REIT/BDC

Asset Allocation

Position	Category/Sector	Target Weight
ADC Agree Realty Corporation	Real Estate	4.50%
ARCC Ares Capital Corporation	Financial Services	7%
ARE Alexandria Real Estate Equities, Inc.	Real Estate	6%
BDN Brandywine Realty Trust	Real Estate	2%
BNL Broadstone Net Lease, Inc.	Real Estate	5%
BRSP BrightSpire Capital, Inc.	Real Estate	4%
BXMT Blackstone Mortgage Trust, Inc.	Real Estate	3%
BXP Boston Properties, Inc.	Real Estate	4.50%
FRT Federal Realty Investment Trust	Real Estate	3%
FSK FS KKR Capital Corp.	Financial Services	4%
HIW Highwoods Properties, Inc.	Real Estate	3.50%
HR Healthcare Realty Trust Incorporated	Real Estate	3.50%
HTGC Hercules Capital, Inc.	Financial Services	5.50%
IIPR Innovative Industrial Properties, Inc.	Real Estate	5%
LTC LTC Properties, Inc.	Real Estate	3%
MPT Medical Properties Trust, Inc	Real Estate	2%
NMFC New Mountain Finance Corporation	Financial Services	6%
NSA National Storage Affiliates Trust	Real Estate	3%
O Realty Income Corporation	Real Estate	7%
REXR Rexford Industrial Realty, Inc.	Real Estate	6%
SAFE Safehold Inc.	Real Estate	2%
VICI VICI Properties Inc.	Real Estate	4%
WPC W. P. Carey Inc.	Real Estate	5%
XLRE Real Estate Select Sector SPDR Fund	REIT	1.50%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

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 Every 3 months.

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The earliest data available for this chart is Mar 22, 2021, corresponding to the inception date of BNL

Returns By Period

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.11%	-3.43%	-3.84%	-1.98%	16.08%	16.86%	10.37%	12.29%
Portfolio REIT/BDC	1.25%	-4.07%	-1.54%	-7.75%	-6.16%	3.62%	0.70%	—
Portfolio components:
REXR Rexford Industrial Realty, Inc.	0.82%	-9.64%	-13.31%	-17.95%	-11.95%	-14.20%	-5.67%	9.23%
LTC LTC Properties, Inc.	2.29%	-2.20%	13.43%	8.74%	15.88%	11.33%	4.19%	4.08%
VICI VICI Properties Inc.	0.73%	-6.92%	-0.03%	-12.78%	-8.80%	0.24%	4.56%	—
O Realty Income Corporation	0.53%	-6.12%	11.80%	6.39%	15.07%	5.34%	4.90%	5.14%
ARE Alexandria Real Estate Equities, Inc.	-0.14%	-15.91%	-10.27%	-46.76%	-50.07%	-25.89%	-20.58%	-3.79%
HIW Highwoods Properties, Inc.	0.05%	-5.05%	-15.17%	-30.79%	-22.79%	5.56%	-7.31%	-2.30%
ARCC Ares Capital Corporation	2.03%	-1.93%	-8.14%	-6.71%	-11.34%	9.44%	8.83%	12.06%
NSA National Storage Affiliates Trust	1.58%	15.25%	41.28%	35.26%	7.78%	3.79%	4.88%	11.61%
BRSP BrightSpire Capital, Inc.	0.72%	-1.29%	2.94%	10.21%	12.65%	11.36%	2.37%	—
ADC Agree Realty Corporation	1.02%	-6.15%	7.47%	10.69%	4.47%	8.89%	6.84%	11.58%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since Mar 23, 2021, REIT/BDC's average daily return is +0.01%, while the average monthly return is +0.24%. At this rate, your investment would double in approximately 24.1 years.

Historically, 53% of months were positive and 47% were negative. The best month was Dec 2023 with a return of +11.0%, while the worst month was Sep 2022 at -13.6%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 4 months.

On a daily basis, REIT/BDC closed higher 52% of trading days. The best single day was Apr 9, 2025 with a return of +6.1%, while the worst single day was Jun 13, 2022 at -5.2%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	2.42%	0.36%	-4.92%	0.75%									-1.54%
2025	2.56%	3.94%	-3.10%	-6.23%	1.04%	2.00%	-0.66%	6.61%	-1.19%	-4.50%	1.35%	-2.49%	-1.41%
2024	-4.42%	-1.11%	4.01%	-3.57%	3.45%	0.90%	7.49%	2.97%	3.30%	-4.27%	1.48%	-6.73%	2.52%
2023	9.07%	-4.31%	-6.46%	-1.83%	-2.83%	5.34%	5.62%	-2.92%	-6.75%	-5.69%	10.50%	10.96%	8.46%
2022	-4.80%	-2.42%	4.90%	-6.06%	-2.19%	-6.79%	9.92%	-5.93%	-13.58%	8.54%	2.96%	-5.16%	-20.94%
2021			0.85%	6.81%	0.93%	1.94%	4.94%	1.40%	-4.93%	7.21%	-3.00%	7.27%	25.07%

Benchmark Metrics

REIT/BDC has an annualized alpha of -5.46%, beta of 0.74, and R² of 0.46 versus S&P 500 Index. Calculated based on daily prices since March 23, 2021.

This portfolio participated in 114.47% of S&P 500 Index downside but only 76.05% of its upside — more exposed to losses than it benefited from rallies.
R² of 0.46 means the benchmark explains less than half of this portfolio's behavior — treat beta with caution or consider switching to a more representative benchmark.

Alpha: -5.46%

Beta: 0.74

R²: 0.46

Upside Capture: 76.05%

Downside Capture: 114.47%

Expense Ratio

REIT/BDC has an expense ratio of 0.00%, which is considered low. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

XLRE

Real Estate Select Sector SPDR Fund

Return for Risk

Risk / Return Rank

REIT/BDC ranks 2 for risk / return — in the bottom 2% of portfolios on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

Return / Risk — by metrics

	Portfolio	Benchmark	Difference
Sharpe ratio Return per unit of total volatility	-0.35	0.88	-1.23
Sortino ratio Return per unit of downside risk	-0.37	1.37	-1.73
Omega ratio Gain probability vs. loss probability	0.95	1.21	-0.25
Calmar ratio Return relative to maximum drawdown	-0.42	1.39	-1.81
Martin ratio Return relative to average drawdown	-1.00	6.43	-7.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.

	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
REXR Rexford Industrial Realty, Inc.	21	-0.42	-0.42	0.95	-0.44	-1.06
LTC LTC Properties, Inc.	66	0.87	1.27	1.16	1.60	4.39
VICI VICI Properties Inc.	19	-0.49	-0.59	0.93	-0.53	-1.04
O Realty Income Corporation	66	0.90	1.29	1.16	1.35	4.03
ARE Alexandria Real Estate Equities, Inc.	3	-1.19	-1.67	0.77	-0.99	-1.65
HIW Highwoods Properties, Inc.	11	-0.83	-1.02	0.87	-0.64	-1.49
ARCC Ares Capital Corporation	19	-0.48	-0.55	0.93	-0.56	-1.15
NSA National Storage Affiliates Trust	45	0.19	0.72	1.09	0.31	0.49
BRSP BrightSpire Capital, Inc.	53	0.46	0.79	1.10	0.58	1.82
ADC Agree Realty Corporation	45	0.26	0.49	1.06	0.42	0.69

Sharpe Ratio

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

REIT/BDC Sharpe ratios as of Apr 2, 2026 (values are recalculated daily):

1-Year: -0.35
5-Year: 0.04
All Time: 0.07

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 1.00 to 1.70, this portfolio's current Sharpe ratio places it in the bottom 25%. This suggests weaker risk-adjusted returns than most portfolios, possibly due to lower returns, higher volatility, or both. It may be worth reviewing the allocation. You can use the Portfolio Optimization tool to explore options for improving the Sharpe ratio.

The chart below shows the rolling Sharpe ratio of REIT/BDC compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Dividends

Dividend yield

REIT/BDC provided a 9.16% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	9.16%	8.64%	7.68%	7.66%	8.26%	5.13%	5.55%	5.36%	5.87%	4.80%	4.46%	4.87%
Portfolio components:
REXR Rexford Industrial Realty, Inc.	5.21%	4.44%	4.32%	2.71%	2.31%	1.18%	1.75%	1.62%	2.17%	3.25%	2.33%	3.12%
LTC LTC Properties, Inc.	5.94%	6.63%	6.60%	7.10%	6.42%	6.68%	5.86%	5.09%	5.47%	5.24%	4.66%	4.80%
VICI VICI Properties Inc.	6.44%	6.28%	5.80%	5.05%	4.63%	4.58%	4.92%	4.58%	5.31%	0.00%	0.00%	0.00%
O Realty Income Corporation	5.20%	6.19%	5.37%	5.33%	4.68%	3.87%	4.51%	3.69%	4.19%	4.45%	4.18%	4.41%
ARE Alexandria Real Estate Equities, Inc.	9.44%	9.56%	5.32%	3.91%	3.24%	2.01%	2.38%	2.48%	3.24%	2.64%	2.91%	3.38%
HIW Highwoods Properties, Inc.	9.33%	7.75%	6.54%	8.71%	7.15%	4.40%	4.84%	3.88%	4.78%	3.46%	4.90%	3.90%
ARCC Ares Capital Corporation	10.61%	9.49%	8.77%	9.59%	10.12%	7.65%	9.47%	9.01%	9.88%	9.67%	9.22%	11.02%
NSA National Storage Affiliates Trust	5.83%	8.08%	5.94%	5.38%	5.95%	2.30%	3.75%	3.78%	4.38%	3.82%	3.99%	3.15%
BRSP BrightSpire Capital, Inc.	11.43%	11.43%	12.77%	10.75%	12.68%	5.65%	4.00%	12.54%	10.10%	0.00%	0.00%	0.00%
ADC Agree Realty Corporation	4.06%	4.28%	4.26%	4.64%	3.95%	3.65%	3.61%	3.25%	3.65%	3.94%	4.17%	5.43%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the REIT/BDC. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the REIT/BDC was 31.56%, occurring on Oct 27, 2023. The portfolio has not yet recovered.

The current REIT/BDC drawdown is 16.05%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-31.56%	Jan 5, 2022	456	Oct 27, 2023	—	—	—
-6.32%	Sep 3, 2021	19	Sep 30, 2021	14	Oct 20, 2021	33
-5.95%	Nov 16, 2021	11	Dec 1, 2021	17	Dec 27, 2021	28
-4.85%	Apr 30, 2021	9	May 12, 2021	8	May 24, 2021	17
-4.12%	Jun 15, 2021	4	Jun 18, 2021	22	Jul 21, 2021	26

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 24 assets, with an effective number of assets of 21.07, reflecting the diversification based on asset allocation. This number of effective assets suggests that the portfolio's investments are spread across a variety of assets, indicating a well-diversified allocation. However, true diversification also depends on the correlations between assets.

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	Benchmark	NMFC	HTGC	FSK	ARCC	MPT	LTC	IIPR	ADC	HR	BRSP	NSA	SAFE	O	WPC	BXMT	BDN	BNL	VICI	REXR	BXP	HIW	ARE	FRT	XLRE	Portfolio
Benchmark	1.00	0.44	0.50	0.51	0.53	0.35	0.28	0.51	0.26	0.36	0.54	0.41	0.45	0.33	0.32	0.55	0.46	0.41	0.43	0.51	0.51	0.49	0.49	0.49	0.58	0.62
NMFC	0.44	1.00	0.62	0.65	0.67	0.30	0.26	0.37	0.22	0.26	0.48	0.30	0.35	0.28	0.28	0.48	0.41	0.31	0.37	0.34	0.43	0.41	0.38	0.41	0.37	0.58
HTGC	0.50	0.62	1.00	0.65	0.67	0.30	0.28	0.37	0.22	0.28	0.48	0.30	0.38	0.27	0.29	0.50	0.42	0.29	0.37	0.40	0.44	0.44	0.39	0.43	0.39	0.60
FSK	0.51	0.65	0.65	1.00	0.71	0.34	0.28	0.40	0.23	0.31	0.50	0.33	0.39	0.28	0.31	0.51	0.46	0.33	0.41	0.36	0.47	0.46	0.40	0.46	0.42	0.61
ARCC	0.53	0.67	0.67	0.71	1.00	0.33	0.29	0.37	0.24	0.29	0.49	0.33	0.38	0.30	0.31	0.52	0.43	0.35	0.43	0.40	0.43	0.44	0.41	0.44	0.43	0.62
MPT	0.35	0.30	0.30	0.34	0.33	1.00	0.45	0.40	0.40	0.49	0.40	0.39	0.44	0.46	0.45	0.45	0.48	0.44	0.43	0.45	0.51	0.52	0.51	0.50	0.53	0.62
LTC	0.28	0.26	0.28	0.28	0.29	0.45	1.00	0.34	0.55	0.57	0.40	0.43	0.44	0.58	0.53	0.43	0.46	0.51	0.49	0.44	0.44	0.50	0.47	0.54	0.56	0.61
IIPR	0.51	0.37	0.37	0.40	0.37	0.40	0.34	1.00	0.35	0.43	0.49	0.44	0.53	0.39	0.39	0.51	0.47	0.45	0.48	0.53	0.51	0.50	0.53	0.50	0.54	0.68
ADC	0.26	0.22	0.22	0.23	0.24	0.40	0.55	0.35	1.00	0.56	0.34	0.54	0.46	0.74	0.68	0.37	0.39	0.59	0.62	0.52	0.41	0.45	0.51	0.57	0.66	0.64
HR	0.36	0.26	0.28	0.31	0.29	0.49	0.57	0.43	0.56	1.00	0.38	0.51	0.49	0.57	0.57	0.43	0.47	0.54	0.53	0.52	0.48	0.52	0.58	0.58	0.64	0.68
BRSP	0.54	0.48	0.48	0.50	0.49	0.40	0.40	0.49	0.34	0.38	1.00	0.42	0.50	0.39	0.41	0.71	0.55	0.47	0.45	0.47	0.54	0.55	0.48	0.54	0.52	0.69
NSA	0.41	0.30	0.30	0.33	0.33	0.39	0.43	0.44	0.54	0.51	0.42	1.00	0.53	0.60	0.59	0.46	0.45	0.57	0.57	0.64	0.50	0.51	0.60	0.58	0.74	0.69
SAFE	0.45	0.35	0.38	0.39	0.38	0.44	0.44	0.53	0.46	0.49	0.50	0.53	1.00	0.48	0.49	0.50	0.51	0.56	0.52	0.55	0.54	0.54	0.58	0.57	0.63	0.70
O	0.33	0.28	0.27	0.28	0.30	0.46	0.58	0.39	0.74	0.57	0.39	0.60	0.48	1.00	0.74	0.44	0.45	0.66	0.66	0.57	0.47	0.51	0.59	0.64	0.74	0.71
WPC	0.32	0.28	0.29	0.31	0.31	0.45	0.53	0.39	0.68	0.57	0.41	0.59	0.49	0.74	1.00	0.44	0.48	0.68	0.64	0.59	0.52	0.54	0.58	0.61	0.71	0.72
BXMT	0.55	0.48	0.50	0.51	0.52	0.45	0.43	0.51	0.37	0.43	0.71	0.46	0.50	0.44	0.44	1.00	0.60	0.49	0.50	0.50	0.62	0.61	0.54	0.58	0.56	0.73
BDN	0.46	0.41	0.42	0.46	0.43	0.48	0.46	0.47	0.39	0.47	0.55	0.45	0.51	0.45	0.48	0.60	1.00	0.52	0.49	0.52	0.77	0.78	0.60	0.62	0.59	0.74
BNL	0.41	0.31	0.29	0.33	0.35	0.44	0.51	0.45	0.59	0.54	0.47	0.57	0.56	0.66	0.68	0.49	0.52	1.00	0.61	0.58	0.55	0.57	0.61	0.62	0.69	0.74
VICI	0.43	0.37	0.37	0.41	0.43	0.43	0.49	0.48	0.62	0.53	0.45	0.57	0.52	0.66	0.64	0.50	0.49	0.61	1.00	0.57	0.53	0.54	0.57	0.66	0.71	0.74
REXR	0.51	0.34	0.40	0.36	0.40	0.45	0.44	0.53	0.52	0.52	0.47	0.64	0.55	0.57	0.59	0.50	0.52	0.58	0.57	1.00	0.56	0.55	0.68	0.63	0.77	0.77
BXP	0.51	0.43	0.44	0.47	0.43	0.51	0.44	0.51	0.41	0.48	0.54	0.50	0.54	0.47	0.52	0.62	0.77	0.55	0.53	0.56	1.00	0.81	0.68	0.67	0.65	0.78
HIW	0.49	0.41	0.44	0.46	0.44	0.52	0.50	0.50	0.45	0.52	0.55	0.51	0.54	0.51	0.54	0.61	0.78	0.57	0.54	0.55	0.81	1.00	0.65	0.67	0.65	0.78
ARE	0.49	0.38	0.39	0.40	0.41	0.51	0.47	0.53	0.51	0.58	0.48	0.60	0.58	0.59	0.58	0.54	0.60	0.61	0.57	0.68	0.68	0.65	1.00	0.67	0.76	0.81
FRT	0.49	0.41	0.43	0.46	0.44	0.50	0.54	0.50	0.57	0.58	0.54	0.58	0.57	0.64	0.61	0.58	0.62	0.62	0.66	0.63	0.67	0.67	0.67	1.00	0.75	0.81
XLRE	0.58	0.37	0.39	0.42	0.43	0.53	0.56	0.54	0.66	0.64	0.52	0.74	0.63	0.74	0.71	0.56	0.59	0.69	0.71	0.77	0.65	0.65	0.76	0.75	1.00	0.85
Portfolio	0.62	0.58	0.60	0.61	0.62	0.62	0.61	0.68	0.64	0.68	0.69	0.69	0.70	0.71	0.72	0.73	0.74	0.74	0.74	0.77	0.78	0.78	0.81	0.81	0.85	1.00

The correlation results are calculated based on daily price changes starting from Mar 23, 2021

REIT/BDC

Asset Allocation

Performance

Performance Chart

Returns By Period

Monthly Returns

Benchmark Metrics

Expense Ratio

Return for Risk

Risk / Return Rank

Return / Risk — by metrics

Sharpe ratio

Sortino ratio

Omega ratio

Calmar ratio

Martin ratio

Sharpe Ratio

Dividends

Dividend yield

Drawdowns

Drawdowns Chart

Worst Drawdowns

Volatility

Volatility Chart

Diversification

Diversification Metrics

Number of Effective Assets

Asset Correlations Table