RICHMOND, VA—John B. Levy & Co. has unveiled a new version of the Giliberto-Levy Commercial Mortgage Performance Index, which has tracked fixed-rate, fixed-term senior loans since 1993. The Giliberto-Levy High-Yield Real Estate Debt Index, or G-L 2, reportedly is the first third-party measure available to monitor high-yield commercial mortgage debt performance.

The G-L 2 tracks the performance of $6.9 billion in high-yield loans—including second mortgages, mezzanine loans and preferred equity—dating back to January 2010 and representing a mix of property types. Over a seven-year period that ended this past Dec. 31, G-L 2 debt racked up a 7.6% average annual return, outpacing the 5.3% return achieved by the G-L Index over that same period of time.

Over the course of 2016, investments tracked in the G-L 2 produced a 9.4% return. For mezzanine loans specifically, the return was 10.4%.