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Business Lines
Real Estate Securities
We invest in, create and manage portfolios
of primarily investment grade commercial real estate debt securities,
which we finance by issuing CDOs. These securities include CMBS,
fixed income securities issued by REITs, credit-rated tenant loans,
and CDOs backed primarily by real estate securities. Most of our
securities investments have explicit ratings assigned by at least
one of the three leading nationally-recognized statistical rating
agencies (Moody’s Investors Service, Standard & Poor’s
and Fitch Ratings, generally referred to as “rating agencies”)
and generally are not insured or otherwise guaranteed. In addition
to these securities, our investment grade CDOs may also include
bank loans to REITs and real estate operating companies, and real
estate whole loans or subordinate debt investments such as B Notes
and mezzanine loans. By financing these securities with long-term
debt through the issuance of CDOs, we seek to generate attractive
risk-adjusted equity returns and to match fund the term of our
investments.
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