June marked a mixed month for equity markets. While the S&P 500 and NASDQ 100 were down in June, the DOW was up over 2.5%. While the equity markets were trying to figure out where to go, the portfolio remained focused on something different: building diversified income streams that aren't dependent on a single market outcome.
For June, the Income Bucket generated a 15.87% annualized yield, continuing a strong first half of the year. The portfolio remained active, adding new opportunities where valuations and income potential remained attractive while allowing older positions to mature or be called.
The result was another month of diversified income generation across private real estate, private credit, ETFs, and structured investments.
Private Real Estate
Private real estate continues to serve as one of the portfolio's foundational income sleeves.
Current holdings include:
- BREIT (Blackstone Real Estate Income Trust)
- GCREIT (Nuveen Global Cities REIT)
Both strategies continue to focus on institutional-quality properties supported by durable demand across sectors such as multifamily housing, industrial logistics, data centers, healthcare, and grocery-anchored retail.
These investments are intended to provide:
- Consistent monthly cash flow
- Diversification from public markets
- Long-term income supported by underlying real estate
Even as public markets were mixed in June, these holdings continued doing what they're designed to do—generate relatively steady income backed by real assets.
Private Credit
Private credit remained one of the portfolio's largest contributors to income during June.
Current holdings include:
- BCRED3 (Blackstone Private Credit Fund)
- OCIC4 (Blue Owl Credit Income Company)
- CTAC5 (Carlyle Tactical Private Credit Fund)
- CAPIX6 (Calamos Aksia Alternative Credit and Income Fund)
- NABFX7 (Neuberger Asset-Based Credit Fund)
- OWLCX8 (Blue Owl Alternative Credit Fund)
Our legacy holdings continue to add meaningful yield. Our newer holdings have begun contributing as intended, adding attractive yield while exhibiting relatively low volatility.
The addition of new strategies reflects an ongoing process of evaluating opportunities across the private credit market rather than relying on a single manager or structure.
This sleeve continues to provide:
- Floating-rate exposure
- Senior secured lending
- Attractive income potential
- Diversification beyond traditional fixed income
ETFs
The ETF sleeve continues to provide liquidity, flexibility, and another independent source of portfolio income.
Current holdings include:
- PCMM9
- QQQI10
- CAIE11
- CAIQ12
Each strategy approaches income generation differently through option overlays, structured note exposure, or private credit and CLO investments.
Because these funds trade daily, they also provide flexibility that complements the longer-term nature of private investments.
Structured Income Notes
June was another active month in structured income note sleeve of the income portfolio.
Changes in June 2026:
- 8 income notes were called during the month.
- 5 new structured income notes were added.
- New notes continued to offer yields in the mid-to-high teens.
- The portfolio remains diversified across issuers, maturities, and underlying market exposures.
This continuous rotation helps maintain diversification while allowing the portfolio to take advantage of new opportunities as they become available.
As always, each position is evaluated within the context of the overall portfolio rather than in isolation.
Closing Thoughts
June's 15.87% annualized yield reflected another month of strong income generation across multiple investment sleeves.
Behind the scenes, investments continued to mature, capital was redeployed, and new opportunities were evaluated across private credit and structured income markets. It was another reminder that a diversified income strategy is built through ongoing evaluation rather than simply reacting to market headlines.
The objective remains unchanged: develop durable, repeatable sources of portfolio income that can continue supporting long-term financial plans through different market environments.
If you'd like to review how your income strategy is positioned or discuss whether this approach fits into your broader financial plan, I'd be happy to have that conversation. 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://www.acprivatemarkets.com/funds/capix/
7. https://www.nb.com/products/interval-funds/asset-based-credit-fund?nbmi=4189
8. https://wealth.blueowl.com/solutions-product-owlcx
9. https://bondbloxxetf.com/bondbloxx-private-credit-clo-etf/
10. https://neosfunds.com/qqqi/
11. https://www.calamos.com/funds/etf/calamos-autocallable-income-caie/
12. 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.