PAXS

I highlight three high-yield funds—BCSF, EIC, and PAXS—trading at wide discounts and offering strong monthly distributions for income-focused investors. Bain Capital Specialty Finance (BCSF) trades at a -36.5% discount with a 15% yield and solid NAV performance, despite market fears of a potential dividend cut. Eagle Point Income Company (EIC) offers a 14.9% yield at a -28.6% discount, with robust distribution coverage and a portfolio positioned to benefit from floating rate debt.

PIMCO Access Income Fund offers a 13.94% yield and trades at a 7% discount to NAV, but faces significant credit risk. CCC credit spreads are at historical highs, signaling concentrated stress in the riskiest segments and heightened NAV downside risk for PAXS. PAXS employs 39.57% leverage, amplifying both yield and NAV sensitivity; technicals show a persistent bearish trend below all key moving averages.

PIMCO Access Income Fund offers a 12.57% yield via a flexible, multi-sector credit strategy, but share price has declined 28.7% since inception. PAXS's distribution coverage is questionable, as recent payouts relied on net unrealized gains rather than net investment income. The fund's mix of floating- and fixed-rate securities provides some interest rate hedging, but rising rates and bond price declines have pressured returns.

PIMCO Access Income Fund (PAXS) is upgraded to a buy as it now trades at a discount to NAV and maintains strong dividend coverage. PAXS offers a compelling 12.7% yield with monthly payouts, supported by robust net investment income and disciplined distribution management. The fund's NAV has steadily grown despite a challenging rate environment, though upside is limited and returns are primarily income-driven.

NEW YORK--(BUSINESS WIRE)--The Boards of Trustees/Directors of the PIMCO closed-end funds below (each, a “Fund” and, collectively, the “Funds”) have declared a monthly distribution for each Fund's common shares as summarized below. For the following Funds, the distributions are payable on June 1, 2026 to shareholders of record on May 11, 2026, with an ex-dividend date of May 11, 2026: Monthly Distribution Per Share Fund NYSE Symbol Amount Change From Previous Month Percentage Change From Previo.