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| Attribute | Real estate | Creator revenue · CRF |
|---|---|---|
| Underlying asset | Property ownership or interests in a real estate fund | Contractual creator revenue participations |
| Source of cash | Rental income and property-sale proceeds, after costs | Eligible revenue defined in each agreement |
| What to examine | Tenant quality, occupancy, operating costs, leverage and valuation | Revenue history, contract duration, collection and creator dependency |
| Access to capital | Property sales or fund repurchase terms; neither is assured | LP tenders subject to limits; underlying asset sales are separate |
Structural explanation · CRF deck v10.1. Source, basis and limitations: Comparing the underlying rights
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