Liquidity and Valuations

Selective asset appreciation: Liquid financial assets will selectively benefit most from the current regime. Meanwhile, an estimated $1.5 trillion in losses from multi-family and commercial real estate (CRE) will gradually be offloaded into special purpose vehicles (SPVs).

Private market repricing: Illiquid [RM1] assets face downward revaluations. We expect a shift in how risk is priced across the board.

 [RM1]Will this negatively impact the HC receivables fund?