An institutional SREO lists every property in one row each with: property name and address, property type, year acquired, ownership percentage, gross asset value, debt outstanding, equity value, lender name and contact, NOI , and notes. Lenders use it to assess sponsor concentration, lender exposure, and depth of track record.
What good SREO discipline looks like
Completeness: every property the sponsor owns directly or through a controlled entity, even small or fully-leveraged holdings. Lenders pull title and credit and will identify missing properties, better to disclose proactively.
Ownership percentage: actual ownership through the entity stack, not just first-tier. A 25% interest in a JV that owns the property should show as 25%, with the asset-level numbers shown at 100% and the equity column reflecting the sponsor's share.
Debt: lender name, contact, original loan amount, current balance, maturity date, recourse status, and any current covenant compliance issues. The lender contact is real, credit officers may verify directly.
Equity value: the sponsor's good-faith estimate of current equity, calculated as gross asset value minus debt minus other claims. Lenders cross-check against recent acquisition prices, refinance appraisals, and comp sales.
NOI: trailing-twelve actual NOI, not pro-forma. Lenders evaluate the sponsor's portfolio cash-flow coverage on the aggregate.
Notes column: workouts, defaults, modifications, or DPOs in the past five years should be disclosed in the notes. Concealing distress history is a credit-killer when discovered.
Sources
- Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations · Mortgage Bankers Association · 2026-Q1
- Semiannual Risk Perspective · Office of the Comptroller of the Currency · 2025-12