Income and real-asset vehicles

Distributing share class

A fund class that pays income out as cash on a set schedule, leaving the investor to spend or reinvest it.

Distribution yield

Annualised distributions divided by current price. It measures cash paid out, which is not the same as income earned or return generated.

Equity REIT

A REIT that owns and operates physical property, earning rent from tenants across sectors such as offices, industrial, retail, residential, healthcare and data centres.

Master limited partnership

A publicly traded partnership, most commonly in energy infrastructure, that pays no entity-level tax and passes income and deductions through to unitholders.

Mortgage REIT

A REIT that holds mortgages and mortgage-backed securities rather than buildings, earning the spread between asset yields and its own short-term borrowing costs.

Non-traded REIT

A REIT sold directly to investors rather than listed on an exchange, valued periodically by appraisal and offering only limited, capped redemption.

Private credit

Lending to companies outside public bond markets and outside banks, usually through funds that originate and hold floating-rate loans to mid-sized borrowers.

Real estate investment trust

A company owning or financing income-producing property that avoids entity-level tax by distributing most of its taxable income, typically at least 90%, to shareholders.

Schedule K-1

The US tax form a partnership issues to each partner reporting their share of income, deductions and credits, used instead of the simpler forms issued by corporations and funds.

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