Shares of public developers are falling twice as fast as the index of the Moscow Stock Exchange. You can't see the bottom yet. According to NRA, none of the major developers, with the exception of LSR, have a real chance of paying dividends in 2027. APRI's net debt exceeds EBITDA by 5 times, Etalona by 4 times, Airplane by 3.6 times. The 2.9x GloraX officially looks better than others, but the company has listed a voluntary moratorium on dividends until the end of 2027. LSR, with a ratio of 2.8x and retained earnings on the balance sheet, is the only one whose chances of being paid by NRA are "average" rather than "unlike." With a high debt load, any free cash flow goes to debt service, not shareholders. Revenues are falling, losses are rising, the rate is pushing the denominator. The dividend potential is not canceled by someone's ill will, but only absolutely. The sector cannot return to mass payments until 2030. The investor, who bought shares of developers on the basis of dividend income, builds up the capital for at least four years with no guarantee of compensation through growth in the exchange rate. @nebrexnya.