About 29 Equity
Purpose
29 Equity is a research and analytics platform that applies institutional credit and capital structuring methodology to live market data. It covers commercial real estate debt, digital infrastructure financing, and corporate finance, translating public data feeds and market signals into structured intelligence for lenders, allocators, and treasury teams.
The platform models how monetary policy shifts, credit spreads, and capital availability move through property loan covenants, hyperscale infrastructure capital structures, and corporate balance sheets, connecting macro conditions to asset-level and portfolio-level outcomes.
Coverage
Commercial real estate debt intelligence spans six asset classes and twelve debt products, tracking default rate trajectories, maturity wall concentration, and CMBS credit spreads across 30 major U.S. markets.
Digital infrastructure coverage tracks hyperscale data center capital expenditure, power-grid capacity constraints, and the debt structures financing next-generation compute buildout.
Corporate finance coverage models balance sheet resilience, interest coverage, and liquidity across the broader corporate and banking system, using variables such as forward rate curves and credit spread benchmarks.
Sourcing Standard
Every figure on this platform traces to a named source, such as FRED, Trepp, MBA, CME, or SEC EDGAR, or is explicitly labeled as an estimate. Estimates are used only where no live or recently published data source exists, and are labeled as estimates alongside a methodology note describing how the figure was derived.
No figure is presented as verified fact without a citation, and no estimate is presented as a precise measurement. This distinction is maintained consistently across every dashboard, report, and data panel on the platform.
Index Methodology
29 Equity publishes 6 proprietary indices. Each one states its formula, separates live market inputs from stated assumptions, and carries the date of its most recent computation. Indices built partly on assumptions are labeled as estimates everywhere they appear.
Capital Allocation SignalEstimate
CASMarket spread divided by expected loss, where expected loss equals probability of default times loss severity times current exposure.
Readings vary widely by asset class, from roughly 1.5x in distressed office conduit debt to above 20x in data center SASB debt. The aggregate reading matters as a trend, not as a level. A falling aggregate means spread is compressing faster than modeled credit risk is improving. The actionable output is the Add, Hold, and Trim distribution beneath the value, which ranks each asset class and debt product against its own expected loss.
Current outstanding exposure, current delinquency rates by asset class, indicative new issue spreads.
Loss given default severity by asset class.
n/a
Maturity Wall Concentration IndexEstimate
MWCIShare of debt maturing within 12 months carrying debt service coverage below 1.0x at maturity, weighted by outstanding balance across asset classes.
Higher readings mean refinancing risk is concentrated in loans without the coverage to support a new loan at current rates. Read this before the stress appears in delinquency data.
Maturity schedules by asset class, current SOFR, current Treasury yields.
Coverage at maturity calculated with current net operating income held flat.
n/a
Rate Path Stress ScoreEstimate
RPSSIncrease in projected 12 month default rate per 100 basis points of rate shock, measured across base case, plus 50 basis points, and plus 100 basis points against the live SOFR forward curve.
Higher scores mean higher rate sensitivity. Two asset classes with the same default rate today separate under stress. Use this to rank exposure by fragility, not by current position.
SOFR forward curve, current 12 month default projections by asset class.
Pass through rate of debt cost increase to coverage.
n/a
Infrastructure Debt Capacity IndexEstimate
IDCIImplied maximum loan proceeds for a data center facility, calculated as stated net operating income divided by the product of a stated debt service coverage floor and the all in debt constant, where the debt constant uses live SOFR plus a disclosed spread assumption.
Shows how much debt a fixed income stream supports as rates move. Falling readings mean the same asset requires more equity to finance.
SOFR, sourced from FRED.
Credit spread, debt service coverage floor, amortization term, and net operating income. All four are stated assumptions, not observed values.
n/a
Corporate Interest Coverage Index
CICIAggregate corporate profits divided by an aggregate corporate interest expense proxy, both sourced from FRED.
Measures how much cushion corporate balance sheets carry against debt service in aggregate. Falling readings signal thinning coverage ahead of rating actions.
Aggregate corporate profits and corporate interest expense, both sourced from FRED.
None. All inputs are published series.
FRED CP / A264RX1Q020SBEA · latest obs 2026-04-01
Corporate Credit Spread Trend
CCSTMoody's Seasoned Baa Corporate Bond Yield spread over the 10 Year Treasury, compared against its own trailing 90 day average.
Widening means corporate borrowing cost is rising faster than the risk free rate. Tightening means credit conditions are easing.
Moody's Seasoned Baa corporate bond yield and 10 year Treasury yield, both sourced from FRED.
None. All inputs are published series.
FRED BAA10Y · latest obs 2026-09-10
Every figure on this site traces to a named primary source with a publication date or carries an explicit estimate label. Live macro data is pulled directly from the Federal Reserve Economic Data service and the Energy Information Administration. Published third party figures are cited by source and date. 29 Equity holds no data licensing relationship with any commercial data provider and claims none.
Spread Stress Assumptions
Loss severity steps and spread betas used to project credit spreads under rate stress, by asset class. Both are stated assumptions, not observed values.
| Asset Class | LGD Stress Step | Spread Beta |
|---|---|---|
| Office | 300bps / 100bps shock | 1.4x |
| Retail | 250bps / 100bps shock | 1.3x |
| Hospitality | 200bps / 100bps shock | 1.2x |
| Multifamily | 150bps / 100bps shock | 1x |
| Industrial | 150bps / 100bps shock | 1x |
| Data Centers | 100bps / 100bps shock | 0.9x |