Four proprietary intermarket signals. Over 1,800 published, time-stamped calls. Research that flagged 2025's rotation into defensives — delivered to your inbox every week.

The 13% Yield That Trades at 72 Cents on the Dollar

PFLT yields 13% and trades at a 28% NAV discount -- the deepest of our BDC trilogy. The distribution was cut from $0.1025 to $0.08/mo, but NII now covers it at 104%. Is the bad news priced in, or is another cut coming? A full analysis of the risk/reward.

The 12% Yield Growing at 69% -- and Still Trading at a Premium

TRIN High Yield Spotlight. TRIN funds venture-backed companies through equipment loans and senior secured debt. Record originations, 32% NII growth, and $0.71 in spillover incom

The AI Energy Trade Pays 7.5% With a Clean 1099

AMLP High Yield Spotlight. The same midstream infrastructure that moves natural gas to AI data centers, without the K-1 tax headache. The catch is built into the structure itsel

The 10.9% Monthly Income Fund That Benefits When the Fed Cuts

GBAB High Yield Spotlight. GBAB holds taxable munis and investment-grade debt -- the exact portfolio that rises in price when interest rates fall. But 40.7% of its distributions

Gold Recovered Seven Percent. Brent Collapsed. Only One Of Those Is Macro.

Gold's strongest close since January and Brent's supply-driven unwind are not the same trade — and copper says the growth scare is fake.

Reflation Just Died at Extreme: Lumber/Gold Cracks -2.16 Z-Score, Industrials Break, Framework Check Deepens Week 5

First Lumber/Gold Extreme reading in 3 years. XLI CRASHED to Significant Laggard. Gold Notable Leader. Late-cycle rotation widening.

Three Greens and a Warning

Three of four intermarket signals favor risk-on positioning this week. Lumber/Gold remains the lone defensive holdout.

The Reserve Cushion Was Thinner Than It Looked

Reserves are large in dollars but thin relative to the system they must finance. SRF activation and repo spreads show the Fed's ample-reserves cushion is smaller than the headline balance implies.

The Curve Healed. The Handoff Did Not.

A positive slope is a funding condition, not proof that growth has absorbed the baton. The August 2026 curve is positive again, but the payroll and credit data have not yet confirmed the handoff.

The Student Loan Shadow Default

Credit reports are catching up to the payment pause, but the real macro hit arrives later

The 2027 Bond Wall Is a Refinancing Test, Not a Date on a Calendar

New issuance can make the maturity schedule look safer while quietly transferring the problem into coupons, covenants, and weaker borrowers

The $15 Billion BDC at a 19% Discount That the Market Has Not Figured Out Yet

OBDC yields 10.8% and trades at a 19% discount to NAV of $14.26. Moody's Baa2 rated, 27bps annual net loss rate since 2016 inception, 110% base dividend coverage. The scale paradox: is a $15B BDC at a 19% discount a value play or a value trap?