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Real Estate Credit Investments (RECI) investor relations material
Real Estate Credit Investments H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary25 Jun, 2025
Executive summary
Delivered net profit of £22.8m for the year ended 31 March 2025, up from £21.9m year-over-year.
Maintained stable quarterly dividend of 3.0p per share, totaling 12.0p for the year.
Portfolio comprised 21 positions, valued at £369.5m, with a weighted average levered yield of 11.4%.
Shares traded at an average 15.4% discount to NAV, outperforming sector average discount.
Continued focus on senior secured credit, with 90% of positions in senior assets.
Financial highlights
Net assets at £318.4m (down from £326.4m year-over-year); NAV per share £1.43 (vs £1.45).
Total assets increased to £391.7m from £352.3m year-over-year.
Total NAV return annualized at 7.7% (vs 7.0% prior year); dividend yield 9.8%.
Share price rose to £1.22 from £1.15 year-over-year; market capitalization £270.7m.
Operating income £34.2m; operating expenses £6.6m; finance costs £4.8m.
Outlook and guidance
Gradual reduction in interest rates expected, with persistent UK inflation slowing the pace.
Pipeline supports lending at returns over 10%, enhancing portfolio returns and dividend cover.
Scheduled repayments to boost available cash for redeployment into higher-yielding opportunities.
Board confident in ability to maintain attractive, stable dividends.
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Next Real Estate Credit Investments earnings date
H1 202624 Nov, 2025
Next Real Estate Credit Investments earnings date
H1 202624 Nov, 2025
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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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