Iggy's Journal: A17U and Sasseur Both Yield Near 6-9%. The Reason One Worries Me and the Other Doesn't

4 September 2026, PM

New Video

New video is up. Four REITs cleared my 4.7% yield hurdle this week. One of them passed every single balance sheet gate I run, gearing, coverage, occupancy, all of it. That's the one I'm actually sizing smallest. Sasseur REIT sits at 9.28% yield, 25.6% gearing, 5.6x interest coverage, and zero gate failures on paper. The risk with this one doesn't live in any of those ratios. It's China concentration, renminbi exposure, and a sponsor structure tying income to consumer spending in ways gearing and coverage were never built to measure.

My Personal Take

Okay, this one genuinely sat with me for a bit before I recorded it. A stock passing every single gate I check should feel like the easy call, and this is the first time in a while a clean sweep made me more cautious, not less.

Here's why. My whole framework is built to catch balance sheet problems. Gearing, coverage, occupancy, that's the stuff that shows up in a spreadsheet. Currency exposure and single-country concentration don't show up as a ratio anywhere, they show up as a completely separate question you have to remember to ask yourself. Sasseur passing clean doesn't mean the risk isn't there. It means the risk isn't the kind my gates are designed to catch.

That's the whole point of this episode, really. A high yield and a clean balance sheet can both be true and you can still owe yourself one more question before you size the position.

📺 youtu.be/94r0ioeBqaI...

📩 investingiguana.com/...

Not financial advice. Iggy's Forensic Compliance Standards apply.

Cheers, Iggy 🦖 Have a great weekend!