Research

Giliberto-Levy: the trusted name in commercial real estate debt research.

Along with our industry-leading survey of fixed-rate senior loans (G-L 1), we have developed an index (G-L 2) to measure high-yield commercial real estate debt, such as second mortgages, mezzanine loans and preferred equity.

G-L 1

The Giliberto-Levy Commercial Mortgage Performance Index (G-L 1)

Michael Giliberto
John Levy

Components

The Index's components are fixed-rate commercial mortgage loans held on balance sheets of institutions such as life insurance companies and pension funds.

Returns

Index returns are a market-value-weighted blend of office, apartment, retail, industrial, lodging, mixed-use and other miscellaneous property types.

Performance

Index performance tracks senior loans only; it does not include construction loans, mezzanine and other subordinate instruments and bridge loans made by such institutions.

Tracking investment results produced by private market debt investments in commercial real estate within the United States.

Learn More about the G-L 1

What is the Giliberto-Levy Index?

Why subscribe to the Giliberto-Levy Index?

How do you know? Benchmarking is the answer

The Giliberto-Levy Index helps you understand portfolio performance

Subscribe today to the Giliberto-Levy Commercial Mortgage Performance Index (G-L 1)

G-L 2

The Giliberto-Levy High-Yield Real Estate Debt Index (G-L 2)

About G-L 2

The G-L 2 is the first and only third-party measure to monitor high-yield commercial mortgage debt performance for high-yield loans, such as mezzanine loans, preferred equity and "B" notes. G-L 2 production started in 2018. The return inception date is January 1, 2010.

The index for high-yield CRE debt

Measures total return and its components. Consistent with fixed-income indexes, including G-L 1, stock indexes and real estate equity indexes such as NPI and IPD/MSCI.

G-L 2 is designed for

Portfolio managers and investors, capital allocators,  and consultants.

Tracking investment results produced by private market debt investments in commercial real estate within the United States.

Portrait of Mr. Michael Giliberto.
Michael Giliberto
Mr. John B Levy wearing a headset in an office.
John Levy

Learn More about the G-L 2

What is the Giliberto-Levy High-Yield Real Estate Debt Index (G-L 2)?

How far back does the data go?

Who is the G-L 2 designed for?

What are the total return components?

What are the income return components?