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M IdeaVideo | North AmericaCMBS Shorts (& Longs): Hanging On for Rate Relief Morgan Stanley & Co. LLCJames EganStrategist James.F.Egan@MorganStanley.com +1 212 761-4715 Catherine LiuStrategist Catherine.Liu2@morganstanley.com +1 212 761-0222 Jim and Catherine discuss their views for CMBS from the 2025 Mid-Year Outlook in terms of primary market activity, loan performance, upcoming maturity pipeline, and where they see value in the capstack. Related Research:Global Securitized Products Mid-Year Outlook: Good Things Come to Those Who Wait (May 27, 2025)Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consi