CMBS AND CRE CLOS - COMPANION FILES
julianrsterling.com/cmbs

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Revised 24 September 2026.

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WHAT IS IN THE ARCHIVE

1. The book's six workbooks, completed and checked
   Deal_Model.xlsx                 Chapters 3 to 8, 17, 25 and 27
   Loss_Severity_Bridge.xlsx       Chapters 12, 15 and 16
   ARA_And_Control.xlsx            Chapters 13 and 14
   B_Piece_Return.xlsx             Chapter 18
   CRE_CLO_Equity.xlsx             Chapter 21
   Refinancing_Gap.xlsx            Chapter 23
   00_START_HERE.md                what changed is at the end
   Each workbook closes on a Controls sheet: 254 controls, all passing.

2. Blank_Model_Set/  (new)
   The six workbooks with every input emptied, for your own deal. Each
   Checks sheet counts what is still missing and tests what holds for any
   inputs. The book's figures are in book_inputs.txt: type them back in
   and the book's results come back.

3. Working_Documents.pdf  (new)
   Thirteen printable pages: reading a loan tape, underwritten cash flow
   rebuilt, the stack and the iso-loss curve, the waterfall and the cash
   reconciliation, the borrower's side, the first ninety days of special
   servicing, appraisal reduction and control, wait or sell and the
   liquidation bridge, the first-loss bid and risk retention, maturity
   triage, the CRE CLO, the monthly surveillance pass, and the fifty
   questions before you buy. A4, fits Letter.

4. Forty_Questions.xlsx  (new)
   Forty questions across the book, marked by the file as you type.

5. Cases/  (new)
   Case_1_Closing_The_Retention_Gap.xlsx          Chapter 19
   Case_2_Marlowe_Tower_Without_An_Advance.xlsx   Chapter 22
   Case_3_One_Building_Falls.xlsx                 Chapter 20
   Each case: the note on the first sheet, the model after it, checks at the end.

The files open in Excel, LibreOffice Calc, Google Sheets and Numbers. No macros.
