We calculate the ratio presently stands at 59%, with NESF aiming to reduce the ratio to below 50% via planned asset disposals. However, with any reduction in debt taken off both the numerator and denominator, material deleveraging is needed to reach the 50% threshold (and/or higher market cap). For example, based on the current market cap input, NESF would need to repay c.£150m of debt, broadly equivalent to current RCF drawings. This could be why the fund is considering expanding the capital recycling programme as part of the ongoing strategic review.