Having spent more time on it, I am pretty happy that the loan with LTV covenant is not an immediate risk.
The next loan to come up is the largest one due for re-financing by December.
It is tight on the "stress" covenant, but I'm not sure how that is measured and may not be a concern. Most likely, they get a new loan with milder covenant but higher interest?
Looking good today though. Might well be more in it on the div announcement if they stick to earlier forecast.
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