German bank Deutsche Pfandbriefbank warned of the "greatest real estate crisis since the financial crisis" due to its commercial real estate exposure. PBB saw its bonds slump on the market after increasing loan loss provisions for 2023 to $225 to 231 million due to "persistent weakness" in real estate markets. The troubles in the US commercial property market have spread to Europe, hitting smaller German banks with CRE focus. Several other German and European banks also reported rising CRE loan impairments recently.