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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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The key messages we take from RECI’s April’s quarterly investor update and end-March 2021 factsheet are i) mark-to-market (MTM) writedowns in March 2020 proved overly conservative, and RECI has been making recoveries since, ii) with no defaults, RECI’s assets have proved highly resilient (this is no accident, but reflects the different way in which the assets are managed from other lenders), and iii) as expected, RECI’s bond portfolio provided significant liquidity at only a modest cost. Despite the reasons driving the 2020 discount having all been negated by experience, the shares still trade at a 6% discount to NAV, when, ahead of COVID-19, they were at premium.
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