Dean Dulchinos, ORIX USA’s Group Head of Real Estate Debt, recently spoke with Institutional Real Estate, Inc. (IREI) for the publication’s July/August issue about the growing trend of institutional investors viewing real estate debt as a stable source of income and downside protection. Dean spoke to investors’ views of the asset class, which continues to see opportunity in 2026 and beyond as commercial banks maintain a retreat from the real estate sector and a “barrage” of maturing property loans comes to market.
Highlights from Dean:
- “Core real estate historically delivered two things: a contractual-looking cash flow stream and a long-duration claim on inflation-protected net operating income,” explains Dean Dulchinos, Managing Director and Group Head of Real Estate Debt at ORIX USA. “Private credit is a clean substitute for the first but not really the second. Most limited partners we work with are explicit that they are replacing core real estate’s income, not its inflation hedge. Core real estate did not die; it got unbundled, and credit took the more replicable half.”