Disp. 068
Same Yield. Different Half-Life.
Why three monthly distributions are not paid from the same clock.
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Disp. 067
Three Calendars · One Industry.
Same industry, three very different refinancing calendars.
Disp. 066
The BBB- Cliff™ Lens, Applied.
What changes structurally at the credit cliff — and what does not.
Disp. 062
Realty Income — Coverage Today.
AFFO coverage, the BBB+ buffer, and the refinancing wall mapped.
Disp. 049
ARCC — Non-Accrual Drift.
Why a 0.3 pp move on fair value matters more than the headline.
Disp. 045
JEPI Mechanics · Four Sources.
The four sources of the trailing distribution, separated and labeled.
Disp. 028
Three Clocks™ — Introduced.
Coverage today · Maturity tomorrow · Market access when tomorrow arrives.
Disp. 026
Public Storage — What A-rated Buys.
An A-rated balance sheet, the cost of carrying it, and what it earns the issuer.
Disp. 022
Buffer Half-Life™ · Worked Method.
The foundational Bureau method, with a worked hypothetical case.
Disp. 019
The Refinancing Curve · Mapped.
A picture of where the maturity wall sits versus the credit spread.
Disp. 015
Enterprise — Distribution Coverage.
Long-dated debt, contracted cash flow, and the distribution stability question.
Disp. 011
CLO CEFs — Structural Reading.
Why the same headline yield is paid from very different engines.
Disp. 004
Why Income Has a Half-Life.
The opening case for distinguishing yield from durability.
Disp. 002
The Bureau Position.
Independent structural diagnostician. Diagnostics, not advice.
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The shelves keep growing.
New dispatches are filed Mon/Wed/Fri to the top tier; older pieces retire downward. Corrections are filed at the Errata Desk. This is not a prediction — structural assessment.