even absent a move lower in rates. Originators already active in the space are devoting more resources toward the product and there’s still a number of originators just getting started in Non-QM.
Read More A solid March wrapped up a strong Q1 for Residential Credit generally and Non-QM specifically. The sector continues to mature with most originators offering the product and a broad buyer base across securitizers and insurance loan portfolios. Insurance portfolios continue to grow in market presence and are now buying over 50% of monthly production. Given the attractive yields, strong credit quality, favorable risk-based capital treatment and ability to finance with the FHLBs, we expect more insurance capital to come into the space throughout the year. While a handful of the largest insurance portfolios have large, dedicated teams for residential loans, most new entrants are partnering with existing residential loan managers (like us) and gaining access to the space without the need for additional headcount.
Read More Hard to believe we are in March already. It’s been a solid start to the year for Non-QM; securitization issuance remains healthy and insurance company demand for loans is very strong. On the back of this demand, credit spreads have tightened sharply YTD. We think the market is likely to be rangebound for the time being. Given the sharp rally to start the year, we don’t expect much further tightening, but the positive supply / demand technicals are likely to prevent a substantial widening.
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Jim Higgins of Shelter Growth Capital Partners joins the InsuranceAUM.com podcast to discuss commercial real estate bridge loans, CRE credit opportunities, underwriting discipline, market fundamentals, and the role of bridge lending in insurance portfolios.
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Justin Mahoney, Co-Founder of Shelter Growth Capital, joins the InsuranceAUM.com Podcast to discuss the residential mortgage market, insurance company involvement, and why RMLs are gaining traction as a high-quality, scalable asset class for insurers.
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Justin Mahoney is the Co-Founder and Senior Portfolio Manager at Shelter Growth Capital Partners, and Bryan Lentz is the Director of Public and Private Structured Securities at Mutual of Omaha Insurance Companies.
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