The Advantages and Disadvantages of Investing in the Office Sector

You can't paint all of CRE with one brush. There are sectors like multifamily industrial self-storage and certain parts of hospitality that are actually performing from a profitability perspective better than we've seen them in the past. The issue the market faces is that there isn't enough capital available at the appropriate price, which leads to the opportunity for the non-banking sector. In a way, I'm relieved that there are players like you. It means you can help maybe lessen what would have been a worse credit crunch by stepping up. But these are kind of punitive rates for a lot of people to be paying.