As part of the Dodd-Frank legislation that went into effect on December 24, 2016, issuers and/or B-piece buyers must retain 5% of the market value of any new issuance CMBS. This has provided a backstop to underwriting quality, but at the same time has reduced the ability of CMBS lender to compete with balance sheet lenders due to the resulting increase in loan pricing. In what way(s) do you think CMBS lenders will be able to compete with balance sheet lenders going forward and how do you think this will transform the CMBS market overall