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B8453REALESTATEDEBTMARKETS
FALL2020,BTERMTuesdays:5:40–8:55pm,LocationTBD/Remote
ProfessorBrianLancasterProfessorOfficeLocation:Uris319OfficePhone:860-898-0436(cell)E-mail:[email protected]:Pleasecontactmeattheaboveemailandwecanarrangeameetingorcall.
TEACHINGASSISTANTSTBDVictorSalamaEmail:[email protected],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.
