Goldman Sachs was hit by a surge in commercial real estate loan delinquencies in the first quarter, fuelled in part by Elon Musk’s refusal to pay Twitter’s rent.
The value of loans to commercial real estate borrowers (CRE) behind on repayments climbed 612 per cent in the first quarter to $840mn, according to reports filed by Goldman’s licensed banking entity with the US Federal Deposit Insurance Commission.
That was much higher than the rise in delinquent CRE loans reported by the entire US banking industry, which were up 30 per cent over the same period to just over $12bn, according to Bankingregdata.com, which collates the FDIC reports.
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