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One collateral.
Three channels.

A building doesn't know how it was financed. The same office tower can sit on a bank's balance sheet, inside a CMBS trust, or in a CRE CLO — and each of those three channels discloses a completely different amount about it. The stress doesn't leave when a loan changes hands; it moves. This is the cross-section: where stress starts, how it migrates upward, and what each channel actually lets you see.

One collateral, three channels

The same stress, surfaced three ways

A property in a weakening metro doesn't get financed once. A bank holds its loan, or a CMBS trust, or a CRE CLO — and each shows the strain through a different lens, at a different depth, on a different delay. Underneath, it's one reality: demand erodes cash flow, cash flow erodes coverage, and coverage ruptures at the maturity seam.

Surface — where the stress becomes visible (or hidden)

Banks on balance sheet

Held, not sold.
Disclosure: aggregate, quarterly — you see the bank, rarely the loan (Call Report).
  • CRE concentration vs. capital (SR 06-26)
  • Noncurrent & nonaccrual CRE; 30–89 leads
  • Modified-and-still-performing (extend‑and‑pretend)
  • Off-site condition — the CAMELS-shaped read

The tellOffload the CRE and the balance sheet reads healthier than the book is.

CMBS securitized · public

Sold, in the open.
Disclosure: loan-level, on EDGAR — the deepest free view (ABS-EE).
  • DSCR & debt yield, loan by loan
  • Special-servicing transfer & workout stage
  • The maturity wall — the take-out calendar
  • The fallen-angel refi gap (can't refinance at par)

The tellCoverage reads fine right up until the loan can't refinance.

CRE CLO managed · 144A private

Sold, behind a wall.
Disclosure: off the public wire — bring the tape (per-shop Annex A import).
  • OC / IC coverage tests (disclosure-thin)
  • The take-out gate on transitional bridge loans
  • NOI trajectory — climbing, or sliding to the seam
  • Manager propping: the propped pass beats an honest fail

The tellThe 144A wall that hides the pool is the reason to bring us the tape.

risk migrates ⇄ A bank offloads its CRE exposure to private capital, a conduit originator securitizes its loans into CMBS, a bridge lender places its portfolio into a private CLO. The stress doesn't leave; it moves.
The maturity / take-out seam — the fault line

Where a loan that carried fine meets a maturity it may not refinance. The refinance gate is the shared organ in all three channels — and the crossing point where a stabilized loan quietly becomes a bridge loan (the fallen angel), or worse — a special servicing case.

Below — the same collateral, feeding all three channels
Loans
DSCR, coupon, maturity. The carry holds — until the wall.
the unit · one loan, one channel
Properties
Office · multifamily · retail · hotel · industrial · storage — each type its own regime (changes the slope, not the intercept). NOI trajectory, occupancy, tenant departures.
where demand becomes cash flow
Metros
The demand bedrock. Employment, work-from-home, local distress — where the stress starts.
the substrate · QCEW · LAUS · ACS
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Market Pulse
Every U.S. market with a securitized footprint, scored for distress from the same public filings the loans report under.
See the whole picture, not just the pulse.
Market Pulse is the free, public read. The Verstavo platform goes loan‑by‑loan — stress scores, maturity walls, special‑servicing transfers, bank CRE, and your own portfolio benchmarked against the market.
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