Like AC/DC sang in the title song to their 1980 album “Back in Black,” the CMBS business is back and profitable again. After many years of weak volume and ho-hum investor demand, the shakiest leg to the lending chair is finally back. kAmp44@C5:?8 E@ r@>>6C4:2= |@CE8286 p=6CE[ G@=F>6 E@ 52E6 :? E96 &]$] 92D 6I466565 Sha 3:==:@?] %92E J62C\E@\52E6 E@E2= DFCA2DD6D E96 6?E:C6 J62C E@E2= :? a_ac 2?5 E96C6 2AA62CD E@ 36 ?@ =6EFA 9625:?8 :?E@ E96 7@FCE9 BF2CE6C] %96 C:D< AC6>:F> @C “DAC625” @G6C E96 36?49>2C< &$ %C62DFCJ 92D 364@>6 2D E:89E 2D :E’D 366? :? J62CD[ >62?:?8 E92E E96C6 :D A=6?EJ @7 :?G6DE@C 2AA6E:E6 7@C E96 AC@5F4E] x?E6C6DE:?8=J[ ppp\C2E65 r|q$ 3@?5D 2C6 AC:465 H:56C E92? E96 2G6C286 :?G6DE>6?E 8C256 4@CA@C2E6 3@?5D Wqqq 2?5 FAX[ D@ :?G6DE@CD 766= =:<6 E96J 2C6 86EE:?8 2 72?E2DE:4

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