Howard Marks's top dividend stocks (May 2026) include United States Cellular Corporation (USM), a company providing wireless telecommunications services across various regions in the United States.

Howard Marks is a highly respected investor and co-founder of Oaktree Capital Management, an alternative investment firm. As Co-Chairman, he guides the firm's overall strategy and is well-known for his insightful memos on investment philosophy, often focusing on value investing and understanding market cycles. His investment approach frequently involves identifying undervalued assets and opportunities in less efficient markets, particularly within credit and distressed debt.

United States Cellular Corporation (USM)

United States Cellular Corporation operates as a wireless telecommunications services provider, offering voice, messaging, and data services to retail and business customers. The company also sells wireless devices, accessories, and offers device protection plans through its network of retail stores and partners.

In Howard Marks's portfolio, the current value of this position stands at $55.79 million. The stock currently boasts a dividend yield of approximately 69.00%, though its trailing twelve-month dividend rate is $0.00. Analysts have assigned a discounted cash flow value of $37.29 for the company.

Here's an overview of Howard Marks's trades in United States Cellular Corporation:

Telephone And Data Systems, Inc. (TDS)

Telephone And Data Systems, Inc. is a diversified telecommunications company offering wireless, cable, and wireline services. It provides a range of voice, broadband, and video services to residential and business customers, primarily through its subsidiaries.

The current value of this holding in Marks's portfolio is $166.2 million. Shareholders currently enjoy a dividend yield of about 23.03%, with a trailing twelve-month dividend payout rate of $10.41 per share. The company's discounted cash flow value is estimated at negative $0.97.

Here's an overview of Howard Marks's trades in Telephone And Data Systems, Inc.:

Runway Growth Finance Corp (RWAY)

Runway Growth Finance Corp specializes in providing senior secured loans to growth-stage companies in various sectors. As a business development company (BDC), it focuses on venture debt, offering financing solutions to innovative companies backed by leading venture capital firms.

Howard Marks's portfolio currently holds a position valued at $47.31 million in Runway Growth Finance Corp. The stock yields roughly 15.89% on its dividend, with a TTM dividend rate of $0.66. Analysts have set a price target of $10.00 for RWAY, while its discounted cash flow value is estimated at negative $4.48.

Here's an overview of Howard Marks's trades in Runway Growth Finance Corp:

Oaktree Specialty Lending Corp (OCSL)

Oaktree Specialty Lending Corp operates as a business development company (BDC) providing customized financing solutions to middle-market companies. It primarily invests in senior secured loans and other debt securities, aiming to generate current income and capital appreciation.

This position in Howard Marks's portfolio is currently valued at $23.38 million. Investors receive a dividend yield of approximately 13.16%, supported by a trailing twelve-month dividend rate of $1.20. The company also has an analyst price target of $12.00, and its discounted cash flow is calculated at $9.86.

Here's an overview of Howard Marks's trades in Oaktree Specialty Lending Corp:

Itau Unibanco Holding S.A. - ADR (ITUB)

Itau Unibanco Holding S.A. is one of Latin America's largest financial conglomerates, offering a comprehensive range of banking and financial products and services. Through its extensive network, it serves individual and corporate clients in Brazil and internationally.

The current value of Howard Marks's holding in Itau Unibanco Holding S.A. - ADR is $120.26 million. The stock provides a dividend yield of roughly 7.52%, with a TTM dividend rate of $0.63. The company's discounted cash flow analysis shows a value of $2.62.

Here's an overview of Howard Marks's trades in Itau Unibanco Holding S.A. - ADR: