CMBS Pioneer Ethan Penner Considers Run for California Governor

Ethan Penner, a real estate investor credited with pioneering commercial mortgage-backed securities, said he’s considering running for California governor in 2026, joining a growing field of candidates vying to replace term-limited Democrat Gavin Newsom.

Penner, 64, said he expects to make a formal decision by June. He would be making his first bid for public office and said his campaign would focus on reducing regulations, cutting taxes and improving the state’s business climate.

“I want to make California a vibrant place to live,” Penner said in an interview on Monday. “I want to make the economy work for ...