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BRW · Saba Capital Income & Opportunities Fund

Know the company

Company overview

Saba Capital Income & Opportunities Fund invests across credit, equities and other funds, looking for income and investment gains rather than relying on one type of holding.

Business
Multi-asset closed-end fund
Listing
BRW · New York Stock Exchange
Reporting period
2026-04-30
Dividend schedule
Monthly

How the business works

BRW collects interest and dividends, trades investments and can use derivatives. Those activities can add to or reduce the resources behind its monthly payment. The fund also pays financing and operating costs. That makes investment results, distribution sources and NAV worth reading together.

BRW semiannual report, six months ended April 30, 2026

Dividend & earnings snapshot

Reported earnings

Each measure shown separately, per share

Net investment income$0.07

Nov 1, 2025 to Apr 30, 2026

Distribution yield16.53%Sourced distributions divided by dated market price
Reported annual income yield3.24%Reported net investment income $0.2400 per share for 2024-11-01 to 2025-10-31, divided by approved 2025-10-31 market price $7.4000. Excludes capital gains; historical, not a current yield or forecast.
Reported annual investment income$0.24Per share for 2025 FY. Excludes investment gains.
Annual dividend$1.02Current regular payment annualized per share
Dividend payment history
Date or monthPer share
Sep 30, 2026$0.085
Reported earnings and sources

Reported earnings for the latest four periods. Compare the same earnings measure across periods; different measures are not added together.

Reporting periodPer shareSource
Nov 1, 2025 to Apr 30, 2026$0.07SEC
Announced Jul 8, 2026

Cash distributions and reported returns

Cash distributions are the total paid per share during each reporting period, including any gains or return of capital. Period lengths may differ, so compare the dates before comparing amounts. Short periods are not annualized.

Reporting periodEnding NAVNAV changeDistributions / shareReported NAV total returnSource
Nov 1, 2025 to Apr 30, 2026$7.63-8.62%$0.51-1.60%Company financial highlights, negative reported NAV total return. Corrects omitted minus sign in earlier supplemental profile import; workbook figures untouched.
Nov 1, 2024 to Oct 31, 2025$8.35+3.47%$1.02+17.68%BRW financial highlights in the SEC shareholder report for 2026-04-30. Distributions include all reported cash components for this exact fiscal period. Partial-period figures are not annualized.
Nov 1, 2023 to Oct 31, 2024$8.07-3.00%$1.13+12.77%BRW financial highlights in the SEC shareholder report for 2026-04-30. Distributions include all reported cash components for this exact fiscal period. Partial-period figures are not annualized.
View older history (up to 7 years)
Reporting periodEnding NAVNAV changeDistributions / shareReported NAV total returnSource
Nov 1, 2022 to Oct 31, 2023$8.32-3.70%$1.04+9.63%BRW financial highlights in the SEC shareholder report for 2026-04-30. Distributions include all reported cash components for this exact fiscal period. Partial-period figures are not annualized.
Nov 1, 2021 to Oct 31, 2022$8.64-12.37%$1.06-0.95%Company financial highlights, negative reported NAV total return. Corrects omitted minus sign in earlier supplemental profile import; workbook figures untouched.
Mar 1, 2021 to Oct 31, 2021$9.86-0.80%$0.34+2.84%Company financial highlights; per-share values before2022 normalized for the confirmed one-for-two reverse split. Fiscal transition separated, no overlap.
Mar 1, 2020 to Feb 28, 2021$9.94-6.23%$0.36-2.14%Company financial highlights; per-share values before2022 normalized for the confirmed one-for-two reverse split. Fiscal transition separated, no overlap.

NAV change excludes distributions. Reported NAV total return includes reinvestment and is copied from the fund statement, not estimated by adding cash distributions to the NAV change.

How to read BRW income

Income from holdings, investment gains and the fund's expenses each affect what is available for distributions. The mix depends on the portfolio.

Follow cash payments and NAV together. Borrowing and holdings in other funds can add costs and amplify changes in portfolio value.

Income and distributions

Income and cash distributions per share for the same dated periods. Shorter periods are kept separate and are not annualized. Income from holdings, investment gains and the fund's expenses each affect what is available for distributions. The mix depends on the portfolio.

Reporting periodNet investment income/shareTotal distributions/shareIncome coverage
2025-11-01 to 2026-04-30 $0.07 $0.51 13.7%
2024-11-01 to 2025-10-31 $0.24 $1.02 23.5%
2023-11-01 to 2024-10-31 $0.47 $1.13 41.6%
View older history (up to 7 years)
Reporting periodNet investment income/shareTotal distributions/shareIncome coverage
2022-11-01 to 2023-10-31 $0.18 $1.04 17.3%
2021-11-01 to 2022-10-31 $0.05 $1.06 4.7%
2021-03-01 to 2021-10-31 $0.10 $0.34 29.4%
2020-03-01 to 2021-02-28 $0.32 $0.36 88.9%

The assets behind the earnings

How BRW makes money

Financial snapshot: 2026-04-30. Research reviewed 2026-09-30. The income and distribution comparison covers six months through April 30, 2026. Current NAV and market price have their own later date.

The assets it owns

$648.909 million gross assets; $396.751 million net assetsSeven grouped balance-sheet categories

NAV is the value of BRW’s portfolio after its obligations, expressed per common share. The share price can differ from NAV, so a discount is a price observation, not extra cash available for distributions.

  • Investment securities and affiliated fund58.698648827483%
  • Cash and foreign currency3.2248606650898%
  • Restricted cash21.256646419209%
  • Posted collateral9.6237705270137%
  • Receivables and prepaid expenses2.0595796519117%
  • Future-equity agreements1.2868458945202%
  • Derivative assets3.8496480147725%

Follow the dated NAV and share price together. The fund’s investment results and the cash it paid both matter when judging what shareholders received.

BRW semiannual financial highlights

Reported six-month income and expenses

2026-04-30 · $ per share

Investment income$13.3907
Net expenses$9.5701
Net investment income$3.8207

For the six months ended April 30, 2026, BRW reported $0.07 per share of net investment income and $0.51 per share of distributions. It also reported realized gains and unrealized losses. Net investment income alone does not capture the whole multi-asset strategy.

BRW semiannual report, six months ended April 30, 2026

Where the payment comes from

BRW reported $0.07 per share of net investment income and $0.51 per share of distributions for the latest six-month period.

Interest and dividends covered only part of the payment. This fund can also use gains and other resources, so we follow the full investment result rather than calling the remainder unsupported.

BRW semiannual report, six months ended April 30, 2026

Capital value alongside cash paid

BRW reported NAV of $7.63 per share at April 30, 2026, down from $8.35 at the start of that six-month period, while paying $0.51 per share.

The cash payment matters, but so does what happened to capital value. We want the next report to show whether NAV and investment results are supporting the monthly policy over time.

BRW semiannual report, six months ended April 30, 2026

What would change the earnings picture?

Start with the next comparable report: did investment income and realized results improve relative to the cash paid? Then check the distribution declaration, its source and NAV. The market discount answers a separate price question.

Net asset value (NAV)

NAV per share$7.17Sep 29, 2026
Market price$6.08Sep 29, 2026
PREMIUM / DISCOUNT TO NAV15.20% discountCalculated from the displayed same-date values.

NAV is the fund's assets minus liabilities, divided by shares outstanding. All values are USD per share.

CEFConnect current common-share NAV and closing market price, both dated 2026-09-29. The published premium or discount agrees with the calculation within source rounding. Older audited NAV history remains unchanged.

NAV source · Market-price source

Fly High context

BRW offers a broad route to monthly income, with more moving parts than a bond-only fund. The latest report leaves an important question: can investment results support the cash policy without steadily reducing NAV? We will judge that from the next comparable filing, not from yield or discount alone.

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U.S. federal · Tax year 2025

Dividend tax treatment

The company reports that1.53% of ordinary dividends paid in calendar2025 qualify as qualified dividend income. The complete annual tax-category allocation remains unconfirmed.

This company information is a guide, not your personal tax statement. Use your Form 1099-DIV when you file.

Total ordinary dividends
Not confirmed
Qualified dividends
Not confirmed
Capital-gain distributions
Not confirmed
Return of capital
Not confirmed

BRW’s company has identified a qualified-dividend slice within its ordinary dividends. That slice is worth knowing, but it does not tell us how every 2025 payment divides among ordinary income, gains and returned capital. Read it as one piece of the picture.

Read the source behind these figures. Your Form 1099-DIV is the guide for your own filing.

Tax year: 2025.

Tax details and source
Total ordinary dividends (includes qualified)
Not confirmed
Section 199A portion (within ordinary dividends)
Not confirmed
Exempt-interest distributions
Not confirmed
Reporting form
Form 1099-DIV
Source date
2026-07-08

Qualified dividends are included in total ordinary dividends. Section 199A is a separate designation within ordinary dividends, not extra income or qualified dividend income.

Tax source

Your account type, holding period and circumstances affect treatment. Use your broker’s tax statement for filing. Return of capital generally reduces cost basis; amounts beyond basis can be taxable. IRS dividend guidance.

Public Research updated September 30, 2026 2:00 pm

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