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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 note, Capital Markets Day, published 25 July, we noted RECI benefits from deep expertise, not only in selecting assets but in having the capability to protect assets where positions need attention. As part of the larger Cheyne team – $11bn+ AUM – RECI has top-tier expertise. The CM Day presentation, on 27 June, highlighted the scope for a modest, progressive rise in loan returns, an already-anticipated move out of development loans into loans for yielding assets where their owners seek finance to improve them. RECI’s portfolio is largely senior debt, and it has almost entirely exited its market-traded bonds. The dividend payout seems secure.
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