DoubleLine Capital portfolio manager Morris Chen told Bloomberg in an interview that worries over the commercial real estate market have largely eased. He added that "draconian" scenarios that arose out of the bank problems early last year have been largely priced out of the markets.

The sentiment shouldn't have been surprising. In a February report, the company wrote, "As the broader market has turned to pricing in the 'when,' not the 'if,' of future cuts to the federal funds rate, investor sentiment has improved with respect to CRE. We expect property transactions to increase, helping to provide clarity on CRE valuations."

It didn't seem exactly like a general statement about CRE. Instead, it was about CRE outside of the "unique convergence of cyclical and secular headwinds confronting part of the office market." Because generally CRE fundamentals are good.

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