When Real Estate Forum last profiled GE Capital Real Estate in 2007, the firm was on an aggressive expansion path. Namely, growing its equity activities, particularly in global markets. Its focus was on acquisitions and operations, while most of its debt activity involved restructuring its loan portfolio.

Yet after laying low the past few years, the Norwalk, CT-based firm emerged from the Great Recession and downturn with a new expansion. This time, however, it's on the other end of the capital markets spectrum, shifting from an equity player to a debt provider, particularly in the domestic markets.

Today, GE executives will say lending is the firm's core business, although it still has a $25-billion portfolio of assets it actively manages. As of midyear, 54% of its $58-billion total real estate holdings consisted of debt.