Income Securities
We score every REIT, mortgage REIT, and BDC on a six-category quality framework, refreshed continuously.
Three asset classes, one quality framework
Every name is scored 1–5 on six weighted categories — defined appropriately for each asset class — so quality is comparable across the income universe.
Equity REITs
Equity real estate investment trusts own and operate income property — industrial, residential, net lease, data centers and more. They pass rental cash flow through to shareholders and are the core of most income sleeves.
- Covered
- 139
- Avg score
- 2.76
- Top name
- PLD
Mortgage REITs
Mortgage REITs earn the spread between borrowing costs and the yield on mortgage assets. Higher headline yields come with rate and book-value sensitivity, so dividend safety and hedging carry extra weight here.
- Covered
- 38
- Avg score
- 2.34
- Top name
- STWD
BDCs
Business development companies lend to and invest in private middle-market firms, distributing most of their net investment income. Credit quality, non-accruals and NAV trajectory drive the durability of the payout.
- Covered
- 51
- Avg score
- 2.95
- Top name
- MSIF
How we score
Every security earns a 1–5 score in six categories. The weighted average sets its overall score and quality band. Weights reflect what actually protects — and grows — an income stream.
- Cash flow & dividend safety20%
- Balance sheet20%
- Operating performance20%
- Portfolio & sector quality15%
- Management & capital allocation15%
- Valuation10%
Quality bands
The overall score maps to one of five bands. Bands always appear as a colored dot or accent plus a text label.
Scores are analytical opinions, not investment advice.