B8453 REAL ESTATE DEBT MARKETS FALL 2020, B TERM …

B8453REALESTATEDEBTMARKETS

FALL2020,BTERMTuesdays:5:40–8:55pm,LocationTBD/Remote

ProfessorBrianLancasterProfessorOfficeLocation:Uris319OfficePhone:860-898-0436(cell)E-mail:blancaster.nyc@gmail.comOfficeHours:Pleasecontactmeattheaboveemailandwecanarrangeameetingorcall.

TEACHINGASSISTANTSTBDVictorSalamaEmail:VSalama21@gsb.columbia.edu,Phone:917-270-6569TBD:

OfficeHours:PleasecontacttheTAtoarrangeameetingorcall.

CommunicationsfromprofessorandteachingassistantsaboutthecoursewilltakeplacethroughCanvas.Studentsshouldmakesuretheyregularlycheckforannouncementsandmessagingnotifications.

COURSEBACKGROUND

Thedevelopmentofthecommercialrealestatedebtmarketshasrevolutionizedthecommercialrealestateindustryprovidingunprecedentedcapitalavailabilityandpricing,reshapingvaluationmetrics,heavilyinfluencingprivatecapitalformationandprovidingrealestateandsecurityinvestorswithagreaterarrayofinvestment,hedgingandarbitrageopportunities.Asthepastseveralyearshaveshown,theintegrationofpublicdebtmarketsalsocreatesvolatilityintheCREpropertymarketsthatcanbedrivenbyfactorswelloutsidetherealmofcommercialproperties.Indeedtheflowofdebtcapitalcanoftenhaveagreaterimpactonpropertyvaluesthanthetrendsunderlyingpropertymarketfundamentalsthemselves.Whyasksanowner,didRussia’sdebtdefaultinthelate‘90spreventmefromrefinancingmyKansasCityshoppingmallcausingmetodefault?Howdidmoneymarketfundsalmost“breakingthebuck”contributetothecollapseofcommercialrealestatepropertypricesin2008?Whydidsomany“dirtCREanalysts”attopfirms,likeCBRE,makesuchwrongcallsin2006and2007?CouldCREdebtcapitalmarketdevelopmentscauseanotherdownturntoday?WhatisdrivingthecurrentresurgenceinCRECLOs,howdothesedifferfromtheoldCRECDOsandhowcantheybestbeusedbyborrowersandinvestors?WhathasbeentheimpactofCOVID-19onthedebtmarkets?Additionalemphasiswillbeplacedondistresseddebtrealestateinvestinggiventhecurrentenvironment.

Today’sprofessionalrealestateinvestormusthaveaninvestmentviewandstrategywhichareinformedbyandintegratedwiththeopportunitiesandrisksinherentnotjustinthepropertymarketsandtheirfundamentalsbutinthecapitalmarketsaswell.In2007manythoughtbalancedsupplyanddemandfundamentalsmightcushioncommercialrealestatefromthefreefallintheoversuppliedresidentialmarkets.Yetathoughtfulunderstandingofthecomplexconnectionbetweenthetwoviathedebtmarketswouldhavequicklyapprisedthemotherwise.Understandingtherealestatedebtcapitalmarketsisessentialforeverycommercialrealestateborrower,lender,developerorinvestor.

COURSEDESCRIPTION

Thishalfsession“B”courseisfocusedprimarilyonthecommercialrealestatedebtmarketsandiscomplementedbythehalfsession“A”course,RealEstateEquityMarketswhichprecedesit.StudentsmaywishtotakebothhalfcoursessequentiallyforacompleteunderstandingoftheRealEstateCapitalMarketsorindividually.

Thepurposeofthiscourseistoprovidethestudentwithacomprehensiveunderstandingofthecommercialrealestatedebtmarketsbothfromtheperspectiveofcapitalprovidersaswellasinvestors.Theapproachwillbetomakesurestudentsfirsthaveanunderstandingofthedebtproductsandthentoapplythatunderstandingto“reality”.Studentswilllearnhowtounderwrite,size,andanalyzeavarietyofdifferenttypesofcommercialrealestatedebtincludingbalancesheetfirstmortgageloans,firstmortgageloansforsecuritizationandCMBS,andsubordinatedebtstructuresincludingmezzanineloans,B-notesandpreferredequity.Thecoursewillalsocovertransitionallending(constructionlendingandbridgefinancing),thesourcingandanalysisofdistressedCREdebtopportunitiesaswellastheunsecuredREITdebtmarkets.Inkeepingwithmakingthecourseas“realistic”aspossible,fourseniorprofessional,guestspeakersactivelyparticipatingintheseareashavebeenincorporatedintothecoursescheduletocomplementthelectures.

Asignificantpartofthecoursewillalsoteachthestudenthowtoanalyzebondsanddealsinthe$800billionCMBSmarket,thelargestpubliccommercialrealestatedebtmarketaswellastherapidlyemergingCRECLOsector.TimeallowingtheCMBX(syntheticCREderivative)marketandit’suseinhedging,trading,investmentandshortingCMBSandCREwillalsobecovered.TheCMBSmarketshavefinancedasmuchasonequarterofallcommercialrealestatedebt.Theywerealsoattheheartoftherecentcommercialrealestatebubble,collapseandrebirth.Theoftforgotten(inacademiccoursesatleast)butverylargeAgency“CMBS(multifamily)”marketsincludingFNMADUSMBS,FHLMCKcertificatesandGinnieMaeProjectandconstructionloancertificateswillbediscussedbothfromarealestatedeveloper’sandaninvestor’sperspective.RegulationsimpactonCREdebtflows,propertyvaluesandthecreationofnewprofitableinvestmentopportunitieswillalsobecovered.Asafinalproject,studentteamswillbegivenaCMBSdealtoanalyzeonaBloombergatBloombergheadquarterstolearnhowinstitutionalinvestorsstresstestandanalyzeCMBSdeals.ThatclasswillbeledbytheheadofCommercialRealEstateResearchandAnalyticsatMorganStanley.

Allstudentswhowouldliketounderstandthesecriticalmarketsandtheirconnectiontothecommercialpropertymarketsarewelcome.Thecourseisparticularlyappropriateforstudentswishingtopursuecareersinrealestatefinanceand/ortrading,lending,creating,investingin,researching,sellingorregulatingcommercialrealestatedebtandsecurities.Thecourseisalsorecommendedforstudentswishingtopursuecareersasdevelopersorinvestorsincommercialrealestateproperties(“thedirt”)butwanttounderstandhowtofundtheirventuresviatheseinstrumentsandhowvolatilityintherealestatedebtmarketscancreateopportunitiesandrisksinthepropertymarketsthemselves.

Pleasenotethatbecauseeachclassmeetingis3hours,eachclasswillbedividedintoafirsthalf,1½hour“A)session”,followedbyabreakandthenasecond,1½hrB)session”asnotedbelow.Insomecasestwodifferenttopicswillbecovered,oraguestspeakerwillpresentinonehalfandthenaregularlectureintheotherhalfetc.Studentsshouldprepareforbothsessionsforeachclassaccordinglydoingthereadingsandpreparationasrequired.

COURSESCHEDULE1

1.Oct27: A)OverviewoftheCommercialRealEstateDebtMarkets

Courserequirements,descriptionandlogistics.Overviewofthevarioussourcesofcommercialrealestatedebtandplayersinthemarket(on-balancesheetcommercialbankandinsurancecompanylenders,CMBSconduits,governmentsponsoredenterprises,privateequityCREdebtlenders,andmortgagebrokersbothfromtheborrowerandlender’sperspective).

Howthepubliccommercialrealestatedebtcapitalmarketsinfluenceandcreaterisksandopportunitiesinthecommercialrealestatepropertymarkets.TrendsandfactorsaffectingcapitalflowsandultimatelyCREpropertymarkets.Inclass“casestudy”includesananalysisofthelinksbetweenthecommercialrealestatedebtmarketsandpropertymarketsbefore,duringandafterthe2007marketcrashandadiscussionastowherewearenowintheCREproperty/debtcapitalmarketcycle.

Readings:

Required:Session1ALecture-OverviewofRealEstateDebtMarkets

Optional:DeloitteExpectationsandMarketRealitiesinRealEstate2019,2020,

IMFReport:PoliciesforMacrofinancialStability:OptionstoDealwithRealEstateBooms

(B)UnderwritingCommercialRealEstateDebt

Theunderwriting,creditanalysis,risks,sizing,pricing,creditmetrics,requireddocumentation,covenants,prepaymentsofcommercialrealestateloanseitherforbalancesheetorconduitsfrombothfromtheborrowerandthelender/investorperspective.Jobandinvestmentopportunitiesinthecommercialrealestatedebtmarkets.

Readings:

Required:Session1BLecture–UnderwritingCommercialRealEstateMortgages

OCCCommercialRealEstateLendingHandbookpp.2-16;pp.36-47;pp.49;p.55;pp.59-61;p.69;pp.72–74;

CREUnderwritingGeltnerexcerpt.Pp.442-451

Optional:CREFC–Principles-BasedUnderwritingFramework

KrollCMBSPropertyEvaluationCriteria

FloatingRateFormofLoanAgreement1(A)Firsthalfofclassondateindicated;(B)Secondhalfofclassondateindicated

SherlingandSterlingCRELendinginUS

CashManagementandSecurityAgreement

Assignment: Assignment1UnderwritingCommercialRealEstatedueNov.26,2019.Professorwillconfirm).(max.groupof3)

2.Nov10: (A)&(B)Underwriting(cont’d)andDistressedDebtInvesting

A)Theunderwriting,creditanalysis,risks,sizing,pricing,creditmetrics,requireddocumentation,covenants,prepaymentsofcommercialrealestateloanseitherforbalancesheetorconduitsfrombothfromtheborrowerandthelender/investorperspective.Jobandinvestmentopportunitiesinthecommercialrealestatedebtmarkets.

B)GuestspeakerRonKravit,Co-HeadofNorthAmericanRealEstate,ManagingMemberofCerberusRealEstateCapitalManagementwilldiscusshowCerberussourcesandanalyzesglobaldistressedopportunitiesfollowedbyacasepresentationofaninvestmentinaUSdefaultedleaseholdmortgage.

Readings:SanFranciscoCentralBusinessDistrictOfficeCaseStudy(required).YouarerequiredtodoatwosidedonepagewriteuponthecasesubmititviaCANVASthenedityourwriteupincorporatingtheclassdiscussionwithMr.KravitandresubmityourwriteupviaCANVASbeforethestartofclassonNovember19.

TalmadgeArticles(LargeLoanServicing:KnowBeforeYouGo;SpecialServicingChallengesandRecommendations;CMBSOpportunities:AnyFloatingRatePortinaStorm);EYEuropeNPLReport

3.Nov17: (A)&(B)CommercialMortgageBackedSecurities–ADeepDive;AgencyMultifamilySecurities

ThehistoryofCMBSandothercommercialrealestatedebtsecuritiesandderivatives,whatarethey,howtoanalyze,price,invest,andhedgethesecommercialrealestateinstrumentsandtounderstandtheopportunitiesandrisksstructuredCREfinanceposetotheinvestor.TheoreticalbuildofaCMBSdealwithcollateral,theratingagenciesbeforeandafterthecrash,tranchewarfareandintradealconflictsofinterest,masterandspecialservicers,equityandeconomicdrivenrefinancingandconvexityanalysis,thecuriouscaseofCMBSupgradesanddowngrades;arbitragebetweenthepublicandprivaterealestatemarkets.FNMADUSMBSandFreddieMacMultifamilyKprograms.

(B)CasestudyofspecificdealBACM2006-6.RealEstatedebtmarketsfromtheCMBSoriginators/structurersperspective:Studentswillbegivendocuments(prospectus,Trusteereport,Servicerreportetc.)pertainingtoanactualcommercialrealestatedebtmarketsborrowertransaction.Wewillreviewandtakeatour”throughthesedocumentsinclasssostudentscandoassignment2whichwillbedueDecember5.

Readings:

Required:Session2ALectureCommercialMortgageBackedSecurities

BACM2006-6CaseMaterials

Optional:CREFCPresentationCMBS101

CREFCCMBSE-Primer

FNMADUSProgram

FreddieMacKMultifamilyPresentation

Assignment2:CommercialMortgageBackedSecuritiesAnalysis(BACM2006-06)dueDec5(max.groupof3).

4.Nov24: (A)CRESubordinatedDebt(BNotes,Mezzanine,PreferredEquity)

Subordinatedebt,mezzanineloans,B-notes,preferredequity,CRECDOs/CREloanobligations(CLOs),whattheyare,howandwhytheyareusedfromaborrowerandinvestorperspective,opportunitiesandrisks.

Readings:Session4A)SubordinateDebtLecture

Lancaster,UnderstandingManagedCRECDOs:AnAnalysisofTheirCollateral,Structures,OpportunitiesandRisksP.12–30.Otherpagesoptional.

B)UnsecuredREITDebtandCRECollateralizedLoanObligations(CRECLOs)

GuestspeakerStevenMarks,ManagingDirector,HeadofCMBS,REITs,andCRECLOS,FitchRatingswillpresentontheunsecuredREITdebtmarkets,includingthesizeofthemarkets,comparisonwithcorporatedebt,howtoanalyzethecreditriskofunsecuredREITdebt.

HewillalsodiscusstherapidlygrowingCRECLO,whatarethedrivingforcesbehindit’sgrowth,thecollateral,howtoanalyzeaCRECLO.

Readings:4B)UnsecuredREITdebtandCRECLOlecture.

Assignment: Assignment1UnderwritingCommercialRealEstatedue(max.groupof3).

5.Dec1: (A)and(B)CMBSSecondaryMarketInvestingandAnalytics

Thisclasswillbeheldoff-campusatBloombergHeadquarterswithguestspeaker,RichardHill,HeadofUSCMBSandCREDebt,CLOandSingleFamilyRentalResearchandAnalytics,MorganStanley,inthetraining/tradingroomatBloombergheadquarterswherestudentswillgainhands-onexperienceinusingtheBloombergtoperformCMBSanalysisandapplytheconceptslearnedintheclassroomincludingloanpoolunderwriting,collateralanalysis,stresstestingstructurestoseehowchangesatthepropertylevelimpacttrancheperformance,defaults,lossgivendefault,prepayments,yieldanalysis,B-piecesfromtheperspectiveofabondportfoliomanager.

Assignment2:CommercialMortgageBackedSecuritiesAnalysis(BACM2006-06)due.

6.Dec8: (A)CRESubordinatedDebt(BNotes,Mezzanine,PreferredEquity)(cont’d)

Subordinatedebt,mezzanineloans,B-notes,preferredequity,CRECDOs/CREloanobligations(CLOs),whattheyare,howandwhytheyareusedfromaborrowerandinvestorperspective,opportunitiesandrisks.

Readings:Session4A)SubordinateDebtLecture

UnderstandingManagedCRECDOs:AnAnalysisofTheirCollateral,Structures,OpportunitiesandRisksP.12–30.Otherpagesoptional.

(B)TransitionalLendingInvesting

GuestspeakerScottTowbin,JPMorganChase(CBSalumnus)willdiscusstheanalysis,risksandopportunitiesinconstruction/developmentloans;bridgefinancing;landloans;impactofBaselIIIandHighVolatilityCommercialRealEstate(HVCRE)loanclassificationsondeveloperfinancingandthenfollowwithaspecificcasediscussionof1Vanderbilt.

Readings:Session5B)TransitionalLendingLecture

ConstructionLendingIndustryStandardPracticesApplicabletoConstructionLoanLitigation(Optional)

AIAPayapplicationexcelform.(Optional)

FinalExamtobedoneathome.

N.B.IftimeallowswewillcoverInvesting,hedgingandshortingwith“syntheticCREdebt”(CMBX);CRECreditDefaultSwaps).

COURSEHANDOUTS Powerpointsoflectures,readings,andcaseswillbeavailableonCANVASbeforeclasses.StudentsshouldmakesuretoreadlecturepowerpointslidesandreadingsforeachclassBEFOREeachclass.Studentsmaybringtheirlecturepowerpointslideswiththemtoclasshoweverhardcopieswillprovidedatthebeginningofeachclass.Readingsthatareoptionalareindicated.Theyareprovidedifstudentswishadeeperlookintoaparticulartalk.Theyarealsohelpfuladditionalreferencedocumentstokeepshouldyoupursueacareerinrealestatedebtmarkets.

REQUIREDCOURSEMATERIALSCoursereadingsforeachlecturewillbepostedonCANVAS.CONNECTIONWITHTHECOREANDOTHERPREREQUISITESRealEstateDebtMarketsbuildsonavarietyoftopicstaughtinthecorecoursesparticularlyCorporateFinance,GlobalEconomics,ManagerialEconomicsandStrategy.

CoreCourse ConnectionwithCore

CorporateFinance 1. Time value of money 2. Opportunity cost of capital 3. Risk

StrategyFormulation 1. Creation of value vs. value capture 2. Trade-offs

LeadershipDevelopment 1. Ethics 2. Decision making 3. Influence & Persuasion 4. Negotiations

GlobalEconomicEnvironment

1. Inflation and the business cycle 2. Fiscal policy 3. Role of financial markets in the economy

CorporateFinance(B6300),CapitalMarkets(B8306),andRealEstateFinance(B8331)areprerequisitesforB8453asitisimportantthatstudentshaveaworkingunderstandingoffinanceandrealestateinvestmentconcepts.

CLASSROOMNORMSANDEXPECTATIONSStudentsareexpectedtoadheretoCBSCoreCultureinthisclassbybeingPresent,Prepared,andParticipating.StudentsfoundinviolationoftheCBSHonorCodewillreceiveanautomaticFfortheassignmentorexamandanFforthecourse.

Pleasebringnameplatestoeveryclass.Classparticipationwillcountforasignificantpartofyourcoursegrade.Pleaseparticipate.Pleaseturnoffcellphones,Blackberries,etc.Absencesorlatearrivalswillbeconsideredasafactorinclassparticipation.Materialscoveredbyguestlecturersarerequired.

ASSIGNMENTSAssignmentsshouldbeturnedinatthebeginningofclassonthedayitisdue.Lateassignmentswillnotbeaccepted.AllofyourassignmentsubmissionsaresubjecttotheCBSHonorCode.ViolationsoftheCBSHonorCodemayleadtofailingtheassignment,failingthecourse,suspension,and/ordismissal.InordertoavoidambiguitythatmayleadtounintentionalviolationsoftheHonorCode,assignmentdescriptiontypeshavebeenstandardizedandspecifiedbelow.Type Designation Grade Preparationof

submissionDiscussionofSubmission* Discussionof

Concepts**

A GroupWork(AssignmentsandCases)

Samegradeforallgroupmembers

Bythegroup Permittedtodiscuss(withingroup) Permitted

B1 Individualw/DiscussionsofConceptsandSubmission

Individualgrade Individualpreparation

Permittedtodiscuss;sharingsolutionsorsubmissionfilesisnot

allowed

Permitted

B2 Individualw/DiscussionsofConceptsOnly

Individualgrade Individualpreparation

Notpermittedtoshare/discusssolutionsorsubmission

Permitted

C Individual(FinalExam) Individualgrade Individualpreparation

Notpermittedtoshare/discusssolutionsorsubmission

Notpermitted***

*Thedesignatedgroupcanbeeitheranassignedstudygrouporaself-selectedone.

GRADINGYourgradewillbedeterminedbyonecasewrite-up,twohomeworkassignments,afinalexam,andclassparticipation.

METHODOFEVALUATION

FINALEXAMThefinalexamcoversmaterialcoveredovertheentiretyofthecourse.Morespecificinstructionsonwhattoexpectwillbegivenlater.Make-upsarenotgivenunlessyouhavewrittenauthorizationfromthestudentaffairsoffice.

Thereadingsdistributedoverthesemesteraretohelpyoubetterunderstandconceptsandmaterialscoveredinclass.Materials,onlyinthereadingsbutnotcoveredinclass,arenotrequiredfortheexams.

Participation 15%Assignments(typeA–groupwork) 15%Cases(typeA–groupwork) 20%FinalExam(typeC–individual) 50%

ATTENDANCEPOLICYStudentsarerequiredtoattendeachclass.StudentsshouldreachouttotheOfficeofStudentAffairs(OSA)byusingCoreAbsenceFormonthiscourse’sCanvaspageregardingexcusedabsences(forreligiousobservances;personal,medical,andfamilyemergencies;militaryservice;courtappearancessuchasjuryduty).Unexcusedabsenceswillaffectyourcoursegrade.INCLUSION,ACCOMMODATIONS,ANDSUPPORTFORSTUDENTSAtColumbiaBusinessSchool,webelievethatdiversitystrengthensanycommunityorbusinessmodelandbringsitgreatersuccess.ColumbiaBusinessSchooliscommittedtoprovidingallstudentswiththeequalopportunitytothriveintheclassroombyprovidingalearning,living,andworkingenvironmentfreefromdiscrimination,harassment,andbiasonthebasisofgender,sexualorientation,race,ethnicity,socioeconomicstatus,orability.

ColumbiaBusinessSchoolwillmakereasonableaccommodationsforpersonswithdocumenteddisabilities.StudentsareencouragedtocontacttheColumbiaUniversity’sOfficeofDisabilityServicesforinformationaboutregistration.StudentsseekingaccommodationintheclassroommayobtaininformationontheservicesofferedbyColumbiaUniversity’sOfficeofDisabilityServicesonlineatwww.health.columbia.edu/docs/services/ods/index.htmlorbycontacting(212)854-2388.

ColumbiaBusinessSchooliscommittedtomaintainingasafeenvironmentforstudents,staffandfaculty.Becauseofthiscommitmentandbecauseoffederalandstateregulations,wemustadviseyouthatifyoutellanyofyourinstructorsaboutsexualharassmentorgender-basedmisconductinvolvingamemberofthecampuscommunity,yourinstructorisrequiredtoreportthisinformationtoaTitleIXCoordinator.Theywilltreatthisinformationasprivate,butwillneedtofollowupwithyouandpossiblylookintothematter.CounselingandPsychologicalServices,theOfficeoftheUniversityChaplain,andtheOmbudsOfficeforGender-BasedMisconductareconfidentialresourcesavailableforstudents,staffandfaculty.“Gender-basedmisconduct”includessexualassault,stalking,sexualharassment,datingviolence,domesticviolence,sexualexploitation,andgender-basedharassment.Formoreinformation,seehttp://sexualrespect.columbia.edu/gender-based-misconduct-policy-students.PROFESSOR’SBIOGRAPHY

ProfessorLancasterhasovertwentyfiveyearsofprofessionalexperienceincommercialandresidentialrealestatefinanceandcapitalmarketsincludingcurrentlyPresident,TheMinotGroup*(realestatefinanceandcapitalmarketsconsultingtohedgefunds,privateequity,REITs,banksandinsurancecompanies);Co-headFinancialAnalyticsandStructuredTransactions,RBS;ChiefInvestmentOfficer,RealEstateDivision,Wachovia/WellsFargo;HeadofCommercialRealEstateResearch,WachoviaCapitalMarkets;HeadofStructuredProductsResearch,WachoviaCapitalMarkets;ManagingDirectorPrincipalBearStearns(commercialandresidentialrealestatesecurities);SeniorCapitalMarketsEconomistFederalReserveBankofNYandBankofEngland.Hewasatopthree-rankedInstitutionalInvestorAllAmericanResearchAnalystforthreeyears.

HealsoinvestsinrealestatedevelopmentprojectsintheUS(LAapartments,distressedretail,RMBSandCMOhedgefund,realestateprivateequityinAsia,U.S.mezzanineandbridgefundsandhasdevelopedcondominiumsinNYC.HispassionforrealestatestartedwithhisworkontheredevelopmentofBoston’swaterfrontasasophomoreatMIT.HeisafulltimeprofessorintheMBAprogramattheColumbiaBusinessSchoolandwasformerlyanadjunctprofessorattheColumbiaBusinessSchoolandtheSternSchoolofBusiness,NewYorkUniversity.HeservesperiodicallyasfacultyadvisoronColumbiaBusinessSchoolChazentrips(Thailand/SEAsia;Rwanda/Tanzania)andisthefacultysponsorofChazen-RealEstateAssociationtripsabroad(e.g.thepostponedSpring2020Australiatrip).HeholdsaBScinEconomicsfromtheMassachusettsInstituteofTechnology,anMBAinFinance,SternSchoolofBusiness,NewYorkUniversity,andaMasterofInternationalAffairsandPublicPolicy,ColumbiaUniversity.HeisaformerboardmemberoftheCommercialRealEstateFinanceAssociation,aformerExecutiveCommitteememberoftheMortgageBankersAssociationandEditorinChiefofCommercialRealEstateFinancejournal.HeperiodicallylecturesatDukeUniversityandtheWhartonSchoolofBusiness,UniversityofPennsylvania.*TheMinotGroupLLCwasvotedoneofAmerica’sBestManagementConsultingFirmsbyForbesin2017,2018,2019,and2020.PastandcurrentclientsincludeAllianceBernstein,AlinmaInvestmentCo.,Centerbridge,ChinaConstructionBank,Citadel,Citigroup,DeutscheBank,Fidelity,Fortress,FHLB,GoldmanSachs,HousingFinanceFundofIceland,McKinleyandCo.,McKinseyandCo.,McGrawHill,MFSInvestmentMgmt.,ParthenonCapital,PingAnofChina,Verisk,andWellsFargo.