The Price Correction: How Far Ahead Are We?

I think now we're in the fifth inning because you're seeing default rates accelerate. The turmoil is clearly accelerating. Much of commercial real estate which was financed since 2015 was done with both a secured financing and mezzanine debt. So when you see the default rate is three or 4% for CMBS style loans or first mortgage loans, that's not telling you what thedefault rate is on the junior debt.