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TOC Property Backed Lending Trust cut its quarterly dividend amid a reduction in property transaction volumes and increased political uncertainty.
The company's net asset value total return per share for the six months through June rose 2.4%.
However, its net asset value per share fell 1.1% when dividends were not included.
Quarterly dividends had been cut to 1.50p per share, down from 1.75p.
The fourth interim dividend, scheduled for December, was expected to be 'at least' 1.50p per share.
'Reduced property transaction volumes and the slowdown in price increases of which my predecessor spoke in March have continued, as has the backdrop of political uncertainty,' chairman John Newlands said.
'In such circumstances, a measure of prudence has been adopted, in the form of a quarter percent reduction in the quarterly dividends.'
At 9:24am: (LON:PBLT) TOC Property Backed Lending Trust Plc share price was 0p at 103.5p