In many ways, the second way helped to ensure the new reality. "It wasn't inevitable," says Jackson. "Now that the pandemic is elongated, I think that people are starting to recognize that this is going to be a lot longer than the early idea suggested. Whatever misinformation was in the marketplace about the recovery cycle and the potential recovery cycle, I don't think anyone believes that anymore."

Jackson has already started to see distressed assets, particularly in the hospitality, come to market. "We are already starting to see it. It has gone from being the promise of distress to the reality of distress," he says. "It is undeniable that there are real estate investments that are made that are loans that can't continue to pour money into an asset that is not cash flowing. There is some point where the investors don't have the financial wherewithal to keep the loan current. We are moving from denial to acceptance."

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