Lender-friendly cash-flow ratio: Debt Yield = EBITDA / Total Debt (or NOI / Total Debt in real estate). The inverse of the leverage ratio, expressed as a yield: a 20% debt yield means EBITDA equals 20% of total debt (i.e., 5× leverage). Preferred by underwriters because it is harder to manipulate than leverage — it does not depend on EBITDA add-backs being applied to both numerator and denominator, and in real estate it does not depend on a (potentially inflated) appraisal. Typical target: ≥ 15% for senior middle-market.