On the left, we are showing real estate transaction volume by property type. Overall, transaction volumes have decreased over the last four quarters due to higher rates and the sticky nature of inflation. At the property level, office and retail transaction volumes are down year-to-date, while industrial and apartment transaction volumes are up, with both sector supported by low vacancy rates. That being said, volumes are down year-over-year across all property types. On the right, we show net operating income on a rolling 4-quarter basis. Apartment has seen a notable decertation from its pandemic highs, while office has moved downwards after improving over the last quarter. Industrial net operating income growth, supported by low vacancy rates, continues to trend higher; and, retail, supported by better-than-expected consumer spending and stable vacancy rates, has seen growth tick up but nonetheless remains below pandemic highs.