J Darrin Gross
I'd like to ask you Anne Hollander, what is the Biggest Risk?
Anne Hollander
I am happy to take on this challenge. So over the course of our conversation, I think we've talked about a number of areas of risk, right, we're seeing expense growth, quite a bit in the operations, which, frankly, is a lot of ways the silent killer. We've talked to them about the debt side of this and understanding your positions within debt and understanding it a much deeper level where you sit today and what risk you're taking on within the debt that you have either existing today on the on your existing assets, or in the future as you're doing deals. Frankly, you know, when I begin to look at, I think there's also equity risk as well for capital call unexpected capital calls, if the to an asset and debt aren't mitigated particularly well. So opening up new risks potentially on the equity side, and either not being able to return as much as you're expecting, or potentially even being underwater in what those returns look like. The three of these things, though, can all be also, the other uncovered risk, or perhaps the area that we haven't talked about at this point is the fact that a lot of information is being sent around quite a bit very freely and openly within an organization and, and then outside of the walls of the organization that can be highly sensitive or are particularly damaging to organizations. If you think about, okay, when was the last time that I took a look at my models that I had that had all of my investor information in it. And it's all sitting in Excel, Excel can't be secured. We don't necessarily know where it goes, who it's shared with. We don't know how they access things. We don't know if they if somebody is modifying something within that document, sending it back sending it around. And so Excel becomes essentially a game of telephone where everybody's got their hands on it, and hands in it. For the most part, you know, fairly innocuous but not not in a place where we can necessarily even assess what if anything has changed or information has been borrowed or stolen back out of that document as well. I think the one thing that we don't talk about much in the commercial real estate space is the technology risk and the data risks that people run when they're using you know, tools that seem extremely convenient, but then have a complete lack of any level of accountability to them. Excel being probably the number one offender other potential tools also offender as well.