Bellevue Healthcare Trust

Website: Bellevue Healthcare Trust
Index: FTSE Small Cap
EPIC: BBH
Supersector: Financial Services
Sector: Equity Investment Instruments
Subsector: Equity Investment Instruments
Market Cap: £68.56M
Payout Frequency:

Next Bellevue Healthcare Trust Dividend

Bellevue Healthcare Trust next goes ex-dividend on 07/05/2026. This will be the Final dividend for 2026.

The dividend per share amount is 2.7000p (GBP) and the payment date is 29/05/2026.

Key dividend details (FY2025 final)

Full-year and forward guidance

Total FY2025 dividend: 5.40p (2.70p interim paid 12 Sep 2025 + 2.70p final)
Indicative yield (FY2025 total): ~3.8% on 30 Nov 2025 share price of 140.6p
FY2026 target dividend: 5.13p (2 x 2.565p), reflecting 3.5% of 30 Nov 2025 NAV of 146.58p; indicative yield ~3.6% on 140.6p
Policy: Target payout equal to 3.5% of prior year-end NAV, paid in two equal instalments

Coverage and funding

Revenue cover: Weak. FY2025 revenue return was £0.16m versus dividends paid/payable of £5.76m; the dividend is not covered by income.
Funding source: Distributable reserves (not earnings). Distributable reserves at year-end were ~£129.0m, giving multi-year headroom at the current payout level.
Balance sheet context: Net assets fell to £134.9m (from £437.3m), with no gearing at year-end.

Dividend sustainability and growth outlook

Sustainability: Near-term cash capacity to continue distributions is strong due to sizeable distributable reserves; however, dividends are reliant on reserves and capital returns rather than portfolio income.
Growth trajectory: Policy ties the dividend to prior year-end NAV, so payouts are variable. After 5.04p (2024), the dividend rose to 5.40p (2025) but the FY2026 target reduces to 5.13p as NAV declined (154.32p ? 146.58p). Don’t expect a progressive profile.
Support from performance/capital allocation: FY2025 NAV TR was -0.7% and AUM shrank materially due to redemptions/buybacks. Heavy buybacks reduce the absolute cash cost of dividends but also reduce scale. Cancellation of the RCF lowers finance costs; however, the introduction of a performance fee under the proposed new manager could raise ongoing costs, offsetting some support to NAV growth.

Structural and policy developments relevant to future dividends

Manager/strategy change: Proposed appointment of Columbia Threadneedle and adoption of a long/short “Seligman Healthcare Strategy.” The Board states the 3.5% of NAV dividend target will be maintained if proposals pass.
Discount control/liquidity: Existing Redemption Facility and Zero Discount Policy to cease; quarterly tender offers of up to 15% of shares and buybacks to target a =5% discount in normal conditions. This may further reduce share count (lowering cash outflow for dividends) but could also shrink the trust, affecting cost ratios and market appeal.
Fees: Base fee 0.95% of NAV plus a 15% performance fee over SONIA with HWM if proposals pass—potential drag on future NAV/Dividend if returns are modest.
Capital structure: Ability to issue shares on a non-pre-emptive basis to rebuild scale; name change to “CT Healthcare Trust plc.”
Gearing/derivatives: New limits allow net market exposure up to 120% and gross up to 165% via derivatives; could increase NAV volatility, influencing future dividend levels (given the NAV-linked policy).

Risks and flags for dividend stability

Material uncertainty (going concern): Outcome of the 04/03/2026 GM and associated tender is unknown. If resolutions fail or the minimum size condition isn’t met, alternatives including winding-up may be proposed—this is a key risk to dividend continuity.
Scale erosion: Net assets dropped to £134.9m; further tenders/buybacks could reduce size, potentially increasing OCR and reducing long-term viability unless offset by new issuance.
Income shortfall: Ongoing reliance on reserves as portfolio income is minimal; depends on capital reserves and NAV preservation.
Cost headwinds: OCR rose to 1.34% and a performance fee could lift total costs, pressuring NAV accretion and the dividend base.
Strategy risk: Shift to long/short and derivative use changes the risk profile; while potentially dampening drawdowns, it may also introduce new sources of NAV volatility that feed through to future dividend targets.
Sector risks: Healthcare policy/regulatory uncertainty and stock-specific binary events (notably biotech) can impact returns and NAV-linked dividends.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
01/05/2025	30/05/2025	Final	2.52p	GBX
14/08/2025	12/09/2025	Interim	2.70p	GBX

Total (Annual Dividends Per Share): 5.22p

Dividend Yield = Annual Dividends Per Share (5.22p) ÷ Share Price (125p) = 4.18%

Ex Dividend Date	Payment Date	Type	Amount	Currency
07/05/2026	29/05/2026	Final	2.7000p	GBX
14/08/2025	12/09/2025	Interim	2.70p	GBX
01/05/2025	30/05/2025	Final	2.52p	GBX
01/08/2024	29/08/2024	Interim	2.52p	GBX
09/05/2024	31/05/2024	Final	3.00p	GBX
27/07/2023	25/08/2023	Interim	3.00p	GBX
16/03/2023	05/05/2023	Final	3.24p	GBX
21/07/2022	02/09/2022	Interim	3.24p	GBX
17/03/2022	28/04/2022	Final	3.02p	GBX
29/07/2021	03/09/2021	Interim	3.02p	GBX
28/07/2021	03/09/2021	Interim	3.02p	GBX
25/03/2021	30/04/2021	Final	2.50p	GBX
30/07/2020	28/08/2020	Interim	2.50p	GBX
05/03/2020	09/04/2020	Final	2.42p	GBX
25/07/2019	30/08/2019	Interim	2.42p	GBX
28/02/2019	28/03/2019	Final	2.00p	GBX
26/07/2018	24/08/2018	1st Interim	2.00p	GBX
22/02/2018	29/03/2018	2nd Interim	1.75p	GBX
03/08/2017	31/08/2017	1st Interim	1.75p	GBX

Year	Interim	Final	Currency	Total	Change
2024	2.520	2.995	GBX	5.515	84.140
2023	2.995		GBX	2.995	-53.700
2022	3.235	3.235	GBX	6.470	-28.580
2021	6.040	3.020	GBX	9.060	81.200
2020	2.500	2.500	GBX	5.000	3.300
2019	2.420	2.420	GBX	4.840	-15.820
2018		2.000	GBX	5.750	228.570
2017			GBX	1.750

Number of Shares:

Payment	Paid	Amount
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