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1.2. The “Company” means Real Estate Credit Investments Limited and any of its subsidiaries and related companies and references to the “Company’s website” are to any of the Company’s websites and also include, but are not limited to, the text, images, links, sounds, graphics and video sequences displayed in such websites (the “Materials”).
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From RECI’s 20 March market update and its end-February Factsheet, we note the following: i) the 53-position investment portfolio is focused on senior lending, with a weighted average loan-to-value of 65% and a short duration (1.3 years); ii) cash of £60m, 16% NAV, nearly covers total debt financing £97m.; iii) higher-risk (Italian and hotel) exposures have been reducing; and iv) a wide diversification by geography and sector. We expect the book to be managed in conjunction with borrowers and over the long term. Even if security is enforced, RECI’s permanent capital structure means it can take time to sell assets and is not forced into disposal at sub-optimal prices.
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