“But I mentioned this maybe last quarter, this year and probably next year, you will resolve a lot of the things that we put up reserves were over the last several years.”

In context

“l? 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. Investment activity has been up year-over-year as well, I think, roughly 10%. So generally, there's been some good momentum. But I would say that we'll have to just monitor the kind of where we are in terms of some of the uncertainty that's out there. So it might slow a little momentum. I don't -- I think our feeling is the sector has found a trough in values, generally, all else equal, and we saw that in some of our LTVs and our debt service coverage ratio. But I mentioned this maybe last quarter, this year and probably next year, you will resolve a lot of the things that we put up reserves were over the last several years. And so this will be kind of the resolution point, but that tends to happen at the trough. And I think -- so we still think we're there. Again, it's a bit all else equal, but we are feeling and we saw look, if you go back to VII, we had a 2% roughly return on the real estate-related funds in the quarter. So there are signs of improvement, but obviously, we'll have to just see how long the uncertainty persists. Jimmy Bhullar: Thank you. Operator: Your next question comes from the line of Tom Gallagher with Evercore ISI. Please go ahead. Tom Gallagher: Good morning. First question is on the risk transfer deal. I guess on its face, the pricing maybe it doesn't look so great in terms of, we'll call it, the earnings multiple of what you're giving up. But as we all know, this is kind of a pretty”