1

May 2015 Vol. 1 Issue 12

May 2015 Vol. 1 Issue 12

Income Stocks Hitting on All Cylinders

Fellow Investor,

reetings, as I’m writing this month’s issue I hope I don't jinx The

Dividend Hunter portfolio share prices for the next several

days. April has been a very good month for the portfolio, with

an equal weighted tracking showing right at a 4% increase in

total return.

The energy and finance stocks in the portfolio have moved up

nicely, while the equity REITs have struggled and are showing

negative returns for the month. Part of my process for selecting

stocks to include in The Dividend Hunter recommendations list

is to balance the holdings across a range of market sectors and

business types. You too, as you build an income portfolio, need

to make sure you own dividend paying stocks are spread across

different sectors.

I have realized that information about the individual stocks on

the list is pretty spread out, so here is a quick and dirty list of the current portfolio stock symbols and the

business sector they are in:

AMZA – an exchange traded fund covering energy infrastructure

ARCX – a master limited partnership (MLP) providing energy infrastructure services

BXMT – a finance REIT for commercial real estate

EPR – a REIT that owns and leases out properties in entertainment

HASI – finance REIT funding renewable and energy efficiency projects

KMI – a large-cap energy infrastructure corporation

LGCY – an MLP in the oil and gas drilling and production sector

LXP – a REIT that owns and operates single-tenant office, industrial and retail properties

MAIN – a business development company (BDC) providing debt and equity financing to medium sized

corporations

MEMP – an MLP in the oil and gas drilling and production sector

MIC – a diversified infrastructure services company

G In This Issue Hercules Tech Growth Capital (HTGC) ....... 3

The Realities and Psychologies of Stock

Market Corrections and “Crashes” ............ 5

LinnCo (LNCO) ............................................ 6

Portfolio Update ........................................ 10

Portfolio Standings ..................................... 11

Closed Positions ......................................... 9

2

May 2015 Vol. 1 Issue 12

NRZ – a finance REIT providing residential mortgage services

OKS – a midstream MLP providing natural gas gathering, processing and transport services

RLJ – a REIT that owns and operates hotel properties

SFL – a finance company in the shipping (ships) sector

STAG – a REIT that owns and operates industrial properties

STWD – a finance REIT for commercial real estate

TCPC – a BDC providing debt and equity financing to medium sized corporations

If you are investing for yield and income, you will end up primarily in the energy (MLPs or related companies),

finance, and REIT (both finance and property owning) sectors. Fortunately, the business results of this small

group of sectors are not closely related allowing you to get a level of diversity. As a subscriber, I hope you are

working to diversify your income portfolio across the different sectors.

It is hard for me to believe that this is the 12th monthly issue of The Dividend Hunter. In its first year, the

newsletter has been a very satisfying success. I attribute the successes to date to two factors. First, the feedback

from subscribers pushes me to continue to improve the product (keep those emails coming at

tim.plaehn@investorsalley.com). Second, from what I can find in the newsletter industry, The Dividend Hunter is

truly a unique product, helping investors learn about and discovery stocks that pay yields well above the 3% to

4% the finance industry views as attractive yields. Here at Investors Alley, our plans are to continue to make The

Dividend Hunter even better to provide an increasing level of benefits to our subscribers.

Lastly, one more reminder that I’ll be at the Las Vegas MoneyShow May 12 – May 14 along with my Investors

Alley colleague Bret Jensen. Full disclosure: I am in no way compensated by them. I just like to fill the room with

my subscribers as a number of you have already told me you’ll be there. MoneyShow management has added

another presentation slot for me so now I’ll be on a panel as well as doing two presentations in addition to being

available at the booth to meet with you and talk about investing. For details and to register, CLICK HERE.

Land, fly or die,

Tim Plaehn

Editor

The Dividend Hunter

P.S. If the Monthly Dividend Paycheck Calendar is a part of your income investing strategy then be sure to get

your copy of the May update: CLICK HERE.

3

May 2015 Vol. 1 Issue 12

Hercules Technology Growth Capital The stocks available in business development company

(BDC) sector have a lot of appeal for income focused

investors. The main attraction is an average yield of

about 10%. With that type of yield potential, I would be

remiss if a BDC or two were not part of The Dividend

Hunter recommendations list. However, out of the 40 or

so publicly traded BDCs, I have trouble finding ones that

meet my criteria for dividend safety and income growth

potential. When you dig into them, these companies

have significant issues that can negatively affect

investor returns. This month I am pleased to discuss a

BDC, Hercules Technology Growth Capital

(Nasdaq:HTGC) that should provide the types of returns

I look for when making income stock recommendations.

Quick BDC Primer

Business development companies operate under special

tax rules that allow them to not pay corporate income

taxes. To qualify as a BDC a company must be in the

business of providing financing for small to medium

sized corporations. The financing can be in the form of

loans or equity investments. Leverage used by a BDC is

limited to one times its equity capital. This means loans

and investments can be up to two times a BDC's equity.

At least 90% of a BDC's net income must be paid out as

dividends to shareholders.

Business development companies are governed by the

Investment Company Act of 1940, the same law that

governs mutual funds, closed-end funds and ETFs. In

actual function, BDCs operate as finance companies,

providing loans and equity investments for smaller

companies that meet the criteria set out in law. Most

BDCs are managed by outside management companies.

These management fees can become a big deal and a

drain on the returns earned by investors. Internally

managed BDCs tend to have their management costs

more closely aligned with the interest of common share

owners. Of the two BDCs in The Dividend Hunter

Portfolio, MAIN is internally managed and TCPC has an

external management contract.

The primary risk to the BDCs are negative economic

growth in the overall economy and/or specific industry

sectors served by a business development company.

BDC clients are typically in a start-up to early growth

phase and could be seriously, negatively affect by an

economic slowdown. These companies do not have the

financial strength and stability to weather an extended

economic downturn.

Hercules Technology Growth Capital Has Carved Its

Own Niche

HTGC is one of the oldest BDCs, founded in 2003 and

into the market with a 2005 IPO. The company is

internally managed with a $900 million market cap. In

the BDC world, $900 million, with a $1.4 billion

enterprise value (market cap plus debt) is one of the

larger companies. What sets HTGC apart from its peers

is its client focus. Hercules works with venture capital

and private equity firms to provide funding for

companies that are pre-IPO or being groomed for

4

May 2015 Vol. 1 Issue 12

merger or acquisition. The BDC lives up to its name,

providing funding primarily to various types of

technology related companies.

To assist its client companies and their venture capital

backers, HTGC makes only senior debt loans with

maturities of 3 to 3 1/2 years. About 90% of Hercules'

assets are loan with 10% as equity positions that can

pay off very well when a client goes public or is

acquired.

The loans made by HTGC carry an average "core" yield

of 13% to 14%. The typical loan has a 10.5% coupon

rate, and the core yield is bumped up by commitment

and origination fees. Equity profits and early

termination fees have increased Hercules average

effective returns to above 16%. The company's

relationships with over 500 venture capital type firms

has allowed HTGC to steadily grow its book of business,

and also steadily increase its annual dividend. Since

2010, the annual dividend has increased from $0.80 per

share to $1.24 paid in 2014. In 2014, the company had

over $500 million (50% of the total portfolio) of loans

repaid, often with equity kicker profits and early

termination fees. As a result a large portion of the extra

profit built into the asset portfolio was realized last

year. Also in 2014, $900 million in new loan

commitments were turned into new assets, continuing

the growth trajectory.

The fact that such as significant portion of the portfolio

paid off in 2014, means that in 2015 Hercules will not

receive as much profit benefit from the payoff of loans

and equity positions. The effect of the pull-ahead of a

significant portion of expected profits provides two

results. First, the dividend rate has been level for five

consecutive quarters, and may not start growing again

until the asset portfolio "reloads" and the historic cash

flow growth profile can resume. At the same time, the

share price has leveled off and even declined so far this

year, allowing us to buy in at a near 9% yield. My

expectation for HTGC is that the dividend rate may stay

level into 2016, and then we will see a return to regular

dividend growth.

5

May 2015 Vol. 1 Issue 12

As a final note, Hercules Technology Growth Capital is

internally managed and has been directed by the same

founder since the company's inception.

Replacing TCPC in The Dividend Hunter Portfolio

Since I added TCP Capital Corp (Nasdaq:TCPC) to the

portfolio, the results have been under-whelming. The

lack of dividend growth potential has keep the share

price flat, and the fact that TCPC pays the occasional

extra dividend has not helped. Overall, my research

shows that HTGC has better dividend growth and total

return potential, so it will be added to The Dividend

Hunter portfolio as a replacement for TCPC. To be clear,

that means we will close our position in TCPC very soon.

For those subscribers who own TCPC and want to make

the change to HTGC, we are going to use some dividend

payment timing to generate some "free cash" by

significantly lowering your average cost per share. HTGC

should go ex-dividend on May 7 or May 10. With the ex-

dividend, the share price will drop by the $0.31 dividend

rate. TCPC will announce its next dividend in the first

week of May and go ex-dividend in mid-June. The

pending dividend should cause investors to buy shares

and push up the TCPC share price. As a result, if you

wait until later in May to sell TCPC and then buy HTGC,

you should be able to get more on the sale and buy the

replacement at a lower price – free money.

As I write this HTGC is at $13.97 per share and TCPC is

trading for $16.05. The goal is to improve the sale and

buy prices by more than the $0.31 you would earn by

buying HTGC now and collecting the dividend to be paid

in May. I track share prices daily, so will send out an

email to subscribers on the date that the sale of TCPC /

purchase of HTGC transaction should be made.

If you don't own TCPC, you can either buy HTGC in the

next week to earn the May dividend or wait until after

the ex-dividend date to buy in at a lower average share

cost. My strategy is to lean to the second tactic, but if

you are drawing the dividends as cash income for living,

just be aware the share price will fall on the ex-dividend

date and may take a couple of months to recover.

Recommendation: Buy HTGC before or after the ex-dividend date, depending on your cash flow vs. total return goals.

The Realit ies and Psychologies of Stock Market Corrections and "Crashes" One of the great fears, if not the greatest, for stock

market investors is that a large portion of their capital

will be wiped out in a stock market "crash". This fear of

losing it all is a primary reason why so many investors

lose out in the stock market by "buying high and selling

low". It is difficult, if not impossible, to accurately

predict large market drops. They almost always come as

a surprise. The only way to manage your stock portfolio

in regards to market drops is to understand what they

are and what will happen when stock prices take a

tumble.

Definitions to Know

Stock market participants and watchers have developed

criteria for what are commonly referred to as a market

correction and a bear market.

A stock market correction has happened when the

major stock market indexes have declined by more than

10% from a previous high. Historically, the stock market

has experienced a correction every 18 to 24 months.

6

May 2015 Vol. 1 Issue 12

A Bear Market is defined as a stock market drop of

greater than 20%. In function, most bear markets have

produced declines of 30% to 50% below the peak

starting point. Depending how you time the cut-offs,

the U.S. stock market has experienced 7 to 10 bear

markets since the Big One in 1929-1932. The length of a

bear market is measured in months, with an average

length of about 18 months.

Bull Markets are the period between the bottom of one

bear market and the start of the next. Historically, bull

markets have gone on for years, with 10-year plus

upswings more common than not. The current bull

market is in its 6th year.

You can also have corrections and bear markets in

individual sectors of the market or economy. For

example, the energy sector of the S&P 500 dropped by

30% from its June 2014 peak to the January 2015

bottom.

There is no firm definition for a market crash. To me a

crash in the current economy is a really fast moving

bear market. Crude oil crashed in the fourth quarter of

2014. The only real, wealth wiping crash to date was the

1929-1932 wipe out associated with the Great

Depression. The use of the word crash in the financial

media and the marketing of financial products is mostly

just a scare tactic.

7

May 2015 Vol. 1 Issue 12

What You Really Need to Know

No one that I know of can accurately predict corrections

or bear markets. Usually, one of these market events is

well underway before we say, "Crap, this stinks and I am

losing money!" First and foremost you must tell yourself

that these market drops are always temporary and

prices will recover.

In a market correction, everything is going down. When

all of your stocks are dropping it is not that they have

become bad investments. It's that fear in the market is

causing investors to sell everything. It's when you have

a stock going down and everything else is up that you

need to take a closer look at that stock.

Fear drives a bear market. You will feel it. I will feel it.

The investors that come out the other side are the ones

who don't give in to the fear and sell when share prices

are down. If you have cash available, you should think

seriously to adding to your best stocks. Remember that

in a bear market, the sellers don't differentiate between

good and bad companies.

Over the longer term, the stock market drops from

corrections and bear markets disappear into the general

long term trend of higher values. In history, the market

always comes back to exceed its previous highs. It may

take years, but the market will come back. In the most

recent bull market, the S&P 500 peaked in October

2007, the bottom of the bear market happened in

March 2009, and the index passed the previous peak in

March 2013. Now the S&P 500 is 35% above the 2007

peak.

The Current Situation

Historically, two-thirds of bear markets are associated

with recessions in the economy. Although current

economic growth is slow, there are no signs of a

pending reversal of growth or any bubble in the

markets that could trigger a stock market sell-off. At this

point, the only thing I see as a cause of a new bear

market would be a correction that turns into a bear

when the fear gets out of control.

On a strictly timing criteria the stock market is overdue

for a correction. The last correction occurred in

November 2011, 3 1/2 years ago. A correction at some

point in 2015 would not be a surprise. The stock market

needs the occasional correction to remind the investing

public that investing is stocks is not an always going up,

no-brainer decision. However, corrections quickly

disappear into the gains of an ongoing bull market, as

illustrated by this graphic of the 2011 correction and

the market to date.

8

May 2015 Vol. 1 Issue 12

As the writer and editor of The Dividend Hunter, I

believe that one of my biggest duties to subscribers is to

help you navigate the choppy waters of any correction,

crash, or bear market. My strategy is to select stocks

that can continue and increase their dividend rates

through changing economic conditions and that those

steady income streams will over the longer term also

protect and enhance principal values. If dividends are

secure, lower stock prices are the time to add to

positions, average down in price and increase effective

yields.

LinnCo LLC Hit hardest by the late in 2014 drop in the price of crude

oil were the exploration and production (also known as

upstream) energy producers. These are the energy

companies that drill and own oil wells and their

revenues are based on commodity energy prices. The

high-yield side of the energy E&P space consists of the

upstream MLPs. With current lower energy prices,

almost every upstream partnership has been forced to

reduce it distribution rate. At the same time, unit prices

have fallen drastically. However now, following the

2015 first quarter, both energy prices and upstream

MLP prospects have stabilized and I am adding another

high yield E&P investment to The Dividend Hunter

portfolio.

Note: I covered how upstream MLPs operate in detail in

the October 2014 issue of The Dividend Hunter.

Note-squared: Also in October, and before the collapse

in energy prices I added two upstream MLPs to the

newsletter recommendations list. Find recent news

about these two in the portfolio update section of this

issue.

LinnCo LLC

Linn Energy LLC (Nasdaq:LINE) is the largest, and one of

the oldest upstream MLPs. As the Big Dog in the

upstream MLP patch, I have kept close watch on Linn.

Starting in early 2012 it became apparent that the

company and its management team were struggling to

sustain the company's historic growth rate. Through

2012 and 2013 Linn made acquisition after acquisition

(some quite large), but was not able to generate per

unit cash flow growth, and the distribution rate

remained unchanged from April 2012 until Linn was

forced to make a drastic distribution reduction in

January of this year.

However, in early 2014 Linn gave up on its growth

through acquisitions path and initiated a strategic plan

to sell, swap and buy assets to radically change the mix

of types of energy production assets without trying to

grow the portfolio. The goal was to reload the portfolio

with low decline rate assets that would require less

capital spending to offset the natural decline rates and

maintain production levels. These moves from last year

will serve Linn well in 2015 and into the future.

As part of the early in the decade growth frenzy, Linn

Energy formed LinnCo LLC (Nasdaq:LNCO). LNCO was

set up to function as another form of deal currency.

LinnCo is a limited liability company that has elected to

be taxed as a corporation. This means that investors in

LNCO receive a form 1099 for tax filing instead of the

more complicated Schedule K-1 that LINE investors

receive. LinnCo owns one unit of LINE to back each

LNCO unit. Since LNCO units were first issued in October

2012, LNCO has paid the same distribution rate as LINE.

There is a slim possibility that the LNCO distributions

could be lower if LinnCo ever had a corporate income

tax liability. Due to the nature of E&P operations (lots of

non-cash tax deductions) I do not expect any reductions

in the LNCO distributions due to taxes owed by LinnCo.

9

May 2015 Vol. 1 Issue 12

Energy Patch Stabilizes in 2015

On almost the first day of 2015, Linn Energy announced

a revised business plan for 2015 and slashed the LINE

and LNCO distribution rates by 57%. With the new plan,

Linn Energy set its spending budget to cover both its

planned capital expenditures (previously paid for with

added debt) and distributions for the year out of

internally generated cash flow. With its 2015 first

quarter earnings report on April 29th, the Linn

management team noted that compared to the first

quarter, the combination of costs coming down and

energy prices going up has improved the view of future

cash flow. If you haven't been watching energy prices, it

seems that the lows of this commodity prices bear

market were set in the first quarter. Now into May, the

spot price of crude is in the high $50's, compared to the

mid $40's for most of Q1.

Since Linn has no need to tap the debt or equity

markets this year, as long as the bottom does not

completely fall out for energy prices, the current

distribution rate is secure for the rest of 2015 and well

into 2016. To fund any attractive growth projects it

finds, Linn has made a pair of profit sharing agreements

with two investment funds to provide the capital

needed to pay for the projects. Going forward Linn is

going to pay for growth with OPM – other people's

money. I am not looking for distribution growth in

2015, but Linn is well positioned to generate growth at

some point when energy prices move higher or

production assets get a lot cheaper.

High Yield and Monthly Dividends

As I write this, LNCO yields 10%. LINE units are price

higher and yield 9.2% on the same distribution rate.

LINE and LNCO pay monthly dividends, which is always

an added bonus. One factor that you need to be aware

of is that the LNCO unit price has been fluctuating with

changes in the price of crude oil. With its distribution

rate secure, this does not make logical sense, but that is

how the market is reacting to up and down periods for

crude oil. It's probable that crude will again make a

temporary pull back from the current $58.50 per barrel

price for the benchmark West Texas Intermediate (WTI)

crude. If you are a conservative investor you may want

to initially invest in LNCO with a smaller than your usual

position and be ready to buy more units if the share

price falls back. LNCO has swung between $9.30 and

$13.80 so far in 2015. Load up the truck if the unit price

falls back into the low $10 range.

Final note: LNCO is an acceptable high-

yield IRA investment. No tax issues.

Recommendation: Buy LNCO below $12.50 to lock in a 10% yield.

10

May 2015 Vol. 1 Issue 12

Portfolio Update On average it was a good month for The Dividend

Hunter portfolio recommendations. Here are some of

the events affecting individual holdings.

Main Street Capital Corporation (NYSE: MAIN)

announced a supplemental cash dividend of $0.275 per

share payable on June 25 for shareholders of record on

June 18. Ex-dividend date is June 16. Since MAIN was

added to The Dividend Hunter portfolio 10 months ago,

the monthly dividend has been increased twice and two

supplemental dividends have been declared. Cha-ching!

Memorial Production Partners LP (Nasdaq: MEMP)

declared a $0.55 per unit quarterly distribution to be

paid on May 13. MEMP is the only upstream MLP that

has not reduced its distribution rate since to collapse in

the price of crude oil. The Dividend Hunter position in

MEMP is still down about 13% in total return since it

was added in October and before most of the crude oil

drop. However, the unit price is up 50% from the low hit

in late December. The current 12.25% yield on MEMP is

above its peers and I would not be surprised to see the

unit price go higher to lower the yield, as one would

expect for the best company in its sector.

The other upstream MLP in the portfolio, Legacy

Reserves LP (Nasdaq: LGCY) did reduce its distribution

by 42% to $0.35 for the quarter, down from the $0.61

paid for two quarters since LGCY was also added in

October. On a total return basis, LGCY is down 50%

from when it was added to The Dividend Hunter

recommendations. The unit price is up over 60% from

the December bottom, but it will be a long time before

the price moves back into the mid to high $20's where it

traded late last summer. From this point, I am keeping

Legacy in the recommendations list because I believe

the recovery in energy prices will provide additional

positive returns from here and the company as a good

chance to declare higher distributions later in the year.

For the first time since 2009, Oneok Partners LP (NYSE:

OKS) failed to increase its distribution quarter-over-

quarter. The declared distribution remained level with

the rate paid for the previous quarter. Right now I am

fine with the level distribution for one quarter, but I will

be listening closely to next week's earnings conference

call. OKS current yields 7.5% and the unit price is still

close to the value when the MLP was first

recommended.

Kinder Morgan Inc (NYSE: KMI) increased its quarterly

dividend by 6.7% and management expects to keep

growing the dividend every quarter. KMI yields about

4.5% and should be in every income investors portfolio.

The share price is down a little since the shares went ex-

dividend on April 28, making an attractive buying

opportunity.

Property owning REIT prices have been soft in April,

resulting in lower share prices for EPR Properties (NYSE:

EPR), Stag Industrial Inc (NYSE: STAG), Lexington Realty

Trust (NYSE: LXP), and RLJ Lodging Trust (NYSE: RLJ). All

will report first quarter earnings during the first half of

May. I do not expect any negative news, and positive

reports could help support share prices. These are all

quality REITs with better yields than they had a month

ago. Please drop me an email note if you any questions

concerning any of The Dividend Hunter portfolio

holdings. I can be reached at

tim.plaehn@investorsalley.com.

11

May 2015 Vol. 1 Issue 12

Current Portfolio

Stock

Entry

Date

Entry

Price

Recent

Price

Buy Up

To

Annual

Div

Proj.

Yield

Cash

Return

LinnCo LLC (LNCO) 04/30/15 $12.75 $12.75 $12.50 $1.25 9.50%

Hercules Tech. Growth Capital (HTGC) 04/30/15 $13.90 $13.90 $1.24 9.00%

RLJ Lodging Trust (RLJ) 03/31/15 $31.31 $29.67 $33.00 $1.32 4.00%

InfraCap MLP ETF (AMZA) 03/31/15 $21.51 $22.37 $22.51 N/A N/A 2.35%

Lexington Realty Trust (LXP) 02/27/15 $10.83 $9.27 $0.68 6.25% 1.58%

Kinder Morgan (KMI) 01/30/15 $41.05 $42.95 $43.00 $1.80 4.50% 1.17%

Blackstone Mortgage Trust (BXMT) 01/30/15 $29.90 $30.73 $30.00 $2.08 7.00% 1.78%

Stag Industrial (STAG) 12/30/14 $24.86 $21.73 $25.50 $1.35 5.00% 1.84%

ONEOK (OKS) 11/28/14 $44.08 $41.95 $45.60 $3.10 7.00% 3.82%

TCP Capital Corp. (TCPC) 10/30/14 $16.51 $15.93 $17.00 $1.44 8.50% 4.66%

EPR Properties (EPR) 10/30/14 $55.64 $57.67 $57.00 $3.42 6.00% 3.20%

Memorial Production (MEMP) 09/30/14 $22.02 $17.92 $23.00 $2.20 9.50% 5.00%

Legacy Reserves (LGCY) 09/30/14 $29.68 $12.93 $30.00 $2.44 8.00% 5.29%

Hannon Armstrong Sustainable

Infrastructure Capital (HASI)

08/28/14 $14.49 $19.00 $15.00 $0.88 6.00% 5.11%

New Residential Investment (NRZ)** 07/30/14 $12.16 $17.04 $12.50 $0.70 11.00% 9.13%

Arc Logistics Partners (ARCX) 07/30/14 $25.10 $19.47 $28.00 $1.55 6.00% 4.86%

Main Street Capital (MAIN) 06/27/14 $32.51 $31.33 $32.50 $1.98 6.00% 6.08%

Starwood Property Trust (STWD) 05/30/14 $24.39 $24.01 $25.00 $1.92 7.80% 7.87%

Ship Finance International (SFL) 05/30/14 $18.46 $15.76 $19.00 $1.64 8.50% 8.91%

Macquarie Infras. Company (MIC) 05/30/14 $61.48 $82.76 $63.50 $3.75 4.75% 4.80%

Closed Positions

Stock

Entry

Date

Entry

Price

Close

Price

Close

Date

Div

Earned

Total

Return

Cash

Return

Ventas (VTR) 05/30/14 $66.80 $80.52 01/30/15 $1.45 22.71% 2.17%

Oaktree Capital Group (OAK) 05/30/14 $49.98 $54.14 02/09/15 $1.17 10.66% 2.34%

Salient Midstream & MLP Fund (SMM) 08/28/14 $31.23 $21.67 03/31/15 $0.93 -27.64% 2.97%

12

May 2015 Vol. 1 Issue 12

Notes:

Entry price is determined by the last "Ask" price at the closing of the market on the day before publication. Recent price is determined by the last "Ask" price at the

closing of the market on the day before publication; most recent update 04/30/15. Annual Div is the dividend payment as declared by the company and made publicly

available. It is as of the closing of the market on the day before publication. Proj. Yield may deviate from current yield as it’s based off the share price at the time of

initiating the position, not the current share price. We make no guarantee that any company in the portfolio will continue dividend payments. For a more detailed

look at the portfolio, log on at www.investorsalley.com.

** NRZ entry price adjusted for 1 for 2 split on 10/20/14. Original entry price on 07/30/14 was $6.08.

© 2015 Investors Alley Corp. All rights reserved. Any reproduction, copying, or redistribution, in whole or in part, is prohibited without written permission from

Investors Alley Corp., 41 Madison Avenue, 31st Floor, New York, NY 10010 or www.investorsalley.com.

For complete terms and conditions governing the use of this publication please visit www.investorsalley.com.