Debt Service Coverage Ratio: DSCR = NOI / (Interest + Principal). The dominant cash-flow coverage ratio in real estate debt and project finance; minimum 1.20–1.30× for senior CRE positions. Distinct from FCCR (used in corporate direct lending), which adds capex and lease payments to the denominator. Lenders also use the related debt-yield ratio (NOI/Total Debt) because debt yield is harder to manipulate via appraisal inflation.