01
Customized Research
Decision-ready company deep dives and ongoing sector coverage for hedge funds, private equity firms, family offices, and other institutional investors.
Discuss a research mandate →Listed alternatives / Independent research
Where yield
meets
conviction.
Specialist intelligence across listed alternatives—built by investors who commit their own capital alongside their research.
The Leonberg focus
A focused niche
in a vast market.
Broader public markets
Listed alternatives
Our specialist coverage
- REITs
- MLPs
- BDCs
- CEFs
- Preferred Shares
- Baby Bonds
Conceptual illustration · not to scale
2,500+Clients
100,000+Followers
5M+Annual reads
How we work
One focus. Three ways we create value.
02
Investment Newsletters
Specialist research, model portfolios, and proprietary market intelligence for active investors across REITs and listed alternatives.
View publications →03
Strategic Consulting
Independent guidance for REIT management teams on shareholder value, investor relations, corporate actions, and strategic decisions.
Explore advisory work →Specialized investment research
Depth where listed alternatives are often misunderstood.
Leonberg Capital focuses on alternative asset classes that are frequently mispriced and reward deep, active research. Our approach combines fundamental underwriting with management interviews and on-the-ground research, and we have built long track records of outperforming passive benchmarks across these specialized sectors.
Our specialist perspective →01REITs
02MLPs
03BDCs
04CEFs
05Preferred Shares
06Baby Bonds
Alignment of interests
“We are active investors—not only publishers of research.”
Leonberg Capital manages its own multimillion-dollar investment portfolio and invests alongside the research we publish. That gives us significant skin in the game: when our ideas work, we benefit alongside our clients, and when they don’t, we feel the downside too.
Flagship research
From the research desk.
Two specialist publications give active investors ongoing access to research, portfolios, and market intelligence.
01 / REIT specialistHigh Yield
High Yield
High Yield
Landlord
Research, model portfolios, and proprietary data across the global listed real estate universe.
Visit publication ↗02 / Listed alternativesHigh Yield
Investor
A broader opportunity set spanning high-yielding alternative asset classes beyond real estate.
Visit publication ↗People
The team behind the research.
International experience across private equity, engineering, property operations, and listed markets.
01
Jussi Askola, CFA
PresidentJussi Askola, CFA is a former private equity real estate investor who previously worked for an investment firm in Dallas, Texas, and participated in property acquisitions across Europe. Today, he focuses on listed real estate securities and is the author of The REIT Advantage. He has passed all CFA exams, holds degrees in Real Estate Finance and Construction and Property Management, has published award-winning academic research on REITs, and has built a following of more than 100,000 investors online.
02
Samuel Smith
Vice PresidentSamuel Smith is an experienced analyst specializing in listed alternatives who has served as a lead analyst and Vice President at several investment research firms. His background combines investing with engineering and mathematics. He is a Professional Engineer, holds a B.S. in Civil Engineering & Mathematics from the United States Military Academy at West Point, and has a Master’s in Engineering focused on applied mathematics and machine learning.
03
Austin Rogers
AnalystAustin Rogers is a real estate professional with hands-on experience across residential property management, net lease investing, and REIT research. He holds an M.F.A. in Creative Writing from Western State Colorado University and combines his real estate experience with a strong background in research and writing.
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Offices
Tallinn, Estonia
Dallas, USA