Source - LSE Regulatory
RNS Number : 2538S
Real Estate Credit Investments Ltd
03 November 2023

03 November 2023


Real Estate Credit Investments Limited


Investment Manager's Q2 Investor Presentation


Real Estate Credit Investments Limited ("RECI" or "the Company") is pleased to announce that the Investment Manager's Q2 Investor Presentation is now available on the Company's website at:


An extract from the Summary section of the presentation is set out for investors in the Appendix to this announcement.


For further information, please contact:



Richard Crawley / Edward Mansfield (Liberum Capital)

+44 (0)20 3100 2222

Investment Manager

Richard Lang (Cheyne)  

+44 (0)20 7968 7328



Appendix: Q2 Investor Presentation Extract


Key Quarter Updates


•    Portfolio


Total NAV Return for the quarter: +0.5% / Total NAV Return for H1 2023: +3.8%


No defaults in the portfolio


During the quarter, one French loan fully repaid, realising net proceeds of £2.4m, and providing headroom to invest in new deals at enhanced IRRs


Rotation of market bond portfolio into strong senior loans with attractive returns


•    Cash


Cash reserves remain targeted at between 5% to 10% of NAV


As at 30 September 2023, cash was £14.9m / 4.3% of NAV


•    Dividend


Dividends maintained at 3p per quarter, annualised 9.1% yield, based on share price, as at 30 September 2023


Dividends predominantly covered by net interest income generated from RECI's assets. The aim is for dividend cover from net interest income


•    Opportunities


The present macroeconomic backdrop is set to continue through 2023/2024, resulting in further constraints in bank lending and alternative sources of capital. The opportunity to provide senior loans at low risk points, for higher margins, is increasingly evident


The Company expects to deploy its currently available cash resources to its near term commitments and towards a compelling emerging opportunity set in senior loans


•    Post Quarter Update - Market Bonds


RECI has exited 8 market bond positions since 30 September 2023, realising proceeds (net of repo financing) of £5.9m. The fund now only has 7 market bond positions, with a notional value of £11.9m / 3.5% of NAV


•    Citywire Investment Trust Awards 2023


RECI won the Best Performance award for Specialist Debt at Citywire's London-listed Investment Companies awards held on 01 November 2023. The performance awards are given to investment companies judged to have delivered the best underlying return in terms of growth in NAV in the three years to 31 August 2023



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