A Non-Traded Real Estate Investment Trust (REIT) is an investment vehicle that offers the tax benefits of a REIT while maintaining privately-held features similar to a limited partnership.
Pass-Through Certificates (or Securities) represent interests in a pool of mortgages sold by mortgage bankers to investors, where money collected as monthly mortgage payments is distributed to certificate holders. These securities are often guaranteed by agencies like Ginnie Mae.
A Securitized Investment Vehicle (SIV) is a pool of investment assets that are combined and then split into smaller units to be sold to investors as securities.
