Where does Nuveen see the best opportunities in this region?

I think we're one of the few non-banks that can lend in both the core lending space on behalf of our parent, TIAA, and we also provide core plus development lending to borrowers on behalf of, again, our parent TIAA and third-party capital.

That 650 million raising was closed last year and is almost fully committed, which meaning we're now moving onto a, a new vehicle with those same investor partners.

In terms of the best opportunities, and because of that success we've been deploying a lot, we certainly focus on the bigger projects and the larger sponsors, but we also look at a focus on sectors with good tailwinds.

And where we see the best opportunity is prime infill logistics due to the scarcity of land, tenant demand across the industries, and the ability to back a project that will deliver a superior product sort of in tight markets.

In industrial, we do have to watch cap rates, but we're still very bullish on that sector.

In terms of all forms residential, that's also a favorite for ours, but particularly build to rent.

Dugald, how is that influencing Novena's lender decisions, this, you know, risk of continued high construction costs?