Note Return Calculation

[Hamza F.]

Hello - had a question on modeling returns on notes (Apologies in advance if this has been answered already, wasn't able to find a concrete answer in prior posts). Wanted to know what metric (or metrics) folks use when analyzing returns on performing notes? 

E.g. I know folks often use a CoC % to analyze returns on rental properties, but I realize that the same methodology is likely not appropriate for notes/fixed income. I currently have a model set up with a Yield to Maturity (YTM) calculation (where I plug in the UPB as the face value of the note) and plug in my bid/purchase price as the current market price, but wanted to sanity check this with folks to see if using a YTM this way makes sense for performing notes (that I'm planning to hold)?

Thanks!