CRED iQ’s Distress Rate Sets a New Record, Led by Multifamily

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May 10, 2024

The CRED iQ research team completed its monthly top-down evaluation of payment statuses reported for each loan, along with special servicing status. April saw CRED iQ’s Distress Rate reach a new all-time high of 8.35%.

CRED iQ’s distress rate for all property types increased from 7.61% to 8.35%, a 74 basis points jump in April. The April print broke the previous distress rate record from just a month earlier. The distress rate was significantly affected by one large loan which impacted the segment distress rate in a fairly dramatic fashion.

Multifamily saw a whopping increase distress rate increase – from 3.7% in the March print to 7.2% in April. The increase is mostly attributable to a $1.75 billion loan ($561,000/unit) backed by Parkmerced, a 3,221-unit multifamily property in San Francisco. Imminent non-monetary default caused the loan to transfer to the special servicer with the looming maturity date of December 2024. Furthermore, the assets have been underperforming with a below break-even DSCR of 0.47 and 83.5% occupancy. It’s important to note that CRED iQ’s distress rate factors in all CMBS properties that are securitized in conduits and single-borrower large loan deal types. CRED iQ tracks Freddie Mac, Fannie Mae, Ginnie Mae, and CRE CLO loan metrics in separate analyses.

Parkmerced consists of a mixture of townhouse and tower apartment units spanning 152 acres. Approximately 17% of the units were leased by students at origination in 2019, as the property is across the street from San Francisco State University. Parkmerced was underwritten for $2.1B ($655,076/unit) in September 2019.

Retail’s third consecutive distress rate increase earned them the number two slot, while relinquishing their leadership position from the March report. The retail segment distress rate increased from 9.5% in March to 11.9%, achieving a record level for the segment.

The hotel segment notched the third highest month-over-month increase – gaining a full percentage point from 7.7% to 8.7%. Meanwhile, the office segment logged its fifth consecutive monthly increase by a modest 3 basis points, landing just behind retail at 11.7%.

Meanwhile, the industrial and self-storage segments continued their virtually non-existent, sub-1% distress rates

CRED iQ’s distress rate aggregates the two indicators of distress – delinquency rate and specially serviced rate – yielding the distress rate The index includes any loan with a payment status of 30+ days or worse, any loan actively with the special servicer, and includes non-performing and performing loans that have failed to pay off at maturity.

Distressed Loan Payment Status

Nearly one third of loans of the distressed loans are current or within the grace period. The largest category was non-performing, matured at 36.8%. The closely watched performing matured category represents 9.2% of the loans.

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About CRED iQ

CRED iQ is a commercial real estate data, analytics, and valuation platform providing actionable intelligence to CRE and capital markets investors. Subscribers use the platform to identify valuable leads for leasing, lending, refinancing, distressed debt, and acquisition opportunities.

The platform also offers a highly efficient valuation engine which can be leveraged across all property types and geographies. Our data platform is powered by over $2.0 trillion in transactions and data covering CRE, CMBS, CRE CLO, Single Asset Single Borrower (SASB), and all of GSE / Agency.

Nearly 40% of CRE CLO Loans are on the Watchlist

By

Michael Haas

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May 3, 2024

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CRED iQ’s research team has fielded multiple requests to explore the CRE CLO ecosystem from a wide array of perspectives. We are most grateful for these suggestions. This week we decided to extend the horizon a bit as the marketplace approaches a milestone in the watchlist category. What can we draw from the latest data and trending?

We sub-divided the CRE CLO from two perspectives: 1) Loans that have been added to the servicer watchlist. 2) The triggers that caused the watchlist designation.

CRED iQ’s latest loan-level analysis as of April 30, 2024 indicated that 38.6% of CRE CLO loans are currently on the servicer’s watchlist. This is in addition to CRED iQ’s overall distress rate of 8.6% for CRE CLO loans that are either delinquent or with the special servicer. Combining these two figures (37.7% watchlist and 8.6% delinquent/specially serviced), CRED iQ calculates 46.3% of these loans are in some level of trouble.

An important early bellwether, the watchlist percentage continues to climb to historic levels. As 8.6% of the CRE CLO loans are currently in special servicing and/or delinquent – revealing a wide gap which could imply that the special serving & delinquency percentages is likely to grow.

Some of the largest issuers of CRE CLO debt over the past five years include MF1, Arbor, LoanCore, Benefit Street Partners, Bridge Investment Group, FS Rialto, and TPG. CRED iQ consolidated all of the loan-level performance data for every outstanding CRE CLO loan to measure the underlying risks associated with these transitional assets. Many of these loans were originated in 2021 at times where cap rates were low, valuations high, low interest rates, and are starting to run into maturity issues given the spike in rates.

Looking across the causes that drive the distress rating, Floating DSR Triggers dominate the reason for the distressed classification. Pending Maturity or ARD represented the largest single category reported.

Outstanding CRE CLO loans amount to approximately $75 billion in loans as of April 30, 2024. The vast majority of these CRE CLO loans are structured with floating rate loans with 3-year loan terms equipped with loan extension options if certain financial hurdles are met.

One such example is the Desert Gardens, a 307-unit multifamily property located in Glendale, AZ within the market of Phoenix. The garden-style property is backed by a $40.0 million ($130,354/unit) loan that was added to the servicer’s watchlist this month due to decreased occupancy. The asset was 84% occupied and performing with a below break-even DSCR of 0.21 as of year-end 2023. The garden-style property was built in 1984 and is undergoing renovations. The prospectus reveals renovation plans included all 307 units, common space areas, and the exterior.

Servicer commentary indicates the borrower is interested in extending the June 2024 maturity date of the loan. At the time of origination, the loan had two, one-year extension options implying a fully extended maturity date of June 2026. The loan was originated with a 3.500% interest rate on a $48.0 million ($156,352/unit) appraisal in 2021. The current interest rate has increased to 8.82% from 3.55% at origination.

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About CRED iQ

CRED iQ is a commercial real estate data, analytics, and valuation platform providing actionable intelligence to CRE and capital markets investors. Subscribers use the platform to identify valuable leads for leasing, lending, refinancing, distressed debt, and acquisition opportunities.

The platform also offers a highly efficient valuation engine which can be leveraged across all property types and geographies. Our data platform is powered by over $2.0 trillion in transactions and data covering CRE, CMBS, CRE CLO, Single Asset Single Borrower (SASB), and all of GSE / Agency.

A Tale of Two Cycles and What it Means for the 2024 CMBS Marketplace

By

Michael Haas

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April 26, 2024

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CRED iQ analyzed recent loans issued this year and compared them to loans from a decade earlier. Our analysis compared underwriting of the same asset for two different loans during two different commercial real estate cycles. One was in 2011 that was fresh out of the great financial crisis of 2008/2009 and the most recent loan was issued in December 2023.

This week’s Tale has special significance when we look closely at today’s CMBS marketplace. The latest new issuances this year feature a a predominance of refinancing transactions. Refinancing accounted for 79% of the loan activity across 2024 new issuances thus far, with recapitalization taking on another 7.5%. Only a relatively modest 12.9% of the underlying loans represented acquisitions. Refinance & Recapitalizations totaled approximately $5.6 billion while acquisition volume was only $827 million.

Now let’s compare two loans on the same Fort Lauderdale property – one in 2011 and the second from four months ago in December 2023.

Property

200 Southwest 1^st Avenue is a 17-story, Class-A office tower containing 205,956 SF in downtown Fort Lauderdale. The property was built in 2007. The tower which is often referred to as the Auto Nation building originated at high occupancy rates of 88.1% and 91.4% in 2011 and 2024 respectively.

2011 Loan

In January of 2011 the loan was originated with a 5.572% interest rate on an appraised value of $71,300,000 ($346/SF) and an underwritten cap rate of 6.7% and a LTV of 61.6%. The balloon structure carried maturity date of April of 2018 and included mezzanine debt of $6,000,000. Average rents based on the 2011 rent roll were $19.81, which is significantly lower than today’s average rent of $28.03, a 41.5% increase.

2024 Loan

In December of 2023 an interest-only loan was originated at an 8.250% interest rate with a 5-year term. The issuance appraised value was $102,500,000 ($498/SF). The Underwritten Cap Rate was 6.3% with an LTV of 53.7% and a maturity date of December 2028. Underwritten DSCR was 1.33x compared to the 2011 underwriting of 1.48x. The newer loan’s interest rate is 270 basis points higher than the 2011 loan.

Understanding how loans are refinancing are key to forecasting in this new market…for most borrowers and investors, it is indeed a tale of two cycles.

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April 24, 2024

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Cap Rates, Interest Rates, and More – The Latest CMBS Trends

By

Michael Haas

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April 18, 2024

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The CRED iQ research team focused upon the underwriting of the latest market transactions. We wanted to understand they key loan metrics across this universe to get a real-time sense of the new issues marketplace.

CRED iQ analyzed underwriting metrics for the latest 8 CMBS conduit transactions. We reviewed 500 properties associated with 302 new loans totaling $6.4 billion in loan value. All of the loans were originated within the past 4 months. Our analysis examined interest rates, loan-to-values (“LTV”), DSCR (NCF), debt yields, and cap rates. We further broke down these statistics to show a minimum, maximum and average for each metric and by property type.

Office

In total, 41 properties (of the 500 total in our analysis) were secured by office assets, comprising a total loan balance of $673.5 million. Average interest rates were 7.5% and ranged from 6.9% to 8.3. Cap rates ranged from 5.5% to 9.3% and had an average of 7.1% for the office sector. Debt yields and DSCRs averaged 13.3% and 1.54, respectively. Office LTVs were 54.2% on average.

Multifamily

There were 105 properties secured by multifamily properties totaling $1.3 billion in new loan originations. Interest rates ranged from 4.7% to 8.3% with an average of 6.9%. Cap rates ranged from 4.3% to 10.8% and had an average of 6.0% for the multifamily sector. Average debt yields and DSCRs were the lowest across all property types at 9.6% and 1.49 respectively. Meanwhile, the multifamily LTV average was the highest value across property types at 59.5%.

Retail

By loan value, retail was the most popular asset type with $2.3 billion. In total, 128 properties were secured by retail properties. Interest rates ranged from 6.2% to 9.0% with an average of 7.2%. Cap rates ranged from 4.8% to 12.3% with an average of 6.7% for the retail sector. The average debt yield was 15.2%. The average DSCR of 2.06 was the highest of any sector, while the LTV of 45.5% was the lowest.

Other Notable Findings

Hotels had the highest average interest rate (7.7%), cap rate (8.1%), and debt yield (17.1%) across the sectors.

Manufactured housing represented the smallest property type with only 12 properties backing $59.9 million. Self storage properties had the lowest average cap rate at 5.8%.

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About CRED iQ

CRED iQ is a commercial real estate data, analytics, and valuation platform providing actionable intelligence to CRE and capital markets investors. Subscribers use the platform to identify valuable leads for leasing, lending, refinancing, distressed debt, and acquisition opportunities.

The platform also offers a highly efficient valuation engine which can be leveraged across all property types and geographies. Our data platform is powered by over $2.0 trillion in transactions and data covering CRE, CMBS, CRE CLO, Single Asset Single Borrower (SASB), and all of GSE / Agency.

CRED iQ’s CRE CLO Distress Rate Surpasses 10% for the First Time

By

Michael Haas

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April 12, 2024

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CRED iQ’s research team continues to examine the CRE CLO ecosystem from multiple perspectives and CRED iQ’s latest loan information from the March 2024 reporting period. In this report we explore and breakdown the distress levels for CRE CLO during the first quarter of this year. CRED iQ excludes CRE CLO deals from our monthly delinquency reports and so we continue our examination of this important sector on a stand-alone basis.

Some of the largest issuers of CRE CLO debt over the past five years include MF1, Arbor, LoanCore, Benefit Street Partners, Bridge Investment Group, FS Rialto, and TPG. CRED iQ consolidated all of the loan-level performance data for every outstanding CRE CLO loan to measure the underlying risks associated with these transitional assets. Many of these loans were originated in 2021 at times where cap rates were low, valuations high, low interest rates, and are starting to run into maturity issues given the spike in rates.

CRED iQ’s research finds the distress rate for CRE CLO climbed from 7.4% as published in our 2023 summary report to 10.2% at the close of Q1continuing the upward trend that commenced last summer – leading to a 440% increase in 2023. This metric includes any loan that reported 30 days delinquent or worse as well as any loan that is with the special servicer.

Breaking down CRE CLO distress rates by property type, the office sector lead all other categories at 16.2%. Multifamily and retail round out the top three at 11.1% and 7.5% respectively. Industrial, hotel and self-storage all operating below 3% – with self-storage at 0% in this print.

When examining distressed rates by loan payment status, it is interesting to note that 44.6% of the distressed loans have passed their maturity and have not paid off, in breach of their loan terms (combining performing and noon-performing loans). Clear indications here that the momentum in CRE loan modifications is likely to continue.

Outstanding CRE CLO loans amount to approximately $75 billion in loans. The vast majority of these CRE CLO loans are structured with floating rate loans with 3-year loan terms equipped with loan extension options if certain financial hurdles are met.

The sudden spike in CRE CLO commenced in in July and August 2023 when distressed rates were around 1.7%, increasing by an average of 1.2% each month. That continued into 2024. The latest distressed levels total 10.2% for all of CRE CLO loans at the close of Q1.

Office Loan

Pacific Building, a 138,252 SF office property in the Pioneer Sq / Waterfront submarket of Seattle is backed by a $36.5 million loan that is over 120 days delinquent. The loan transferred to the special servicer in July 2023 due to delinquency. The current interest rate of the loan (9.618%) more than doubled the 4.809% rate at issuance. The loan is scheduled to mature in January 2025 with a potential fully extended maturity date in January 2027. The property value drastically declined from $69.0 million at underwriting in November 2021 to $36.2 million in September 2023. The asset was most recently performing with 41.9% occupancy and a 0.29 DSCR.

Multifamily Loan

A $39.9 million loan backed by the Tribeca Apartments in Washington, DC, fell 60 days delinquent in March. The loan has a current interest rate of 9.268% and is scheduled to mature in July 2024 with three, one-year extension options. The high-rise apartment building consists of 90-units and is in the Capitol Hill submarket. Constructed in 2021, the asset was valued at $63.6 million at underwriting in May 2022. The asset was performing with a 0.24 DSCR at 88.9% occupancy as of year-end 2023.

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About CRED iQ

CRED iQ is a commercial real estate data, analytics, and valuation platform providing actionable intelligence to CRE and capital markets investors. Subscribers use the platform to identify valuable leads for leasing, lending, refinancing, distressed debt, and acquisition opportunities.

The platform also offers a highly efficient valuation engine which can be leveraged across all property types and geographies. Our data platform is powered by over $2.0 trillion in transactions and data covering CRE, CMBS, CRE CLO, Single Asset Single Borrower (SASB), and all of GSE / Agency.

CRED iQ Distress Rate Reaches an all Time High

By

Michael Haas

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April 5, 2024

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The CRED iQ research team completed its monthly top-down evaluation of payment statuses reported for each loan, along with special servicing status to compute our distress rate

CRED iQ’s distress rate for all property types increased 26 basis points in March from 7.35% to 7.61%, a new all-time high. Following modest decreases in 3 of the last 4 months (net reduction of 18 basis points during that period). The latest print seems to counter that trend.

Retail’s distress rate earned the largest monthly increase with 108 basis points—the largest such increase in that sector since December 2023. A key factor was the $158 million loan backed by the Miami International Mall which failed to payoff at its February 2024 maturity date, thus impacting the rise of retail distressed rates. Servicer commentary indicates a forbearance agreement for one-year through February 2025 has been established. The 306,855-SF super-regional mall is located in the Miami Airport submarket reported a 2.34 DSCR for yearend 2023.

The Hotel segment distress rate increased to 7.7% from 6.9% in February, earning them second highest increase in this print. Partially driving the increased hotel distress rate is the 164-room, Hilton Garden Inn Cupertino limited-service hotel in the San Jose market. The asset is backed by a $32.0 million interest-only loan that transferred to the special servicer in March due to imminent monetary default prior to its December 2024 maturity date. The nine-month financials from September 2023 reported the hotel was performing at a 63.7% occupancy and a 1.27 DSCR.

The Office sector notched its fourth consecutive distress rate increase and continued its status as the property type with the highest distress rate

Within the self-storage sector, as previously reported, the overall distress rate declined primarily due to a large self-storage portfolio ($2.1B) loan’s payment status became current in February. This explains the wild temporary swing in this normally low distress property type.

Underlying CRED iQ’s distress rate, the CRED iQ Specially Serviced rate rose 34 basis points to 7.38% while the Delinquent print shaved 1 basis point.

CRED iQ’s distress rate aggregates the two indicators of distress – delinquency rate and specially serviced rate – yielding the Distress rate This includes any loan with a payment status of 30+ days or worse, any loan actively with the special servicer, and includes non-performing and performing loans that have failed to pay off at maturity.

Distressed Loan Payment Status

About a quarter of the distressed loans are non-delinquent with 21.1% being current and 8.0% being within the grace period or less than 30 days late.

A majority of the distressed loans (37.1%) are past their maturity dates and have stopped making monthly payments. On the other side, 10.3% are past their maturity dates, but still make their monthly mortgage payments on time. Measuring delinquency during loan terms prior to maturity dates, CRED iQ calculated 23.6% of the distressed loans are reporting between 30 days to 120+ days delinquent.

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About CRED iQ

CRED iQ is a commercial real estate data, analytics, and valuation platform providing actionable intelligence to CRE and capital markets investors. Subscribers use the platform to identify valuable leads for leasing, lending, refinancing, distressed debt, and acquisition opportunities.

The platform also offers a highly efficient valuation engine which can be leveraged across all property types and geographies. Our data platform is powered by over $2.0 trillion in transactions and data covering CRE, CMBS, CRE CLO, Single Asset Single Borrower (SASB), and all of GSE / Agency.

The Wall of Maturities Morphs into the Wave of Modifications

By

Michael Haas

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March 29, 2024

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CRED iQ’s research team has been closely monitoring loan modifications during this period of significantly elevated interest rates. Loan modifications surged in 2023 as borrowers worked with lenders to achieve loan extensions and other alterations to the loan covenants.

The number of modifications in 2023 more than doubled compared to 2022. Of the $162 billion in securitized commercial mortgages which matured in 2023, 542 loans were modified with cumulative balances just over $20 billion, which is a 150% increase from the amount of modifications that occurred in 2022. According to CRED iQ’s 2024 CRE Maturity Outlook, 2024 will see $210 billion in securitized maturities. CRED iQ predicts that the modification trend will continue to surge as more special servicers decide to “pretend and extend” versus foreclose on these commercial properties.

For example, within the office sector only 26% of the $35.8 billion of office CMBS loans that matured in 2023 was actually paid off in full, as borrowers struggled to get refinancing or to sell their properties. CRED iQ’s analyzed 593 office loans that transferred to the special servicer since February 2022. Out of these specially serviced office loans, approximately 13.7% were modified, 14.0% returned to the master servicer as corrected, 8.4% paid off, and the remaining 63.9% are still with the special servicer.

Extending the loan term has been the most popular modification type in 2023 and so far in 2024 (excluding grouping categories Other and Combination). By deal type, CRE CLO deal led all categories and comprised nearly half of all loan modifications, followed by SBLL deals.

Some of the largest loan modifications thus far in 2024 include:

One Market Plaza, a 1.6 million SF office building int eh South Financial District of San Francisco, is backed by a $850.0 million loan (originally $975.0 million). The loan was modified in February 2024 to extend the maturity to February 2026, a two-year extension from the original maturity. In addition to a maturity extension, a forbearance period was entered as part of the loan modification process resulting in a $125.0 million principal pay down in February 2024 plus $59 million in additional payments for closing costs, tenant improvements, leasing commissions, and escrow & interest.
Herald Center, a 249,063 SF mixed-use building (retail/office) in the Chelsea submarket of New York City is backed by a $255.0 million loan. The loan was modified and transferred to the special servicer in January 2024 due to maturity default. The maturity of the loan was extended to January 2025.

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About CRED iQ

CRED iQ is a commercial real estate data, analytics, and valuation platform providing actionable intelligence to CRE and capital markets investors. Subscribers use the platform to identify valuable leads for leasing, lending, refinancing, distressed debt, and acquisition opportunities.

The platform also offers a highly efficient valuation engine which can be leveraged across all property types and geographies. Our data platform is powered by over $2.0 trillion in transactions and data covering CRE, CMBS, CRE CLO, Single Asset Single Borrower (SASB), and all of GSE/Agency.

The Emergence of CRE CLO Distress

By

Michael Haas

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March 22, 2024

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CRED iQ’s research team set out to explore CRE distress from a fresh perspective. We were interested in examining special servicer loan transfers over the past year. Our team wanted to understand trends by deal type and reason over time.

As a starting point we broke down each month’s transfers by deal type and plotted these along a timeline which seems to reveal some noteworthy trends.

February saw a spike in agency deal filings –with 36 loans transferring. Apart from February, Conduit loans dominated all other classes in loan filings –consistent with the proportional size of the conduit universe.

In August of 2023, the highest number of loans transferred to the special servicer. August marked the beginning of a trend of substantial distress in the CRE CLO arena. Following months of 1 or two loan transfers, August saw 31 CRE CLO loans sent to special service. 41 more CRE CLO loans would transfer for the balance of 2023 and that trend continues to be a major focus in 2024.

Over this past 12-month period, Imminent Monetary Default was the leading transfer reason. The data breaks down this category into two separate groupings. When combined, roughly half of the leans in our study were transferred for Imminent Monetary Default.

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About CRED iQ

CRED iQ is a commercial real estate data, analytics, and valuation platform providing actionable intelligence to CRE and capital markets investors. Subscribers use the platform to identify valuable leads for leasing, lending, refinancing, distressed debt, and acquisition opportunities.

The platform also offers a highly efficient valuation engine which can be leveraged across all property types and geographies. Our data platform is powered by over $2.0 trillion in transactions and data covering CRE, CMBS, CRE CLO, Single Asset Single Borrower (SASB), and all of GSE/Agency.

CRED iQ’s Top 50 Markets Distress Ranking

By

Michael Haas

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March 14, 2024

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CRED iQ monitors distressed rates and market performance for nearly 400 MSAs across the United States, covering over $900 billion in outstanding commercial real estate (CRE) debt. Distressed rates include loans that are specially serviced, delinquent (30 days past due or worse), or a combination of both.

CRED iQ’s research team set out to examine the distress in today’s securitized CRE ecosystem. We wanted to explore geographic trends as well as the causes or triggers that earned the distressed designation. We focused upon the top 50 MSAs for this analysis.

Across the top 50 MSAs, our team calculated CRED iQ Distress Rate for each market (which combines Delinquent and/or Specially Serviced loans). Hartford logged the highest level of distress at 36.5%, followed by Charlotte (22.4%), Birmingham (20.2%), San Francisco (19.2%) and Portland (17.4%) –rounding out the top 5 MSAs with the highest levels of distress. To provide perspective, the overall distress rate for all loans across every market was 7.35% as of February 2024.

Some of the strongest performing MSAs include Salt Lake City operating at 0% distress today, while San Diego, Sacramento, Seattle, and Boston have less than 1% of their loans in distress.

Among the scope of distressed loans in our analysis, one of the largest is the $384.0 million Nema San Francisco. The loan is backed by a 754-unit multifamily property in San Francisco. Cash flow at the high-rise property was unable to cover expenses, leading to imminent default. Consequently, the loan transferred to the special servicer in August 2023. The asset value decreased from $534.6 million ($720,955/unit) at underwriting to $328.8 million ($436,074/unit) in October 2023. Despite 91.9% occupancy, DSCR was reported below breakeven at 0.81.

Breaking Down the Distress Categories

With the geographic concentrations in mind, our team took a step back and evaluated the triggers/causes that landed each loan in distress. 16% of all the loans are current with another 7% within the grace period or 30 days late. Meanwhile a whopping 40% are past their maturity dates and have stopped making monthly payments. On the other side, 13.4% are past their maturity dates, but still make their monthly mortgage payments on time. Measuring delinquency during loan terms prior to maturity dates, CRED iQ calculated 23.7% of the distressed loans are reporting between 30 days to 120+ days delinquent.

Early Warning Signals

CRED iQ’s early signals of upcoming distress include loans that have been added to the servicer’s watchlist for credit-related issues. Issues include weak financial performance, low occupancy, high tenant rollover, upcoming maturity risk among other reasons to be flagged as possible troubles. Some notable loans that were added to the watchlist in February include:

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About CRED iQ

CRED iQ is a commercial real estate data, analytics, and valuation platform providing actionable intelligence to CRE and capital markets investors. Subscribers use the platform to identify valuable leads for leasing, lending, refinancing, distressed debt, and acquisition opportunities.

The platform also offers a highly efficient valuation engine which can be leveraged across all property types and geographies. Our data platform is powered by over $2.0 trillion in transactions and data covering CRE, CMBS, CRE CLO, Single Asset Single Borrower (SASB), and all of GSE / Agency.