{"product_id":"arbor-five-forces-analysis","title":"Arbor Porter's Five Forces Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eElevate Your Analysis with the Complete Porter's Five Forces Analysis\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eArbor’s Porter's Five Forces snapshot highlights supplier leverage, buyer bargaining, competitive rivalry, substitute threats, and entry barriers to frame strategic risks and opportunities.\u003c\/p\u003e\n\u003cp\u003eThis brief overview only scratches the surface — unlock the full Porter's Five Forces Analysis to access force-by-force ratings, visuals, and actionable insights that inform investment and strategy decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003euppliers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAccess to GSE Funding Channels\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eArbor depends on Fannie Mae and Freddie Mac for multi-family liquidity, with these GSEs supplying roughly 60–80% of marketable agency debt in 2024, so their standards for loan eligibility and servicing tightly shape Arbor’s operations.\u003c\/p\u003e\n\u003cp\u003eHolding GSE origination and servicing licenses gives Arbor access to lower-cost capital—agency spreads were ~35–50 bps in 2024—yet elevates supplier power because the GSEs set pricing, covenant, and eligibility rules Arbor must follow.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCost of Debt and Warehouse Lines\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eArbor Porter relies on warehouse lines from big banks as short-term liquidity; by Dec 2025 these facilities set funding costs—with avg warehouse spreads near 225–275bps over SOFR and covenants tied to LTV and seasoning. The federal funds\/ SOFR path in 2025 (SOFR ~5.0% in Q4) pushed effective cost of debt to about 7.25–8.0%, and reduced bank credit appetite tightened capacity and raised covenant strictness.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEquity Market Receptivity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAs a REIT, Arbor must distribute ≥90% of taxable income, so it regularly taps equity markets; in 2024 US REIT equity issuance totaled $86.7bn, showing supplier scale. Investors and underwriters set yield and governance demands that raise Arbor’s cost of equity; if mortgage REIT sentiment sours—2023–25 STRIPS volatility rose 18%—equity suppliers gain leverage and push required returns higher.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSecuritization and CLO Market Demand\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eArbor recycles capital via the CLO market, issuing securitizations that transfer bridge-loan risk to institutional buyers who supply long-term funding; in 2024 CLO issuance hit about $135bn in the US, so investor appetite directly shapes Arbor’s deal economics.\u003c\/p\u003e\n\u003cp\u003eWhen investors demand wider spreads or higher credit enhancement—seen in 2022–23 volatility—pricing tightens and new securitizations become less feasible, giving suppliers moderate-to-high bargaining power over Arbor’s funding cost.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eArbor uses CLOs to manage leverage and liquidity\u003c\/li\u003e\n\u003cli\u003e2024 US CLO issuance ≈ $135bn, a key demand signal\u003c\/li\u003e\n\u003cli\u003eInvestor spread requirements drive pricing and feasibility\u003c\/li\u003e\n\u003cli\u003eVolatility increases supplier leverage, raising funding costs\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHuman Capital and Specialized Talent\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe expertise to underwrite complex commercial real estate and manage distressed assets is a scarce supply-side input; senior loan officers and CRE risk managers command high bargaining leverage in 2025, with median base salaries for top-tier originators around $220k–$300k plus bonuses, and private credit hires often getting total comp 30–50% higher.\u003c\/p\u003e\n\u003cp\u003eTo retain talent and stay competitive, Arbor must match market total-comp packages and career pathways or risk attrition to private credit funds and rival REITs where deal volumes and carry pools grew ~18% in 2024.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eScarce skill: complex CRE underwriting\u003c\/li\u003e\n\u003cli\u003eTop pay: base $220k–$300k (2025 market)\u003c\/li\u003e\n\u003cli\u003ePrivate credit premium: +30–50% total comp\u003c\/li\u003e\n\u003cli\u003e2024 deal growth vs REITs: ~18%\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSupplier Power Concentrated: GSEs, Banks, CLOs, Equity \u0026amp; Talent Drive Markets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSuppliers (GSEs, banks, CLO investors, talent, equity markets) hold moderate-to-high power: GSEs supplied 60–80% of agency debt in 2024; agency spreads ~35–50bps; warehouse spreads ~225–275bps over SOFR (SOFR ~5.0% Q4 2025); 2024 US CLO issuance ≈ $135bn; REIT equity issuance $86.7bn (2024); top originator base pay $220k–$300k (2025).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eSupplier\u003c\/th\u003e\n\u003cth\u003e2024–25 metric\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGSEs\u003c\/td\u003e\n\u003ctd\u003e60–80% agency debt; spreads 35–50bps\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBank warehouses\u003c\/td\u003e\n\u003ctd\u003espreads 225–275bps over SOFR (SOFR ~5.0% Q4 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCLO investors\u003c\/td\u003e\n\u003ctd\u003eUS issuance ≈ $135bn (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEquity market\u003c\/td\u003e\n\u003ctd\u003eREIT issuance $86.7bn (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTalent\u003c\/td\u003e\n\u003ctd\u003etop originator base $220k–$300k (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eConcise Five Forces analysis tailored for Arbor that uncovers competitive drivers, supplier and buyer power, entry barriers, substitution risks, and emerging disruptive threats to inform strategic decisions and investor materials.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eArbor Porter's Five Forces delivers a concise, one-sheet strategic snapshot with customizable pressure levels and a clear spider chart—ideal for quick decisions, slide-ready export, and non-technical users to model different market scenarios without macros.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eBorrower Sensitivity to Interest Rates\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eBorrowers—mainly multifamily developers and owners—are highly rate-sensitive in late 2025 as cap rates average ~5.2% and 30-year yields sit near 4.6%; a 100 bp spread raises annual debt service by ~10–12%, squeezing DSCR (debt service coverage ratio) below common 1.25x underwriting thresholds.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAvailability of Alternative Financing Options\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCustomers can tap banks, life insurers, CMBS, REITs, and private equity—US commercial real estate lending saw roughly $650B in new originations in 2024, widening borrower choice and bargaining power for quality assets with steady NOI.\u003c\/p\u003e\n\u003cp\u003eFor Arbor, this means pricing pressure and higher expectations; fast execution (days vs. weeks) and flexible covenants are decisive—deal speed reduced attrition by ~20% in comparable lenders in 2023.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConcentration of Large Scale Developers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eA significant share of Arbor Portfolios’ lending is to repeat, large-scale multifamily developers; in 2024 roughly 40–55% of originations by dollar were to repeat borrowers, giving these clients leverage to demand lower origination fees and tighter interest spreads (often 25–75 bps less than spot deals). Because a single borrower can move an entire portfolio, Arbor faces concentrated customer bargaining power during loan structuring, pressuring pricing and covenants.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSwitching Costs and Loan Portability\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eRefinancing commercial loans incurs legal and appraisal fees often totaling 0.5–1.5% of loan value, but professional real estate investors view these as manageable switching costs.\u003c\/p\u003e\n\u003cp\u003eBorrowers commonly shop at bridge loan maturity or for permanent financing—industry surveys show ~62% compare at least three lenders before refi (2024 data).\u003c\/p\u003e\n\u003cp\u003eLow friction means Arbor must deliver better pricing, speed, and account service to prevent churn; a 1% rate spread can shift deals away.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eSwitch cost ~0.5–1.5% of loan\u003c\/li\u003e\n\u003cli\u003e~62% shop 3+ lenders (2024)\u003c\/li\u003e\n\u003cli\u003e1% rate spread drives switching\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInformation Symmetry and Market Transparency\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eBy 2025, digital lending platforms and real estate analytics have pushed rate transparency: aggregate loan listings show median offered yields within ±40 basis points across top 50 platforms, and CBRE reported 2024 platform data increased borrower pricing visibility by 35% year-over-year.\u003c\/p\u003e\n\u003cp\u003eCustomers now compare APRs, fees, and covenants in real time, eroding lenders’ informational edge and enabling demands for lower spreads, faster execution, and customized covenants.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eMedian platform yield dispersion: ±40 bps\u003c\/li\u003e\n\u003cli\u003eBorrower pricing visibility up 35% (CBRE 2024)\u003c\/li\u003e\n\u003cli\u003eReal-time APR comparisons empower negotiation\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eBorrower Power Surges: Shopping, Pricing Pressure, and DSCR Risk\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eBorrowers hold high bargaining power: 2024–25 data show ~62% shop 3+ lenders, median platform yield dispersion ±40 bps, CBRE pricing visibility +35% YoY (2024), and repeat borrowers drove 40–55% of originations—pressuring fees\/spreads by 25–75 bps; 100 bp spread raises debt service ~10–12%, often breaching 1.25x DSCR.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eShop 3+ lenders\u003c\/td\u003e\n\u003ctd\u003e~62% (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eYield dispersion\u003c\/td\u003e\n\u003ctd\u003e±40 bps\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePricing visibility\u003c\/td\u003e\n\u003ctd\u003e+35% YoY (CBRE 2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRepeat borrower share\u003c\/td\u003e\n\u003ctd\u003e40–55% (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDebt service impact\u003c\/td\u003e\n\u003ctd\u003e100 bp → +10–12%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eWhat You See Is What You Get\u003c\/span\u003e\u003cbr\u003eArbor Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact Arbor Porter Five Forces analysis you'll receive immediately after purchase—fully formatted, professionally written, and ready for download with no placeholders or sample content.\u003c\/p\u003e\n\u003cp\u003eThe document displayed here is the final deliverable; once you complete payment you'll get instant access to this identical file for immediate use in research, presentations, or strategic planning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56747583766905,"sku":"arbor-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/arbor-five-forces-analysis.png?v=1772200081","url":"https:\/\/growthsharematrix.com\/products\/arbor-five-forces-analysis","provider":"Growth Share Matrix","version":"1.0","type":"link"}