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Speaker 1: The Wall Street Journal just ran an article a couple days ago about how there's a $2

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Speaker 1: trillion refinancing wall hitting for multifamily. And what they're talking about there is

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Speaker 1: a lot of the apartment landlords over the last 10 years, back during the pandemic and late

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Speaker 1: 2010s, they took out cheap debt, cheap interest rate debt, 3%, 4%. Most multifamily

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Speaker 1: apartment loans are only five to 10 year terms. So those are rolling now and over the next

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Speaker 1: couple of years. And these apartment landlords are flipping from a 3 .5 % rate to a 6 %

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Speaker 1: rate, a 6 .5 % rate. And that's causing their interest burdens to double in some cases,

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Speaker 1: meaning they're not going to cover their debt surface in many cases. It's a tough landscape

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Speaker 1: right now if you're a real estate investor. I think the green shoot is like this is the

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Speaker 1: first time in 15 plus years where there's starting to be real opportunity, right? Like

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Speaker 1: there's starting to be some real distress in these different sectors. And I think we're

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Speaker 1: going to see even bigger discounts over the next year.