Correction · Filed
Re: Dispatch No. 062 · "Realty Income — Coverage Today"
AFFO payout ratio · clerical error
As published: "AFFO payout ratio of 73.4% as of Q1 MMXXVI."
As corrected: AFFO payout ratio of 71.7% as of Q1 MMXXVI. Transcription error from the Q1 supplement. Argument and conclusion unchanged; figure restated.
Filed IX · V · MMXXVI
Clarification · Filed
Re: Dispatch No. 049 · "ARCC — Non-Accrual Drift"
Non-accrual basis · fair value vs. cost
As published: "Non-accruals 1.8 → 2.1%."
Clarified: the figures cited are on fair-value basis, not cost basis. On a cost basis the comparable move is 1.5 → 1.8%. Direction and structural reading unchanged.
Filed XXIV · IV · MMXXVI
Correction · Filed
Re: Dispatch No. 045 · "JEPI Mechanics"
Trailing distribution composition
As published: "8.45% trailing distribution = 1.43% dividend + 7.18% option premium."
As corrected: 1.43% dividend + 6.94% option premium + 0.08% short-term gains. Total trailing unchanged at 8.45%. The third component was omitted in the original breakdown.
Filed XV · IV · MMXXVI
Clarification · Filed
Re: Dispatch No. 028 · "Three Clocks™ — Introduced"
The third clock · scope
As published: "Market Access when tomorrow arrives" — applied to all income vehicles.
Clarified: the Market Access clock applies most directly to fixed-debt issuers (REITs, BDCs, MLPs). For pure cov-call ETFs the third clock is structurally different (counterparty / volatility regime). The framework still applies; the mechanism differs.
Filed II · IV · MMXXVI
Retraction · Filed
Re: Dispatch No. 022 · Buffer Half-Life™ Method · Worked Example
EPR Properties · worked example withdrawn
A worked example using EPR Properties' Q4 MMXXIV figures was included as an illustration.
Retracted: the example was based on a one-time charge that was not separately identified in the source filing. The method stands; the worked example has been withdrawn and replaced with a hypothetical case in the corrected version. Original dispatch retained, with strikethrough applied.
Filed VI · III · MMXXVI