So before we get into what today looks like in terms of the market opportunities, what is the purpose of this fund inside an investor's portfolio? What's the mandate here?

J.P. Morgan Strategic Income Opportunities Fund has always been and was designed as what's known as an absolute return fixed income fund.

Very, very different from traditional fixed income funds.

As, as you guys know, traditional fixed income funds have a benchmark that's typically pretty sensitive to things like interest rates and risk premiums.

You know, they typically allocate around that benchmark.

As a result, you know, the bulk of fixed income funds out there, like it or not like it, you know, kind of move up and down with interest rates, right? So that's why, you know, over the last five years of interest rates have risen, a lot of these funds have negative returns because interest rate, rising interest rates are terrible for fixed income investors who own traditional funds because it, it erodes the value of their investments.

Absolute return investing on the other hand, it's not just a long only fund.

Why are rates going up so fast, and what does it mean?

I like to talk about it as a kind of a payment default.

Yeah, kind of in the form of more debt.

Right.

That's you know, that's well, I can't name companies, but that's a lot of companies are going out of business doing that.

Usually a pick is the is the first sign.

But that's the other problem.

So you're seeing non accruals rise in these in these both BDC and private credit portfolios.

What are your thoughts around Mr. Warsh and how would that affect the rate environment going forward?

That's a shadow default.

Yeah, kind of in the form of more debt.

Right.

That's you know, that's well, I can't name companies, but that's a lot of companies are going out of business doing that.

Usually a pick is the is the first sign.

But that's the other problem.

So you're seeing non accruals rise in these in these both BDC and private credit portfolios.

What are your thoughts around Mr. Warsh and how would that affect the rate environment going forward?

I like to talk about it as a, as a kind of a payment.

Yeah.

A kind of a pa- [laughs] in the form of more debt, right? That's, you know, that's...

Well, I can't name companies, but that's-- A lot of companies are going out of business doing that.

Usually a PIC is the, is the first sign.

But, um...

And that's the other problem.

Okay.