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The key messages from RECI’s FY’26 results to March and update presentation (reviewed in our note FY’26 results: High yield, clear path to dividend cover) were, first, 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 earnings to cover the dividend 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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