Each month, I break down how the Income Bucket is positioned, what’s driving results, and how each part of the portfolio works together to support long-term planning.
Markets remained volatile in April, with continued uncertainty around interest rates, inflation, and economic growth. In that environment, income tends to matter more than performance headlines. The Income Bucket is designed to stay resilient through that backdrop.
For April, the portfolio generated an annualized yield of 14.40%, bringing the year-to-date average to 14.22%. Income remained consistent across the portfolio, though the drivers behind that consistency continue to come from different places.
Private Real Estate
Private real estate continues to serve as a central piece of the Income Bucket. These investments are designed to produce steady distributions tied to property-level cash flows.
Current holdings include:
BREIT¹ (Blackstone Real Estate Income Trust)
GCREIT² (Nuveen Global Cities REIT)
The focus remains on areas of the market where demand has been more durable, including:
- Multifamily housing
- Industrial and logistics assets
- Data centers and infrastructure-related real estate
BREIT maintains a concentration in these sectors, while GCREIT adds global exposure across the U.S., Europe, and Asia-Pacific.
This part of the portfolio tends to provide:
- More predictable income
- Lower day-to-day volatility than public REITs
- Cash flow supported by long-term leases
As a result, private real estate continues to act as a stabilizing element within the broader income strategy.
Private Credit Income
Private credit remains a significant contributor to overall income.
Current holdings include:
BCRED³ (Blackstone Private Credit Fund)
OCIC⁵ (Blue Owl Credit Income Company)
CTAC⁴ (Carlyle Tactical Private Credit Fund)
These strategies are primarily built around senior secured, floating-rate loans to established borrowers.
BCRED continues to generate income from a portfolio that is largely senior secured and tied to floating rates.
At current levels, private credit stands out not just for consistency, but for how much of the portfolio’s income it is contributing. That has been closely linked to the rate environment, which continues to support elevated yields.
Within the Income Bucket, private credit provides:
- Higher income relative to traditional bonds
- Exposure that adjusts with interest rates
- Loans backed by company assets
Alongside real estate, this sleeve helps anchor the overall income profile.
ETFs
The ETF sleeve provides liquidity, flexibility, and an additional layer of income.
Current holdings include:
QQQI⁷
CAIE⁸
CAIQ⁹
PCMM⁶
These strategies generate income in different ways, including:
- Option-based approaches
- Exposure to structured income strategies
- Credit-related income through CLOs
This part of the portfolio contributes by:
Broadening the sources of income beyond private markets
Allowing adjustments when conditions change
Smoothing income across different market environments
Structured Income Notes
Structured income notes remain one of the more active components of the Income Bucket.
These investments are built with:
- Defined maturities
- Pre-set call features
- Contractual income payments
Changes in April 2026:
- No called notes in April
- New positions were added with yields generally in the mid-to-high teens
Because of this structure, the sleeve tends to be more dynamic, with income levels influenced by how markets move within defined ranges.
Closing Thoughts
April’s 14.40% annualized yield reflects continued income generation across the portfolio.
The 14.22% year-to-date figure points to a level of consistency, even as the underlying drivers differ across each sleeve.
Income can vary from month to month depending on:
- Distribution timing
- ETF payout schedules
- Structured note activity
- Private fund distributions
The design of the Income Bucket is intended to limit dependence on any single source.
The focus remains unchanged:
Building income streams that are diversified, repeatable, and able to function across different market conditions.
If you’d like to review how your income strategy is positioned or see how these results fit into your broader plan, I’m always happy to help. For more insights on how these strategies can support your goals, visit the 9M Investments and get a free assessment.
1. https://www.breit.com/performance/
2. https://www.nuveen.com/gcreit/performance
3. https://www.bcred.com/performance
4. https://www.carlyle.com/ctac
6. https://bondbloxxetf.com/bondbloxx-private-credit-clo-etf/
7. https://neosfunds.com/qqqi/
8. https://www.calamos.com/funds/etf/calamos-autocallable-income-caie/
9. https://www.calamos.com/funds/etf/calamos-nasdaq-autocallable-income-caiq/
This content is developed from sources believed to be providing accurate information. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.