EVOLUTION OF THE MARKET FOR B-NOTES, MEZZANINE LOANS, PREFERRED EQUITY, AND RAKE BONDSEVOLUTION OF COMMERCIAL REAL ESTATE CDOsANATOMY OF THE NEW MANAGED CRE CDO STRUCTURESUNDERSTANDING THE COLLATERAL: MEZZANINE DEBT, B-NOTES, RAKE BONDS, AND PREFERRED EQUITYCONCLUSIONAPPENDIX A: DEFINITION OF ACCEPTED SERVICING PRACTICESAPPENDIX B: B-NOTES: JUNIOR PARTICIPANTS' RIGHTS