Dividend stocks are a favorite among investors for good reason. They provide a steady stream of passive income and offer a promising avenue for total return. ...

It is not a secret that the situation for BDCs does not look great. The odds for experiencing system-wide dividend cuts are very high. As the primary return source of BDCs is the yield (current income), then it isRoberts Berzins has over a decade of experience in the financial management helping top-tier corporates shape their financial strategies and execute large-scale financings. He has also made significant efforts to institutionalize REIT framework in Latvia to boost the liquidity of pan-Baltic capital ...

Ares Capital (NASDAQ: ARCC ) is the largest and probably most popular BDC among both institutional and retail investors. It has so many unique features and a "clear alpha" track record, which makes the case quite compelling.Roberts Berzins has over a decade of experience in the financial management helping top-tier corporates shape their financial strategies and execute large-scale financings. He has also made significant efforts to institutionalize REIT framework in Latvia to boost the liquidity of pan-Bal ...

Samuel Smith has a diverse background that includes being lead analyst and Vice President at several highly regarded dividend stock research firms and running his own dividend investing YouTube channel. He is a Professional Engineer and Project Management Professional and holds a B.S. in Civil Engineering & Mathematics from the United States Military Academy at West Point and has a Masters in Engineering from Texas A&M with a focus on applied mathematics and machine learning.Samuel leads the High Yield Inve ...

Berkshire Hathaway (NYSE: BRK.B ) shareholders were unsettled by the news of Charlie Munger’s passing and the announcement that Warren Buffett will also be stepping down at the end of the year.- Building a consistent, low-risk passive income portfolio—no gambling, no hype, just fundamentals. I aim to generate ~12% average annual returns with minimal downside risk, prioritizing capital preservation and stable value compounding over short-term momentum. - With over a decade of professional experience in equit ...

In the latest close session, Ares Capital (ARCC) was down 1.11% at $22.24. The stock's performance was behind the S&P 500's daily gain of 0.27%. On the other hand, the Dow registered a gain of 0.43%, and the technology-centric Nasdaq increased by 0.37%. Shares of the private equity firm have appreciated by 0.18% over the course of the past month, underperforming the Finance sector's gain of 2.38%, and the S&P 500's gain of 1.85%.Analysts and investors alike will be keeping a close eye on the performance of ...

Investors love dividend stocks, especially those with ultra-high yields, because they provide a substantial income stream and offer significant total return potential. ...

核心资产类别 - 主要关注信用资产类别 包括高收益股票(如公用事业和基础设施股票) 通过封闭式基金购买可获得7%至9%收益率 [4] - 高收益债券和优先贷款市场通过封闭式基金可获得8%至10%收益率 这些基金由经验丰富的投资机构管理 [5] - 业务发展公司(BDC)被比作小型银行 拥有良好投资记录 [6] - BDC类ETF包括Putnam管理的主动型ETF(PBDC)和VanEck的(BIZD) 后者五年回报率达9%至10% [7] 风险收益特征分析 - 高收益债券风险低于中小盘股票基金 因其在资产负债表中的优先级更高 [9] - 典型年违约率为1%至2% 违约后可回收50%以上本金 [10] - 即使4%违约率且回收50%本金 仅损失2%本金 而年利息收益达7%-9% 可用收益覆盖本金损失 [11] - 在经济衰退期间违约率可能达6%-11% 如10%-12%违约率导致5%-6%投资组合损失 仍优于股票组合表现 [12] 基金费用解析 - PBDC基金实际费用率为0.4%至0.5% 但会计规则要求将底层BDC运营费用计入 导致显示费用率达13.94% [13][14] - BDC作为运营公司 其办公和人员费用属于正常运营支出 不应视为基金实际费用 [15] - 通过基金购买BDC组合仅增加约0.4%成本 相比直接购买更具专业性 [15] 抵押贷款义务(CLO)分析 - CLO与CDO不同 CLO持有大型公司广泛 syndicated贷款 所有评级且知名公司 自1980年代末存在且记录良好 [17][18] - CLO股权类似银行股权 杠杆率约10:1 相当于购买对违约率不过度的杠杆押注 [18] - 机构持有CLO30年表现优异 度过经济大衰退和COVID危机 [19] - 零售CLO基金历史约11年 目前有半打CLO基金和少量ETF 主要以封闭式基金形式持有 [20] CLO投资风险 - 封闭式基金无法为未来贷款损失计提准备金 而健康投资组合总存在一些损失 [21] - 单个CLO类似年金 在6-8年内逐渐结束 将所有现金流支付给所有者 结束时才确认贷款损失 [22] - 封闭式基金被迫支付超过实际收益的分配 导致价格或资产净值每年侵蚀几个百分点 [24][25] - CLO投资需非常谨慎 不适合胆小投资者 不宜投入大量资金 [26] 具体基金分析 - Barings全球短期限高收益基金(BGH)由MassMutual旗下Barings管理 擅长私人信贷领域 目前以接近资产净值交易 [30][31][32] - MassMutual旗下MPV和MCI是高收益封闭式基金类别中排名第一和第二的基金 主要投资私人信贷领域 [33] - Ares动态信贷配置基金(ARDC)由优秀信用投资平台Ares管理 可投资高收益债券和优先贷款 兼具安全性和浮动利率特性 [34][35] - ARDC投资组合动态调整 持有少量CLO股权和债务以提升收益和收益率 [37]

职业背景 - 拥有语言学位并于1988年毕业 随后在多家出版社担任编辑长达25年 [1] - 2005年转向金融领域 2013年失业后专注于构建基于ETF和CEF的收入组合 [1] - 虽无财务顾问从业经验 但分享个人投资组合管理经验可为他人提供参考 [1] 投资组合持仓 - 当前通过股票、期权或其他衍生品持有BST、EOS、ETO等20余只金融产品的多头头寸 [2] - 持仓涵盖封闭式基金(CEF)如PDI、PTY 以及ETF产品如JEPI、JEPQ等 [2] 内容属性 - 文章为作者独立撰写的观点陈述 未获得被提及公司的任何商业合作报酬 [2] - 第三方分析师包含专业投资者与个人投资者 未受监管机构认证资质 [3]

财务数据和关键指标变化 - 无相关内容 各条业务线数据和关键指标变化 - 无相关内容 各个市场数据和关键指标变化 - 无相关内容 公司战略和发展方向和行业竞争 - 公司提议授权以低于当前每股净资产价值(NAV)的价格出售或发行普通股 [5] - 董事会一致建议股东批准该提案 [5] - 目前股票交易价格高于NAV 暂无具体发行计划 相关细节将在未来发行文件中披露 [12] 管理层对经营环境和未来前景的评论 - 无相关内容 其他重要信息 - 会议主要议程是股东投票表决以低于NAV价格发行普通股的提案 [5] - 提案获得通过 公司获得必要投票授权 [8] - 提醒投资者注意前瞻性陈述 实际结果可能与预期存在差异 [6] 问答环节所有的提问和回答 问题: 谁有资格购买股票 如何购买以及定价机制 - 目前没有具体发行计划 该授权是为应对未来市场变化 [11][12] - 若未来实施发行 具体条款将包含在发行文件中 [12] - 当前股价高于NAV 暂无交易细节可提供 [12]