The Transition From a Low Rate Environment to a New Regime

I think for existing portfolios, the capital that was put out over the last couple of years at peak prices is really going to struggle to generate an attractive rate of return. So much evaluation was driven by the availability of financing. But those capital structures were not sustainable because if you're levering a business at seven or eight times in a low rate environment and then rates are up three, four, five hundred basis points, structurally that business cannot support the same level of financing. And so this is going to play out over some period of time, but there's going to need to be a massive deleveraging across the industry.