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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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RECI gave its latest quarterly update on 27 July. The key messages remain unchanged, namely i) attractive returns from low loan to value (average 65%) credit exposure to UK and European large, well-capitalised and experienced institutional borrowers, ii) stable dividends, at 3p per quarter (latest yield: 7.9%), iii) a highly granular book – 61 positions, with the top position 13.8% of NAV (by commitment), iv) modest leverage – gross 29%, net 16.0% (with £45.4m cash on balance sheet), and v) access to a strong pipeline of enhanced return investment opportunities identified by Cheyne. The discount to NAV has been closing (now 2%) but, pre-pandemic, it was at a premium.
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