Income Securities Ledger
Public income portfolio journal

Income Securities Ledger

A public, percentage-only income portfolio journal tracking how one active income portfolio is managed across preferred stocks, baby bonds, CEFs, BDCs, mREIT preferreds, and exchange-traded debt.

The ledger documents entries, exits, distributions, current yield, benchmark-relative performance, and portfolio risk controls. It is educational, impersonal, and not tailored to any reader's financial situation.

This website is an educational financial publication and portfolio journal. It is not personalized investment advice, tax advice, legal advice, portfolio management, a solicitation, or a recommendation tailored to any reader.
Request Publication AccessView LedgerRead Methodology
Total return+1.4%percentage return since Dec 2025, including income, 6-month Treasury cash carry, and financing logic
Distribution return2.4%received dividends/distributions as percent of capital base
Weighted current yield9.9%active selected positions
Active positions12weights use current brokerage-record cost-basis notional
Closed trades2exited positions remain in performance history

How To Read This Ledger

  1. Returns are percentage-only and portfolio dollar amounts are not public.
  2. Position weights reflect source-record notional exposure from the brokerage account.
  3. Income contribution shows each security's share of estimated portfolio income.
  4. Benchmark lines use dividend-adjusted ETF prices and a shared date axis.
  5. This is a portfolio journal, not a model portfolio or recommendation list.

Portfolio Risk Snapshot

Largest positionBHFAL - 16.4%
Largest issuer familyBHF - 68.7%
Top 3 positions43.5%
Top 3 income contributors46.3%
Weighted current yield9.9%
Data last observed2026-06-07 14:31 UTC

Return Path Vs ETF Benchmarks

Benchmark return series include dividends through adjusted-close prices. Portfolio line starts at 0.0% on 2025-12-01.

Latest Ledger Activity

Activity is sourced from brokerage account records and shown without public dollar amounts.

Active Positions

Open-position returns, yields, and risk tags use the latest market mark shown in each row. Press a symbol to expand entries, exits, and distributions.
SecurityIssuer / TypeWeightYieldTotal ReturnOpen / RealizedIncome ShareRisk TagLast MarkDistributionsNext Projected Distribution
BHFExchange-Traded Debt Security 16.4% 9.9% -4.0%5.5% distributions -9.5% unrealized0.0% realized 16.4% issuer concentration 15.762026-06-07 14:31 UTC; brokerage market-data mark 35.5% of basis 2026-09-0139.1c/share quarterly projected, not announced
BHFTraditional Preferred Stock 13.6% 11.0% +0.5%3.4% distributions -3.5% unrealized+0.6% realized 15.0% issuer concentration, high yield 12.252026-06-07 14:31 UTC; brokerage market-data mark 23.4% of basis 2026-06-1033.6c/share quarterly projected, not announced
BHFTraditional Preferred Stock 13.5% 10.9% +1.9%2.9% distributions -1.3% unrealized+0.3% realized 14.8% issuer concentration, high yield 15.192026-06-07 14:31 UTC; brokerage market-data mark 22.9% of basis 2026-06-1041.2c/share quarterly projected, not announced
BHFTraditional Preferred Stock 13.2% 10.7% +3.4%3.6% distributions -0.6% unrealized+0.4% realized 14.3% issuer concentration, high yield 15.722026-06-07 14:31 UTC; brokerage market-data mark 23.6% of basis 2026-06-1042.2c/share quarterly projected, not announced
BHFTraditional Preferred Stock 12.0% 10.6% -2.9%3.6% distributions -6.6% unrealized+0.1% realized 12.8% issuer concentration, high yield 10.92026-06-07 14:31 UTC; brokerage market-data mark 23.6% of basis 2026-06-1028.9c/share quarterly projected, not announced
EARNExchange-Traded Debt Security 7.9% 8.3% +2.2%0.0% distributions +2.2% unrealized0.0% realized 6.6% cadence unconfirmed 25.62026-06-07 14:31 UTC; brokerage market-data mark 00.0% of basis -cents/share unavailable unknown projected, not announced
SPMCTraditional Preferred Stock 7.0% 8.0% +4.0%2.0% distributions +2.0% unrealized0.0% realized 5.6% standard watch 25.082026-06-07 14:31 UTC; brokerage market-data mark 62.0% of basis 2026-06-1516.7c/share monthly projected, not announced
RWTExchange-Traded Debt Security 5.3% 9.4% +3.1%3.8% distributions -0.4% unrealized-0.4% realized 5.1% standard watch 24.1452026-06-07 14:31 UTC; brokerage market-data mark 23.8% of basis 2026-08-1557.0c/share quarterly projected, not announced
PMTExchange-Traded Debt Security 4.6% 8.9% +4.3%3.3% distributions +1.0% unrealized0.0% realized 4.1% standard watch 25.182026-06-07 14:31 UTC; brokerage market-data mark 23.3% of basis 2026-08-0156.2c/share quarterly projected, not announced
SARExchange-Traded Debt Security 4.2% 8.0% +2.3%1.3% distributions +1.0% unrealized0.0% realized 3.4% standard watch 25.352026-06-07 14:31 UTC; brokerage market-data mark 11.3% of basis 2026-08-1550.8c/share quarterly projected, not announced
OXLCExchange-Traded Debt Security 1.6% 8.4% +2.2%1.3% distributions +0.6% unrealized+0.2% realized 1.4% standard watch 25.922026-06-07 14:31 UTC; brokerage market-data mark 11.3% of basis 2026-06-1354.7c/share quarterly projected, not announced
PRUExchange-Traded Debt Security 0.7% 6.4% +2.2%0.7% distributions -0.5% unrealized+2.0% realized 0.5% standard watch 21.962026-06-07 14:31 UTC; brokerage market-data mark 10.7% of basis 2026-08-0135.2c/share quarterly projected, not announced
About, Methodology And Disclosures

Purpose Of The Portfolio

This ledger follows how one active income portfolio is managed when the objective is documenting compounding income, position rotation, income collection, and benchmark-relative performance. The publication records trade management, rate-cycle timing, security selection, and reinvestment discipline as an educational journal.

Readers can observe what is owned, what changes, how much income each position contributes, and whether the portfolio is outperforming income ETF benchmarks on a total-return basis.

Who May Find This Useful

  • Readers studying income-security portfolio construction, yield/risk trade-offs, reinvestment discipline, benchmark-relative performance, and real-world position management.
  • Readers focused on preferred stocks, baby bonds, CEFs, BDCs, mREIT preferreds, and exchange-traded debt as income securities.
  • It is not designed around any reader's personal objectives, age, retirement status, tax situation, liquidity needs, or risk tolerance.

Operator Background

The portfolio is managed by an individual with more than 20 years of active trading experience across US and European securities markets. The public presentation stays publication-first, while the trust case rests on visible methodology, source-record position tracking, and benchmark-relative portfolio data rather than personality marketing.

Request Publication Access

Publication access is currently invitation-led while the ledger, methodology, and reporting cadence are being finalized. Access provides observation of portfolio-journal updates, dividend collection, risk management, and benchmark-relative performance in one transparent place; it does not provide individualized advice or portfolio management.

Methodology

The performance calendar starts on December 1 and ends on November 30 and is computed on calendar days, including weekends and market holidays. Instruments already held at the seed snapshot are treated as present at the start; later additions enter from their first brokerage-account buy date. New selections include capital appreciation, realized proceeds, and brokerage-record dividend/distribution adjustments from their eligible history. Free cash below the capital base is recalculated daily and accrues at the latest available 6-month Treasury rate; notional exposure above the capital base is charged at SOFR plus 108 basis points. Current return calculations use the latest available market prices from the internal market database; monthly and quarterly payers are detected from actual dividend history when available.

Disclosures

Income Securities Ledger is a financial publication providing the author's personal portfolio activity for educational and informational purposes only. It is not investment advice, a recommendation to buy or sell any security, or an offer to manage assets. The operator owns securities discussed and may buy, sell, trim, add to, or exit positions at any time without notice. Past performance does not guarantee future results. All investments involve risk, including loss of principal. Readers should consult qualified advisers before making financial, tax, legal, or investment decisions.

What Is This?

A transparent income-portfolio journal showing selected positions, weights, yields, income contribution, realized and unrealized return, closed strategy trades, and benchmark comparison.

Why Should Readers Care?

The publication documents compounding income and active rotation. The value is not merely finding yield; it is observing when positions are added, trimmed, exited, or held through a cycle.

Why Trust The Data?

Holdings, entries, exits, and distributions are reconstructed from the portfolio manager's brokerage account records. Benchmark returns use adjusted-close data so dividends are included.

What Is Hidden?

Public subscribers see percentages, yields, weights, income contribution, and cents/share distributions. Portfolio dollar amounts are intentionally hidden.

Return calculations use latest available market prices observed through 2026-06-07 14:31 UTC and ETF benchmark data through 2026-06-05. Holdings quantity source: portfolio manager brokerage-account record date 2026-06-05. Selection state: 2026-05-21T06:36:45+00:00. Public page intentionally hides portfolio dollar amounts.