Iggy’s Journal: FCT’s Gearing Is 38.7% Today and 36.8% After the White Sands Repayment. What Is Still Missing?

The Investing Iguana

Iggy’s Journal: FCT’s Gearing Is 38.7% Today and 36.8% After the White Sands Repayment. What Is Still Missing?

Sat 31 Oct 2026 | Afternoon

The N umbers

FCT paid a record 12.350 cents per unit. The distribution pool grew 8.2% while DPU grew 2.0%, so more units are now sharing the income. Reported gearing is 38.7%. The FCT manager’s estimate after the White Sands repayment is 36.8%, which is 1.9 percentage points lower. Interest cover is 4.37 times.

My Personal Take

The record payout is the headline, but I read the gearing line first. 38.7% is what has been reported. 36.8% is an estimate that has not been reported yet. The income pool also grew about four times as fast as the payout per unit, which leaves me with two questions. Why did the pool outgrow the payout per unit by that much, and does the 36.8% become a reported figure? Both the video and the Substack article work through the unit count and the two gearing figures.

📺 Free YouTube: https://youtu.be/WBhhMkfdMcg

⭐ Members Edition YouTube: https://youtu.be/O_VhIJbu9J0

📩 Substack: https://investingiguana.com/p/ep1884-fct-earnings-analysis-gearing

Cheers,

Iggy 🦖

Not financial advice. Iggy’s Forensic Compliance Standards apply.

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What Is Still Missing?","html":"<html><head></head><body><p><strong>Iggy’s Journal: FCT’s Gearing Is 38.7% Today and 36.8% After the White Sands Repayment. What Is Still Missing?</strong></p>\n<p></p>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/04f6773f8962867cef247518699e2151\" tg-width=\"1792\" tg-height=\"2400\"></p>\n<p>Sat 31 Oct 2026 | Afternoon</p>\n<p>The N umbers</p>\n<p>FCT paid a record 12.350 cents per unit. The distribution pool grew 8.2% while DPU grew 2.0%, so more units are now sharing the income. Reported gearing is 38.7%. The FCT manager’s estimate after the White Sands repayment is 36.8%, which is 1.9 percentage points lower. Interest cover is 4.37 times.</p>\n<p></p>\n<p>My Personal Take</p>\n<p>The record payout is the headline, but I read the gearing line first. 38.7% is what has been reported. 36.8% is an estimate that has not been reported yet. The income pool also grew about four times as fast as the payout per unit, which leaves me with two questions. Why did the pool outgrow the payout per unit by that much, and does the 36.8% become a reported figure? Both the video and the Substack article work through the unit count and the two gearing figures.</p>\n<p></p>\n<p>📺 Free YouTube: https://youtu.be/WBhhMkfdMcg</p>\n<p>⭐ Members Edition YouTube: https://youtu.be/O_VhIJbu9J0</p>\n<p>📩 Substack: https://investingiguana.com/p/ep1884-fct-earnings-analysis-gearing</p>\n<p></p>\n<p>Cheers,</p>\n<p>Iggy 🦖</p>\n<p></p>\n<p>Not financial advice. Iggy’s Forensic Compliance Standards apply.</p></body></html>","htmlText":"<html><head></head><body><p><strong>Iggy’s Journal: FCT’s Gearing Is 38.7% Today and 36.8% After the White Sands Repayment. What Is Still Missing?</strong></p>\n<p></p>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/04f6773f8962867cef247518699e2151\" tg-width=\"1792\" tg-height=\"2400\"></p>\n<p>Sat 31 Oct 2026 | Afternoon</p>\n<p>The N umbers</p>\n<p>FCT paid a record 12.350 cents per unit. The distribution pool grew 8.2% while DPU grew 2.0%, so more units are now sharing the income. Reported gearing is 38.7%. The FCT manager’s estimate after the White Sands repayment is 36.8%, which is 1.9 percentage points lower. Interest cover is 4.37 times.</p>\n<p></p>\n<p>My Personal Take</p>\n<p>The record payout is the headline, but I read the gearing line first. 38.7% is what has been reported. 36.8% is an estimate that has not been reported yet. The income pool also grew about four times as fast as the payout per unit, which leaves me with two questions. Why did the pool outgrow the payout per unit by that much, and does the 36.8% become a reported figure? Both the video and the Substack article work through the unit count and the two gearing figures.</p>\n<p></p>\n<p>📺 Free YouTube: https://youtu.be/WBhhMkfdMcg</p>\n<p>⭐ Members Edition YouTube: https://youtu.be/O_VhIJbu9J0</p>\n<p>📩 Substack: https://investingiguana.com/p/ep1884-fct-earnings-analysis-gearing</p>\n<p></p>\n<p>Cheers,</p>\n<p>Iggy 🦖</p>\n<p></p>\n<p>Not financial advice. Iggy’s Forensic Compliance Standards apply.</p></body></html>","text":"Iggy’s Journal: FCT’s Gearing Is 38.7% Today and 36.8% After the White Sands Repayment. What Is Still Missing? Sat 31 Oct 2026 | Afternoon The N umbers FCT paid a record 12.350 cents per unit. The distribution pool grew 8.2% while DPU grew 2.0%, so more units are now sharing the income. Reported gearing is 38.7%. The FCT manager’s estimate after the White Sands repayment is 36.8%, which is 1.9 percentage points lower. Interest cover is 4.37 times. My Personal Take The record payout is the headline, but I read the gearing line first. 38.7% is what has been reported. 36.8% is an estimate that has not been reported yet. The income pool also grew about four times as fast as the payout per unit, which leaves me with two questions. Why did the pool outgrow the payout per unit by that much, and does the 36.8% become a reported figure? Both the video and the Substack article work through the unit count and the two gearing figures. 📺 Free YouTube: https://youtu.be/WBhhMkfdMcg ⭐ Members Edition YouTube: https://youtu.be/O_VhIJbu9J0 📩 Substack: https://investingiguana.com/p/ep1884-fct-earnings-analysis-gearing Cheers, Iggy 🦖 Not financial advice. 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