Real Estate Credit Investments (RECI) H2 2026 earnings summary

Executive summary

• Delivered net profit of £15.2m for the year ended 31 March 2026, down from £22.8m year-over-year.

• Maintained stable quarterly dividends of 3.0p per share, totaling 12.0p for the year.

• Portfolio comprised 26 positions, with a value of £404.5m and a weighted average levered yield of 11.5%.

• Net assets at year-end were £305.9m, with NAV per share at £1.38, compared to £1.43 last year.

• Share price closed at 115.5p, reflecting a 16.5% discount to NAV.

Financial highlights

• Interest income rose to £33.3m (2025: £29.5m), but net losses on financial assets were £7.2m (2025: £3.6m gain).

• Operating income was £25.4m, with operating expenses of £4.0m and finance costs of £6.3m.

• Earnings per share were 6.9p, down from 10.2p year-over-year.

• Total assets increased to £425.4m from £391.7m.

• Dividend yield stood at 10.4%, with £26.6m paid out.

Outlook and guidance

• Board expects continued macroeconomic and geopolitical volatility to impact markets, but sees opportunities for redeployment at higher yields.

• Cheyne’s pipeline supports lending at attractive returns above 10%.

• Scheduled repayments will boost available cash for new investments and buybacks.