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In previous notes, we have repeatedly outlined why we believe RECI shows resilience against inflation, interest rate increases and inflation risk (inter alia, see Experience shows resilience of the model, Experience shows resilience of the model (2) and Why rising rates should not hurt RECI). In this note, we highlight how the recent deals have added to the portfolio, and, as outlined in RECI’s recent quarterly presentation, how they have re-confirmed this protection. We also detail the other key themes from this report, noting the sector and geographical diversity (important when considering exposure to UK rate rises), strong loan to value (LTV) metric, conservative leverage and good counterparty quality.
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