Hardman & Co Research on Real Estate Credit Investments (RECI):
FY’26 results: High yield, clear path to dividend cover
The key messages from RECI’s FY’26 results to March and update presentation were, firstly, that the dividend of 3p per quarter has continued to be paid (yield 10.3%). While uncovered in FY’26, there are clear paths for the cover to be reestablished in due course. In the meantime, the board appears committed to maintaining the payout at the current level. Secondly, credit remains very good, with 92% of the portfolio performing and clear strategies to managing the defaulting assets. Thirdly, while leverage has increased, it is conservative.
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Hardman Research Ltd, trading as Hardman & Co, is an Appointed Representative of Palace Ventures Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 433291). Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.