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.
