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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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In our 18 January 2021 note, Portfolio repayments fund enhanced return pipeline, we highlighted i) RECI’s asset selection and management make it defensive, ii) its customer base is robust, with £100m+ interest and principal repayments since March, and iii) it is adding lower-risk, higher-margin new business. The dividend has been maintained at 3p p.q. throughout 2020 (yield 8.9%). While the discount has closed materially since March 2020, in the past (January 2020), the shares were on a premium to NAV. As we detailed in our note, the NAV will increase if historical MTM bond losses reverse (management expects full repayment) and the dividend is now covered by recurring interest income.
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