DFX Investigations

Thursday, October 22, 2026How we report

5 investigations

Original analysis computed from the Data Factory, refreshed as the records change.

Real estateInvestigation

Updated Oct 19

A quarter of next year's expiring HUD contracts hold 64% of the 58,607 assisted homes

HUD's data show 2,529 rental assistance contracts expiring within a year. Most are small one-year renewals for supportive housing. The 639 Section 8 contracts, with 37,430 homes, are where owners have a choice, and under HUD's one-year notice rule any opt-outs among them should already be on file.

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Assisted units under expiring HUD contracts, by state

Scheduled

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Real estateInvestigation

Updated Oct 12

Nearly four-fifths of the CMBS debt due within a year sits in 2017 trusts

DFX read the trusts' own asset-level filings: 989 securitized loans carrying $18.5 billion mature by October 2027, most of them from 2016 and 2017 deals.

Institutional allocatorsInvestigation

Updated Oct 19

Pension boards voted $3.8 billion to private funds, and credit leads once sized as closed

Twelve US pension boards voted 37 private-fund commitments in six months. One plan, MainePERS, cast 40% of the dollars, all of it as ceilings, and its own later tables cut or recast three votes.

Private creditInvestigation

Updated today

$20.7 billion of BDC loans mature within a year as lenders extend 544 positions

714 borrowers owe the loans due by October 2027. In the latest full quarter, BDCs pushed out 544 maturities and placed 82 positions on non-accrual.

Wealth managementInvestigation

Updated Oct 19

Wirehouses lost a net 302 advisors in 90 days; J.P. Morgan gained 86 as Merrill lost 216

The channel totals show the familiar drift out of the wirehouses. Inside them, DFX's records show a second contest: 448 moves between wirehouses that the totals do not count, with J.P.