BFH Research Group is an independent research house covering the capital moving from AI companies into the physical infrastructure underneath them: generation, transmission, land, and the debt used to buy all three.

We work from what's filed, not what's announced: utility commission dockets, power purchase agreements, municipal bond disclosures, and the deal terms sponsors actually put on paper. The Essay Index is the publishing program that follows from that, and it will fill in over the coming quarters.

What we read first. BFH Research Group is built around reading the document, not the press release. Before a deal announcement or a headline, there is usually a filing: a state utility commission docket, a power purchase agreement, a municipal bond official statement, a corporate disclosure. The essays in this index that build on primary sources, the utility filing case study, the muni bond angle, are built from these documents first, and from press coverage second, mostly to catch what the primary source doesn't say.

What we track in the open. Alongside this site we keep the same pipeline we use internally: which deals we're watching, which filings are queued, which essay is actually next. We publish it because a research shop that says "trust our process" should be willing to show the process. See Members for team access.

What we don't do. We don't give personalized investment advice, and nothing published here is an offer to buy or sell any security or fund interest. We don't take a position on a deal without reading the underlying document. And when a figure comes from a source we can't verify directly, we say so rather than smooth over it.