BDCs and private credit funds finance middle-market firms but differ in access. BDCs offer liquidity and transparency; private credit funds are less liquid with limited access and longer lock-ups.

Headline yield shows income potential, but taxes reduce what you keep. Equity investors should focus on after-tax yield. Preferreds may help boost income and improve tax efficiency.

Venezuela’s oil sector is reentering the global conversation, and the path toward rebuilding production is likely to favor oilfield services companies first, before any material increase in crude supply reaches the market and benefits refiners thereafter.