Highlights

• The trust paid four quarterly dividends with ex-dates between January and October 2026, totalling 28.23p per share.

• The quarterly payment rose from 7.01p in January 2026 to 7.10p from the April 2026 ex-date onwards.

• At a 470p price recorded on 30 September 2026, the trailing dividends equate to a Yield of roughly 6.0%.

• Shares are priced in pence, so investors should compare dividends in pence rather than pounds.

Few private markets vehicles hand Cash Back four times a year. This trust (LSE:CTPE) does, and the pattern has barely wavered. Four payments went ex-dividend across the past twelve months, each one at or above 7p a share, and the latest step-up arrived this spring. For income-minded investors, that regularity is the story, but so are the questions it raises about where the cash comes from.

The payment record

Ex-dividend dates fell on 2 January, 9 April, 2 July and 8 October 2026. The January payment was 7.01p; the other three were 7.10p each. Together they came to 28.23p per share over the trailing window from 11 November 2025 to 10 November 2026. No special Dividend appeared in the period. The October payment was made on 30 October 2026. For holders of LSE:CTPE, the schedule falls at the start of each quarter.

What the yield workings show

Dividing 28.23p by the most recent dated price, 470p, gives a trailing yield of 6.0%. Annualising the current 7.10p quarterly rate gives 28.4p, or 6.04% on the same price. That price is dated 30 September 2026, so the figure moves with every trade and should be rechecked before acting.

What backs the payout

The trust invests in private markets, a part of the market where profits arrive in lumps through sales and valuation gains. A steady quarterly dividend is therefore a policy choice supported by the portfolio, not a contractual coupon. Payments can be reset by the board, and a falling net asset value would put pressure on that policy.

Why the dividend policy matters

Many trusts that invest in private companies set a dividend as a fixed share of net asset value, paid in equal quarterly parts. This gives shareholders regular income even though the underlying profits are uneven. The trade-off is that, if the net asset value falls, the payment may be reduced, and if it rises, the payment may increase. The rise from 7.01p to 7.10p fits this kind of policy.

Risks to weigh

Holdings in private companies are valued periodically rather than priced every second, and sale proceeds can be slow to arrive. The share price can move away from the underlying value in either direction. The dividend is paid in sterling while many underlying holdings are not, so currency swings may also affect the picture.

Where it sits in the market

The trust is a closed-ended Investment company. No membership of a FTSE UK index was found, which can mean less passive buying support than constituents enjoy. Investors should check the discount or premium to net asset value, since it can change the effective yield on the price paid.

Putting 28.23p in context

A holder at 470p received about 7p each quarter. Across a year, that cash return is about 6.0% of the price. The yield is lower than at many income trusts, which reflects the fact that the trust also aims for growth in Capital through its private holdings. Total return, combining dividends and changes in net asset value, is the fairer measure.

How to read a trailing yield

A trailing yield divides the dividends paid over the past twelve months by the current share price. It describes what has happened, not what will happen, and it changes whenever the price moves. A rising yield can reflect a higher dividend or a falling share price, so the reason behind the change matters. Comparing yields across companies is useful only when the same period and the same type of payment are used in each case.

Ex-dividend dates explained

The ex-dividend date is the first day on which a buyer of the shares no longer qualifies for the next dividend. Anyone who holds the shares before that date receives the payment, normally a few weeks later. Share prices often fall by about the amount of the dividend on the ex-date, which is why a dividend on its own does not create value. The payment date is when the cash reaches the account.

Dividends are a board decision

A dividend is not a fixed obligation like interest on a loan. The board decides each payment after looking at profit, cash, Debt and future plans, and it can raise, hold, reduce or suspend the amount. A long record of payments is encouraging, but it describes the past. Investors who rely on dividends for income should look at the cash the Business generates as well as the amount it has paid.

What to watch next

The next milestone is the January payment, which will show whether the quarterly rate rises again. Investors in LSE:CTPE should follow the net asset value, the pace of realisations and the discount. A steady or rising payment would support the case that the policy is working.