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.
Open the guide ↗Test an assumption.
Understand the result.
16 free calculators and worksheets for REITs, BDCs, operating-company cash flow, ownership and debt. Each shows its formula, a worked example and the limits of the model.
Dividend income calculator
Estimate annual distributions, after-withholding income and the capital needed for a monthly income target.
Open the tool ↗02 / Calculator or worksheetDividend reinvestment calculator
Explore a constant-yield monthly reinvestment scenario and separate contributions from modeled income.
Open the tool ↗03 / Calculator or worksheetAFFO payout & stress calculator
Compare common dividends with AFFO on a matching basis, then model a decline in the chosen measure.
Open the tool ↗04 / Calculator or worksheetFFO to AFFO learning calculator
Build a simplified non-GAAP reconciliation and see how recurring capex and straight-line rent change a modeled result.
Open the tool ↗05 / Calculator or worksheetCap-rate & NAV sensitivity calculator
Translate a property NOI assumption into a simplified equity value and compare cap-rate scenarios.
Open the tool ↗06 / Calculator or worksheetRefinancing cost calculator
Estimate the annual interest and per-share effect of repricing one debt maturity.
Open the tool ↗07 / Calculator or worksheetDividend total return calculator
Combine price change with cash distributions to see a simple holding-period return.
Open the tool ↗08 / Calculator or worksheetBDC 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.
Open the tool ↗09 / Calculator or worksheetBDC PIK income ratios
Keep PIK as a share of total investment income separate from PIK relative to net investment income.
Open the tool ↗10 / Calculator or worksheetBDC non-accrual: cost versus fair value
Compare two non-accrual percentages without mixing their investment populations or valuation bases.
Open the tool ↗11 / Calculator or worksheetBDC price / NAV discount calculator
Compare a user-entered share price with disclosed common NAV per share while preserving dates and assumptions.
Open the tool ↗12 / Calculator or worksheetBDC debt / equity worksheet
Calculate descriptive gross and cash-adjusted debt/equity ratios without claiming statutory asset-coverage compliance.
Open the tool ↗13 / Calculator or worksheetREIT JV proportionate debt worksheet
Separate consolidated borrowings, unconsolidated economic exposure and guarantees without double counting.
Open the tool ↗14 / Calculator or worksheetDebt maturity ladder & liquidity worksheet
Build a dated maturity table and compare it with unrestricted cash and confirmed facility availability.
Open the tool ↗15 / Calculator or worksheetPreferred & common distribution bridge
Trace a selected period earnings measure to common attribution, keeping preferred distributions and rights separate.
Open the tool ↗16 / Calculator or worksheetOperating company cash-flow workbench
Reconcile profit to operating cash, follow capital spending and shareholder payments, and compare a baseline with a new scenario.
Open the tool ↗Published REIT working paper / Report 001
See the method in a real research record.
Read the MAA / W. P. Carey working paper and its REIT Dividend Checklist. The existing free report is delivered through the original checkout; email is required for delivery.
From learning to a research note
Answer the next practical question.
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.
Open the guide ↗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.
Open the guide ↗Practice with primary evidence
All filing labs →Read a real filing. Rebuild the numbers.
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.
Work through the source →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.
Work through the source →Apple: follow profit, cash and capital returns
Reconcile operating cash flow, subtract cash capital spending, distinguish buybacks from dividends, and check the actual cash balance.
Work through the source →