Hardman & Co Research: 7%+ yield from well-secured property debt portfolio

RECI pays investors a high dividend yield (7.3%), covered by predictable income streams generated by an increasingly diversified portfolio of real-estate-backed debt. Its credit record has been exemplary. In this report, we detail the procedures that have delivered this performance, in addition to the benefits from the security taken. Much of the superior revenue yield is generated from service and structuring skills - among the many synergies obtained from having Cheyne Capital (Cheyne) as the manager. Corporate governance appears robust, with a strong board. RECI is exposed to the credit cycle, some of its loan assets may prove illiquid, and the (modest) gearing is low-cost but short-term.

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