Hardman & Co Research 
Hardman & Co Research : Hardman Talks Video - RECI Management Presentation 
05-May-2021 / 09:15 GMT/BST 
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Hardman Talks Video| RECI 
Management Presentation 
On 28 April 2021, Ravi Stickney of Cheyne Capital gave a presentation to investors on Hardman Talks about Real Estate 
Credit Investments (RECI). Watch it here: https://youtu.be/ASpzaJLG878 
The audience heard how the business has enhanced its returns, buying bonds and indeed entering into new senior debt 
positions at stronger-than-previous rates. Having marked certain positions down through mark-to-market, these marks are 
reducing. In his presentation, Ravi outlined specific examples of how RECI had addressed its positions in its most 
COVID-exposed areas (i.e. hotels). The management is confident in the positions, which seem to be being readily worked 
through. On a broader basis, the model is intact. It uses modest gearing (the current balance sheet is 16% LTV geared) 
and low risk, with a high proportion of the book in senior loans and bonds. The visibility of the 7% returns being 
available on net assets remains high, if not higher than before. 
Watch the recording: https://youtu.be/ASpzaJLG878 
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1192494 05-May-2021


 
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(END) Dow Jones Newswires

May 05, 2021 04:15 ET (08:15 GMT)