The Refi Situation in the CRE Market

I'm stealing this from Jeremy Stein. But the impression I got on the refi situation was that we may be have four to $5 trillion of outstanding us CRE to in total that's been financed. And that we have over the next 12 to 18 months, something like $1 trillion that will roll. Now, not all of that, you know, in different forms because of financing there may be 30% is bank financing and maybe a whole block is CMBS. A fear amount is going to be insurance company financing. Insurance companies have been incredibly aggressive in originating new assets in the space. So my suspicion is that if you leave, it's basically my suspicion nonsense.