November 3, 2026
The Union League ClubNew York, NYkeyboard_arrow_right
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Agenda - US Eastern
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Agenda - US Eastern
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Exhibitors
7:15am - 7:45am
Exhibitor set-up
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General Session
9:00am - 9:15am
Chairperson Opening Remarks
- Steven Kolyer - Partner, Hogan Lovells Cadwalader
9:15am - 10:00am
CRE CLO Market Overview and Trends
- What is the 2026 total CRE CLO issuance volume, to date and expected?
- What have been the key factors driving CRE CLO issuance?
- Is there still room for market growth?
- How are macroeconomic events and governmental actions affecting CRE CLO issuance?
- What factors will most affect CRE CLO market activity over the next 12 months?
- What will be the scale of the CRE CLO market in 2 to 5 years?
- Kunal K. Singh - Managing Director, Head of CMBS Capital Markets, JP Morgan
- Alan Todd - Managing Director, Bank of America
- Don Belanger - Senior Director, Fitch Ratings
- Tripp Rehlaender - Managing Director, BlackRock
10:00am - 10:45am
Seasoned CRE CLO Issuer Roundtable
- How do CRE CLOs currently compare with alternative financing sources?
- What CRE CLO management flexibilities are most important for sponsors?
- What CRE CLOs program features have been most appealing to investors?
- How have types of bridge loans going into CRE CLOs evolved?
- How well have sponsor loan asset modification rights facilitated servicing while protecting investors?
- How are repo financing options affecting CRE CLO execution planning?
- How will the flexible structure of CRE CLOs continue to evolve?
- Steven Kolyer - Partner, Hogan Lovells Cadwalader
- Alec Abrams - Director, Structured Finance, LoanCore Capital LLC
- Craig Oram - Head of Real Estate Debt Strategies, Americas, LaSalle Investment Management
- Patrick Connolly - Director, Rialto Capital
- Ross Gusler - Managing Director, Greystone
- Stephen Kennelly - Managing Director and Head of Capital Markets, ACRE
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General Session
11:30am - 12:15pm
Creating, Originating and Selecting the Loan Assets for CRE CLOs
- How has bridge loan origination evolved since the period of credit stress?
- What sectors are attracting bridge lenders in 2026?
- What role will be played in CRE CLO portfolios by BTR? Data centers?
- What property-level considerations are most important?
- How is loan origination strategy affected by CRE CLO program planning?
- How is data collection and processing being affected by AI tools?
- Ella Smith - Partner, Structured Finance, Real Estate Finance, Mayer Brown
- Deryk Meherik - Associate Managing Director of Commercial Real Estate Finance, Moody’s Ratings
- Marcello Cricco-Lizza - Managing Director Principal, Head of CRE Lending, Balbec Capital LP
- Shannon Stotts - Chief Credit Officer, Saluda Grade
- Shaunak Tanna - Executive Director, PGIM Real Estate
- Toby Cobb - Managing Partner & Co Founder, 3650 Capital
12:15pm - 1:00pm
CRE CLO Investor Perspectives
- Investor views down the capital stack from AAA through BBB: How do different types of investors evaluate their credit exposures?
- Has the investor base evolved and is change likely over the next year?
- How have CRE CLOs performed through credit cycles?
- What is today’s relative value for CRE CLOs across products in primary and secondary markets?
- Are investors satisfied with the current CRE CLO structures? How do investors compare and distinguish different sponsors and issuer portfolios?
- Is the disclosure in CRE CLOs satisfactory in the primary offerings? In ongoing reporting, taking into account the improved CREFC reporting?
- Derrick Fetzer - Director, J.P. Morgan Securities
- Karan Malhotra - Managing Principal, Monarch Alternative Capital LP
- Michael Shimmers - Senior Investment Analyst, Global Fixed Income Research | Securitized Products, Fitch Ratings
- Pramit Mukherjee - Director, SLC Management
- Nishant Kapur - Executive Director, Morgan Stanley
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General Session
2:00pm - 2:45pm
Coming to Market as a New or Re-Emerging CRE CLO Issuer
- Why choose to create a CRE CLO?
- What is driving entry or re-entry into the CRE CLO issuance market?
- What has caused a renewed predominance of managed issuance?
- What types of structural adjustments are possible that will be sponsor-friendly while being credit-neutral?
- What challenges exist for CRE CLOs in reporting, transparency and asset management?
- John Miller - Executive Director, J.P.Morgan
- Anthony Preisano - Managing Director, Morgan Stanley
- Chris Baker - Head of Capital Markets, Dwight Mortgage Trust
- Darren Breda - Managing Director, ACORE Capital
- Michael Barbieri - Director of Capital Markets, A10 Capital
- Michael Sweeney - Partner, Sidley
2:45pm - 3:30pm
Asset Management, Loan Workouts and Special Servicing Developments
- How is CRE CLO servicing different from CMBS servicing?
- What lessons have been learned from asset management and special servicing through a credit-stressed period?
- How will AI and other technology advances impact CRE CLO management and servicing?
- With complex structures, transitional loans and market credit stresses, are there ways that CRE CLO structures should adapt and improve?
- Jeffrey Rotblat - Partner, Corporate & Finance, Hogan Lovells Cadwalader
- Ryan Lebrecht - Head of CRE Debt Asset Management, SG Capital Partners
- Steven Bernstein - Managing Director, Harbor Group International
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General Session
3:45pm - 4:30pm
The issuer as a business: Platform economics, scale, and consolidation
- At what issuance cadence does a dedicated program pay for itself, and when are you better off selling loans to someone else’s shelf?
- Build or buy: which asset management, special servicing and reporting functions have to be in-house?
- What’s driving the consolidation wave, and is insurance capital becoming the permanent owner of these platforms?
- Who’s entering, who’s running off, and what does that say about the economics of scale?
- What made sponsors step back in 2022-24, and what would make you slow issuance again?
4:30pm - 5:15pm
Current Issues and Developments in CRE CLOs
- What CRE CLO features have become “market” over the past year?
- What unique challenges for CRE CLOs are to be addressed by structuring?
- How are new structural features balanced with the needs and expectations of investors?
- Non-REIT sponsor innovative CRE CLO
- Greg Renick - Partner, Global Finance Group, Dechert
- Christina Moy - Managing Director, CMBS, KBRA
- Steven Kolyer - Partner, Hogan Lovells Cadwalader
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