Which of the following would be expected to lead to a lower AAA subordination level on a CMBS deal? In other words, which factors would result in less thickness in the lower tranches required for a bond to receive a AAA credit rating (holding all else equal)? (circle all that apply)

a. The deal consists of a large number of mortgages from different states and property types

b. The deal consists of many loans with a low DSCR

c. The deal includes many loans where the property NOI is expected to increase sharply in the future

d. The deal is SA/SB