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Real Estate Credit Investments (RECI) investor relations material
Real Estate Credit Investments H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary27 Nov, 2025
Executive summary
Delivered stable NAV and maintained a consistent quarterly dividend of 3.0 pence per share, with total dividends of 6.0 pence for the half year ended 30 September 2025.
Net profit for the period was £9.2m, down from £12.9m year-over-year, mainly due to fair value adjustments on two Paris office loans.
Portfolio comprised 23 positions valued at £390.1m, with a weighted average levered yield of 10.6% and average LTV of 64.1%.
Share buyback programme announced, with up to £10m allocated, aiming to reduce the share price discount to NAV.
Financial highlights
Net assets stood at £314.0m (31 March 2025: £318.4m); NAV per share was £1.42 (31 March 2025: £1.43).
Total assets increased to £431.5m from £391.7m at the previous year-end.
Annualised total NAV return for the half year was 5.9%, compared to 9.0% in the prior year period.
Dividend yield (annualised) was 9.6% (31 March 2025: 9.8%).
Shares traded at an average discount to NAV of 12.7% during the period, closing at 11.4%.
Earnings per share were 4.2p, down from 5.8p year-over-year.
Outlook and guidance
Ongoing macroeconomic uncertainty, especially regarding inflation and interest rates, is expected to persist.
Management remains confident in the ability to deploy capital into higher-yielding opportunities and maintain attractive dividends.
The buyback programme will be reviewed at year-end, with a focus on long-term dividend delivery and portfolio resilience.
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Next Real Estate Credit Investments earnings date
H2 202624 Jun, 2026
Next Real Estate Credit Investments earnings date
H2 202624 Jun, 2026
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Frequently asked questions
Real Estate Credit Investments Limited (RECI) is a Guernsey-based closed-ended investment company focused on originating and investing in real estate debt secured by commercial or residential properties primarily in the United Kingdom and Western Europe. RECI has diversified its investment portfolio across various sectors such as hotels, mixed-use, student accommodation, residential, office, co-living, leisure, later living, housebuilding, and others. The company aims to deliver stable returns to its shareholders, mainly in the form of quarterly dividends, through exposure to a diversified portfolio of real estate credit investments, which predominantly comprise real estate loans and bonds. Investments span from senior loans, mezzanine loans, special situations to direct asset development and management, focusing on self-originated deals and market bonds, including Commercial Mortgage Backed Securities bonds. The company is headquartered in Saint Peter Port, Guernsey, and its shares are listed on the London Stock Exchange.
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