Most executives have major real estate holdings in their pension plans. If the employer owns the building, the employer and equity-owning executives have yet mo

Most executives have major real estate holdings in their pension plans. If the employer owns the building, the employer and equity-owning executives have yet more real estate holdings, albiet indirectly. Because of ZIRP, pensions have been reaching for yield by doing anything they can, and that has often been CMBS, CRE equity, CRE bank loans, etc.