On the left, we are showing real estate transaction volume by property type. Overall, transaction volumes have decreased over the four quarters due to higher rates. At the property level, apartment and industrial transaction volumes declined by more than 50% since 3Q22. This is unsurprising given, as show on the right, both these sectors saw notable slowdown in net operating income. While retail and office transaction volumes declined as well, activity did not slow by as much due to improved net operating income growth.