Business Health30%
Secretary of State filings
PACER federal court records
SEC EDGAR · Crunchbase · Google News
Business entity status, M&A activity, PE acquisitions, bankruptcy filings, and press coverage. For public companies we pull 10-K risk factors directly.
Employment & Operations20%
Indeed job posting counts
LinkedIn headcount · Glassdoor trends
Google Maps status · WHOIS · Wayback
Job posting volume vs 90-day baseline is the strongest leading indicator we track. A tenant cutting 40% of postings is managing cash, typically 3 months before a missed payment.
Customer Sentiment15%
Google Reviews · Yelp · Trustpilot
BBB complaint count and trend
Owner response rate
Sentiment diverges from financials before financials diverge from rent. Declining ratings combined with falling review volume is a foot traffic proxy.
N/A for industrial and office tenants
Legal & Compliance20%
State UCC lien databases
PACER court records · BBB patterns
OSHA · FDA · Health dept. violations
Legal starts at 100 and deducts for findings. UCC lien is -20. Bankruptcy is -50. This category updates continuously, not just monthly.
Local Market10%
BLS unemployment · Census population
Google Maps competitor density
County assessor · Local news · SpotCrime
A 6.2% unemployment ZIP with 3 competing fitness studios tells a different story than the same tenant in a growing suburb. Local context changes the score.
Applied at property level when landlord data is available
Industry & Sector5%
NAICS classification · BLS sector data
State minimum wage schedules
FTC actions · Google News sector analysis
Boutique fitness carries structurally different risk than fast casual. Minimum wage pressure, online competition, and sector cyclicality are built into every score.
Confidence Scoring. How We Rate Our Own Data
High Confidence
34+ data points · 6+ independent sources · Updated within 30 days
Multiple sources confirmed the same signals. Score is reliable.
Moderate Confidence
15-33 data points · 3-5 sources · Updated within 90 days
Some signal categories have limited coverage. Score is directional.
Limited Data
Under 15 data points · 1-2 sources · May be older than 90 days
Thin public footprint. Score is a directional signal only. We flag it.
TRI is not a credit rating agency. Scores are built from public data and represent directional signals, not financial guarantees. Private data sources are available in paid reports and may produce materially different scores.