In this special guest episode of The TreppWire Podcast, we are joined by Scott Douglass, Co-Founder and Co-Chief Investment Officer at Prime Finance. Scott shares his extensive experience in the commercial mortgage-backed securities (CMBS) space and breaks down the evolution of B-piece buying from the '90s to today. We examine how past crises can provide a critical lens when assessing today’s market. Scott explains how the Great Financial Crisis reshaped the CMBS market and the role of the B-piece, and shares lessons from that time period that remain relevant in today's market. We also dive into the CMBS issuance data and provide insight into what the numbers show over time. Tune in now.
Episode Notes:
- Background in commercial real estate securitization (1:29)
- Launch of Prime Finance (4:42)
- Insights into the origins of the B-piece buyer role (6:02)
- Lessons from the 90s and early 2000s (9:40)
- CLO issuance numbers & predictions for 2025 (12:06)
- CMBS issuance expected in 2025 (15:45)
- Risk retention in the CMBS market (18:30)
- Thoughts on office, hotels & data centers (25:10)
- SASB deals in 2024 & 2025 (34:40)
- Importance of having a strong platform (37:33)
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