Real Est.cred Share Price (RECI)

Another woolly BB RNS. We may buy back stock or we may not it depends on which way the wind blows!

You don’t see LGEN with such woolly RNS’s. It’s like oh the shares dropped we need to say we are considering something!

Still it’s a dependable 3p/quarter yield. Would actually like to see the company progress towards a more incremental dividend policy based on pf growth.

Still this helps my income profile for now.

Trek

Total return of 5.9% is fairly poor and indicates the dividend is too high. I would prefer to see a div cut in order to stabilise the NAV if that were possible.

Struggling in Paris - office book there stressed due to political volatility. 2 potential defaults but it’s only 3m or 1% of book.

Note 3 - 3.3m loss on financial assets is a bit of a change.

38m of cash and a liquid bond pf ease any concerns of stress

Also having held off on the buyback gives more liquidity.

Steady divi not really growing organically. RECI is doing its job spinning off high yield. I am happy to hold at this sp/yield v inflation level but won’t buy more. I tend to spread it around.

Usual caveats

Trek

EPS 4.2p, DPS 6p in the first half. There have been several repayments of senior loans in the period which have clearly had an impact, but EPS needs to catch up with DPS in the second half IMO despite an improved cash position.

real estate credit investments - ready for uncertain times

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