we have been talking about consolidation since the gfc. since the gfc.his is one of those points i'm going to want to laugh about in a few years time from now, but i actually think as we look at the barriers to entry in this space, if we look about the cost of running our businesses, if we think about the scale that we need to operate at, i think -- and the multiples that we are starting to see coming down, i think this could be an interesting time for consolidation. francine: but why has it been a long time coming? is it regulation, or there was just no appetite? robyn: i think -- i think when cash is free, it softens that. i think the moment where people need to deploy at scale in liquid markets has been something that has softened. if you look at trends, the trend has been in passive, it has been in private equity. if you think about the assets that no longer sit in the public domain, that has been our themes over the last 10 years. i think when private equity does not have quite as much cash, when that raising is harder, when lending is harder, these

so, again, this all makes perfect sense since the gfc, as you highlighted the difficulties in certain types of financial institutions investing? long-term assets. >> although some would say that leverage in the system surprises loans that are out there and other interconnectivities with the banking system who are providing some of the financing and so forth, you still don't see a systemic risk from the broader system as well? >> there are bad actors and people that utilize too much leverage in virtually every asset class, but generally speaking, ares management is an unlevered, modestly levered, and doesn't require customer deposits for insurance. large banks are 10 to 12 times leveraged with customer deposits, with government insurance, that have a different level of risk and, therefore, should have a different level or different type of balance sheet and investment base and they do and should. >> mike, what do you make of the retail strategy as well? a huge component of your growth strategy. you say in today's presentation that people with a million dollars or more in investable ass

we have been talking about consolidation since the gfc.his is one of the points i will laugh about a few years time from now, but i actually think as we look at the entry into the space, if we look about the cost of running our business on the scale that we need to operate on, i think the multiples we are starting to see coming down, i think this could be an interesting time for consolidation. francine: why has it been a long time coming, regulation, appetite? >> when cash is free it softens that, the moment when people need to deploy at scale in liquid markets. if you look at the trend it has been impassive and private equity if you think about the number of assets and no longer sit in part -- in private domains, that has been our theme. one private equity doesn't have as much cash we are not raising is hard when lending is harder. these are opportunities for niche bases and expertise to come about. and having an organization that can deliver the scale we have put in play, the pit that is less sexy and exciting, that infrastructure, the a

and i'm just watching if we're going to have a repeat of something from the gfc i don't see that coming. that's what i think. what tony's doing is part of the workout. right? he's sitting there with a bunch of capital and when the price is right, because they used to say, tony, that the hotel -- only the third hotel operator made money, right? >> first of all, i think that there is something to be said for the fact -- take good heart from the unsecured bond offering we did just a few weeks ago. >> right >> we had one existing bond owner participate. we had an oversubscription we went out for 150 million of privately placed unsecured bonds. we had $255 million of interest. we took 225 million in over 5, 7, and 10 years. and the reality is four of those participants were new and really have no significant exposure -- >> what was the yield, what did you come out at? >> we were sort of low 7s on each of the durations. >> interesting and i guess i would ask if you're facing any troubles as you mentioned you can get money that route what about from the banks? to the point that steve and other

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it's the old-fashioned gfc, like an office property, it's old-fashioned gfc-like.ast month. >> is it 50 cents on the dollar or60 cents, 70 cents? >> typically, real estate prices in the office in the public with rates are down 40%, and in the private market, transactions are taking place down 60%, 70%, before the -- 60 and 70% before the fed started to hike rates. >> wow. is your worst nightmare that the government will step in and give forgiveness to those that signed these deals? >> the government is not so forgiving, right? they are not going to help real estate entrepreneurs, the ones that kind of bought these companies with high leverage. well proven in the united states, right? in the past, they helped banks and people with systemic risk issues, but it's been proven in the united states -- >> but are the banks in trouble, regional banks that could have so much on their books that could cause a problem. >> the $2 trillion and $3 trillion banks, modest exposures to kind of commercial real estate, of course, they are going to take that down. but they are strong,