COVID's Busy Year

We've never been busier from an underwriting perspective, but we're not closing on many opportunities right now. There's a significant bid-ask spread because there's a tremendous amount of uncertainty around the valuation of the underlying collateral. Are you finding that you're losing some transactions because there's so much capital in the market that people are prepared to outbid you? We don't seek to create value at the underlying collateral level for the most part. Each real estate sector seems like it's unhappiness own way.