Commercial real estate is the slow-motion crisis that regional banks aren't pricing into their disclosures yet. Office vacancy in tier-1 metros remains 18-23%, refinancing wall hits hardest in 2026-27, and the loans are concentrated in banks with $10-100B in assets — the same band that took the 2023 hits. The Fed's senior loan officer survey shows credit standards tightening for CRE eight quarters running. If you hold regional bank exposure, look at their CRE concentration ratio, not just their reported NPLs.