Fund managers in this market are often valuing their loans more generously than others do.
Some properties are being sold at huge discounts, the banking unit's analysts say.
The asset manager has been one of the loudest prophets of doom on private credit.
Sovereign wealth funds and others want to unlock their previous investments before putting in more money
Block said the REIT is exposed to a perfect storm of economic conditions hitting real estate.
Private credit has become an increasingly sought-after funding tool for buyout firms.
The flood of money pouring into the sector is going into debt funds that aren't transparent, the company's analysts say.
DWS Group is approaching high-net-worth individuals and family offices globally.
The private credit market has roughly tripled in size since 2015 to $1.5 trillion.
Pimco is the largest holder of the Swiss lender's AT1 bonds.