This month starts a new ongoing update focused on one of the most important parts of every financial plan: the Income Bucket. Each month, I break down how this sleeve of the portfolio is built, what it’s meant to do, and how the different pieces—private real estate, private credit, ETFs, and structured income notes—work together to create dependable cash flow.
In today’s market, interest rates, inflation, and sentiment can shift quickly. Because of that, having a steady source of income matters more than ever. The Income Bucket stays reliable through that noise.
For November, it delivered an annualized yield of 13.94%, with balanced contributions across all four components.
Private Real Estate
Private real estate remains one of the most reliable income sources in the portfolio. These strategies focus on areas with durable demand, including rental housing, industrial warehouses, and data centers.
We use private real estate because it offers:
- Steady and predictable cash flow
- Less volatility than public REITs
- Rental income that adjusts over time
As a result, private real estate provides the foundation for stability within the income bucket.
Private Credit
Private credit continues to be a strong driver of income. These funds primarily hold senior-secured, floating-rate loans to established Private credit continues to drive income across the portfolio. These funds mostly hold senior-secured, floating-rate loans made to established middle-market companies.
This sleeve works well because it offers:
- Higher yields than traditional bonds
- Secured lending backed by company assets
- Less day-to-day volatility than public markets
At the same time, private credit works well alongside real estate by adding higher cash flows while maintaining a disciplined risk profile.
ETFs
The ETF sleeve adds liquidity and flexibility to the income bucket. Current holdings include QQQI, CAIE, CAIQ, and PCMM.
- QQQI – A call option strategy from NEOS designed to generate monthly income
- PCMM – BondBloxx’s public option for private credit, currently holding 75 CLO positions across multiple managers
- CAIE – Calamos’ autocallable ETF, launched in June 2025, holding structured income notes tied to the MerQube U.S. Vol Advantage Index
- CAIQ – CAIE’s sister fund, based on the MerQube Nasdaq-100 Volatility Index
Together, these ETFs help smooth monthly performance while providing accessible income without relying solely on private assets.
Structured Income Notes
Structured income notes continue to add meaningful income to the portfolio. However, November was a slower month in terms of turnover.
Changes in November 2025:
- Three income notes were called during the month, issued by banks such as BBVA and Bank of America
- One new note was added from Bank of America, structured as a 5-year, 6-month note with a 6-month no-call period and a 15.5% annualized yield
- Currently, 9M Investments holds $3.2 million across 53 individual structured income notes
Because notes are called or mature regularly, this remains the most active of the managed income sleeves.
Closing Thoughts
The Income Bucket exists to create dependable, diversified cash flow—something every long-term plan benefits from. By combining private real estate, private credit, ETFs, and structured notes, the goal stays simple: build income that feels consistent, even when markets don’t.
If you’d like to review your income strategy or see how this fits into your broader plan, I’m always here to help. For more insights on how these strategies can support your goals, visit the 9M Investments and get a free assessment.
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.