Real estate debt can offer a ‘triple inflation hedge’: It is secured on real estate – and, historically, real estate has outperformed in periods of inflation. Invesco’s loans are typically floating rate loans. In other words, we charge a margin over an appropriate reference rate, such as SONIA or EURIBOR. As this rate goes up in reaction to increased inflation expectations, so does the amount of interest we receive. The loans we make are typically four-year loans. This means the income and rent from the underlying collateral is rebased to market on a regular basis. This allows us to reposition our portfolios, reflecting any new inflation that has been passed through the system.