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RECI released its quarterly investor update on 17 August and its end-July factsheet on 7 August. The key messages are i) robust performance of existing portfolio through COVID-19, ii) the continuation of some modest mark-to-market volatility on the bond portfolio (July effect -1p on NAV), but full interest and capital repayments are expected in due course, iii) strong early repayment and pipeline volumes – the latter have now started to be complete, iv) lower-risk business is being added, v) pricing on new business is 2%-5% above pre-COVID-19 levels like-for-like, vi) low gearing, and vii) stable 3p per quarter dividends. This seems anomalous with the 13% discount to NAV.
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