BDC NAV and market discounts: separate the valuation from the trading price
Read common NAV per share, price/NAV and capital transactions without treating a discount as a promised return.
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BDC distributions, RIC tax status and spillover: keep three records separate
Distinguish BDC regulation from RIC treatment, separate tax distribution requirements from NII coverage, and understand why spillover is not a cash reserve.
BDC glossary: NII, PIK, NAV, credit and fees
Fourteen BDC terms explained with links to source-backed guides and examples.
BDC learning center: NII, PIK, credit risk & filing workshops
Study BDCs through four free learning levels, with source-backed guides, worked examples, quizzes and related calculators.
BDC leverage and asset coverage: a descriptive ratio is not a compliance test
Connect debt, common equity and asset values while distinguishing a debt/equity worksheet from statutory asset coverage and borrowing covenants.
Expert workshop: bridge NAV through marks, realizations and share issuance
Reconcile net assets and per-share NAV, avoid double-counting old losses and separate issuance proceeds from investment performance.
Expert workshop: reconcile reported NII, adjustments and a PIK sensitivity
Build a reversible income bridge, retain compensation costs explicitly and distinguish a frozen-fee sensitivity from a contract-based alternative.
Expert workshop: refinancing, equity funding and NII per share
Compare full-year refinancing branches, include net equity proceeds and share-count effects, and keep liquidity separate from income accretion.
Expert workshop: write a BDC credit and distribution memo that can be challenged
Integrate income quality, portfolio losses, leverage and liquidity while separating established facts, analytical scenarios and unresolved evidence.
Floating rates and floors: why a BDC is not a one-way rate bet
Build separate asset and liability repricing maps, identify floors and hedges, and distinguish interest sensitivity from borrower-credit effects.
From origination to repayment: how a BDC investment earns and loses money
Trace a loan through commitment, funding, recognized income, amendments, valuation and exit without confusing commitments with invested assets.
Incentive fees: model the hurdle and catch-up before adjusting NII
Trace a hypothetical piecewise fee schedule, distinguish income and capital-gains fees, and test the effect of noncash income without double counting.
Internal and external BDC management: follow the expense contract
Compare management arrangements by what shareholders actually bear, including asset-based fees, incentive compensation, reimbursements and waivers.
NII and distribution coverage: match the income, denominator and period
Reconcile regular and total common-distribution coverage without confusing reported NII, issuer-adjusted measures or cash available.
Non-accruals at cost and fair value: read the exposure and the mark
Compare matched non-accrual populations, understand why a fair-value percentage can fall without credit improving, and trace migration.
PIK income: distinguish the contract, the accounting and the cash
Understand payment-in-kind recognition, two different PIK denominators and a transparent sensitivity that does not claim to be cash earnings.
Read a BDC filing in order: four statements and the investment schedule
Build a source map for portfolio assets, recognized income, distributions and cash before collecting ratios or copying a presentation.
What is a BDC? Follow the fund, the borrowers and the shareholder
Understand the closed-end structure, the difference between borrower interest and shareholder distributions, and why a traded share is not a redeemable loan.
AFFO payout & stress calculator
Compare common dividends with AFFO on a matching basis, then model a decline in the chosen measure.
BDC NII, PIK & distribution worksheet
Separate regular and total common-distribution coverage, then trace a simple PIK-deduction sensitivity on a consistent period and unit basis.
BDC PIK income ratios
Keep PIK as a share of total investment income separate from PIK relative to net investment income.
BDC debt / equity worksheet
Calculate descriptive gross and cash-adjusted debt/equity ratios without claiming statutory asset-coverage compliance.
BDC non-accrual: cost versus fair value
Compare two non-accrual percentages without mixing their investment populations or valuation bases.
BDC price / NAV discount calculator
Compare a user-entered share price with disclosed common NAV per share while preserving dates and assumptions.
Cap-rate & NAV sensitivity calculator
Translate a property NOI assumption into a simplified equity value and compare cap-rate scenarios.
Debt maturity ladder & liquidity worksheet
Build a dated maturity table and compare it with unrestricted cash and confirmed facility availability.
Dividend income calculator
Estimate annual distributions, after-withholding income and the capital needed for a monthly income target.
Dividend reinvestment calculator
Explore a constant-yield monthly reinvestment scenario and separate contributions from modeled income.
Dividend total return calculator
Combine price change with cash distributions to see a simple holding-period return.
FFO to AFFO learning calculator
Build a simplified non-GAAP reconciliation and see how recurring capex and straight-line rent change a modeled result.
Preferred & common distribution bridge
Trace a selected period earnings measure to common attribution, keeping preferred distributions and rights separate.
REIT JV proportionate debt worksheet
Separate consolidated borrowings, unconsolidated economic exposure and guarantees without double counting.
Refinancing cost calculator
Estimate the annual interest and per-share effect of repricing one debt maturity.
How the three financial statements connect
Connect profit, operating cash flow and the cash balance with a clearly hypothetical annual example; distinguish financing from free cash flow.
Apple 2024: follow earnings through cash and capital returns
Reconstruct operating cash flow, a defined FCF measure, cash dividends and buybacks, and the complete cash-balance change from Apple’s historical FY2024 10-K.
Ares Capital 2024: NII, Core EPS and the PIK denominator
Reconstruct reported NII, reconcile Core EPS, and aggregate PIK interest and dividends from a dated SEC filing before interpreting income coverage.
Realty Income 2024: reconstruct AFFO and its payout ratio
Use the dated SEC reconciliation to rebuild AFFO, compare paid dividends with an annualized rate, and explain why aggregate and per-share payout ratios differ.
Dividends, buybacks and the cash left over
Define a cash-flow remainder, separate actual shareholder payments from announcements, and reconcile the result to the change in cash.
From net income to operating cash flow
Rebuild the indirect cash-flow statement, preserve adjustment signs, and distinguish cash timing from a durable change in the business.
Operating cash-flow workbench
Rebuild annual operating cash flow, define FCF, inspect dividends and buybacks, and reconcile the ending cash balance. Exact local arithmetic, editable scenarios and CSV.
Operating companies: follow the cash
Follow earnings into operating cash, define your capital-spending deduction, and reconcile dividends and buybacks with the full cash statement.
Dividend research worksheet for REITs and BDCs
Build a source-linked dividend research note: locate filing inputs, reconcile AFFO or NII, record risks, then download or print your worksheet.
Ex-dividend date vs record date vs payment date
Understand US dividend dates under T+1, ordinary cash-dividend entitlement, special-distribution exceptions and why dividend capture is not free income.
REIT vs BDC: dividends, cash flow and risks
Compare US equity REITs and BDCs: AFFO vs NII, property and credit risks, NAV, and a worked example of two identical dividend yields.
A REIT research checklist: from business model to open questions
A repeatable, evidence-first worksheet for reviewing a REIT without reducing the analysis to a single score.
AFFO: useful estimate, nonstandard definition
Learn to audit recurring cash adjustments and compare AFFO definitions before comparing payout ratios.
Apartment REITs: rent growth is only half the story
Read apartment occupancy, concessions, resident turnover and supply alongside operating expenses and recurring property investment.
Cap rates: reading income, price, and risk together
Understand the cap-rate equation, differences from dividend yield, and the limits of acquisition spreads.
Data-center REITs: power, capacity and capital intensity
Understand data-center leasing, power constraints, development spending and the difference between demand growth and shareholder returns.
Debt maturities: read the calendar, not just the average
Map refinancing needs against cash, committed liquidity, lease risk, and future borrowing costs.
Dilution: follow your share of the business
Distinguish a rising share count from harmful economic dilution and evaluate acquisition growth per share.
Dividend cuts: analyze the funding gap before the yield
Build a dividend stress review using recurring earnings, liquidity, debt repayments, and board disclosures.
Dividend reinvestment: compounding with assumptions visible
Understand what a DRIP changes, what it cannot fix, and how to interpret a constant-yield reinvestment model.
Dividend yield versus total return: count both sides
Calculate income and price change together, and understand why a rising dividend yield can be a warning rather than a reward.
Expert workshop: build NAV through joint ventures
Reconcile proportionate ownership with consolidated reporting, eliminate duplicate assets, and stress a multi-entity NAV model.
Expert workshop: model refinancing, fees, and dilution
Build partial-year and full-year earnings bridges for debt refinancing with and without equity, then reconcile the separate cash budget.
Expert workshop: normalize AFFO across competing definitions
Rebuild two hypothetical issuer reconciliations, distinguish owner earnings from cash timing, and test whether apparent dividend coverage survives normalization.
Expert workshop: write a falsifiable REIT research memo
Separate facts from assumptions, test opposing explanations, and turn a valuation spreadsheet into an auditable research document.
FFO: reading REIT performance beyond net income
Understand the FFO bridge, per-share growth, and why adding back depreciation does not make buildings free to maintain.
Healthcare REITs: properties, operators and reimbursement
Separate healthcare property ownership from operating exposure and examine the different risks in senior housing, hospitals and medical offices.
Hotel REITs: RevPAR, operating leverage and renovations
Connect hotel room pricing and occupancy with operating profit, brand obligations and the cash required to keep properties competitive.
How to read a REIT filing without getting lost
A practical reading sequence for the 10-K, 10-Q, earnings release and supplemental operating tables.
Industrial REITs: warehouses, rent resets and supply
Learn how logistics properties earn rent and why lease spreads, building specifications and development exposure need separate analysis.
Interest coverage: test the earnings cushion
Understand coverage ratios, covenant definitions, and why principal repayments require a separate check.
Lease expirations: the calendar behind rental income
Read lease rollover exposure, renewal economics, downtime, and why long leases can be both protection and a constraint.
Listed, non-traded and private REITs: access changes the risk
Separate a REIT's business model from its trading structure, liquidity, fees and disclosure obligations.
Mortgage REITs: spreads, leverage and book-value risk
Understand why mortgage REITs require a financing and credit framework rather than the operating-property metrics used for equity REITs.
NAV: an estimate with assumptions, not a price promise
Construct a simple net asset value bridge and test how debt and capitalization rates change the result.
NOI: separate the property from its financing
Build a property operating view and understand why positive NOI does not guarantee positive shareholder cash flow.
Net-lease REITs: contracts, credit and the cost of growth
Understand triple-net leases, tenant credit, rent escalators and why long contracts do not guarantee stable shareholder returns.
Office REITs: lease expirations and the cost of occupancy
Analyze office properties through lease rollover, tenant improvements, effective rents and the funding required to retain occupants.
Payout ratios: choose the denominator before judging safety
Compare FFO and AFFO coverage without confusing dividend policy with the REIT taxable-income distribution requirement.
REIT ETFs: what diversification does and does not solve
Read REIT fund holdings, index rules, costs and distributions before assuming that a real-estate label defines the exposure.
REIT glossary: FFO, AFFO, NAV, net lease & more
Understand 25 REIT terms with clear definitions and links to detailed, source-backed guides.
REITs and interest rates: more than one transmission channel
Separate financing costs, property valuation, tenant demand and rent growth when thinking about interest-rate changes.
Retail REITs: tenant sales, lease terms and redevelopment
Distinguish shopping centers and malls, then connect tenant sales and occupancy to the landlord's sustainable cash flow.
Same-store NOI: test growth inside the existing portfolio
Understand comparable-property pools, cash versus accounting growth, and the exclusions that can change the story.
Self-storage REITs: street rates, existing rents and turnover
Learn why storage occupancy and advertised move-in prices can send different signals about revenue and operating performance.
The 90% REIT rule: taxable income is not cash flow
Why the US distribution requirement cannot be used as a dividend safety test or an AFFO payout target.
Tower REITs: colocations, carrier concentration and ground leases
Examine tower revenue growth through tenant additions, amendments, cancellations and the obligations beneath the infrastructure.
What is a REIT? Follow the asset, the income and the claim
Understand how a US REIT earns income, what shareholders own, and why a dividend is different from a guaranteed property return.
How stocks are classified
Understand how size, style, sector, structure and dividend policy describe different features of an investment.
Tickers, exchanges, indexes, and ETFs
A beginner guide to stock-market labels: tickers, NYSE, Nasdaq, the S&P 500, ETFs and basic trading vocabulary.