How should an owner evaluate the trade-offs between accepting expensive or highly structured new capital, contributing more equity themselves, selling the property, or just handing back the keys?

All options, but the starting point always is a very thoughtful, very thorough, honest evaluation of the prospective cash flow.

That's the starting point of any analysis underwriting.

So we can really evaluate the various options and the related costs.

We often work with our clients in developing, we call feasibility studies, very popular exercise today on office to residential conversions.

You need to understand what is the cost to redevelop? What is the cost to convert a property or to re-tenant the property? And based on that analysis, we can evaluate how much and what type of rescue capital makes the most sense.

It's also very critical to consider, as we alluded to before, the income tax ramifications to an owner under the various scenarios.

Do you expect rescue capital to become a much larger part of the commercial real estate market as more loans mature? And for owners, lenders, and investors listening today, what should they be doing before maturity or liquidity problem becomes a crisis?