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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 noted the key considerations were i) RECI’s asset selection and management make it defensive to recessionary risks, ii) its customer base is robust, with £100m+ interest and principal repayments since March, and iii) lower-risk, higher-margin new business is available, as mainstream banks remain cautious. This has led to stable dividends, with a yield of 8.4%. If investors anticipated the recovery in bond MTM or a housebuilder writeup, it would be a trigger for the discount to close further, or the shares to go to a premium to NAV, in line with RECI’s January 2020 rating.
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