REIT/BDC

Last updated Sep 21, 2023

Asset Allocation

Position	Category/Sector	Weight
O Realty Income Corporation	Real Estate	7%
ARCC Ares Capital Corporation	Financial Services	7%
REXR Rexford Industrial Realty, Inc.	Real Estate	6%
ARE Alexandria Real Estate Equities, Inc.	Real Estate	6%
NMFC New Mountain Finance Corporation	Financial Services	6%
HTGC Hercules Capital, Inc.	Financial Services	5.5%
IIPR Innovative Industrial Properties, Inc.	Real Estate	5%
BNL Broadstone Net Lease, Inc.	Real Estate	5%
WPC		5%
ADC Agree Realty Corporation	Real Estate	4.5%
BXP Boston Properties, Inc.	Real Estate	4.5%
VICI		4%
BRSP BrightSpire Capital, Inc.	Real Estate	4%
FSK FS KKR Capital Corp.	Financial Services	4%
HIW Highwoods Properties, Inc.	Real Estate	3.5%
HR Healthcare Realty Trust Incorporated	Real Estate	3.5%
LTC LTC Properties, Inc.	Real Estate	3%
NSA National Storage Affiliates Trust	Real Estate	3%
FRT Federal Realty Investment Trust	Real Estate	3%
BXMT Blackstone Mortgage Trust, Inc.	Real Estate	3%
SAFE		2%
MPW Medical Properties Trust, Inc.	Real Estate	2%
BDN Brandywine Realty Trust	Real Estate	2%
XLRE		1.5%

Benchmark

Rebalance portfolio

Performance

The chart shows the growth of an initial investment of $10,000 in REIT/BDC, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Quarterly

REIT/BDC

Benchmark (^GSPC)

Portfolio components

Returns

	1 month	6 months	Year-To-Date	1 year	5 years (annualized)	10 years (annualized)
Benchmark	0.06%	11.82%	14.66%	14.17%	9.44%	N/A
REIT/BDC	1.59%	7.68%	-1.35%	-5.90%	6.52%	N/A
Portfolio components:
REXR Rexford Industrial Realty, Inc.	1.92%	-3.27%	-3.52%	-6.77%	6.06%	N/A
LTC LTC Properties, Inc.	1.24%	1.52%	-6.08%	-17.34%	2.01%	N/A
VICI	2.68%	2.31%	-3.00%	-2.42%	13.22%	N/A
O Realty Income Corporation	-3.89%	-7.09%	-12.33%	-10.42%	-0.10%	N/A
ARE Alexandria Real Estate Equities, Inc.	-1.78%	-2.10%	-21.32%	-19.46%	-8.87%	N/A
HIW Highwoods Properties, Inc.	2.61%	14.36%	-13.18%	-16.63%	-9.34%	N/A
ARCC Ares Capital Corporation	2.60%	17.29%	12.97%	15.11%	22.42%	N/A
NSA National Storage Affiliates Trust	7.62%	-8.64%	0.16%	-18.49%	4.44%	N/A
BRSP BrightSpire Capital, Inc.	5.78%	23.60%	15.86%	-5.58%	17.09%	N/A
ADC Agree Realty Corporation	-4.05%	-7.55%	-14.79%	-13.31%	0.04%	N/A
XLRE	1.30%	5.38%	0.10%	-3.80%	3.42%	N/A
IIPR Innovative Industrial Properties, Inc.	10.55%	18.19%	-12.24%	-3.97%	-7.84%	N/A
FRT Federal Realty Investment Trust	1.83%	8.33%	-1.26%	5.91%	9.76%	N/A
SAFE	-5.08%	-19.51%	-27.74%	-41.99%	-13.32%	N/A
BXMT Blackstone Mortgage Trust, Inc.	11.43%	37.30%	16.48%	-10.01%	9.17%	N/A
HR Healthcare Realty Trust Incorporated	-3.99%	-8.07%	-12.23%	-25.57%	-1.63%	N/A
MPW Medical Properties Trust, Inc.	-15.47%	-17.35%	-43.16%	-50.67%	-25.29%	N/A
BXP Boston Properties, Inc.	4.36%	36.06%	0.57%	-12.14%	-4.97%	N/A
BDN Brandywine Realty Trust	6.72%	20.25%	-10.48%	-29.40%	-16.59%	N/A
FSK FS KKR Capital Corp.	3.41%	19.08%	27.53%	15.90%	22.49%	N/A
BNL Broadstone Net Lease, Inc.	1.40%	0.67%	1.97%	-8.33%	7.18%	N/A
WPC	0.41%	-12.64%	-15.71%	-17.64%	3.81%	N/A
NMFC New Mountain Finance Corporation	3.28%	13.14%	12.21%	13.09%	20.11%	N/A
HTGC Hercules Capital, Inc.	0.24%	44.01%	35.83%	37.47%	22.87%	N/A
Returns over 1 year are annualized

Asset Correlations Table

The table below shows the correlation coefficients between the assets in the portfolio.

	IIPR	NMFC	HTGC	ARCC	FSK	SAFE	NSA	BRSP	ADC	LTC	BNL	HR	MPW	REXR	BXMT	VICI	BXP	ARE	WPC	O	BDN	HIW	FRT	XLRE
IIPR	1.00	0.37	0.37	0.35	0.37	0.47	0.39	0.44	0.36	0.30	0.39	0.39	0.43	0.49	0.47	0.46	0.41	0.49	0.38	0.39	0.44	0.44	0.42	0.51
NMFC	0.37	1.00	0.64	0.67	0.64	0.39	0.33	0.53	0.28	0.34	0.33	0.29	0.35	0.35	0.51	0.43	0.45	0.38	0.36	0.37	0.47	0.45	0.47	0.41
HTGC	0.37	0.64	1.00	0.67	0.63	0.41	0.33	0.50	0.28	0.34	0.33	0.31	0.36	0.41	0.54	0.44	0.45	0.40	0.37	0.35	0.45	0.45	0.47	0.44
ARCC	0.35	0.67	0.67	1.00	0.68	0.42	0.37	0.53	0.32	0.37	0.39	0.32	0.39	0.41	0.57	0.51	0.45	0.40	0.39	0.41	0.47	0.46	0.49	0.48
FSK	0.37	0.64	0.63	0.68	1.00	0.44	0.37	0.57	0.28	0.41	0.38	0.36	0.40	0.34	0.58	0.47	0.49	0.40	0.37	0.39	0.52	0.50	0.53	0.46
SAFE	0.47	0.39	0.41	0.42	0.44	1.00	0.47	0.53	0.42	0.45	0.50	0.48	0.46	0.48	0.52	0.51	0.49	0.53	0.49	0.49	0.51	0.52	0.56	0.59
NSA	0.39	0.33	0.33	0.37	0.37	0.47	1.00	0.39	0.55	0.43	0.51	0.53	0.49	0.68	0.42	0.53	0.44	0.62	0.59	0.60	0.43	0.49	0.53	0.73
BRSP	0.44	0.53	0.50	0.53	0.57	0.53	0.39	1.00	0.38	0.46	0.44	0.38	0.46	0.40	0.72	0.49	0.55	0.42	0.45	0.45	0.59	0.58	0.56	0.50
ADC	0.36	0.28	0.28	0.32	0.28	0.42	0.55	0.38	1.00	0.56	0.57	0.58	0.53	0.58	0.42	0.58	0.45	0.56	0.71	0.73	0.46	0.50	0.60	0.67
LTC	0.30	0.34	0.34	0.37	0.41	0.45	0.43	0.46	0.56	1.00	0.47	0.62	0.61	0.47	0.51	0.50	0.54	0.49	0.60	0.61	0.59	0.60	0.60	0.59
BNL	0.39	0.33	0.33	0.39	0.38	0.50	0.51	0.44	0.57	0.47	1.00	0.55	0.51	0.55	0.47	0.54	0.50	0.60	0.60	0.62	0.52	0.55	0.57	0.66
HR	0.39	0.29	0.31	0.32	0.36	0.48	0.53	0.38	0.58	0.62	0.55	1.00	0.61	0.57	0.44	0.53	0.49	0.60	0.62	0.65	0.52	0.56	0.59	0.66
MPW	0.43	0.35	0.36	0.39	0.40	0.46	0.49	0.46	0.53	0.61	0.51	0.61	1.00	0.55	0.54	0.54	0.59	0.62	0.59	0.60	0.62	0.64	0.60	0.66
REXR	0.49	0.35	0.41	0.41	0.34	0.48	0.68	0.40	0.58	0.47	0.55	0.57	0.55	1.00	0.46	0.58	0.50	0.74	0.63	0.62	0.50	0.54	0.59	0.81
BXMT	0.47	0.51	0.54	0.57	0.58	0.52	0.42	0.72	0.42	0.51	0.47	0.44	0.54	0.46	1.00	0.53	0.65	0.48	0.49	0.50	0.66	0.66	0.63	0.57
VICI	0.46	0.43	0.44	0.51	0.47	0.51	0.53	0.49	0.58	0.50	0.54	0.53	0.54	0.58	0.53	1.00	0.52	0.55	0.62	0.63	0.54	0.57	0.65	0.68
BXP	0.41	0.45	0.45	0.45	0.49	0.49	0.44	0.55	0.45	0.54	0.50	0.49	0.59	0.50	0.65	0.52	1.00	0.61	0.55	0.54	0.83	0.84	0.71	0.63
ARE	0.49	0.38	0.40	0.40	0.40	0.53	0.62	0.42	0.56	0.49	0.60	0.60	0.62	0.74	0.48	0.55	0.61	1.00	0.62	0.67	0.59	0.63	0.62	0.80
WPC	0.38	0.36	0.37	0.39	0.37	0.49	0.59	0.45	0.71	0.60	0.60	0.62	0.59	0.63	0.49	0.62	0.55	0.62	1.00	0.77	0.57	0.61	0.66	0.75
O	0.39	0.37	0.35	0.41	0.39	0.49	0.60	0.45	0.73	0.61	0.62	0.65	0.60	0.62	0.50	0.63	0.54	0.67	0.77	1.00	0.55	0.59	0.68	0.78
BDN	0.44	0.47	0.45	0.47	0.52	0.51	0.43	0.59	0.46	0.59	0.52	0.52	0.62	0.50	0.66	0.54	0.83	0.59	0.57	0.55	1.00	0.86	0.70	0.62
HIW	0.44	0.45	0.45	0.46	0.50	0.52	0.49	0.58	0.50	0.60	0.55	0.56	0.64	0.54	0.66	0.57	0.84	0.63	0.61	0.59	0.86	1.00	0.72	0.67
FRT	0.42	0.47	0.47	0.49	0.53	0.56	0.53	0.56	0.60	0.60	0.57	0.59	0.60	0.59	0.63	0.65	0.71	0.62	0.66	0.68	0.70	0.72	1.00	0.72
XLRE	0.51	0.41	0.44	0.48	0.46	0.59	0.73	0.50	0.67	0.59	0.66	0.66	0.66	0.81	0.57	0.68	0.63	0.80	0.75	0.78	0.62	0.67	0.72	1.00

Sharpe Ratio

The current REIT/BDC Sharpe ratio is -0.28. A negative Sharpe ratio means that the risk-free rate is higher than the portfolio's return. This value does not convey any meaningful information.

The Sharpe ratio of REIT/BDC is in the bottom 25%, suggesting that this portfolio isn't performing as well in terms of risk-adjusted returns compared to many others. This could be due to lower returns, higher volatility, or both. It might be an indication that the portfolio needs fine-tuning.

REIT/BDC

Benchmark (^GSPC)

Portfolio components

Dividend yield

REIT/BDC granted a 7.78% dividend yield in the last twelve months.

	TTM	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
REIT/BDC	7.78%	8.67%	5.93%	7.39%	7.25%	9.04%	7.68%	7.82%	9.28%	9.16%	8.67%	15.15%
Portfolio components:
REXR Rexford Industrial Realty, Inc.	2.67%	2.34%	1.23%	1.84%	1.74%	2.38%	2.22%	2.66%	3.65%	3.70%	1.99%	0.00%
LTC LTC Properties, Inc.	7.74%	6.71%	7.41%	6.91%	6.39%	7.21%	7.29%	6.81%	7.34%	7.58%	9.10%	9.03%
VICI	6.44%	4.75%	4.93%	5.55%	5.49%	6.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
O Realty Income Corporation	5.63%	4.84%	4.67%	5.27%	4.52%	5.33%	5.95%	5.85%	6.44%	7.03%	9.40%	7.51%
ARE Alexandria Real Estate Equities, Inc.	4.31%	3.31%	2.12%	2.57%	2.74%	3.68%	3.10%	3.51%	4.21%	4.18%	5.49%	4.20%
HIW Highwoods Properties, Inc.	8.78%	7.62%	4.93%	5.72%	4.82%	6.19%	4.66%	6.77%	5.64%	5.77%	7.37%	8.33%
ARCC Ares Capital Corporation	10.10%	10.92%	9.06%	12.17%	12.86%	15.42%	16.55%	17.27%	22.82%	22.91%	21.95%	24.70%
NSA National Storage Affiliates Trust	6.42%	6.23%	2.52%	4.23%	4.45%	5.38%	4.88%	5.33%	4.40%	0.00%	0.00%	0.00%
BRSP BrightSpire Capital, Inc.	11.82%	13.52%	6.71%	5.05%	16.39%	14.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ADC Agree Realty Corporation	4.92%	4.07%	3.91%	4.02%	3.76%	4.36%	4.90%	5.41%	7.36%	8.04%	8.61%	9.63%
XLRE	3.68%	3.79%	2.77%	3.44%	3.46%	4.41%	3.93%	5.28%	1.42%	0.00%	0.00%	0.00%
IIPR Innovative Industrial Properties, Inc.	8.49%	7.35%	2.43%	2.80%	4.45%	3.26%	2.16%	0.00%	0.00%	0.00%	0.00%	0.00%
FRT Federal Realty Investment Trust	5.54%	4.35%	3.33%	5.48%	3.73%	4.09%	3.69%	3.45%	3.24%	3.32%	4.11%	3.88%
SAFE	4.23%	8.71%	5.47%	9.54%	8.93%	9.27%	1.42%	0.00%	0.00%	0.00%	0.00%	0.00%
BXMT Blackstone Mortgage Trust, Inc.	10.74%	12.51%	9.42%	11.43%	9.39%	11.75%	12.57%	14.55%	16.41%	14.19%	5.94%	219.00%
HR Healthcare Realty Trust Incorporated	7.70%	38.33%	10.18%	11.60%	13.05%	16.88%	17.41%	17.32%	20.09%	21.94%	33.10%	19.80%
MPW Medical Properties Trust, Inc.	17.62%	11.39%	5.60%	6.18%	6.35%	8.63%	10.35%	11.83%	13.09%	11.21%	12.98%	13.89%
BXP Boston Properties, Inc.	5.98%	6.01%	3.69%	4.66%	3.27%	3.76%	2.92%	2.74%	3.92%	7.41%	6.86%	3.24%
BDN Brandywine Realty Trust	15.45%	13.83%	6.80%	8.15%	6.60%	8.06%	5.30%	5.87%	7.16%	6.39%	7.55%	9.13%
FSK FS KKR Capital Corp.	13.44%	16.12%	14.90%	18.02%	20.15%	30.11%	24.30%	19.87%	25.02%	24.14%	0.00%	0.00%
BNL Broadstone Net Lease, Inc.	6.89%	6.90%	4.53%	9.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WPC	6.66%	5.59%	5.57%	6.79%	6.33%	8.06%	7.99%	9.70%	10.06%	8.68%	9.96%	8.62%
NMFC New Mountain Finance Corporation	9.94%	10.60%	10.45%	14.21%	14.39%	17.35%	17.83%	18.84%	22.61%	23.50%	25.59%	33.59%
HTGC Hercules Capital, Inc.	9.28%	9.74%	9.08%	11.17%	9.72%	17.11%	15.68%	15.97%	20.42%	18.47%	16.27%	22.18%

Expense Ratio

The REIT/BDC has an expense ratio of 0.00%, indicating no management fees are charged. Below you can find the expense ratios of portfolio funds side-by-side and effortlessly compare their relative costs.

The portfolio doesn't hold funds that charge fees

Risk-Adjusted Performance

This table presents a comparison of risk-adjusted performance metrics for positions. Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Ulcer Index
REXR Rexford Industrial Realty, Inc.	-0.29
LTC LTC Properties, Inc.	-0.85
VICI	N/A
O Realty Income Corporation	-0.60
ARE Alexandria Real Estate Equities, Inc.	-0.73
HIW Highwoods Properties, Inc.	-0.53
ARCC Ares Capital Corporation	0.60
NSA National Storage Affiliates Trust	-0.68
BRSP BrightSpire Capital, Inc.	-0.18
ADC Agree Realty Corporation	-0.82
XLRE	N/A
IIPR Innovative Industrial Properties, Inc.	-0.22
FRT Federal Realty Investment Trust	0.23
SAFE	N/A
BXMT Blackstone Mortgage Trust, Inc.	-0.28
HR Healthcare Realty Trust Incorporated	-0.95
MPW Medical Properties Trust, Inc.	-1.09
BXP Boston Properties, Inc.	-0.39
BDN Brandywine Realty Trust	-0.66
FSK FS KKR Capital Corp.	0.56
BNL Broadstone Net Lease, Inc.	-0.36
WPC	N/A
NMFC New Mountain Finance Corporation	0.63
HTGC Hercules Capital, Inc.	0.98

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way.

REIT/BDC

Benchmark (^GSPC)

Portfolio components

Worst Drawdowns

The table below shows the maximum drawdowns of the REIT/BDC. A maximum drawdown is an indicator of risk. It shows a reduction in portfolio value from its maximum due to a series of losing trades.

The maximum drawdown since January 2010 for the REIT/BDC is 29.04%, recorded on Mar 23, 2023. The portfolio has not recovered from it yet.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-29.04%	Jan 5, 2022	305	Mar 23, 2023	—	—	—
-8.88%	Oct 9, 2020	14	Oct 28, 2020	8	Nov 9, 2020	22
-6.43%	Sep 18, 2020	4	Sep 23, 2020	7	Oct 2, 2020	11
-6.07%	Sep 3, 2021	19	Sep 30, 2021	14	Oct 20, 2021	33
-5.9%	Nov 16, 2021	11	Dec 1, 2021	17	Dec 27, 2021	28

Volatility Chart

The current REIT/BDC volatility is 3.16%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.

REIT/BDC

Benchmark (^GSPC)

Portfolio components