This sounds very similar to the commercial real estate market. What do they have in common? High amounts of leverage, and holding periods of 5-7 years for asset

This sounds very similar to the commercial real estate market. What do they have in common? High amounts of leverage, and holding periods of 5-7 years for assets. They're trying to sell assets bought with cheap money and a lower acceptable rate of return to buyers with higher financing costs and a higher risk free rate of return. They're going to be holding onto those assets for a while, until they either accept that they need to eat the loss to get liquid or their paper losses are inflated away.