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Markets
Mar 2023

Introduction to Commercial
Mortgage-Backed Securities (CMBS)

The commercial real estate (CRE) market consists primarily of multifamily, industrial, retail, lodging and
office properties. Each property type offers unique characteristics that provide investors a wide range of
opportunities. CRE debt outstanding is nearly $4.5 trillion, of which there is approximately $730 billion
in outstanding private-label CMBS debt across conduit, single asset/single borrower (SASB) and CRE
collateralized loan obligation (CLO) structures.

ABOUT THE AUTHOR

ABOUT THE AUTHOR

  • Morris Chen

    Structured Products - CMBS

    Morris Chen

    Structured Products - CMBS

    Mr. Chen joined DoubleLine at its inception in 2009. He is a Portfolio Manager leading the CMBS/CRE Debt Investment team and CRE New Investment Review Group, and is responsible for the oversight and management of all CRE Debt related investments at DoubleLine. Mr. Chen is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees providing valued insight into the CMBS sector. He is also an active participant and speaker at CREFC events. Prior to DoubleLine, Mr. Chen was a Vice President at TCW where he was responsible for CMBS credit analysis and trading from 2004-2009. He holds a BS in Business Administration with concentrations in Business Development and Finance from the University of California, Riverside.