(https://www.cnbc.com/2026/06/10/jll-commercial-real-estate-record-lending-competition-april.html) in commercial real estate should be bullish for $GS and $BAC, right? Wrong. When lenders flood into one product class, spreads compress faster than volumes grow. Bank NII (net interest income) doesn't move on deal count — it moves on margin per dollar deployed. Higher competition = lower rates offered = tighter spreads = pressure on profitability.

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