“But as Ramy said, if you take growth is probably exceeding expectations cap are coming in a little lower here likely going to stabilize from here into the second quarter.”

In context

“xpected that to be a five or six point drag but had expected to partially offset that with certain management actions in the quarter. However, we had some -- rates were different. The path of rates were different. We had lower rates than expected. We had a flatter curve than expected and so it became a bit difficult to reposition the portfolio and leverage some of our tools we had to offset that cap roll-off. The second thing we had in the quarter is we had more than expected paydowns in certain structures -- higher yielding structured securities and loans. And when we redeploying that, you ultimately -- you were redeploying that at some lower spreads, and that was in the early part of the quarter. So those two things impacted our ability to offset some of the cap roll off in the quarter. But as Ramy said, if you take growth is probably exceeding expectations cap are coming in a little lower here likely going to stabilize from here into the second quarter. And net-net, you're effectively flat relative to earnings expectations. So hopefully, that gives a little color as to how to think about the two. Jimmy Bhullar: Okay. And then on your CRE portfolio, the main metrics are pretty similar with how they've been recently with loan to values and coverage ratios and it seems like things were starting to stabilize, but are you seeing indications that with all this uncertainty that the recovery is going to stall? Or what are you seeing in the crucial mortgage loan book? John McCallion: Yes, good question. As you said, real estate activity and office leasing, it really was continuing to show some late in the year and even into Q1. I think our statistics show that office leasing activity in Q1 was the strongest we've seen since like mid-2019. Investm”