Working documents built from the same method used in the research. Free, no subscription.
Included with Report No. 001, the free 25-page flagship report.
A 10-point structural review to run before relying on an equity REIT’s headline dividend yield. One page, printable, with a line on what to look for at each step.
Delivered as a PDF. Email required for delivery.
A practical guide to understanding REITs, reading FFO and AFFO, and judging dividend safety. Includes a cheat sheet, a dividend safety checklist, an analysis worksheet and a worked company example.
How to examine payout coverage, capital needs, leverage, refinancing risk and credit structure across REITs and BDCs, with the Three Clocks™ and Buffer Half-Life™ worksheets and company case studies.
The same structural review adapted for business development companies: net asset value, non-accruals, PIK income, first-lien exposure, leverage and distribution coverage.
One page on what each measure adds and removes, which denominator a payout ratio belongs against, and why AFFO is defined differently by every issuer.
These are in preparation. The free checklist above is available now, and ongoing research is covered by the Structural Income Desk.