DoubleLine Opportunistic Credit Fund (DBL)

Anybody listen to Gundlach's call today? I posted a question regarding the distribution cut last year, and he said that the lower interest rates have been limiting the income that the portfolio managers can achieve. He said that they are pretty close or have achieved earning the distribution, at this lower level ($0.11/month). I also asked him if interest rates reverse and the Fed becomes hawkish and starts tightening, will the DBL distributions go back up? He didn't answer that one! With all of the agency and non-agency mortgage debt in this portfolio, not to mention the 20+% leverage, I don't exactly understand why the earnings potential dropped 30%. Prepayments? Refinancing activity? Looks like the fund is now trading at close to NAV. Hope we see an increase in the distribution someday....

Here is the quote from the press release this morning:

The $0.110 distribution represents a reduction of $0.057 from the distribution of $0.167 for the prior month. The reduction
was implemented to better align monthly distributions with the Fund’s expected earnings in light of such variables
as, but not limited to, Fund management’s outlook for investment opportunities in the Fund’s addressable market.

So, it looks like Gundlach doesn't see many attractive opportunities to invest in residential and commercial mortgages, and asset-backed securities, going forward. It also looks like the leverage in the fund is around 20%, and that will cost more to carry as interest rates rise. This was a bomb, dropped on the shareholders. And it looks like they are planning to continue with this distribution amount in the future. I got this one completely wrong, and hoped that the new dovish tone at the Fed would signal a halt to rate increases and a return to "normal" for DBL. Guess I'm not that smart after all....