Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20! Take a Trial Today. When you don’t have money, you can leverage your time and effort to create income streams that will grow into the future. The mortgages are aggregated and sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy.Bonds securitizing mortgages are usually … See also our separate list of U.S. REITs. Mortgage REITs use leverage, have credit risk, and are vulnerable to rising interest rates because those rising rates make mortgage borrowing less attractive. Moreover, REIT ETFs offer further diversification by holding a basket of REITs to reduce portfolio risk. This satisfies both requirements of a 1031 exchange, and you can defer all taxes. Found insideBy 1974, total assets in REITs exceeded $20 billion. ... Investments in construction and development mortgages fell froma highof $10 billion in 1974, ... LITTLE ROCK, Ark. Take a Trial Today. The portfolio is comprised of approximately 50% seniors … This satisfies both requirements of a 1031 exchange, and you can defer all taxes. This book helps investors evaluate REITs and identify those with the greatest investment potential. Finally, it provides the reader with a detailed discussion of likely future changes anticipated for this unique invetment vehicle. Some of the content on this page may be based on management’s current views and estimates and actual results may vary materially. There are currently 42 U.S. mortgage real estate investment trusts or mortgage REITs in our database. These 10 real estate plays are the best ways to invest in real estate right now. However, we should also note that AA REIT has been issuing perpetual securities recently, which is sort … Mortgage REITs are an unusual subset of the REIT space. Steadfast Apartment REIT Snapshot STAR owns a portfolio of high-quality multifamily assets in attractive markets with strong fundamentals STEADFAST REIT STAR PORTFOLIO SUMMARY 70Communities 21,841Units 96.2%SS Avg. Debt-to-book assets was at 50.3% at the end of the first quarter in 2021, holding steady through the pandemic and recovery. A real estate investment group offers management services … Are you looking for the best REIT ETFs in 2021? Occupancy 12.4%Spread on New Leases (3) $1,275 Avg. Learn More.Already a member? In industry parlance, MBS spreads “widened.” It was a tough period for mortgage REITs. Invesco Mortgage Capital (NYSE: IVR) had a near-death experience, and the company that emerged from the crisis was vastly different from the company that entered it. The iShares Core U.S. REIT ETF (USRT) seeks to track the FTSE NAREIT Equity REITs Index. Found insideIt is often said that leverage is a double-edged sword which magnifies both ... REITs are usually classified as either Mortgage REITs or Equity REITs. Advances are required capital outlays by the servicer to fund missed payments from delinquent borrowers and foreclosure-related expenses. Leverage. Found inside – Page 36To get around these constraints, commercial banks formed mortgage REITs. Highly leveraged mortgage REITs in the 1970s borrowed on a short-term basis using ... Market interest rates typically increase during periods when macroeconomic conditions are strengthening, the same strengthening that often drives positive REIT investment performance. and what is a mortgage REIT? Interest Rates, Inflation, the Stock Market and REITs: What are the Risks? “Our clients can now forego investing in their own server and network … These are the characteristics of real estate investment. Leveraged finance refers to the financing of highly levered, speculative-grade companies. Located at: 22 Tillman Drive, Glen Rock 07450 Commercial Mortgage Unlimited is a nationwide mortgage firm that can provide you with the funding you need. Mortgage REITs use leverage, have credit risk, and are vulnerable to rising interest rates because those rising rates make mortgage borrowing less attractive. So you add $200,000 out of your own pocket and buy the new property with $400,000 in cash and a $400,000 mortgage. However, some of that risk is offset by the favorable tax treatment offered by REITs. A real estate investment trust gives small investors access to the commercial real estate market. One of the most common reasons for a 1031 exchange with an investment property is to increase leverage. Research shows that REITs returns have generally been positive and have often outperformed the S&P 500 in periods of rising interest rates. Put Real Estate’s “Unfair Advantages” to Work for Your Portfolio. By signing up to be a member of Real Estate Winners, you’ll get access to our 10 best ideas and new investment ideas every month. Found inside – Page 379Instead of owning properties, these REITs own portfolios of mortgages. Here again leverage is often used to magnify the cash yield and the dividends. National Retail Properties' adjusted funds from operations (AFFO, the REIT equivalent of earnings) fell 10.4% from $2.80 a share in 2019 to $2.51 a share in 2020. Our leadership team has a proven and distinct track record of success in the mortgage and financial services industry. Following our acquisition of Shellpoint Partners LLC ("Shellpoint") in 2018, New Residential also benefits from Shellpoint’s origination and servicing platform, as well as a suite of ancillary businesses, including title insurance, appraisal management, real estate owned (“REO”) management and other real estate services. Example 2: Increasing your leverage. Mortgage REITs use leverage, have credit risk, and are vulnerable to rising interest rates because those rising rates make mortgage borrowing less attractive. Learn more about REITs and interest rates: REITs, or real estate investment trusts, are companies that own or finance income-producing real estate across a range of property sectors. An equity REIT is more traditional, in that it represents ownership in real estate, whereas the mortgage REITs focus on the income from mortgage financing of … Become a member of Real Estate Winners and learn how you can start earning institutional-quality returns with less than $1,000. © 2018 - 2021 The Motley Fool, LLC. National Retail Properties' adjusted funds from operations (AFFO, the REIT equivalent of earnings) fell 10.4% from $2.80 a share in 2019 to $2.51 a share in 2020. Sign in here. Found inside – Page 200Among fixed income mutual funds , high yield and leveraged loan funds have experienced record insows . In equity markets , agency mortgage REITs experienced ... They tend to struggle when the economy heats up. High yielding stocks are often speculative, high-risk investments. Leverage The amount of debt in relation to either equity capital or total capital. National Association of Real Estate Investment Trusts® and Nareit® are registered trademarks of the National Association of Real Estate Investment Trusts (Nareit). Since then, we have maximized the returns on our investment by increasing our equity investment in, and securing multiple refinancings of, the SpringCastle portfolio. USRT – iShares Core U.S. REIT ETF. The July/August issue of REIT magazine features a profile of STORE Capital’s Mary Fedewa, insights about how the retail and lodging sectors are bouncing back, trends in domestic migration, and much more. Invesco Mortgage Capital is an agency REIT, which means it invests in government-guaranteed mortgage-backed securities. Introduction to leveraged finance. This satisfies both requirements of a 1031 exchange, and you can defer all taxes. Sasseur REIT (SGX: CRPU) Sasseur REIT (SGX: CRPU) was the only retail S-REIT that showed positive return in 2020 with an occupancy rate of 93.5% across their four outlet malls in China, and a portfolio valuation of S$1.651 billion. The entire mREIT sector has had a similar experience, and MBS spreads have a long way to go to reach 2013 levels. One of the most common reasons for a 1031 exchange with an investment property is to increase leverage. and what is a mortgage REIT? Found insideCompleting just one of these projects would give a developer great pride—yet this is an entire portfolio of them. As it is a REIT portfolio, it should comfortably generate 6% dividends to give you an incentive to stay invested. Over longer periods, there has generally been a positive association between periods of rising rates and REIT returns. Redwood Trust Announces Pricing Of The Market's First Non-Agency Residential Mortgage-Backed Securitization Leveraging Blockchain-Based Technology PRESS RELEASE PR Newswire Sep. 22, 2021, 04:15 PM The servicer has limited risk of not being reimbursed for advances, because advances are almost always "top of the waterfall" in the event of a property sale. This will push mortgage-backed securities prices lower as well. Found insideThese comparisons partly reflect the leverage inherent in REITS. Equity REITs are typically leveraged, around 30 to 50%. (About 10% of US REITs are mortgage ... We are disciplined and opportunistic where it aligns with our long-term strategy; our size, liquidity and positioning allow us to be nimble when opportunities arise. Take a Trial Today. We target assets that generate stable long term cash flows and employ conservative capital structures to provide returns throughout different interest rate environments. Found insideWith REITs passing gains or losses directly to investors, and with their ... due to their high leverage and dependence on short-term repos, mortgage REITs ... LITTLE ROCK, Ark. However, increases in interest rates often are driven by economic growth that may support the growth of REIT earnings and dividends in the future. A real estate investment group offers management services for owners of single residential units. We are externally managed by an affiliate of Fortress Investment Group LLC and benefit from the resources of a highly diversified global alternative investment manager. A mortgage-backed security (MBS) is a type of asset-backed security (an 'instrument') which is secured by a mortgage or collection of mortgages. Our team of analysts agrees. USRT – iShares Core U.S. REIT ETF. The REIT Forum offers unmatched coverage and top-quality model portfolios for Equity and Mortgage REITs, Real Estate ETFs and CEFs, High-Yield BDCs, and REIT Preferred Stocks & Bonds. New Residential's Residential Loan portfolio consists of seasoned performing, non-performing, REO, Non-QM, and FHA insured loans. Example 2: Increasing your leverage. Mortgage REITs use leverage, have credit risk, and are vulnerable to rising interest rates because those rising rates make mortgage borrowing less attractive. Nareit serves as the worldwide representative voice for REITs and real estate companies with an interest in U.S. real estate. REITs have also outperformed broad equity indexes during many of these periods of rising interest rates. These real estate companies have to meet a number of requirements to qualify as REITs. See also our separate list of U.S. REITs. These acquisitions, investments and partnerships have demonstrated New Residential’s disciplined and strategic approach to growth as markets have evolved. So what does Invesco Mortgage Capital’s profile look like now? Found inside – Page 18Whatever the merit of that argument , they As for luck , a mortgage REIT needs ... “ the or interest rate risk or balance sheet risk ( leverage , that is ) ... New Residential has made a number of opportunistic acquisitions, investments, and partnerships to date. And, REITs have extended the average maturity of their debt to over 87 months, locking in these low interest rates for years to come. While most REITs follow a landlord/tenant model, mortgage REITs look more like banks. Mortgage REITs use leverage, have credit risk, and are vulnerable to rising interest rates because those rising rates make mortgage borrowing less attractive. Learn More. Well, the company just reported a second-quarter loss, and book value per share fell from $3.65 in the first quarter to $3.21. Found inside – Page 256Equity REITs are typically leveraged, around 40–60%, whereas the NPI and TBI series exclude the impact of any borrowing. (About 10% of US REITs are mortgage ... New Residential became a publicly-traded entity on May 15, 2013. A mortgage-backed security (MBS) is a type of asset-backed security (an 'instrument') which is secured by a mortgage or collection of mortgages. High yielding stocks are often speculative, high-risk investments. Worked for Bear, Stearns in London as a … Found inside – Page 258The MSCI US REIT Index excludes mortgage REITs and REITs that don't generate most ... as many of them use investment leverage by issuing preferred stock or ... Assuming that Invesco can manage its portfolio by opportunistically switching between cheap and expensive agency MBS, the dividend is probably safe. Nareit's members are REITs and other businesses throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses. A real estate investment trust gives small investors access to the commercial real estate market. Over time, these have included bulk MSR purchases, operating companies, and ancillary services. Nareit’s REITworld: 2021 Annual Conference will bring together REIT management teams, investors, and analysts for educational sessions, one-on-one private meetings, networking events, and more. New Residential is publicly traded on the New York Stock Exchange under the ticker “NRZ” and is structured as a real estate investment trust (“REIT”). Mortgage REIT (mREIT) A REIT that makes or owns loans and other obligations that are secured by real estate collateral. 1 Big Reason American Campus Communities Is Worth a Closer Look The student housing REIT could be a big winner as the school year gets underway. Paradatec, a provider of AI-based document classification and data extraction technology for mortgage loan processing, now offers its software via the cloud.. That means lenders and servicers can easily access the company’s automated AI and machine learning tools via the cloud. Portfolios full of government-guaranteed mortgage-backed securities (MBS) may look conservative at first glance, but dangers can lurk … Our goal is to bring the best possible deal at the lowest rate to our customers. Let us help you navigate this asset class by signing up for our comprehensive real estate investing guide. Our investment portfolio includes mortgage servicing-related assets, non-agency securities (and associated call rights), residential loans and other related opportunistic investments. What Is a Leveraged ETF and How Do They Work? ... to interest rates (higher rates cause mortgage bond values to decline), higher rates will mean that the NAV of a mortgage REIT will decline and often take the share price with it. So where does this put Invesco Mortgage Capital on the risk scale? These companies tend to behave in a counter-cyclical manner. Actually, there’s more than one. Mortgage REITs hold very little cash as a general rule, so the only way to come up with additional cash is to sell assets. Most REITs trade on major stock exchanges, and they offer a number of benefits to investors. Some REITs are more defensive than others, but they tend to be cyclicals overall. New Residential's consumer loan portfolios have provided differentiated and compelling revenue streams over time. So you add $200,000 out of your own pocket and buy the new property with $400,000 in cash and a $400,000 mortgage. We believe our investment strategy and portfolio positions us for strong returns. All rights reserved. See also our separate list of U.S. REITs. Millionacres does not cover all offers on the market. Financing update: On April 1, 2021, a $9.7 million mortgage secured by an investment property in Toronto matured and was repaid. Government-guaranteed mortgage-backed securities become an attractive place for pension funds and other bond funds to wait out the storm. Refinance Your Mortgage. Leverage. Following the acquisition of Shellpoint Partners LLC ("Shellpoint") in 2018, New Residential benefits from Shellpoint's origination and third-party servicing platform, as well as a suite of ancillary businesses including title insurance, appraisal management, real estate owned management and other real estate services. Within the investment bank, the Leveraged Finance (“LevFin”) group works with corporations and private equity firms to raise debt capital by syndicating loans and underwriting bond offerings to be used in LBOs, M&A, debt refinancing and recapitalizations. The Motley Fool has a, www.cafemedia.com/publisher-advertising-privacy-policy, Extensively researched articles in the areas of Real Estate Taxes, REITs, CREs, Regulation A and The mortgages are aggregated and sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy.Bonds securitizing mortgages are usually … As of 30 June 2021, AA REIT has a healthy leverage of 34.3%, which is low compared to the regulatory limit of 50%. 1 Big Reason American Campus Communities Is Worth a Closer Look The student housing REIT could be a big winner as the school year gets underway. and TORONTO, Sept. 22, 2021 /CNW/ - BSR Real Estate Investment Trust ("BSR" or the "REIT") (TSX: HOM.U) (TSX: HOM.UN) announced today that it has acquired Aura 36Hundred Apartments ("Aura 36Hundred" or the "Property"), a new garden-style residential community with 356 apartment units in the Round Rock sub-market of Austin, Texas … Refinance Your Mortgage. Found inside – Page 216These REITs don't care what mortgage rates are; they only care about the spread ... these companies (which are sub— stantially leveraged) can make money; ... As it is a REIT portfolio, it should comfortably generate 6% dividends to give you an incentive to stay invested. For example, at the end of 2017 REIT leverage and interest coverage metrics across the board are much stronger than they were since before the financial crisis. Mortgage REIT investors have to keep an eye on the overall economy and remember that these stocks are counter-cyclicals. High yielding stocks are … Refinance Your Mortgage. Found inside – Page 393Highly leveraged hedge funds played a significant role the AAA CMBS sector , while mortgage REITs , also leveraged players , had an even more dominant role ... Redwood Trust Announces Pricing Of The Market's First Non-Agency Residential Mortgage-Backed Securitization Leveraging Blockchain-Based Technology PRESS RELEASE PR Newswire Sep. 22, 2021, 04:15 PM Our portfolio and strong track record of performance at New Residential set us apart. Market Capitalization The total market value of a REIT's (or other company's) outstanding common stock and preferred stock plus indebtedness. Mortgage REITs use leverage, have credit risk, and are vulnerable to rising interest rates because those rising rates make mortgage borrowing less attractive. Combined with the products provided by Shellpoint Mortgage Servicing and NewRez, we believe that New Residential is one of only a select number of market participants that have the combination of capital, product offerings, industry experience, and key business relationships necessary to take advantage of such opportunities. Real estate has long been the go-to investment for those looking to build long-term wealth for generations. Found insideThis is how the professionals grow their wealth and how you can, too. This is Money for the Rest of Us. We saw that last year when pretty much every mortgage REIT was slammed in the early days of COVID-19. Found inside – Page 82Use of financial leverage can enhance rates of return on equity capital when, ... Mortgage REITs are REITs that invest the bulk (typically 75 percent or ... As Regal notes, there is a trade-off. Found inside – Page 307Interest rate risk: Especially for mortgage REITs, which buy and sell loans ... been seen with mortgage REITS and some leveraged residential REITS recently. Mortgage REITs use leverage, have credit risk, and are vulnerable to rising interest rates because those rising rates make mortgage borrowing less attractive. A real estate investment group offers management services for owners of single residential units. and TORONTO, Sept. 22, 2021 /CNW/ - BSR Real Estate Investment Trust ("BSR" or the "REIT") (TSX: HOM.U) (TSX: HOM.UN) announced today that it has acquired Aura 36Hundred Apartments ("Aura 36Hundred" or the "Property"), a new garden-style residential community with 356 apartment units in the Round Rock sub-market of Austin, Texas … You can supercharge the portfolio by leveraging it and adopt a Leverage REIT strategy to reach their goal of financial independence much earlier. Many real estate companies, including REITs, utilize leverage (and some may be highly leveraged), which increases risk and could adversely affect a real estate company’s operations and market value in periods of rising interest rates. Found inside – Page 130This is because recovery assumptions for mortgage REIT debt are much more ... and mortgage REITs, which tend to be highly leveraged, Moody's assumes only a ... Invesco Mortgage was forced to enter into forbearance with its creditors, but it sold assets, raised capital, and eventually brought back the dividend. Found inside – Page 161Among fixed income mutual funds , high yield and leveraged loan funds have experienced record inflows . In equity markets , agency mortgage REITs ... This illustration reveals that REITs outperformed the S&P 500 in almost half of the episodes of rising Treasury yields over the period Q1 1993 to Q2 2021. When the economy begins to weaken, investors will tend to eschew riskier debt and swap into safer credit profiles. In Watch that Rat Hole, Campbell intertwines his personal journey with his unique observations as an investment newsletter editor witnessing the REIT Revolutionhis rat hole. Second, the Fed is currently buying mortgage-backed securities to support the economy. and TORONTO, Sept. 22, 2021 /CNW/ - BSR Real Estate Investment Trust ("BSR" or the "REIT") (TSX: HOM.U) (TSX: HOM.UN) announced today that … Strengthening macroeconomic conditions typically lead to higher occupancy rates, stronger rent growth, increased funds from operations (FFO) and net operating income (NOI), rising property values and higher dividend payments to investors. That happened last year, and every stock in the mREIT space reported losses and cut its dividend. Find out how you can get started with Real Estate Winners by clicking here. AIM APAC REIT’s Debt. Found inside – Page 253For instance, a mortgage REIT that is investing in construction loans is ... potential investors should first consider whether the REIT uses leverage when ... The REIT industry has continued to maintain lower leverage rates since the recovery from the Great Financial Crisis. If you are new to REITs, you can read what is a REIT? This is a guest contribution by Rick Orford. The typical office or retail REIT develops a property and then leases out the space. Our goal is to bring the best possible deal at the lowest rate to our customers. Found inside – Page 10The equity REIT industry has upgraded property size and quality ... gained by boosting leverage resulted in two flaws fatal to the mortgage REITs : ( 1 ) In ... ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20! New Residential is a differentiated real estate investment trust. Actually, there’s more than one. Effective Monthly Rent per Unit (1) $4.1BEnterprise Value (4) 64% … Found insideWhat's more, as a mortgage REIT, the company was one of the most leveraged firms on the market. They made good money, but on a narrow spread between their ... Our goal is to bring the best possible deal at the lowest rate to our customers. Debt-to-book assets was at 50.3% at the end of the first quarter in 2021, holding steady through the pandemic and recovery. Prosper - In February 2017, New Residential became part of a 4-member Consortium which agreed to purchase up to $5 billion of unsecured consumer loans from Prosper. Steadfast Apartment REIT Snapshot STAR owns a portfolio of high-quality multifamily assets in attractive markets with strong fundamentals STEADFAST REIT STAR PORTFOLIO SUMMARY 70Communities 21,841Units 96.2%SS Avg. Found inside – Page 35The 1970s: mortgage REITs fund excessive development Real Estate Investment ... Highly leveraged, mortgage REITs in the 1970s borrowed on a short—term basis ... Instead of charging rent, they earn interest. For example, at the end of 2017 REIT leverage and interest coverage metrics across the board are much stronger than they were since before the financial crisis. Found insideMortgage REITs might not use leverage but real property REITs do. However, the borrowing may be at the level of operating partnerships. We hold call rights on Non-Agency residential mortgage securitizations, which become exercisable once the current collateral balance reduces below a certain threshold of the original balance. Market Capitalization The total market value of a REIT's (or other company's) outstanding common stock and preferred stock plus indebtedness. As of 30 June 2021, AA REIT has a healthy leverage of 34.3%, which is low compared to the regulatory limit of 50%. REITs historically have delivered competitive total returns, based on high, steady dividend income and long-term capital appreciation. REITworld will be held virtually on Nov. 9-11. Even government-guaranteed paper can collapse if sellers overwhelm buyers. Interest expenses also are not likely to rise much as rates move higher, because most of the borrowings of REITs are fixed-rate debt. National Retail Properties' adjusted funds from operations (AFFO, the REIT equivalent of earnings) fell 10.4% from $2.80 a share in 2019 to $2.51 a share in 2020. LTC Properties is a real estate investment trust (REIT) investing in seniors housing and health care primarily through sale-leasebacks, mortgage financing, joint-ventures, construction financing and structured finance solutions including preferred equity, bridge, mezzanine & unitranche lending.. When assessing the risk of a mortgage real estate investment trust (mREIT), it pays to understand not only the risks involved in the assets themselves, but also to the amount of leverage (or borrowed money) the REIT employs. Mortgage REIT (mREIT) A REIT that makes or owns loans and other obligations that are secured by real estate collateral. What Is a Leveraged ETF and How Do They Work? 1-800-3-NAREIT 1 Big Reason American Campus Communities Is Worth a Closer Look The student housing REIT could be a big winner as the school year gets underway. and TORONTO, Sept. 22, 2021 /CNW/ - BSR Real Estate Investment Trust ("BSR" or the "REIT") (TSX: HOM.U) (TSX: HOM.UN) announced today that it has acquired Aura 36Hundred Apartments ("Aura 36Hundred" or the "Property"), a new garden-style residential community with 356 apartment units in the Round Rock sub-market of Austin, Texas for $93.8 million. As you accumulate money, you can deploy that money (and even combine it with your time) to generate more and more passive income. 1-202-739-9400 With interest rates at rock bottom levels, investors increasingly look to REITs to provide a more attractive dividend than bonds. Portfolios full of government-guaranteed mortgage-backed securities (MBS) may look conservative at first glance, but dangers can lurk under the surface. Found insideSome mortgage REITs are highly leveraged (debt), which can either work in your favor or not. They can also be fairly volatile with interest rate swings. done differently. Market Capitalization The total market value of a REIT's (or other company's) outstanding common stock and preferred stock plus indebtedness. Effective Monthly Rent per Unit (1) $4.1BEnterprise Value (4) 64% … The figure below illustrates the relationship between the four-quarter change in the 10-year Treasury yield and the difference between four-quarter total return on the FTSE Nareit All Equity REIT Index and the S&P 500. Found inside – Page 155For example, leverage of 14 times would earn a prime mortgage REIT a score of 4, a subprime mortgage REIT a score of 3, and a commercial mortgage REIT a ... What Is a Leveraged ETF and How Do They Work? Found inside – Page 511The first proposal would clarify that REITs which own residual interests in a ... As a result of the leveraged acquisition of those mortgage assets , REITs ... Investors hoping for a rebound and thinking they are buying dented merchandise on the cheap should rethink that theory. Debt-to-book assets was at 50.3% at the end of the first quarter in 2021, holding steady through the pandemic and recovery. However, some of that risk is offset by the favorable tax treatment offered by REITs. With interest rates at rock bottom levels, investors increasingly look to REITs to provide a more attractive dividend than bonds. When you don’t have money, you can leverage your time and effort to create income streams that will grow into the future. This is because rising rates generally reflect improvement in the underlying fundamentals. Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) announced today a $0.047 per Unit cash distribution to be paid on October 15, 2021, to Unitholders of record on September 30, 2021. Sign in here. REIT investors carefully consider dividend yields, as dividends are the primary motivation for investing in these assets. Within the investment bank, the Leveraged Finance (“LevFin”) group works with corporations and private equity firms to raise debt capital by syndicating loans and underwriting bond offerings to be used in LBOs, M&A, debt refinancing and recapitalizations. REITs invest in the majority of real estate property types, including offices, apartment buildings, warehouses, retail centers, medical facilities, data centers, cell towers, infrastructure and hotels.