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Hardman & Co Research : Hardman Talks Video - RECI Management Presentation

·3-min read

Hardman & Co Research
05-May-2021 / 09:15 GMT/BST

Hardman Talks Video| RECI

Management Presentation

On 28 April 2021, Ravi Stickney of Cheyne Capital gave a presentation to investors on Hardman Talks about Real Estate Credit Investments (RECI). Watch it here: https://youtu.be/ASpzaJLG878

The audience heard how the business has enhanced its returns, buying bonds and indeed entering into new senior debt positions at stronger-than-previous rates. Having marked certain positions down through mark-to-market, these marks are reducing. In his presentation, Ravi outlined specific examples of how RECI had addressed its positions in its most COVID-exposed areas (i.e. hotels). The management is confident in the positions, which seem to be being readily worked through. On a broader basis, the model is intact. It uses modest gearing (the current balance sheet is 16% LTV geared) and low risk, with a high proportion of the book in senior loans and bonds. The visibility of the 7% returns being available on net assets remains high, if not higher than before.

Watch the recording: https://youtu.be/ASpzaJLG878

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