Verstavo ← All courses

The ground floor.

Reading Credit

15 chapters · 6 arcs · free to read

Property types as regimes, how the money is actually structured, the two axes a loan dies on, and how a cycle turns. The reading course that comes after the modeling course — it assumes you can build a pro forma and starts from what the pro forma cannot tell you.

Start at chapter 1 → The syllabus map, for instructors

Arc I · The Asset & Its Language

  1. 1Property Types as Regimes
  2. 2What You Already Know

Arc II · How the Money Is Structured

  1. 3The Capital Stack; Fixed vs. Floating
  2. 4CMBS Mechanics
  3. 5CRE CLOs & the Art of Propping

Arc III · Reading CRE Credit

  1. 6Metrics & Early Warning
  2. 7Distress & Resolution
  3. 8Perception Failures
  4. 9The Maturity Wall & Exit Risk

Arc IV · The Cycle & the System

  1. 10Cycles & Regime
  2. 11Macro Credit Conditions
  3. 12Systemic Risk & the Regulators

Arc V · Geography & Portfolio

  1. 13Markets & Convergence
  2. 14Portfolio Risk

Arc VI · Method & Honesty

  1. 15How We Know
← Both courses Working draft · built to run straight through