Real Estate Credit Investments Limited (LON:RECI) has announced the release of the Company’s Condensed Unaudited Interim Financial Statements for the six months ended 30 September 2025.
Chairman’s Statement
RECI continued to deliver a stable NAV and attractive quarterly 3.0 pence dividend per share
I am pleased to present our interim results for period to 30 September 2025.
As I noted in my full period statement, 2025 was shaping up to be a testing period for markets in general given the expected ongoing volatility in the political world. In the purely political sense 2025 has not failed to deliver (if that’s the correct phrase) with many twists and turns through President Trump’s tariff agenda. The UK has also seen political instability to the point where there is open speculation that the Prime Minister who won Labour’s landslide election last period should be replaced. In France we have the revolving door of the Prime Minister whilst the rest of Europe is stuck between a challenging President in the US and a continuing war in Ukraine.
So knowing this you would think that markets might be significantly depressed, and we might be in a bear market? Instead, we see most markets still ahead or on par with where they started the period and inflation starting to look like its heading in the right direction. Yet, like most of us working in the financial world, there is a sense of unease that we are still in a period where one wrong move or misstep could send us into a market correction. For the UK this is very much about how the Bond Markets see the UK economy and whether it is on the right path. For others, it is whether the tariff saga
will actually lead to further growth in inflation/slowdown in growth.
The Board and Cheyne once again feel that RECI’s core strengths have delivered yield to our shareholders whilst we maintain a well-managed portfolio from a risk perspective. During the period, we have seen a higher number of repayments on our existing book and due to our manager’s (Cheyne) excellent pipeline we have already begun to deploy this to high quality opportunities.
We have also been mindful of the Company’s prevailing discount and Available Cash which has led us to announce a further buyback programme in September 2025 following the previous programme we launched in March 2025. We are pleased to note that as of the current date there has not yet been the need to deploy this.
