PT Asset Management, LLC

Introduction to Commercial Mortgage-Backed Securities

Commercial Mortgage-Backed Securities (“CMBS”) are bonds whose cash flows are derived from the principal and interest payments of commercial real estate (“CRE”) loans. The CRE loans that are contributed to CMBS deals can be either a pool of loans or a single loan. The underlying loans are typically diversified in terms of geography, property type, coupon, and loan size. Property types include Multifamily (Apartments), Office, Industrial, Retail, and Hotel.

Taylor Huffman, CFA®

Client Portfolio Manager

JUNE 2024

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