Can we talk through what current market expectations are today, specifically for hospitality collateral and what has changed in the past couple of years in response to availability? Maybe we could start with property and liability.

Yeah, I mean, I can start here and then Emily Brady, feel free to jump in.

I'd say, you know, from a lender standpoint, so backing up a little bit, the property market specifically has shifted dramatically over the last 24 months, right? We went through a real hardening of the insurance market, probably starting in 2017 with Harvey Irma Maria, and the market increasingly went up all the way up to 2024.

Since then, over the past 24 months, the property market specifically has gone through a deep softening with an abundance of capacity and competition in the market, which has led to everyone getting lower insurance premiums, but also the availability of insurance and what lenders are requiring today is a lot different.

than what wasn't two years ago.

And what I mean by that is on the property side specifically, a lot of borrowers simply couldn't, if you're talking about a hotel in Miami, a lot of borrowers couldn't meet the requirements of various loans.

So the spectrum of loans is a lot different, right? So if you're talking about a SASB loan or a securitized loan versus a balance sheet loan, there are two different sets of requirements.

Question number two is like, when deductibles, you know, Are you seeing movement to flat dollar amounts or still seeing 2 percent per location per storm, 5 percent? Just talk to us about what's reasonable and achievable in today's