Great podcast. Had a question on CLOs. Most of the growth in senior loans over the past year has been from private equity LBO and other debt financing for PE. Which means that most of the CLOs also own that debt. It is precisely that segment of credit which is suffering now as PE firms are having difficulty raising equity for those firms at these level of rates. How is this not impacting default rates of senior loans? I thought this would be the exact liquid space that would reveal the excesses of what has been going on in the PE under ZIRP? Many thanks

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