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Share Name Share Symbol Market Type Share ISIN Share Description
Real Estate Credit Investments Limited LSE:RECI London Ordinary Share GB00B0HW5366 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  2.00 1.43% 142.00 140.00 141.50 141.00 140.00 141.00 133,067 16:35:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -17.4 -8.7 - 326

Real Estate Credit Inves... Share Discussion Threads

Showing 1701 to 1724 of 1750 messages
Chat Pages: 70  69  68  67  66  65  64  63  62  61  60  59  Older
DateSubjectAuthorDiscuss
23/11/2020
22:35
Davebowler thanks for posting that link T
tournesol
23/11/2020
21:28
Hi all, My mate Peter @Conkers3 and myself did a ‘Twin Petes Investing’ Podcast a few days ago and part of our discussion includes RECI and our thoughts on the Commercial Property sector which is starting to look pretty interesting. We also chatted about loads of other Stocks and Ideas for research and did a particular bit about Luck vs Skill. We also discussed the outlook for Markets and as usual a fair bit of educational stuff with regards to Investing. Anyway, if you use Apple, Audioboom, Overcast or Spotify you can find it under the 'Conkers Corner' Channel (you want Podcast TPI 36) and you can find it on Soundcloud at the link below. It is also now on Youtube. I hope you enjoy it and find it useful, Cheers, WD @wheeliedealer hTTps://soundcloud.com/user-479955511/conkers3-wheeliedealer-36-market-bounce-winners-tm17-uls-hfd-gaw-purp-arw-reci-hsp-ai
thewheeliedealer
23/11/2020
09:16
Liberum- hTTp://www.recreditinvest.com/PDFs/2020/11/RECI-November-2020-Company-Update-Presentation.pdf
davebowler
21/11/2020
17:35
Thnx again - all sounding very positive.
skyship
20/11/2020
09:45
Encouraging Liberum note on CLO funds- Ongoing NAV recovery Event All of the listed CLO funds have reported NAV figures for October, with the majority reporting mark-to-market revaluation gains. The funds have benefited from the loan market rally and an improving credit outlook. In the seven month period since the end of March, the US and European loan markets have returned 14.5% and 16.7%. Over the same period, the listed CLO funds with mark-to-market valuation policies have generated an average NAV total return of 49%. The rise in defaults has been much lower than initial projections and many rating agencies and banks have revised downward their 2020 and 2021 default expectations to 4-5% (originally 10%). The outlook for loan defaults has benefited from the ability of companies to refinance debt and extend maturity dates. Less than 5% of outstanding loans now mature before 2023. Across the listed CLO funds, cash distributions from the October quarterly payments were strong as none of the CLO equity or debt positions suffered from a diversion of payments to senior debt holders. Returns in October ranged from 1.6% for Volta Finance to +4.7% for Fair Oaks Income. Further loan market gains in November (US +1.7%, Europe +2.1%) indicates continued strong NAV performance ahead for the funds with mark to market valuation policies.
davebowler
19/11/2020
15:23
mark to market losses are just credit spreads moving out - marking to market is more than many debt funds - who hold at amortised cost until there's a credit event It's entirely possible that MtM losses are a precursor to real credit losses But equally if we get recovery/reflation in 2021 credit spreads are going to come back in again Just as with insurance, market losses mean opportunity for new business is all that more profitable as can invest/re-invest at higher yields No question that the 9 yield is risky - but IMO it's worth the risk
williamcooper104
19/11/2020
14:58
Hi, I am new to this BB but have been holding and following RECI for some while. I am concerned that they do not appear explain in the presentations what are the remaining impairments against the FEB 20 NAV. We still seem to be 12% down in NAV terms from the pre - covid point. RECI did explain the NAV drop in March by advising that 2.1p loss had been crystallised on sales made, but and that 8.9 was the bond NAV loss due to mark to market and the mezzanine loans loss was 6.2p due to fair value adjustment. I would like to know where this stands now to get comfort that there the only permanent impairment to date is the 2.1p loss mentioned in the March summary. Put the other way that if all loans/bonds are good for the money, then the only loss will be the crystallised 2.1p.
jonathan49
19/11/2020
09:13
Loving this for the low duration loans - eg if inflation really takes of you'll get your money back before it gets hugely deflated
williamcooper104
19/11/2020
09:04
Liberum; Note: Capitalising on senior lending opportunities Mkt Cap £297m | Prem/(disc) -12.8% | Div yield 9.3% Event RECI’s portfolio update has highlighted the resilience of the loan book. Prudent loan structuring and the 63% LTV offer significant downside protection. Loan repayments have accelerated since June, with a further £15m expected before year-end. The pandemic has reduced competition in the lending market, which has presented significant opportunities for well-capitalised lenders. Capital deployment into attractive new investments will support the 9.3% dividend yield.
davebowler
12/11/2020
10:49
owenski - the 2K allowance exists to reduce bureaucracy. For most individuals share holdings go into ISAs, larger holdings are much larger. This leaves a rump of residual privatisation holdings for which an individual would need to complete a tax return when their tax profile would otherwise not.
hpcg
11/11/2020
22:03
Taxes, more taxes and eventually inflation (another benefit of RECI - you are getting the yield with very low duration - eg the loans are not long dated and thus are not very sensitive to rising interest rates)
williamcooper104
11/11/2020
21:34
I do think the standard 2k div allowance will go. Capital gains outside of ISA likely to alter, maybe even go entirely.
owenski
11/11/2020
20:59
I have both these and VSL in my ISA for income. Can't see Gov tampering with ISA allowances, but, suspect dividend allowances will be cut. wllm :)
wllmherk
11/11/2020
19:11
Can see capital gains tax being fully aligned with income tax No question what way taxes are headed I'm into RECI for the yield, but would like to see them trade at or ideally a bit above NAV, to be able to accretivly raise further equity capital (though appreciate that lower share price means greater long term total return if you are reinvesting yield)
williamcooper104
11/11/2020
17:40
Always was short sighted valuing these just n NAV + or - Yield and ability to pay should factor. Good to see it creeping up a tad, but I'm not in this for capital gain, it's an income stock afaic. I also think higher yield income stocks are likely to be desirable in the months to come as it's entirely possible that to plug the deficit, the Gov. is going to be looking at everything and taxing it, maybe at source again, but the personal allowances I can see going, so one needs to start at 8% and over to retain their meaningful cut. IMO
owenski
11/11/2020
07:24
MONTHLY UPDATE • NAV as at 31 October 2020 was £1.485p per share, representing an increase of 1.0p per share from the 30 September 2020 NAV of £1.475 per share. • RECI has recently received further cash repayments on four deals: • Final repayment of £19.4m from the loan backed by a London mixed use development, predominantly office and residential (portfolio position 3 as at 30 September). The realised IRR on this deal was approximately 11% • A partial repayment of £2.7m on an asset backed by an income producing granular UK portfolio (portfolio position 2) • Another partial repayment of £2.1m on the £20.0m commitment to the London Office to Residential senior loan (portfolio position 10) position. The development has completed and the commercial accommodation is fully let. Full repayment is expected before 31 December 2020 • Post October month end, RECI has also received full repayment of £2m for a loan to support the development of a student housing asset in Bologna. The realised IRR was approximately 25% • RECI funded £2.3m of its existing commitments in the October, and invested £4.8m in the purchase of three new bonds • RECI also fully funded its allocation of a new £21.7m senior loan (£60m total) to finance the purchase of a core income producing Grade A new office build asset in London, with an LTV of 59% • The Company had cash as at 31 October 2020 of £47m and gross leverage of £70m (representing 21% of NAV and 1.07x net/effective look through leverage). • The Investment Manager will be publishing a Company Update on 17 Nov
skyship
05/11/2020
22:55
It's like a lot of stuff RECI lend against - the wrong student hall in the wrong location is going to suffer hugely - but the right asset/right area will be fine - an interest accrual or two is possible but ultimate return of and on capital still highly likely
williamcooper104
05/11/2020
17:58
Cerrito - Student accommodation loans are more than fine. Oodles of equity to absorb losses first and valuable collateral in the very worst case. Not in secular decline, probably the reverse. As it is there is no chance of even a missed payment.
hpcg
01/11/2020
08:43
Investment is all about an assessment of Risk/Reward; and I would suggest that most of us on this thread are canny enough to have decided that the see-saw is balanced in our favour with RECI...
skyship
01/11/2020
00:08
Of course - while I love RECI and have held since the credit crunch - anything with a 9 yield is clearly risky - if you are going to invest in high yield real estate credit Cheyne are a class act - but enough of a storm and the divi will be cut
williamcooper104
01/11/2020
00:06
When you dig into the retail and hotel exposure it's not as bad as it sounds - eg most of the retail is a Parisian prime asset plus a U.K. retail park (retail parks are not the dog they seemed a few months ago) There's still demand for development loans - Cheyne can do development loans or recapitalisations/loan to owns - they are not constrained Against that there's never been more cash raised for private debt funds - eg Blackstone just closed $8bn A lack of demand for loans is a huge issue if RECI was trading at a premium - but as it's at a discount currently that's not such a problem
williamcooper104
31/10/2020
23:29
Had a skim through the q3 presentation. I note on page 7 the portfolio breakdown. I would be happier if the share for logistics at 8% was higher and that that for retail-20%; hotel-15% and student accommodation -10% was lower. I also ask myself how much property development will be taking place in the UK and France in the immediate future and thus how strong will be the demand for loans that RECI specializes in making.
cerrito
31/10/2020
23:08
Continued thanks from me, davebowler
cerrito
28/10/2020
15:13
Thanks for that
holts
Chat Pages: 70  69  68  67  66  65  64  63  62  61  60  59  Older
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