MorganStanleyResearchGlobalFebruary12,202412:32PMGMTMorganStanleyGlobalMacroForumVishwanathTirupattur,JamesEganandVishwasPatkararefixedincomeanalystsandarenotopiningonequitysecurities.NavigatingtheCommercialRealEstateLandscapeTheirviewsareclearlydelineated.February12,2024MorganStanleydoesandseekstodobusinesswithcompaniescoveredinMorganStanleyResearch.Asaresult,investorsVishwanathTirupattur–ChiefFixedIncomeStrategistStrategistshouldbeawarethatthefirmmayhaveaconflictofinterestthatMananGosalia–USMidcapBanksAnalystEquityAnalystcouldaffecttheobjectivityofMorganStanleyResearch.RonaldKamdem–HeadofUSREITsandCREResearchEquityAnalystInvestorsshouldconsiderMorganStanleyResearchasonlyaJamesEgan–Co-HeadofSecuritizedProductsStrategyStrategistsinglefactorinmakingtheirinvestmentdecision.VishwasPatkar–HeadofUSCreditStrategyStrategistMORGANSTANLEY&CO.LLCForanalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.MananGosaliaUSMidcapBanksAnalystCommercialRealEstateExposureIsMoreHeavilyConcentratedattheRegionalBanksLoans$B7,000CREas%ofTotalLoans6,0005,00013%4,0003,00044%2,0001,0000LargeBanksRegionalBanksC&IResiConsumerOtherCRESource:FederalReserveBoard-AssetsandLiabilitiesofCommercialBanksintheUnitedStates-H.8-February9,20243WeExpectCRELoanLossestoRiseFurtherBeforePlateauingat...
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