The Impact of CMBS on Private Debt

I mean, there's a whole like giant skyscraper that is private debt. Some of the big guy problems don't really trickle down to the guys in the tertiary markets. I think when we were assessing valuations and what they were putting together, I think one of the lowest cap rates we saw was a nine. Most of these guys are double digits. We want to be more scrappy if I can use the term. Well, and I want to stay, I wants to stay in that little inefficient space. Yeah. So that's a sort of a live discussion. You know, not that I even know that much about it, but this probably doesn't scale to a billion