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The 11% Yield That Lends To The Companies Building The AI Era
Hercules Capital pays $0.47 a quarter from a 12.8% yielding book of venture loans to software and biotech startups, with 0.1% non-accruals and a 43% premium to net asset value
Buying AI's Landlords At A Fair Price, With An 81% Asterisk
Nuveen's renamed real estate income fund pays close to 8.9%, owns roughly 8% in the data center REITs powering the AI buildout, and funds four fifths of that payout with return of capital
A 12.4% Yield The IRS Cannot Touch, With A 13-Year Duration Attached
Nuveen's AMT-free muni fund pays 7.14% tax-free, which is worth roughly 12.4% pre-tax to a top-bracket investor, but 41% leverage and a 13.2-year duration made it lose 23% in 2022
The AI Buildout Needs Gas, And This 7.35% Yielder Owns The Pipes
Kayne Anderson Energy Infrastructure Fund (KYN) just raised its monthly distribution 5.9% and holds 33 midstream names at a 11.14% discount. The tailwind is real, but 0.5x NII coverage and 25% leverage mean the energy cycle has to keep cooperating.