Ep. 92: The Honest Math of Income — From 1% to 100% Yields, and What Actually Survives

6 income sources framed by honest-math (a distribution rate is not a total return; NAV erosion is the silent killer). (1) Our own DLR piece: data-center REIT as the income side of the AI buildout, 2.54% yield, clean NAV (price +1,412% / total +3,461% since 2004), vs EQIX 1.77% & NEE 2.65%; REIT income = ordinary, fits tax-advantaged accounts. (2) ETF Trends (Kelly Green): REITs squeezed by rising rates (2yr Treasury 4.2%), underperform through year-end, but opportunity — VICI at a 52-wk low, 6.8% yield, 100% occupancy, 8yr raises, AFFO-covered. (3) Income Fund Hall of Fame (CEFs/BDCs that prize durability over max yield): PEO 8.5%/119% 5yr, ADX 7.7%/113%, UTG 5.8%/72%, UTF 7.3%/44%, ARCC 10.8%/-8.6% 1yr, MAIN 8.8%/-7.4% 1yr. (4) OVL (Overlay Shares): 5-star, 10% monthly distribution, holds VOO + put credit spreads (uncapped upside) → beats the S&P where SPYI/JEPI/GPIX lagged; ~200% since 2019, YTD 12% vs 10%. (5) Infinite Dividend Hunter $1k margin experiment: chased 45-100% ultra-high yields (BLOX/CHPY/NVII), down ~20%, sold out of MSTY/COIW/etc after NAV erosion, parked in NAV-stable SPYI. (6) Jake (Dividend Growth Investing): core-and-satellite (SCHD/DGRO core + 5 aristocrat satellites LOW/ABT/PEP/PPG/MKC by valuation), McCormick at a 15-yr-low P/E. Opening stat: VTI's 30-day SEC yield is just 1.01%. Editorial steer: coverage/quality/strategy over headline yield; skeptical of yields that look too good.