 This paper proposes a new methodology for analyzing neural activity data collected using two-photon calcium imaging. The authors show that their approach can accurately estimate signal and noise correlations in the data without requiring intermediate steps such as spike decondition. This makes it more efficient than other approaches and provides better accuracy. They also provide theoretical guarantees on the performance of their estimator and demonstrate its utility with simulations and experiments. The article was authored by Anuthara Rupasing, Nicholas Francis, G.U., and others.