“The 10-year yield rose 82 basis points in the third quarter of this year alone. That was the fourth largest quarterly increase in the 10-year Treasury yield in a decade. And much of that move took place in a single month, September, with the 10-year eventually reaching 5.31 in early October. That was the 10-year Treasury yield's highest level since April of 2002, nearly 25 years.”

Sure, definitely. Yeah, we did recently upgrade the sector to attractive with a particular focus on the $25 par retail preferred sub-sector. But before I get to that, I do want to emphasize I'm still very constructive on the institutional $1,000 par preferred sub-sector as well. Those have variable-rate coupons, so they're much less sensitive to interest rates than their $25 par counterparts. And yields today are about 7% in the institutional preferred space versus roughly 7.25 to 730 in the $25 par market. So you're giving up a little bit of yield, but you're getting significantly less interest rate risk. In fact, duration is less than half that of the $25 par sector. So that's why $1,000 par preferreds have been a primary focus of my recommendations in this space for the past several years. What's changed is that we now see an increasingly compelling opportunity in the $25 par preferred space. And I'd point out three things in particular. First, there's a potential tactical rebound after some pretty pronounced underperformance in recent weeks and months. Secondly, yields are now above 7%, closer to 7.25, almost 7.5% in the $25 par space. And that's meaningful…