The Structural Income Desk will provide independent structural research on REITs, BDCs, payout coverage, leverage, and credit risk.
Paid membership will open after the initial research archive is complete. Joining the waitlist places no obligation and involves no payment.
Every figure traces to a company disclosure. Measures are read beside a comparable issuer rather than in isolation, and where two companies define a non-GAAP figure differently, that difference is stated. Membership changes the depth and the continuity, not the standard.
Start with the property.
Trace the rent.
Check the debt.
Then judge the payout.
No individual stock recommendations. No buy or sell ratings. No price targets. No portfolio advice.