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QuotedData’s morning briefing 28 November 2022

In QuotedData’s morning briefing 28 November 2022:

  • Pollen Street (POLN) has provided its Q3 update. As a reminder, POLN has formed from the merger of Honeycomb Investment Trust and Pollen Street Capital Holdings on 30 September 2022, and focuses on high quality, asset-backed senior secured lending. POLN reported a return on Net Investment Asset of 2.0% over the third quarter (equal to 7.8% per annum). The portfolio has generated a risk-adjusted yield of 9.5% p.a. POLN’s management team are confident that despite the current macro-economic uncertainty, their portfolio is well positioned to continue growing and delivering shareholder returns.
    Lindsey McMurray, Chief Executive of Pollen Street commented: “Pollen Street has continued to grow over Q3 with assets under management (aum) under the credit strategy increasing at a rate of 30% to 40% per annum over the year to date.  Aum for the Group closed the period at £3.3bn. As we look ahead we are confident in a resilient outlook for our newly combined entity and that we will continue to see growth in line with guidance.”
    [QD comment: “POLN’s positive NAV increase is impressive, given the turmoil bond markets have seen over 2022 thanks to rising global interest rates. As with other lenders, there is little sign yet that slowing economies are leading to rising defaults”]

We also have an update on the short-seller attack on Home REIT

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