It takes about a year for changes in the market to fully hit real estate fund valuations, even when they mark-to-market on a quarterly basis. The thing is, nobo

It takes about a year for changes in the market to fully hit real estate fund valuations, even when they mark-to-market on a quarterly basis. The thing is, nobody is selling so recent transactions that are used for valuation aren't impacted yet. In the short run you can account for lost rent under short term delinquency.