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The applied course.

Reading CMBS

23 chapters · 7 arcs · free to read

Reading a securitized trust as a book: what the tape reports, what it withholds, and the places where the servicer's language runs ahead of the numbers. Every chapter is a read you can run yourself on the live record.

Start at chapter 1 →

Arc I · The Stance

  1. 1Outside the Trust
  2. 2The Opposite Regime
  3. 3Where to Point the Lens First

Arc II · The Two Ways a Loan Dies

  1. 4Cover vs. Exit
  2. 5Clean on Cash Flow, Dead at the Wall
  3. 6The Exit Gap
  4. 7The Width of the Cliff

Arc III · When the Number Lies

  1. 8The Mislabeled Frame
  2. 9Property Type as Regime
  3. 10The Stale Mark
  4. 11Recognized vs. Real Loss

Arc IV · The Seams

  1. 12The Coming Transfer
  2. 13The Fallen Angel
  3. 14Reading the Workout Stage
  4. 15The Liminal Moment
  5. 16Transmutation

Arc V · Position & the Book

  1. 17Stack-First
  2. 18Reading a Trust as a Book
  3. 19The Watchlist Read
  4. 20Cross-Asset

Arc VI · The Actors

  1. 21The Special Servicer
  2. 22Origination & Vintage

Arc VII · The Full Pass

  1. 23The Full Pass
← Both courses Working draft · built to run straight through