Welcome to the November edition of the Easy Income Portfolio Review—our steady hand amid the noise, focused on what actually puts cash in the account each month. While markets remain obsessed with every tick in the ten-year yield and every whisper about rate cuts, our corner of the world kept doing what it was built to do: generate dependable income with the right mix of discipline, credit awareness, and selective contrarianism.
Private credit and the business development companies once again reminded the market that boring can be beautiful. Prices drifted sideways while the rest of Wall Street tried to figure out if the Fed was serious about "higher for longer." Meanwhile, the BDCs kept throwing off 10–12% yields with solid coverage and stable NAVs.
The direct-lending universe remains a lender's market as deal structures are tightening, and spreads are wide enough to get paid for the risk. This is the cash-flow engine of the portfolio, and it's still humming quietly under the hood.
Oil and gas income is the bedrock of the portfolio, and the midstream sector continues to play its role perfectly. The market fretted about oil demand and falling prices, but midstream cash flows are tied to volume, not price. Pipelines still move every cubic foot of gas and barrel of crude that this economy burns and with data centers, LNG, and AI power demand rising, that flow isn't slowing.
Distributions are secure, balance sheets are cleaner than they've been in a decade, and we're still collecting 7–9% yields while watching royalty trusts give us a little extra pop when crude bounces.
Residential mortgage-backed securities had a quietly strong month as mortgage rates finally eased. Lower volatility helped carry returns improve, and agency pools look a bit more attractive again.
There's real value in seasoned, lower-coupon paper where prepayment and credit risk are well understood. The non-agency side remains a pick-your-spots game, but spread levels make the math work. We stay long the steady paper and let the volatility junkies chase the rest.
Commercial mortgage-backed securities remain the tale of two markets. New-issue deals are clearing easily as the market absorbs higher yields, but older office-heavy vintages are still bleeding out value.
That's fine.
Every bear story on CNBC about empty towers in San Francisco only helps us demand better yields on new SASB deals and safer conduit pools. The carry is excellent, and the selectivity is paying off.
Corporate credit markets calmed down after the tariff tantrum earlier this year. Spreads tightened, and both investment-grade and high yield are now back to near-cycle lows. That's not where we find deep value, but it's still where we find consistent income. Our laddered IG positions are doing exactly what they should, providing cash flow without the drama, and the higher-yield BBs give us a little more juice without dipping into the dangerous CCC swamp.
One of the most under-appreciated corners of the market, discounted closed-end funds, delivered again. Activism continues to unlock value as firms like Saba force tenders and buybacks that push discounts closer to NAV. It's slow, patient work, but it's a low-volatility path to double-digit total returns when you buy right. The playbook is simple and keeps working.
Community bank debt and sub-debt remain one of my favorite income ideas. The national press talks about "regional bank risk," but the FDIC data paints a different story with stable margins, low non-performers, and a shrinking list of problem banks.
The fear premium is still baked into many issues, and that means we're getting paid extra for holding paper from fundamentally sound institutions. The combination of insider ownership, disciplined credit, and cheap funding is still there if you know where to look.
The quiet revolution in bank risk-transfer securities continued in both the U.S. and Europe. The market for synthetic risk-sharing is exploding as regulators give their blessing, and banks realize they can free up capital without diluting shareholders.
For us, it's another way to earn double-digit yields on low default risk, as long as we stick with seasoned, transparent structures. It's the kind of opportunity that quietly compounds while the crowd is busy talking about meme stocks.
Over in the Asia-Pacific corner, sovereign debt remains the ballast. Australia and New Zealand bonds are paying 4%-plus yields with stable credit and currency exposure, while Japan remains the world's most interesting bond market science experiment. It's slow, steady ballast and we want ballast when the rest of the ship rocks.
Finally, U.S. preferreds trading below par are still the hidden gems of the easy-income world. Big-bank and utility preferreds yielding 6–7% with fixed-to-float structures give us both protection and upside if rates decline. The sector remains misunderstood, and that's fine.
We'll keep buying when others hesitate.
The bottom line for November: The macro chatter will keep spinning, but the portfolio's income streams keep flowing. Our approach, own real assets, own credit with discipline, buy discounts with catalysts, and keep cash flow coming, works best when the rest of the world is distracted.
In other words, right now.
Here's the November Easy Income Portfolio Review, focused squarely on our individual positions. While the headlines bounce between inflation prints and political noise, the portfolio keeps doing exactly what it was built to do—produce reliable income across a diverse set of assets that don't move in lockstep. Below is the month's rundown, in plain English, the way we like it.
Virtus InfraCap U.S. Preferred Stock ETF (PFFA)
Preferreds have been steady, which is precisely what we want from this corner of the portfolio. PFFA's yield sits north of 9%, and the fund continues to grind higher alongside improving sentiment in credit markets. Nothing dramatic here—just dependable income in an asset class that still trades at discounts to par value and offers both yield and potential price recovery if long rates ease further.
Special Opportunities Fund (SPE)
SPE declared another monthly dividend of just under eleven cents per share, payable at the end of November. The fund continues to trade near the upper end of its 52-week range, reflecting strong execution by Phil Goldstein's team and ongoing investor confidence in the activist value approach. For us, it remains a steady performer that occasionally benefits from corporate action catalysts and opportunistic portfolio management.
Simplify MBS ETF (MTBA)
MTBA's NAV and market price remain locked in step which is exactly what you want from a well-managed ETF holding mortgage-backed securities. There have been no structural changes or performance surprises. It continues to serve as a low-volatility anchor for agency MBS exposure, capturing spread income while rates drift modestly lower.
iShares Mortgage REIT ETF (REM)
The mortgage REIT complex finally caught a small tailwind this month. REM's price edged higher as mortgage rates fell and spread volatility eased. The technicals turned positive, suggesting the sector might be due for a bounce after months of pessimism. We're content to collect the income while the crowd catches on that book values aren't imploding.
Saba Closed-End Funds ETF (CEFS)
CEFS nudged its cash weighting higher this month, taking a slightly more defensive posture—a smart move given the recent rally in risk assets. No major corporate actions, but management continues to rotate tactically into discounted funds where activist pressure or tenders could unlock value. It remains one of our favorite ways to earn yield while keeping optionality on the table.
SPDR Blackstone Senior Loan ETF (SRLN)
SRLN kept its rhythm with another solid monthly payout of roughly 28 cents per share. The floating-rate loan portfolio is performing well, benefiting from stable short-term rates and low defaults across corporate credit. It's not exciting, but it's steady, and that's why we own it.
Tortoise Energy Infrastructure Corp. (TYG)
This was the big story of the month in our portfolio. TYG completed its long-awaited merger with TEAF, simplifying the structure and expanding its asset base. More importantly, management raised the monthly distribution to $0.475 per share, confirming the strength of cash flows from midstream energy holdings. This merger strengthens the income profile and scale of the fund, a win for long-term investors like us.
Angel Oak Financial Strategies Income Term Trust (FINS)
FINS declared its November dividend of $0.115 per share and announced a management fee waiver through next November, reducing expenses and improving net yield. The portfolio continues to benefit from stable community bank and structured credit exposure, both areas where Angel Oak's team has deep expertise.
It remains one of the better-run niche credit funds in the market.
Aberdeen Asia-Pacific Income Fund (FAX)
No meaningful updates this month. The fund continues to perform as designed with steady, diversified exposure to higher-yield sovereign and quasi-sovereign bonds across Asia and Australia.
Dorchester Minerals, L.P. (DMLP)
No major announcements or operational changes this month. The trust continues to benefit from stable production volumes and disciplined capital allocation. Cash flow remains healthy even with commodity prices moving sideways.
ArrowMark Financial Corp. (BANX)
BANX remains on solid footing. While its shares drifted lower on light volume, fundamentals remain strong. The company announced a special dividend of $0.40 per share, payable in December, reflecting excess earnings from its bank sub-debt and risk-transfer portfolio. It's another reminder that small, well-run specialty finance companies can still generate real income without chasing leverage.
Nuveen Real Asset Income & Growth Fund (JRI)
JRI declared its regular $0.1335 monthly distribution. The fund's diversified real asset portfolio spanning REITs, utilities, and infrastructure debt has quietly benefited from easing rate pressures. The price moved modestly higher, keeping the discount to NAV in check. A slow and steady contributor.
VanEck BDC Income ETF (BIZD)
The BDC space continues to deliver reliable income, even as valuations cool a bit. BIZD's yield sits around 11%, and while performance lagged one of its more aggressive peers, the fund remains an easy, diversified way to capture private credit returns.
As credit spreads normalize, this remains a core holding in the income sleeve.
WisdomTree Private Credit Fund (HYIN)
HYIN has been treading water as the private credit sector faces a little more scrutiny from regulators and cautious sentiment from retail investors. Technical signals turned slightly negative early in the month, but fundamentals remain sound.
It's worth holding for the yield while keeping an eye on liquidity and new issuance trends.
InfraCap Bond Income ETF (BNDS)
BNDS continues to deliver steady results. The fund's 30-day SEC yield of roughly 7.6% remains compelling, and there were no surprises from management. It's a simple, well-executed way to capture high-income opportunities in investment-grade and high-yield corporate bonds.
In sum, November was a classic "income month"—no fireworks, just cash hitting the account and a few quiet wins. The highlight was clearly the TYG merger and distribution increase, but the broader portfolio keeps doing what it's meant to do: provide stable, tax-efficient income from a carefully diversified mix of credit, real assets, and discounted funds.
The rest of the market can chase headlines.
We'll keep collecting checks.
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