Investment Focus - NEW ISSUE CMBS

CMBS 2.0 B-Piece

Investment Date: 2012
Location: Various US
Property Type: Various
Portfolios: 3
Status: Full Realized
2007 2008 2009 2010 2011 2012 2013

pre-2010

CMBS 1.0 issuances averaged 69% LTV over prior ten years with steadily decreasing DSCR's through 2008.

ASSET CLASS CHARACTERIZATION

FRINGEINSTITUTIONAL

CAPITAL FLOWS

OUTIN

2008 - 2011

REAL ESTATE FUNDAMENTALS

DECLININGIMPROVING

2010