CMBS Analyst

{"description": "At Barings, we are as invested in our associates as we are in our clients. We recognize those who work diligently for us and reward them for personal and professional integrity, communication skills, distinct competencies and expertise in specific strategies, ability to collaborate as a team member and true dedication to the interests of our clients.

We thank you for your interest in joining the Barings team, and invite you to explore our current employment opportunities.

Job Title: CMBS Analyst

Corporate Title: Associate/Senior Associate

Department: Real Estate Debt

Location: New York City, NY

Barings' Real Estate Debt platform is seeking a Senior Associate to join its CMBS team. This is a highly analytical role focused on underwriting, surveillance, and investment analysis across primary and secondary CMBS transactions. The Senior Associate will work closely with senior investment professionals on portfolio risk management, relative value analysis, and transaction execution. The role reports to the Head of CMBS.

Key Responsibilities

• Perform loan-level and bond-level underwriting for new issue CMBS transactions, including cash flow analysis, market review, structural analysis, and downside scenario modeling.
• Analyze collateral performance, credit enhancement, deal structure, and relative value across conduit and SASB transactions.
• Conduct ongoing portfolio surveillance, including review of servicer reports, updated financials, leasing trends, watchlist assets, and secondary market activity.
• Track CMBS issuance, spreads, trading activity, and performance trends to support portfolio management and investment decisions.
• Support evaluation and execution of CMBS, SASB, and loan pool acquisitions, including transaction analytics and data review.
• Build and maintain analytical tools and models to support underwriting, surveillance, and trading activities.
• Leverage large datasets and contribute to technology-enabled and AI-driven solutions to enhance investment analysis and efficiency.

Qualifications

• Bachelor's degree in Finance, Real Estate, Economics, Business, or a quantitatively focused discipline required.
• 2-5 years of relevant investment analysis experience; background in CMBS, structured credit, commercial real estate, or fixed income strongly preferred.
• Strong fundamental credit skills with hands-on experience in cash flow modeling and structured product analysis.
• Advanced proficiency in Excel and financial modeling; experience working with large, complex datasets.
• Experience with Intex, Trepp, and/or Bloomberg preferred.
• Ability and interest in developing technical skills such as Python or SQL.
• Strong analytical, written, and verbal communication skills.
• Detail-oriented, intellectually curious, and comfortable in a fast-paced, technically rigorous investment environment.

#LI-CM2

Base Salary Range: $120,000-150,000 and additional incentive compensation.

Requisite Skills
Cash Flow Modelling, Commercial Mortgage Backed Security (CMBS), Underwriting

Additional Skills

Barings is an Equal Employment Opportunity employer; Minority/Female/Age/Sexual Orientation/Gender Identity/Individual with Disability/Protected Veteran. We welcome all persons to apply.

Barings offers a comprehensive benefits package including:

CORE BENEFITS & WELLNESS

• Medical (including Virtual Care), Prescription, Dental, and Vision Coverage
• Fitness Center Reimbursement Program (Including Online Memberships)
• Employee Assistance Program (EAP)
• Fertility Benefits

FINANCIAL WELL-BEING

• Highly competitive 401(k) Plan with Company Match
• Health Savings Account (HSA) with Company Contributions
• Flexible Spending Accounts (FSA) - Health Care & Dependent Care
• Retirement Health Reimbursement Account

LIFE INSURANCE

• Basic and Supplemental Life Insurance
• Spouse and Child Life Insurance

TIME OFF, DISABILITY AND LEAVE OF ABSENCE

• Paid Vacation, Sick Days and Annual Holidays
• Paid Leave of Absences (Maternity Leave, Parental Leave, Caregiver Leave, Bereavement Time)
• Short and Long Term Disability Plans
• Paid Volunteer Time

OTHER BENEFITS

• Education Assistance Program
• Charitable Matching Gifts Program
• Commuter Reimbursement Program
• Adoption and Surrogacy Reimbursement Program

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