THE FLAGSHIP REPORT
ALTERNATIVE INCOME PORTFOLIO
Portfolio Review | May 2026
21 Positions. 10.06% Average Yield. All Positions: Buy.
The Alternative Income Portfolio enters May 2026 in excellent shape. Twenty-one positions. A blended yield of 10.06% on current prices. A mix of real estate credit, energy royalties, preferred equity, closed-end fund discounts, agency mortgage exposure, and infrastructure income that spans geographies, capital structures, and commodity cycles. The goal, as always, is simple: collect a durable, growing stream of income from assets priced below what they are actually worth, and let time do the rest.
Below is the full current holdings table, followed by individual position commentary organized by sector. Prices and yields reflect current market levels as of the May 11, 2026 edition.
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