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Western Asset High Income Fund II Inc. (HIX)

Financial Services | Asset Management | New York, United States | NYSE
3.98 USD +0.03 (0.759%) ⇧ (July 14, 2026, 4 p.m. EDT)
After hours: 3.98
Short-term:★★☆☆☆Long-term:★☆☆☆☆Dividends:★☆☆☆☆
Hot Take ↕ | July 11, 2026, 5:32 a.m. EDT

The investment case here is fundamentally broken by a deteriorating business model that is actively eroding shareholder capital. While the headline yield of nearly 15% looks attractive on the surface, it is a trap: the fund is distributing more cash than it earns (a payout ratio exceeding 115%), meaning the dividend is being funded by selling off assets or burning through reserves rather than sustainable earnings. This is confirmed by the massive debt load relative to equity and the fact that the share price has collapsed by roughly 39% over the last nine years. The recent price action shows no sign of recovery, trading well below its 200-day average, and the statistical models correctly flag a slight downward bias for the coming month. For a long-term holder, this is a value trap where the low price reflects the reality that the business cannot sustain its current operations or dividend without further degradation.
Model Selection — Backtest MAE (log-scale, lower is better)
ModelMAE
AutoTheta ✓0.006321
AutoARIMA0.007039
AutoETS0.007101
MSTL0.007626

Forecast horizon: 45 days | Selected: AutoTheta

Forecast Reliability
Score 68%
H-stat 0.84
Ljung-Box p 0.000
Jarque-Bera p 0.407
Excess Kurtosis -0.77
Attribute Value
Sector Financial Services
Ex Dividend Date 2026-07-23
Last Dividend Date 2026-06-22
Debt to Equity Ratio 45.852
Revenue per Share 0.54
Market Cap 358,477,440
Trailing P/E 7.80
Beta 0.91
Profit Margins 94.18%
Website https://institutional.myleggmason.com/portal/server.pt?open=512&objID=1377&cached=true&mode=2&userID=225408&mktcd=HIX

Dividend Data

Yield Summary
Last Yield 1yr Yield 3yr Avg 5yr Avg
1.25% 14.29% 13.67% 12.40%
Dividend History
Date Dividend Yield %
2026-06-23 0.049 1.250000
2026-05-21 0.049 1.237374
2026-04-23 0.049 1.243655
2026-03-24 0.049 1.259640
2026-02-20 0.049 1.172249
2026-01-23 0.049 1.163895
2025-12-23 0.049 1.200980
2025-11-20 0.049 1.192214
2025-10-24 0.049 1.155660
2025-09-23 0.049 1.123853
2025-08-22 0.049 1.134259
2025-07-24 0.049 1.152941
2025-06-23 0.049 1.163895
2025-05-22 0.049 1.200980
2025-04-23 0.049 1.215881
2025-03-24 0.049 1.158392
2025-02-21 0.049 1.116173
2025-01-24 0.049 1.152941
2024-12-23 0.049 1.142191
2024-11-21 0.049 1.111111
2024-10-24 0.049 1.103604
2024-09-23 0.049 1.103604
2024-08-23 0.049 1.129032
2024-07-24 0.049 1.118721
2024-06-21 0.049 1.106095
2024-05-22 0.049 1.106095
2024-04-22 0.049 1.126437
2024-03-20 0.049 1.103604
2024-02-21 0.049 1.113636
2024-01-23 0.049 1.111111
2023-12-20 0.049 1.010309
2023-11-21 0.049 1.072210
2023-10-23 0.049 1.158392
2023-09-21 0.049 1.056035
2023-08-23 0.049 1.020833
2023-07-21 0.049 1.008230
2023-06-22 0.049 1.016597
2023-05-22 0.049 1.093750
2023-04-20 0.049 1.006160
2023-03-23 0.049 1.025105
2023-02-17 0.049 0.905730
2023-01-23 0.049 0.890909
2022-12-21 0.049 0.944123
2022-11-21 0.049 0.966469
2022-10-21 0.049 1.116173
2022-09-22 0.049 0.991903
2022-08-23 0.049 0.890909
2022-07-21 0.049 0.938697
2022-06-22 0.049 0.991903
2022-05-20 0.049 0.964567
2022-04-21 0.049 0.878136
2022-03-23 0.049 0.813953
2022-02-17 0.049 0.772871
2022-01-21 0.049 0.749235
2021-12-22 0.049 0.723781
2021-11-19 0.049 0.686275
2021-10-21 0.049 0.673077
2021-09-22 0.049 0.670315
2021-08-23 0.049 0.643045
2021-07-22 0.049 0.667575
2021-06-22 0.049 0.685315
2021-05-20 0.049 0.684358
2021-04-22 0.049 0.707071
2021-03-23 0.049 0.716374
2021-02-18 0.049 0.706052
2021-01-21 0.049 0.712209
2020-12-22 0.049 0.713246
2020-11-19 0.049 0.707071
2020-10-22 0.049 0.751534
2020-09-22 0.049 0.746951
2020-08-21 0.049 0.736842
2020-07-23 0.049 0.758514
2020-06-22 0.049 0.834753
2020-05-20 0.049 0.876565
2020-04-22 0.049 0.910781
2020-03-23 0.049 1.269430
2020-02-20 0.049 0.696023
2020-01-23 0.049 0.713246
2019-12-19 0.049 0.733533
2019-11-21 0.047 0.715373
2019-10-17 0.047 0.694239
2019-09-19 0.047 0.706767
2019-08-22 0.047 0.702541
2019-07-18 0.047 0.674319
2019-06-20 0.047 0.678211
2019-05-23 0.046 0.702290
2019-04-17 0.046 0.696970
2019-03-21 0.046 0.703364
2019-02-14 0.046 0.724409
2019-01-17 0.046 0.747967
2018-12-20 0.046 0.831826
2018-11-21 0.046 0.779661
2018-10-18 0.046 0.739550
2018-09-20 0.046 0.727848
2018-08-23 0.046 0.724409
2018-07-19 0.046 0.718750
2018-06-21 0.046 0.710974
2018-05-24 0.046 0.708783
2018-04-19 0.046 0.699088
2018-03-22 0.046 0.702290
2018-02-15 0.046 0.693816
2018-01-18 0.046 0.662824
2017-12-21 0.046 0.665702
2017-11-22 0.049 0.709117
2017-10-19 0.049 0.682451
2017-09-21 0.049 0.686275
2017-08-23 0.050 0.700280
2017-07-19 0.050 0.689655
2017-06-21 0.050 0.694444
2017-05-17 0.053 0.727023
2017-04-19 0.053 0.732044
2017-03-22 0.053 0.739191
2017-02-15 0.054 0.742779
2017-01-18 0.054 0.753138
2016-12-21 0.054 0.778098
2016-11-16 0.057 0.852018
2016-10-19 0.057 0.790569
2016-09-21 0.057 0.800562
2016-08-17 0.062 0.867133
2016-07-20 0.062 0.873239
2016-06-15 0.062 0.914454
2016-05-18 0.067 0.978102
2016-04-20 0.067 0.976676
2016-03-16 0.067 1.046875
2016-02-17 0.069 1.185567
2016-01-20 0.069 1.195841
2015-12-16 0.069 1.081505
2015-11-18 0.069 1.023739
2015-10-21 0.069 1.011730
2015-09-16 0.069 1.029851
2015-08-19 0.069 1.008772
2015-07-22 0.069 0.963687
2015-06-17 0.069 0.897269
2015-05-20 0.069 0.855019
2015-04-15 0.069 0.850802
2015-03-18 0.069 0.852905
2015-02-18 0.069 0.852905
2015-01-21 0.069 0.863579
2014-12-17 0.069 0.876747
2014-11-19 0.069 0.806075
2014-10-22 0.069 0.771812
2014-09-17 0.069 0.759076
2014-08-20 0.069 0.743535
2014-07-16 0.069 0.738758
2014-06-18 0.069 0.730159
2014-05-21 0.070 0.746269
2014-04-15 0.070 0.747863
2014-03-19 0.070 0.754310
2014-02-19 0.073 0.783262
2014-01-22 0.073 0.782422
2013-12-18 0.073 0.812013
2013-11-20 0.075 0.836120
2013-10-16 0.075 0.815217
2013-09-18 0.075 0.798722
2013-08-21 0.075 0.859107
2013-07-17 0.075 0.834260
2013-06-19 0.075 0.827815
2013-05-22 0.077 0.764647
2013-04-17 0.077 0.769231
2013-03-13 0.077 0.773092
2013-02-13 0.080 0.792864
2013-01-16 0.080 0.798403
2012-12-12 0.080 0.807265
2012-11-20 0.083 0.851282
2012-10-17 0.083 0.794258
2012-09-19 0.083 0.784499
2012-08-22 0.083 0.804264
2012-07-18 0.083 0.819348
2012-06-20 0.083 0.843496
2012-05-16 0.083 0.834171
2012-04-18 0.083 0.852156
2012-03-21 0.083 0.826693
2012-02-15 0.083 0.820969
2012-01-18 0.083 0.852156
2011-12-14 0.083 0.871849
2011-11-16 0.083 0.860996
2011-10-19 0.083 0.868201
2011-09-21 0.083 0.871849
2011-08-17 0.085 0.903294
2011-07-20 0.085 0.850000
2011-06-15 0.085 0.853414
2011-05-18 0.085 0.823643
2011-04-19 0.085 0.853414
2011-03-16 0.085 0.885417
2011-02-16 0.085 0.863821
2011-01-19 0.085 0.900424
2010-12-21 0.085 0.922910
2010-11-17 0.085 0.890985
2010-10-20 0.085 0.855992
2010-09-15 0.085 0.886340
2010-08-18 0.090 0.937500
2010-07-21 0.090 0.955414
2010-06-16 0.090 0.976139
2010-05-19 0.095 1.067416
2010-04-21 0.095 0.959596
2010-03-17 0.095 0.972364
2010-02-17 0.095 1.014957
2010-01-20 0.095 0.980392
2009-12-16 0.095 1.032609
2009-11-18 0.095 1.072235
2009-10-21 0.095 1.063830
2009-09-16 0.095 1.082005
2009-08-19 0.095 1.169951
2009-07-22 0.095 1.225806
2009-06-17 0.095 1.287263
2009-05-20 0.095 1.399116
2009-04-15 0.095 1.649305
2009-03-18 0.095 1.806084
2009-02-18 0.095 1.749540
2009-01-21 0.095 1.626712
2008-12-17 0.095 2.193995
2008-11-19 0.095 2.134832
2008-10-22 0.095 1.708633
2008-09-17 0.095 1.376812
2008-08-20 0.095 1.073446
2008-07-16 0.095 1.067416
2008-06-18 0.095 0.960566
2008-05-21 0.085 0.864700
2008-04-16 0.085 0.893796
2008-03-18 0.085 0.965909
2008-02-20 0.085 0.910064
2008-01-16 0.085 0.860324
2007-12-19 0.085 0.866463
2007-11-20 0.080 0.828157
2007-10-17 0.080 0.765550
2007-09-19 0.080 0.741427
2007-08-22 0.078 0.769231
2007-07-18 0.078 0.735156
2007-06-20 0.078 0.707804
2007-05-16 0.078 0.666667
2007-04-18 0.078 0.683611
2007-03-21 0.078 0.700180
2007-02-14 0.075 0.658472
2007-01-17 0.075 0.674460
2006-12-20 0.075 0.680581
2006-11-15 0.075 0.704887
2006-10-18 0.075 0.716332
2006-09-20 0.075 0.718391
2006-08-18 0.070 0.680934
2006-07-21 0.070 0.709220
2006-06-23 0.070 0.717949
2006-05-19 0.070 0.704935
2006-04-21 0.070 0.703518
2006-03-24 0.070 0.701403
2005-11-10 0.075 0.772400
2005-10-14 0.075 0.771605
2005-09-09 0.075 0.695088
2005-08-12 0.080 0.764088
2005-07-08 0.080 0.745573
2005-06-10 0.080 0.752587
2005-05-13 0.095 0.903901
2005-04-08 0.095 0.854317
2005-03-04 0.095 0.792327
2005-02-11 0.095 0.786424
2005-01-14 0.095 0.791667
2004-12-03 0.095 0.790349
2004-11-12 0.095 0.783182
2004-10-08 0.095 0.791007
2004-09-10 0.095 0.804403
2004-08-13 0.115 0.924437
2004-07-09 0.115 0.946502
2004-06-14 0.115 0.967199
2004-05-14 0.115 1.017699
2004-04-16 0.115 0.934959
2004-03-12 0.115 0.888717
2004-02-13 0.115 0.885296
2004-01-09 0.115 0.858209
2003-12-12 0.115 0.901254
2003-11-14 0.115 0.916335
2003-10-10 0.115 0.958333
2003-09-12 0.115 0.968013
2003-08-08 0.115 1.023132
2003-07-11 0.115 0.961538
2003-06-13 0.115 0.963956
2003-05-09 0.115 1.001742
2003-04-11 0.115 1.025870
2003-03-14 0.115 1.054079
2003-02-14 0.115 1.071761
2003-01-10 0.115 1.085930
2002-12-13 0.115 1.145418
2002-11-08 0.115 1.227321
2002-10-11 0.115 1.312785
2002-09-13 0.115 1.165147
2002-08-09 0.115 1.231263
2002-07-12 0.115 1.148851
2002-06-14 0.115 0.980392
2002-05-10 0.115 0.972927
2002-04-12 0.115 0.991379
2002-03-08 0.115 1.007888
2002-02-08 0.115 0.986278
2002-01-11 0.115 1.008772
2001-12-14 0.115 1.036036
2001-11-16 0.115 1.050228
2001-10-12 0.115 1.095238
2001-08-10 0.115 0.969646
2001-07-13 0.115 1.006124
2001-06-08 0.115 0.962343
2001-05-11 0.115 1.015901
2001-04-12 0.130 1.136364
2001-03-09 0.130 1.062092
2001-02-09 0.130 1.047542
2001-01-12 0.130 1.055838
2000-12-08 0.130 1.223529
2000-11-10 0.130 1.149171
2000-10-13 0.130 1.175141
2000-09-08 0.130 1.034826
2000-08-11 0.130 1.045226
2000-07-14 0.130 1.072165
2000-06-09 0.130 1.124324
2000-05-12 0.130 1.155556
2000-04-14 0.130 1.124324
2000-03-10 0.130 1.175141
2000-02-11 0.115 1.095238
2000-01-14 0.115 1.095238
1999-12-28 0.028 0.273171
1999-12-10 0.115 1.142857
1999-11-12 0.115 1.063584
1999-10-08 0.115 1.027933
1999-09-10 0.115 1.005464
1999-08-13 0.115 0.989247
1999-07-09 0.116 0.905366
1999-06-11 0.115 0.910891
1999-05-14 0.115 0.929293
1999-04-09 0.115 0.910891
1999-03-12 0.182 1.400000
1999-02-12 0.182 1.456000
1999-01-08 0.182 1.441584
1998-12-11 0.182 1.441584
1998-11-13 0.115 0.876190
1998-10-09 0.115 1.000000
1998-09-11 0.115 0.934010
1998-08-14 0.345 2.379310
1998-07-24 0.115 0.773109
Additional Data
dividendRate 0.59
dividendYield 14.89
exDividendDate 2026-07-24
trailingAnnualDividendRate 0.588
trailingAnnualDividendYield 0.14886075
lastDividendValue 0.049
lastDividendDate 2026-06-23
dividendDate 2019-03-01

Info Dump

Attribute Value
52 Week Change -0.08139533
Address1 One Madison Avenue
Address2 17th Floor
All Time High 15.5
All Time Low 3.08
Ask 4.0
Ask Size 1,400
Average Daily Volume10 Day 315,290
Average Daily Volume3 Month 350,836
Average Volume 350,836
Average Volume10Days 315,290
Beta 0.913
Bid 3.92
Bid Size 2,200
Book Value 4.181
City New York
Country United States
Crypto Tradeable 0
Currency USD
Current Price 3.98
Current Ratio 0.117
Custom Price Alert Confidence HIGH
Date Short Interest 1,782,777,600
Day High 3.99
Day Low 3.95
Debt To Equity 45.852
Display Name Western Asset High Income Fund II
Dividend Date 1,551,398,400
Dividend Rate 0.59
Dividend Yield 14.89
Earnings Growth 2.519
Earnings Quarterly Growth 2.52
Earnings Timestamp End 1,656,500,340
Earnings Timestamp Start 1,656,500,340
Ebitda Margins 0.0
Enterprise To Revenue 10.802
Enterprise Value 525,136,704
Eps Trailing Twelve Months 0.51
Esg Populated 0
Ex Dividend Date 1,784,851,200
Exchange NYQ
Exchange Data Delayed By 0
Exchange Timezone Name America/New_York
Exchange Timezone Short Name EDT
Fifty Day Average 3.9592
Fifty Day Average Change 0.020800114
Fifty Day Average Change Percent 0.0052536153
Fifty Two Week Change Percent -8.139533
Fifty Two Week High 4.4
Fifty Two Week High Change -0.42000008
Fifty Two Week High Change Percent -0.09545456
Fifty Two Week Low 3.75
Fifty Two Week Low Change 0.23000002
Fifty Two Week Low Change Percent 0.06133334
Fifty Two Week Range 3.75 - 4.4
Financial Currency USD
First Trade Date Milliseconds 895,843,800,000
Five Year Avg Dividend Yield 12.19
Free Cashflow 28,688,952
Full Exchange Name NYSE
Gmt Off Set Milliseconds -14,400,000
Gross Margins 1.0
Gross Profits 48,613,600
Has Pre Post Market Data 1
Held Percent Insiders 0.000030000001
Held Percent Institutions 0.25275
Implied Shares Outstanding 90,069,709
Industry Asset Management
Industry Disp Asset Management
Industry Key asset-management
Language en-US
Last Dividend Date 1,782,172,800
Last Dividend Value 0.049
Last Fiscal Year End 1,777,507,200
Long Business Summary Western Asset High Income Fund II Inc. is a closed-ended fixed income mutual fund launched and managed by Legg Mason Partners Fund Advisor, LLC. The fund is co-managed by Western Asset Management Company, Western Asset Management Company Limited, and Western Asset Management Company Pte. Ltd. It invests in the fixed income markets across the globe. The fund invests in securities of companies that operate across diversified sectors. It invests in high yield debt securities issued by U.S., foreign corporations and foreign governments. The fund employs a combination of quantitative and fundamental analysis with bottom-up security selection process to create its portfolio. It benchmarks the performance of its portfolio against Barclays Capital U.S. Corporate High Yield 2% Issuer Cap Index and the JPMorgan Emerging Markets Bond Index Global. Western Asset High Income Fund II, Inc. was formed on May 28, 1998 and is domiciled in the United States.
Long Name Western Asset High Income Fund II Inc.
Market us_market
Market Cap 358,477,440
Market State POSTPOST
Max Age 86,400
Message Board Id finmb_3592381
Most Recent Quarter 1,777,507,200
Net Income To Common 45,782,268
Next Fiscal Year End 1,809,043,200
Non Diluted Market Cap 355,775,346
Open 3.96
Operating Cashflow 74,722,072
Operating Margins 0.88938004
Payout Ratio 1.1529
Phone 800-822-5544
Post Market Change 0.0
Post Market Change Percent 0.0
Post Market Price 3.98
Post Market Time 1,784,063,100
Previous Close 3.95
Price Hint 4
Price To Book 0.95192534
Price To Sales Trailing12 Months 7.3740153
Profit Margins 0.94176
Quick Ratio 0.115
Quote Type EQUITY
Recommendation Key none
Region US
Regular Market Change 0.03
Regular Market Change Percent 0.759493
Regular Market Day High 3.99
Regular Market Day Low 3.95
Regular Market Day Range 3.95 - 3.99
Regular Market Open 3.96
Regular Market Previous Close 3.95
Regular Market Price 3.98
Regular Market Time 1,784,059,202
Regular Market Volume 252,619
Return On Assets 0.047080003
Return On Equity 0.120459996
Revenue Growth -0.026
Revenue Per Share 0.54
Sand P52 Week Change 0.20365608
Sector Financial Services
Sector Disp Financial Services
Sector Key financial-services
Shares Outstanding 90,069,708
Shares Percent Shares Out 0.0022
Shares Short 236,300
Shares Short Previous Month Date 1,780,012,800
Shares Short Prior Month 210,438
Short Name Western Asset High Income Fund
Short Ratio 0.62
Source Interval 15
State NY
Symbol HIX
Total Cash 5,998,861
Total Cash Per Share 0.067
Total Debt 172,658,128
Total Revenue 48,613,600
Tradeable 0
Trailing Annual Dividend Rate 0.588
Trailing Annual Dividend Yield 0.14886075
Trailing Eps 0.51
Trailing P E 7.8039217
Trailing Peg Ratio None
Triggerable 1
Two Hundred Day Average 4.10495
Two Hundred Day Average Change -0.12494993
Two Hundred Day Average Change Percent -0.030438844
Type Disp Equity
Volume 252,619
Website https://institutional.myleggmason.com/portal/server.pt?open=512&objID=1377&cached=true&mode=2&userID=225408&mktcd=HIX
Zip 10,010