Hardman & Co Research 
Hardman & Co Research: Real Estate Credit Investments (RECI): Experience shows resilience of the model 
12-Aug-2021 / 10:05 GMT/BST 
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Hardman & Co Research: Experience shows resilience of the model 
The key messages we take from RECI's July quarterly investor update and end-July 2021 factsheet are i) attractive 
returns from low LTV (average 65%) credit exposure to UK and European large, well-capitalised and experienced 
institutional borrowers, ii) stable dividends, at 3p per quarter (latest yield: 7.9%), iii) a highly granular book - 61 
positions, with the top position 14% of NAV (by commitment), iv) modest leverage - gross 29%, net 16.0% (with £44.4m 
cash on the balance sheet), and v) access to a strong pipeline of enhanced return investment opportunities identified 
by Cheyne. The premium to NAV (2%) is in line with pre-pandemic average levels. 
Please click on the link below for the full report: 
https://www.hardmanandco.com/research/corporate-research/experience-shows-resilience-of-the-model-2/ 
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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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1226015 12-Aug-2021

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(END) Dow Jones Newswires

August 12, 2021 05:05 ET (09:05 GMT)