Learning Structured Finance

To level up in real estate private credit and structured finance, here are some highly recommended resources based on the most helpful WSO content:

Books

1. Private Debt: Opportunities in Corporate Direct Lending

   • While this book focuses on private debt from a capital allocator's perspective, it provides a solid foundation for understanding the space and its risk-adjusted returns.

2. Distressed Debt Analysis by Stephen Moyer

   • Offers a great perspective on credit investing and analyzing distressed opportunities, which can be valuable for understanding mezzanine and pref structures.

3. Leveraged Financial Markets by Maxwell & Shenkman

   • A comprehensive guide to leveraged finance, including mezzanine debt and other credit products.

4. LSTA's Complete Credit Agreement Guide

   • A detailed reference for understanding the legal documentation governing debt investments.

5. Bond Math

   • A self-explanatory book that breaks down fixed income concepts, which are crucial for structured finance.

6. Active Credit Portfolio Management in Practice by Bohn and Stein

   • Covers credit risk modeling and portfolio management, which can help you analyze and structure deals effectively.

Courses

1. WSO Elite Modeling Package

   • Includes financial statement modeling, DCF, M&A, LBO, and Excel modeling. These are essential for mastering the technical aspects of real estate private credit.

2. Private Equity Interview Course

   • Offers detailed LBO modeling tests and case studies, which are relevant for understanding mezzanine and pref structures.

3. Real Estate Master Program

   • A comprehensive program with 12 courses and 50+ hours of content, specifically tailored for real estate professionals.

4. Modeling & Valuation Bootcamp

   • A 2-day intensive course covering Excel, M&A, 3-statement modeling, DCF, comps, and LBO.

Other Resources

1. S&P's Leveraged Loan Primer

   • A free PDF available online that provides an excellent overview of leveraged loans and credit agreements.

2. Primers on Credit Agreements

   • Many law firms publish free primers on credit agreements, which can help you understand the legalese in loan documents.

3. White Papers and Industry Research

   • Look for write-ups from firms like Ares, Angelo Gordon, PennantPark, and PIMCO. These often include insights into structuring and market trends.

Tips for Practical Learning

• Investment Memos and Loan Docs: Continue reading these and focus on understanding the rationale behind structuring decisions.
• Ask Questions: Leverage your team’s expertise to clarify concepts and gain insights into deal structuring.
• Google and Forums: Use platforms like WSO to ask specific questions and learn from industry professionals.

By combining these resources with your current efforts, you'll build a strong foundation in structured finance and excel in your role. Keep at it—you're on the right track!

Sources: Leveraged Commercial Banking -> Mezzanine/Private credit fund?, Private Credit Resources and Prep, Real Estate Mezzanine Debt - Cause for Concern?, https://www.wallstreetoasis.com/forum/investment-banking/how-to-prepare-for-restructuring-technical-questions?customgpt=1, Books on Private Debt/Mezz/Etc...