I'm curious what everyone here is thinking about the state of the market. On the commercial lending side, we are currently experiencing a significant drop in spreads on new debt deals and the intense pressure coming from life insurance co's. It seems a lot of the project loans i'm seeing across my desk are more non-recourse bridge which is much tougher to underwrite for us. We recognize we're in the 9th or 10th inning and are trying to focus on writing bigger checks to our bigger and better-credit clients that we have strong relationships with.
Curious what everyone else thinks and how their debt/equity/brokerage shop is preparing going forward. Are you loosening your criteria to do more deals? Setting cash aside?