Investors are drawn to commercial mortgage-backed securities (CMBS) for the potential yield enhancement, diversification benefits, and attractive risk-adjusted returns. And as one of the early investors in CMBS, our public debt team has modeled every U.S. fixed-rate conduit deal since 1999. Today, we research more than 500 CMBS issuances every year—in both seasoned and new-issue pools.
We strive to achieve consistent outperformance and believe that strong security selection and disciplined monitoring are the keys to reaching that goal. Our proprietary dynamic CMBS-default model is another factor in our success, allowing granular loan-level analysis to inform a robust investment process.