Starlight US Residential Fund (Multi-Family) Investment LP (TSXV:SURF.UN) Beneish M-Score: -2.57 (As of Aug. 16, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

What is Starlight US Residential Fund (Multi-Family) Investment LP Beneish M-Score?

Starlight US Residential Fund (Multi-Family) Investment LP TSXV:SURF.UN -12.50% Beneish M-Score is -2.57 as of Aug. 16, 2026. The stock has 5 warning signs investors should review. Among 742 REITs companies, Starlight US Residential Fund (Multi-Family) Investment LP ranks better than 58.36% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Starlight US Residential Fund (Multi-Family) Investment LP's Beneish M-Score or its related term are showing as below:

TSXV:SURF.UN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94   Med: -2.67   Max: -2.57
Current: -2.57

During the past 5 years, the highest Beneish M-Score of Starlight US Residential Fund (Multi-Family) Investment LP was -2.57. The lowest was -2.94. And the median was -2.67.

Starlight US Residential Fund (Multi-Family) Investment LP Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Starlight US Residential Fund (Multi-Family) Investment LP's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Starlight US Residential Fund (Multi-Family) Investment LP Beneish M-Score Chart

Starlight US Residential Fund (Multi-Family) Investment LP Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -2.67 -2.94 -2.57

Starlight US Residential Fund (Multi-Family) Investment LP Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 -2.57 0.00

TSXV:SURF.UN vs AVB, EQR, ESS: Beneish M-Score Comparison

For the REIT - Residential subindustry, Starlight US Residential Fund (Multi-Family) Investment LP's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Starlight US Residential Fund (Multi-Family) Investment LP Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, Starlight US Residential Fund (Multi-Family) Investment LP's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Starlight US Residential Fund (Multi-Family) Investment LP's Beneish M-Score falls into.


Starlight US Residential Fund (Multi-Family) Investment LP Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Starlight US Residential Fund (Multi-Family) Investment LP for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.6684+0.528 * 1.1724+0.404 * 0.9914+0.892 * 0.751+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.114885-0.327 * 1.0919
=-2.57

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was C$0.86 Mil.
Revenue was C$42.85 Mil.
Gross Profit was C$21.11 Mil.
Total Current Assets was C$10.36 Mil.
Total Assets was C$376.96 Mil.
Property, Plant and Equipment(Net PPE) was C$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was C$0.00 Mil.
Total Current Liabilities was C$252.88 Mil.
Long-Term Debt & Capital Lease Obligation was C$112.45 Mil.
Net Income was C$-53.52 Mil.
Gross Profit was C$-38.81 Mil.
Cash Flow from Operations was C$28.60 Mil.
 Total Receivables was C$0.69 Mil.
Revenue was C$57.06 Mil.
Gross Profit was C$32.96 Mil.
Total Current Assets was C$14.24 Mil.
Total Assets was C$749.32 Mil.
Property, Plant and Equipment(Net PPE) was C$0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.00 Mil.
Selling, General, & Admin. Expense(SGA) was C$0.00 Mil.
Total Current Liabilities was C$139.08 Mil.
Long-Term Debt & Capital Lease Obligation was C$525.99 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0.862 / 42.851) / (0.688 / 57.061)
=0.020116 / 0.012057
=1.6684

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(32.96 / 57.061) / (21.113 / 42.851)
=0.577627 / 0.492707
=1.1724

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (10.36 + 0) / 376.959) / (1 - (14.243 + 0) / 749.317)
=0.972517 / 0.980992
=0.9914

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=42.851 / 57.061
=0.751

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(0 / (0 + 0)) / (0 / (0 + 0))
= /
=1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(0 / 42.851) / (0 / 57.061)
=0 / 0
=1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((112.446 + 252.875) / 376.959) / ((525.986 + 139.075) / 749.317)
=0.969127 / 0.887556
=1.0919

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-53.518 - -38.812 - 28.601) / 376.959
=-0.114885

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Starlight US Residential Fund (Multi-Family) Investment LP has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.57 mean?
Starlight US Residential Fund (Multi-Family) Investment LP (TSXV:SURF.UN) has a Beneish M-Score of -2.57 as of Aug. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Starlight US Residential Fund (Multi-Family) Investment LP and its competitors. According to the industry distribution chart, Starlight US Residential Fund (Multi-Family) Investment LP ranks #309 out of 742 companies in the REITs industry, placing it in the top 41.6%.
Is Starlight US Residential Fund (Multi-Family) Investment LP's Beneish M-Score too high?
Starlight US Residential Fund (Multi-Family) Investment LP's current Beneish M-Score is -2.57. Based on the distribution chart, Starlight US Residential Fund (Multi-Family) Investment LP ranks #309 out of 742 companies in the REITs industry, which is above the industry midpoint.
How does Starlight US Residential Fund (Multi-Family) Investment LP's Beneish M-Score compare to AVB and EQR?
According to the REITs industry distribution chart, Starlight US Residential Fund (Multi-Family) Investment LP ranks #309 out of 742 companies for Beneish M-Score. This puts Starlight US Residential Fund (Multi-Family) Investment LP in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a REITs company?
A good Beneish M-Score depends on the REITs industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Starlight US Residential Fund (Multi-Family) Investment LP and its competitors. Starlight US Residential Fund (Multi-Family) Investment LP's current Beneish M-Score is -2.57. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Starlight US Residential Fund (Multi-Family) Investment LP stock overvalued right now?
Starlight US Residential Fund (Multi-Family) Investment LP (TSXV:SURF.UN) has a current Beneish M-Score of -2.57. The current Beneish M-Score is -2.57. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Starlight US Residential Fund (Multi-Family) Investment LP (TSXV:SURF.UN), the current Beneish M-Score is -2.57 as of Aug. 16, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Starlight US Residential Fund (Multi-Family) Investment LP Business Description

Industry Real EstateREITs
Address 3280 Bloor Street West, Suite 1400, Centre Tower, Toronto, ON, CAN, M8X 2X3
Starlight US Residential Fund (Multi-Family) Investment LP is a "closed-end" trust. It operates as a real estate investment and asset management company that acquires, owns, and operates a portfolio of multifamily properties and single-family rental homes. The company evaluates properties based on pricing and local supply-and-demand conditions in relation to the fund's stated performance targets. Its portfolio includes properties located in Arizona, Florida, and North Carolina.