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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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1.4. No information contained in these pages should be taken as a recommendation to buy, sell or hold the securities of any entity. Nothing on the Company’s website or in the Materials constitutes or is intended to constitute financial or other advice and you should not act upon any information contained on the Company’s website or in the Materials without first consulting a financial or other professional adviser.
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We have, in multiple notes, highlighted how RECI’s approach to lending is different from that of mainstream banks. At its core, the lenders own their loans, and they have a very different approach towards decisions about being part of a large organisation. Skill and speed in structuring what can be complex deals allow a premium to be charged that does involve incremental risk. At times of uncertainty, market spreads widen, and this does have an impact on mark-to-market (MTM) on bonds, but we have seen, in the past, that this is quickly recouped with modest, if any, actual loss. The rapid recovery to a premium above NAV, following the initial Ukraine-related uncertainty, may reflect the market valuing this approach.
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