Walk us through the challenges we see in real estate, but then also why you maybe think at a total portfolio level income will still be resilient.

Yeah, I mean, I think there's a couple of things.

So if you go back over the last 15 years and you just think about the different cycles that we've seen in real estate, you know, 15 years ago, it was no one wanted old generation industrial.

And then it was super regional shopping centers.

During the pandemic, the flight to quality was apparent, but on the office side of things was really challenging as people weren't physically in the office, and it really challenged the need for companies to lease out office space.

Fast forward to today, and you have a...

I would say a softening in multi-unit residential demand.

But talk to listeners through global real estate dynamics and where that is in the cycle.