Private Real Estate Funds Are Taking a Big Hit, Right?

Some of the larger, not the largest like institutional but in the world of 506 fees and some of these private real estate funds. The more sophisticated managers are kind of playing on both the equity side, but also the credit side. And I think they look at it almost like we want to be flexible in a certain year, might be more of a year where we want to put equity to work. You could put both to work too, right?