Is Dis a System?

https://mishtalk.com/economics/bis-warns-of-leverage-liquidity-risks-and-the-need-for-a-fed-backstop

. . . closed-end funds known as mortgage real estate investment trusts (mREITs) are relatively prone to selling rapidly in times of stress. Large amounts of debt — often in the form of short-term repos — allow mREITs to pay out double-digit yields, even if they mostly invest in low-risk securities. High leverage and maturity mismatches imply that mREITs can be an important source of fire sales . . .