New York Life Real Estate Investors
Commercial Mortgages & Structured Lending Direct Equity Investments Real Estate Securities Investments nylrealestate.com
NYL Investors LLC is a wholly owned subsidiary of New York Life Insurance Company.
Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding New York Life Insurance Company
TOTAL REVENUES* LEADING U.S. LIFE INSURER $ BILLIONS Fortune 500 company (#80) 1 2014 $38.7 The nation’s largest mutual life insurer 1 170 year history 2013 $36.0
2012 $34.3 FINANCIAL STRENGTH 2011 $34.4 Solid growth and operating profitability 2010 $34.9 Strong balance sheet and capital position 2009 $34.0
INVESTMENT CAPABILITIES $509 billion of AUM 2 as of September 30, 2015 SURPLUS AND ASSET VALUATION RESERVES**
th 3 26 largest global money manager $ BILLIONS
2014 $21.9 CREDIT RATINGS 4 2013 $21.1 Aaa (Moody’s), AA+ (S&P), AAA (Fitch), A++ (AM Best) 2012 $19.6
2011 $17.9 1. Source: Fortune, June 2015. 2. Assets under management (AUM) includes assets of Investment Advisors affiliated with New York Life Insurance Company and assets under administration (AUA) including Retail Annuities. AUM for Candriam and Ausbil is reported at the spot rate. 2010 $16.8 3. Source: Pension & Investments’ Largest Money Managers survey, 2015. Ranked by total worldwide institutional assets. 4. Source: Moody’s Credit Opinion, June 2015. S&P Rating Report, June 2015. Fitch Rating Report, March 2015. AM Best Rating Report, July 2015. Ratings are based on the financial strength of New York Life and apply only to Guaranteed 2009 $15.0 Products. These ratings are an opinion only, and are not a recommendation by the applicable Agency to take any action. The information contained on this page is for general informational purposes and is subject to change without notice. Past performance is not indicative of future results. * Based on the Fortune 500 revenue calculation. Finance and Accounting 2014. ** Finance and Accounting 2014 and Company Financials as of December 2014.
2 Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding NYL Investors − Organizational Overview
AUM: $223 billion 1 Employees: 393 Locations: New York, Atlanta, Chicago, Dallas, San Francisco, London
3 Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding Real Estate Investors Overview
Full service, multi-faceted real estate operation Headquartered in New York with five regional offices $45.3B AUM as of 9/30/15
1 Over 100 years of real estate investing Equity $5.1 156 team members including dedicated legal team billion 3 19 years of average experience for investment professionals Securities Active in over 129 MSAs nationwide $11.8 billion $45.3 billion of AUM 2 Real Estate Lending − Senior and subordinate debt Lending Real Estate Securities Investment $28.4 − CMBS and REIT bonds billion Real Estate Equity − Direct and structured equity investments
1. Real Estate Investors is an investment group within NYL Investors. Includes tenure of when Real Estate Investors was an operating division of New York Life Insurance Company and New York Life investment Management LLC and finally of NYL Investors. 2. Real Estate Investors AUM of $45.3 billion is gross and includes AUA ($1.6B) and property level debt, as of 9/30/15. Net AUM for Real Estate is $44.7B (Equity $4.5B), as of 9/30/15. 3. Gross Equity AUM of $5.1B as of 9/30/15 which includes property-level debt..
4 Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding Real Estate Platforms Independent but integrated platforms provide a strong value proposition
COMMERCIAL LENDING REAL ESTATE SECURITIES EQUITY $28.4B loan portfolio - over 1,000 $11.8B portfolio of CMBS and REIT $5.1B in equity (gross) / 116 assets Bonds properties and 25.7M square feet Loan Types: Fixed / Floating Rate, $8.8B in CMBS Direct investments via wholly owned, joint Stabilized / Transitional, Bridge, – Conduit bonds ventures, and structured investments Construction to Permanent, Mezzanine – Single asset / single borrower (SA/SB) Strategies: Core / Core+, Value Add, and Loan Terms: 3 to 30 years; 50 80% LTV Opportunistic / Development $3.0B in REIT bonds Property Types – Apartments, industrial, retail, and office Investment Scope – Apartments, industrial, retail, and office – 162 positions with 55 issuers – Apartments, industrial, retail, office – 147 markets, 42 states – 32 markets, 21 states $2.0 $2.5B in annual activity $5.0 6.5B of annual lending activity $600M to $1B of annual acquisitions Investments through separate accounts Loans through separate accounts and Investments through funds and separate co lending agreements accounts
Retail Other 2% Industrial REIT 3% 12% Bonds Apartment 26% 23% Office 33%
Office Other 41% Apartment CMBS 4% Conduit 28% CMBS 51% SA/SB CMBS 20% Industrial Retail 25% Other 32% 1%
Real Estate Investors AUM of $45.3 billion is gross and includes AUA ($1.6B) and property level debt, as of 9/30/15. Net AUM for Real Estate is $44.7B (Equity $4.5B), as of 9/30/15.
5 Fixed Income Investors | Private Capital Investors | Real Estate Investors | Madison Capital Funding General Investment Parameters
Senior Mortgage Lending • Loan to Value: Up to 75% for senior mortgages, higher for credit transactions • Debt Coverage Ratio: Minimum of 1.30x or greater once stabilized • Non-recourse to borrower except for standard carve outs
Structured Lending • Fixed rate Construction-to-Permanent and Bridge to Permanent loans up to 75% LTC • Floating rate bridge loans to 75% LTC • Subordinated loans for stabilized properties up to 85% LTC • Financing available to vehicles that hold real estate debt (static pools or actively managed with lender approval) • Institutional quality property, location and sponsorship required • Fixed, floating and combination rates available • Earn outs available
Direct Equity Investments • Nationwide investments between $10-$100 million across all asset types, except hospitality • Core, core-plus , value-add, and development on a select basis • Assets can be owned outright or in partnership with experienced operators • Primary markets nationwide and secondary markets on a select basis
Real Estate Securities • CMBS investments include conduits, floating rate pools, and single asset single borrower transactions, most of which are investment grade. Typical investment size ranges from $20-100 million • Purchaser of CRE CDOs • Unsecured REIT bond investments in both public and private placements, which provide liquidity to experienced institutional real estate owners and real estate operating companies
There is no guarantee that investment objectives will be obtained.
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 6 Investment Activity 20152014 Actual Actual 20152016 Plan Planned
Commercial $6.70 Billion 1 Mortgages & $5.50 Billion $6.1 Billion Senior Mortgages Structured Lending $4.50 Billion Senior Mortgages $600 Million Structured Loans $1.00 Billion Structured Loans
Direct Equity $1.17 Billion Investments $1.0 Billion
CMBS $2.15 Billion Investments $2.00 Billion
REIT Debt $495 Million Investments $500 Million
1. Activity includes participations for commercial mortgages
There is no guarantee that investment objectives will be obtained.
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 7 Senior Mortgage Lending Investment Guidelines Rate • Fixed and floating rates at competitive, market-based spreads over Treasuries or LIBOR • Rate locked upon receipt of an executed application with appropriate deposits
Term • Fixed Rate: 3 - 30 years • Floating Rate: up to 7 years
Size • Typically $10 million to $300 million for single assets, higher for portfolio transactions • Will coordinate and structure co-investment arrangements for loans with higher proceeds
Co-Lending on Senior Debt • Arrange club loans • Participate with a lead lender
Portfolio Financing • Financing available of $500 million+, higher with participants • Average allocated loan amount in pool per asset should exceed $10 million; loan facility can be increased or reduced via property additions or releases • Fixed rate loans with a floating rate component allow for partial releases and prepayment flexibility • Loans may be partially collateralized via mezzanine positions
Parameters • Loan to Value: Up to 75% for mortgages, higher for credit transactions • Debt Coverage Ratio: Minimum of 1.30X or greater once stabilized • High grade mezzanine debt may have less restrictive underwriting parameters • Non-recourse to borrower except for standard carve outs
Typical Timing & Deposits • Transactions approved for commitment and rate lock in a quick and efficient manner • Typical commitment to closing: 30 to 60 days • Forward financing options available • Typically 2% to 3% refundable deposit required to lock rate • Non-refundable processing payment required for third party consultant reports
Consultant Reports • Appraisal • Property condition • Environmental • Seismic, as applicable
There is no guarantee that investment objectives will be obtained.
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 8 Representative Transactions
11 Times Square 500 Boylston Port Chester Shopping Center New York, NY Boston, MA Port Chester, NY Office Office Retail $324M First Mortgage Participation $324M First Mortgage Participation $120M First Mortgage 7-yr Fixed Rate 7-yr Fixed Rate 15-yr Fixed Rate
Ascent Victory Park Denver Financial Center Securities Centre Dallas, TX Denver, CO Atlanta, GA Multifamily Office Office $68.7M Construction/Permanent First Mortgage $36.7M First Mortgage Participation $70M First Mortgage 10-yr Fixed Rate 3-yr Floating Rate 5-yr Floating Rate
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 9 Representative Transactions
Quintana AMLI Warner Center Crescent Ninth Street Irvine, CA Los Angeles, CA Raleigh-Durham, NC Office Multifamily Multifamily $100.6M First Mortgage Bridge Loan $82.5M First Mortgage $42.6M First Mortgage 4-yr Floating Rate 10-yr Fixed Rate 7-yr Fixed Rate
Shoppes at EastChase Butterfield Oaks Apartments Canal Overlook Apartments Montgomery, AL Aurora, IL Indianapolis, IN Retail Multifamily Multifamily $58M First Mortgage $35M First Mortgage $15.3M First Mortgage 10-yr Fixed Rate 7-yr Fixed Rate 20-yr Fixed Rate
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 10 Structured Lending Construction-Perm & Bridge Investment Guidelines Rate • Total IRR tied to asset-specific underwriting, draw schedules and fees Amortization • Interest-only through underwritten stabilization Term • Ground up construction loans: typically 7-15 years • Bridge Loans: typically 12 months to 5 years Size • $40 - $200 Million Loan to Value • LTC between 50% - 75% Funding • Monthly construction draws, advances for leasing costs and post-stabilization earn outs per credit hurdles Prepayment • For construction, locked out through underwritten stabilization; flexible for bridge Other • Completion, supplemented by carry and interest guarantees if necessary; non-recourse for bridge Subordinated Lending Investment Guidelines Rate • Incremental pricing based on attachment point and final LTV Amortization • Function of leverage and available cash flow Term • 3 - 7 years for floating rate deals • 5 - 10 years for fixed rate loans Size • $25 - $100 Million; minimum 10% of capital stack Loan to Value • Up to 85% of LTV Funding • After 100% of equity, can be pari-passu or prior to senior debt funding Prepayment • Typically 12 months lockout / yield protection
There is no guarantee that investment objectives will be obtained.
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 11 Direct Equity Investments & Real Estate Securities Direct Equity Investments Size • Minimum $10 million per transaction - typical investment $25-$100 million • Larger projects on a select basis Property Types • Office (multi-tenant buildings) • Multi-Family • Industrial (warehouse & distribution) • Grocery anchored and community retail centers • Ground Leases Strategies • Core and Core-Plus • Value add • Development on a select basis Locations • Primary markets nationwide and secondary markets on a select basis Ownership Type • 100% Interest, prefer all cash, will assume existing debt if necessary • Diversified portfolios • Joint ventures and recapitalizations Real Estate Securities CMBS • Real Estate Investors manages CMBS portfolios primarily focused on the investment grade sector. • Predominantly conduits, floating rate pools, single asset and single borrower transactions; selectively in lower-risk CRE CDOs, AAA CMBX and re-REMIC transactions. • Will work with borrowers and bankers to structure private placement CMBS and CRE CDOs. • Will consider pre-purchase of securities, particularly for large loan transactions, new security types and during periods when market conditions are highly variable. Unsecured REIT Bonds • Real Estate Investors is responsible for the investment and management functions of the New York Life’s public REIT unsecured bond portfolio. • Through the use of our dedicated real estate work force, the investment decision making process relies on the bottom-up approach by analyzing real estate market conditions in addition to intensively reviewing of the individual company's portfolios. The primary focus has been on the four core property types: industrial, retail, multi-family and office. • The public REIT debt portfolio targets high quality investment grade names that offer attractive income returns. In addition to these core holdings, we opportunistically invest in mispriced credits that offer attractive income returns and capital gains potential.
There is no guarantee that investment objectives will be obtained.
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 12 Representative Equity Transactions
18201 Von Karman 11 th & Hoyt Apartments Boston Industrial Portfolio Orange County, California Portland, OR Boston, MA Office Multi-Family Industrial/Warehouse 229,000 Sf 102 Units 495,000 Sf All-Cash Acquisition Development All-Cash Acquisition
Water Ridge Gateway Corporate Pointe Charlotte, NC Portland, OR Los Angeles, CA Office Industrial/Warehouse Office 845,000 Sf 400,000 Sf 443,000 Sf All-Cash Acquisition Development All-Cash Acquisition
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 13 Contact Information
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 14 Contact Information Home Office Northeastern Regional Office
Mark Talgo Tim McGinnis Eric Becher Location & Contact Senior Managing Director Managing Director Senior Director 51 Madison Avenue [email protected] Co-Head of Commercial Mortgage Prod . [email protected] Suite 910 [email protected] 212-576-7673 New York, NY 10010 Mr. Talgo is Senior Managing Director in 212-576-6770 212-576-6483 charge of New York Life Real Estate Investors. Mr. Becher oversees commercial mortgage Prior to his current position, Mr. Talgo was Mr. McGinnis is Managing Director and co- production for the Northeast Region. He joined the Region Includes co-head of commercial mortgage production head of commercial mortgage production. He firm in 2007. Prior to that, he held positions at CT, ME, MA, NH, RI, VT, NJ, and managed the Structured Investments oversees the National Account / Co-Lending Advance Realty Group, Colliers International and NY, PA, DE, MD, DC and area within Real Estate Investors. Mr. Talgo platforms, Closing, and Credit areas. Mr. PriceWaterhouse Coopers, LLP. Mr. Becher has a Northern VA joined the firm in 1985. He is a member of McGinnis joined the firm in 1988. Mr. BS degree in Real Estate from Pennsylvania State Commercial Real Estate Finance Council, The McGinnis has a BBA in Accounting & Finance University and a MS in Real Estate from New York Real Estate Board of New York, Urban Land from St. Bonaventure University, an MBA in University. Institute and Pension Real Estate Association. Finance from Pace University. He holds a CFA Mr. Talgo has a BA from Lake Forest College (Chartered Financial Analyst) designation. and an MS in Real Estate from New York University.
Rich Walsh Brian Furlong Mark Young David Li Managing Director Managing Director Senior Director Senior Director Co-Head of Commercial Mortgage Prod . [email protected] [email protected] [email protected] [email protected] 212-576-6041 212-576-6871 212-576-7757 212-576-5241 Mr. Furlong oversees investments in CMBS Mr. Walsh is Managing Director and co-head and privately placed structured debt. Mr. Keith Duane William Reilly of commercial mortgage production. He Furlong joined New York Life Real Estate Director Senior Associate/Regional Appraiser oversees the Loan Administration, Special Investors in 2006. Prior to that, he held [email protected] [email protected] Servicing and Portfolio Analytics areas. Mr. positions at Eurohypo AG, Moody’s Investors 212-576-3874 212-576-3437 Walsh joined the firm in 1989. Prior to that, Service, KPMG and Landauer Associates, and he held positions at Mellon Real Estate he is a past president of the Commercial Real Investment Management and Goldman Estate Financial Counsel. Mr. Furlong has a Sachs. Mr. Walsh has a BS in Economics and BA from the State University of New York, Jon Freireich Senior Associate an MS in Real Estate from New York Albany and an MS in Real Estate Appraisal [email protected] University and is a member of The Real and Investment Analysis from the University 212-576-7093 Estate Board of New York. of Wisconsin, Madison.
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 15 Contact Information Southeastern Regional Office Midwestern Regional Office
Robert Boyd Location & Contact John Howard Location & Contact Senior Director 1100 Abernathy Road, N.E. Senior Director 303 West Madison Street [email protected] Suite 1225 [email protected] Suite 2050 770-395-2322 Atlanta, GA 30328 312-977-2615 Chicago, IL 60606 770-395-1122 312-977-2610 Mr. Boyd oversees commercial mortgage Mr. Howard oversees commercial mortgage production for the Southeast Region. He Region Includes production for the Midwest Region. He joined the Region Includes joined the firm in 1998. Prior to joining New AL, FL, GA, KY, MS, NC, SC, TN, firm in 1984. Prior to his current position, he IL, IN, IA, MI, MN, NE, ND, OH, York Life, he was a senior investment analyst VA (except Northeastern originated and underwrote commercial mortgage SD, WI, and MO (except with MetLife Real Estate Investments in Virginia, which is covered by loans within the Southeast region. Mr. Howard has Western Missouri which is Atlanta and Boston. Mr. Boyd has a BA in the Northeast Regional a BS in Finance from Boston College and an MBA in covered by the Southwest finance from Auburn University and an MBA Office), and WV Finance from Georgia State University. Regional Office) from Emory University’s Goizueta Business School.
Randall Hall Ryan Doyle James Neidinger Susan B. Sary Senior Director Loan Origination Officer Senior Director Loan Origination Officer [email protected] [email protected] [email protected] [email protected] 770-395-2323 770-395-2327 312-977-2616 312-977-2613
Ryan Lane Keith Rosser Anthony Chan Associate Senior Associate/Regional Appraiser Regional Appraiser [email protected] [email protected] [email protected] 770-395-2325 770-395-2324 312-977-2614
Timothy Miller Associate [email protected] 770-395-2326
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 16 Contact Information Southwestern Regional Office Western Regional Office
Leslie Cassingham Location & Contact Kirk Kniss Location & Contact Senior Director 4975 Preston Park Boulevard Senior Director One Front Street [email protected] Suite 750 [email protected] Suite 550 972-867-6421 Plano, TX 75093 415-362-2636 San Francisco, CA 94111 972-867-6450 415-362-2633 Mrs. Cassingham oversees commercial Mr. Kniss oversees commercial mortgage mortgage production for the Southwest Region Includes production for the Western Region. He joined the Region Includes Region. She joined the firm in 1998. Prior to AR, CO, KS, LA, NM, OK, TX, firm in 1996. Prior to that, Mr. Kniss held positions AK, AZ, CA, HI, ID, MT, NV, OR, that, Mrs. Cassingham held positions at WY, and MO (except Eastern at Prudential Mortgage Capital Company and Wells UT, WA Lincoln Financial Group and Principal Real Missouri which is covered by Fargo Bank. Mr. Kniss has an MBA from the Haas Estate Investors. Mrs. Cassingham has a BBA the Midwest Regional Office) School of Business, University of California, in Real Estate and Urban Land Economics Berkeley. from the University of Wisconsin, Madison and has completed courses at the Appraisal Institute and the Institute of Real Estate Management.
Timothy Monroe Scott Portnoy Stephen Kirk Adam Baird Senior Director Director Senior Director Loan Origination Officer [email protected] [email protected] [email protected] [email protected] 972-867-6432 972-867-6444 415-362-2634 415-362-2647
Matthew Ridley Darrel G. Copeland Vanessa Hogle Tom Ho Senior Associate Senior Associate/Regional Appraiser Associate Senior Associate/Regional Appraiser [email protected] [email protected] [email protected] [email protected] 972-867-6422 972-867-6433 415-362-2648 415-362-2637
Kevin Henderson Associate [email protected] 415-362-2635
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 17 Contact Information Structured Lending Direct Equity Investments
John Lippmann Location & Contact Chris McEldowney Thomas O’Hanlon Senior Director 51 Madison Avenue Managing Director Managing Director [email protected] Suite 906 Transactions Transactions, Western Division 212-576-6941 New York, NY 10010 [email protected] thomas_o’[email protected] 415-402-4101 415-402-4117 Mr. Lippmann is responsible for the production of Leon Ivery highly structured real estate loans, including Mr. McEldowney is Managing Director, leading Kevin Smith Senior Associate construction, bridge and mezzanine financings, as the Real Estate Equity team. He joined the firm in Managing Director Structured Lending well as special servicing. He joined the firm in 2003. Prior to joining Real Estate Investors, he Transactions, Eastern Division [email protected] 2010. Prior to that, he held positions at FTI held positions at Stonegate Partners, Lend Lease [email protected] 212-576-7482 Consulting, Eurohypo AG, and JPMorgan. Mr. Real Estate Investments and its predecessor 212-576-7047 Lippmann has a BA degree from the School of companies ERE Yarmouth and Equitable Real Public Affairs at American University and an MBA Estate, and JMB Property Management. Mr. Ross Berry in Finance from New York University, where he is McEldowney has a BS in Real Estate/Finance from Senior Director also currently an Adjunct Assistant Professor at the University of Arizona, and an MBA from the Transactions, Western Division the Schack Institute of Real Estate. Harvard Business School. He is a member of the [email protected] Pension Real Estate Association. 415-402-4103 Steve Osborne Brian Murphy Senior Director Senior Director Transactions, Eastern Division Transactions, Central Division Real Estate Securities Investments [email protected] [email protected] 415-402-4103 312-977-2612 Adam Hayden Stewart Rubin Christopher Hunt David Cumming Senior Director Senior Director Senior Director Managing Director CMBS CMBS Transactions, Western Division Asset Management [email protected] [email protected] [email protected] [email protected] 212-576-7511 212-576-3741 415-402-4103 312-627-0627 Aron Davidowitz Adam Jacobs Scott Ingham Dan Davitt Senior Director Senior Associate Director Senior Director Private REIT Debt Public REIT Debt Transactions, Eastern Division Asset Management [email protected] [email protected] [email protected] [email protected] 212-576-5449 212-576-5468 212-576-5732 212-576-8324
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 18 Important Disclosures
This is not an offer to sell, nor a solicitation to buy, securities. There is no guarantee that investment objectives will be obtained.
Past performance is no guarantee of future results, which will vary. The Representative Transactions shown are examples of some of the investments made during 2014 and 2013 and are included to show the capabilities of New York Life Real Estate Investors. Please contact us if you would like to receive a complete list of properties purchased for the same period. Please note that property transactions are a matter of public record.
Firm Overview
New York Life Investments and NYL Investors are registered U.S.-based investment management firms that provide financial services to individual and institutional investors. NYL Investors was formed in October, 2013, and is an affiliate of New York Life Investments. Effective January 1, 2014, as a result of a corporate restructuring, the Fixed Income Investors and Real Estate Investors divisions of New York Life Investments became divisions of NYL Investors. To address this transition, effective January 1, 2014 the New York Life Investments GIPS Firm was redefined to include the following investment divisions of New York Life Investments or NYL Investors as applicable: Fixed Income Investors, Real Estate Investors, Retail Markets and Strategic Asset Allocation & Solutions. The GIPS firm was renamed as New York Life Investments.
Historic changes to the firm definition include the following : •Effective August 1, 2013 the Strategic Asset Allocation & Solutions group was also added to the Firm upon creation of the Global Tactical Asset Allocation composite; and •Effective June 30, 2012 the Real Estate Investors division was added to the Firm after certain discretionary private real estate funds were transitioned to New York Life Investments from McMorgan & Company LLC which was an affiliate of New York Life Investments prior to the transition.
New York Life Ratings Third-Party Rating Reports: as of 6/2014. Ratings are based on the financial strength of New York Life and apply only to Guaranteed Products. These ratings are an opinion only, and are not a recommendation by the applicable Agency to take any action. Neither S&P, Moody's, A.M. Best or Fitch nor their affiliates nor any third-party information provider of the information attributed to such entities make any representation or warranty as to the appropriateness, accuracy, completeness or applicability of such information nor are they responsible for the results obtained there from. The information provided by these entities is an opinion only and not a recommendation to take any action. This information is being provided for informational purposes on New York Life Insurance Company only and is not meant to be an indication of financial strength or a performance guarantee of the strategies or investments discussed in these materials. The financial strength of New York Life Insurance Company applies only to its insurance products and not to investment products which are subject to market risk and fluctuation in value.
Commercial Mortgages & Structured Lending | Direct Equity Investments | Real Estate Securities Investments 19