November 17, 2025
The Union League ClubNew York, NYPreliminary Agenda Topics
Provisional Event Times
November 17: 8:00 am - 6:00 pm
Before The Transaction
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CRE CLO Research Analyst’s Outlook: Macro Forces, Spreads, Demand/Supply, Risk Factors & Defaults
- Economy expectations: How will the CRE CLO market hold up? Where will distressed be next year?
- What is being over-subscribed and what is struggling?
- Where are spreads going?
- How is AI use seeping into the CLO market?
- Macroeconomic shocks; How long does it take for the market to shake it off?
- DC sneezes and the CRE CLO market gets a cold: What can be the causes?
- Current spread environment and outlook: Is there room to exploit dislocations between primary and secondary markets?
- Performance expectations in different markets
- The maturity wall and the environment for refinance and extension: With more than ½ of the loans past maturity is a bottleneck developing?
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Issuer Decision Making & Execution Plenary: When To Pull The Trigger
- Why choose CRE CLOs vs. Other financing and capital tradeoffs
- Investor relations & marketing strategy
- When does it make sense to use a warehouse line or repo? How market conditions and deal structures influence capital stack strategy?
- Competing for collateral… How many loans are you trying to acquire? What kind of loans? What kind of price would you pay?
- The equity decision tree
- Managing pipeline liquidity
- Working with a co-issuer and the structural and legal/tax design choices
- Approach to risk
- Collateral recycling and buyout mechanics
- Cost-benefit analysis of different structures in the current market
- What kind of technology is out there to assist?
- How the reinvestment features of CRE CLOs influence financing decisions?
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Bridge, DSCR & Construction Loan Originators/Acquirers Roundtable
- What is your origination strategy? What kind of assets do you lend on? When do you opt for selling to CRE CLO originator other than price?
- Do you have plans to be a CRE CLO originator?
- What are your exit option preferences?
- Risk and regulatory considerations
- Underwriting standards and due diligence concerns
- Warehouse line management and note on note financing
- Underwriting vs. acquisition strategies for CLO collateral
- Keeping up volume vs. meeting CLO demand eligibility filters
- Crystal balling the different loan collateral types and if they will keep up the volume
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Evaluating The Full Risk Spectrum For Acquired & Self-Originated Collateral
- Collateral types and where is the highest risk today
- Single asset vs. mixed collateral and mixed collateral optimization
- The future is now: Up and coming hot asset classes like data centers and SFR vs. challenged assets like office and life science
- Investor vs. issuer risk evaluations
- Collateral seasoning and potential exposure
- Rating agencies and which risks are escalating?
- How are interest coverage and overcollateralization looking across collateral types?
- Pool acquisition due diligence… What are some of the newest items on your punch list?
Structure & Investments
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Structuring Innovations 2026: Lead Manager/Bookrunning/Rating Agency Plenary
- New innovations in structure flexibility
- Where are enhancements going?
- Weighted average seasoning
- Structural protections and tiering vs. CMBS and corporate CLO market
- Capital stack optimization including bespoke covenants, step up features and equity co-issue
- Options for once a loan stabilizes
- Model reinvestment strategy
- Including new collateral types
- Recycling mechanics and buyout protocols around seasoning periods, reintroduction criteria and their rating agency treatment
- Navigating legal and tax gray areas in jurisdictions, co-issuance, manager repurchase and recycling mechanisms
- What are investors pushing back on?
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Capital Stack Strategy: Issuer Capital Objectives & Investment Mandates Vs. Equity & Mezz Piece Investor Risk Appetite & Return Expectations
- When to retain vs. sell your equity? Mezz? Full sub stack?
- What makes the equity interesting as an investment?
- Performance expectations in different markets
- What are the factors that would lead an issuer to sell some or all of their equity?
- Regulatory considerations
- Risk/return profiles, current pricing and structures of equity
- Aligning interests
- Secondary market liquidity and trading
- Assessing collateral management skill and equity returns
- Credit analysis, relative value and structural protections
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Senior Tranche Investors: CRE CLO Vs. Other Paper + The Critical Structural Features You Are Looking For
- Senior tranche CRE CLO performance through cycles
- The top factors: How do you compare issuers?
- Interest coverage and overcollateralization test: What do you look for?
- Key amortization triggers
- Super senior tranches and what investors are looking for
- Leverage and acceptable risk retention
- Legal and regulatory foundations
- Market liquidity and trading dynamics
- When cheap vs. treasuries
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The CRE/CLO Shark Tank
Collateral composition, manager/sponsor quality and alignment, structural protections and credit enhancements as well as relative value will be among what is evaluated in this simulated deal featuring 2 CRE CLOs being pitched to potential buyers
Tank Leader:
The Sharks (3-4): Are Interested In Acquiring a CRE/CLO
CRE CLO Issuers: Will Present A CRE/CLO For Sale
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Your First CRE CLO Origination/Investment (Pre-Conference Virtual Session)
Pre-Conference Virtual Session - October 14th 1:30 - 2:30 ET
- Economic environment and impact on real estate and CRE CLOs
- Comparisons vs. CMBS
- Taking the leap from loan originator to building an infrastructure to issue CRE CLOs
- Collateral: Loan and asset types that are being used
- Waterfall mechanics, cash flow modeling and structural trends
- Senior, sub and equity investor risk/return
- Surveillance, performance and asset management
- Relative value vs. other mortgage and real estate fixed income assets
- The most important things that you learned from the first time
Post CRE CLO Issuance
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Surveillance & Reporting: How They Are Continuing To Evolve?
- It all starts with the borrower and the sponsor…
- What kind of DSCR metrics are you looking for?
- Are there early warning indicators blinking?
- Compliance monitoring and surveillance technology: What is coming up?
- Data collection and innovations: What is AI helping with?
- What goes into loan level performance assessment? Forecasting extension or default risk
- Disclosure standards and reporting
- Pool vs. loan level analytics vs. cross-market surveillance of other debt instruments
- Where can transparency be better? Opening the curtain on surveillance procedures on pool loan creditworthiness
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Making Active Asset Management & Risk-Based Portfolio Management The Key Differentiator In CRE CLO Performance
- Proactive risk identification techniques
- Portfolio-level risk monitoring frameworks
- Risk vs. return decisions loan modifications and reinvestment decisions
- Any new regulatory developments you are looking at?
- Collateral seasoning risk
- How closely do you keep track of renovations and lease turnover?
- Bye bye loan: The issues that are arising when passing the file to special servicer
- Servicer workout strategy and surveillance impact
- The newest technology to assist
- What are the early warning indicators you monitor most closely that turn problems into defaults
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Managing The Lifecycle Of A Troubled Loan: Problem Loan Management To Delinquencies To Special Servicing
- Current and future market risk factors impacting potential delinquencies
- Underwriting standards and delinquency risk
- The latest issues that come up upon transfer
- Payment issues and early warning signs
- Late/ missing payments, lease up progress, capex plans and refi issues: The downstream/upstream decision tree
- What are some new factors that are going into special servicer reviews
- Extensions, workouts and loan mods: Playing within the CRE CLO structural constraints
- Transparency, technology and reporting
- Resolving conflicts in testing data