[nighthawk454]

This tracks with what I’ve heard around as well. What changed in the financial instruments?

My understanding is a lot of the loans have gone PIK or otherwise essentially aren’t serviceable at current prices. Do you think that’s resolvable somehow or just lagging implosion?

[Schiendelman]

Nothing changed in financial instruments - we just don't usually have a lot of office tenants decide to walk away like we have with the advent of remote work. The loans will work themselves out. We've seen a couple of buildings trade for way less than pre-Covid numbers, and we'll see more.

In another 10 years downtown Seattle will be aligned with the rest of the market again.