Tim Barrett

Right.

I think if you pull the curtain back and look at office space in general, it's an abysmal story.

And that's the headlines you see everywhere.

Our job as investors is to dig beneath that headline and see if there really is opportunity.

Are we hitting the turning point?

When we think about office now, the vast majority of office, especially second tier cities, et cetera, we don't want to touch.

But we think that there's a unique opportunity to buy at the discount to replacement costs.

In some cases, a meaningful discount.

Trophy assets in growing areas.

We specifically like certain areas of the Dallas market and the Plano market.

We think there's a lot of opportunity there to pick up high-end trophy assets with a population that's growing in that area.

And you'll see people migrate from these, call it class B or A minus buildings to these trophy assets.

There's a lot of opportunity there.

I would say that's almost a quintessential rule of investing, right?

If we can talk about real estate, we can talk about private equity, private credit, just about any asset class you're thinking about.

The pain part of that asset class is usually talked about pretty quickly.

Like last week, it was software and AIs wiping out all the software companies, right?

That's kind of the canary in the coal mine for an investor to go look at his portfolio, specifically private credit in this case, and decide whether we have the right exposures with the managers and talk to them.

Like, do you have exposure to software companies, specifically application type companies, right?

Enterprise is probably going to be fine.