Toggle menu Performance highlights HOMEINVESTORSPERFORMANCE HIGHLIGHTS Investment case Financial highlights Performance highlights Results, reports and presentations Fact sheets News Toggle sidebar Dividends Share price information KID Financial calendar Shareholder services Email alerts Key Performance Indicators Balance Sheet 31 Mar 2021 31 Mar 2020 Net Asset Value (“NAV”) per Ordinary Share £1.51 £1.47 Share price £1.37 £1.16 Premium/(discount) (9.40)% (21.40)% Average premium/(discount) in year* (13.98)% 0.16% Leverage (% of NAV)** 22.40% 24.20% * Average Premium is the average of the difference in the share price and the NAV per share divided by NAV per share. ** Leverage is the financing divided by the net assets. Profit and Loss 31 Mar 2021 31 Mar 2020 (Loss)/earnings per Ordinary Share 16.2p (8.7)p Dividends per Ordinary Share declared for the year 12.0p 12.0p NAV total return (including dividends) annualised 11.00% (3.64)% Financial Highlights Balance Sheet 31 Mar 2021 31 Mar 2020 Fair value of bilateral loans and bonds* £310.1m £287.3m Fair value of market bonds* £80.4m £87.9m Financing** £(77.8)m £(97.0)m Cash, cash equivalents and cash held by brokers £22.2m £52.0m Other assets and liabilities £12.1m £7.0m Net assets £346.9m £337.2m * The Company’s two reportable segments have changed for the year ending 31 March 2020 to reflect the separate management of the two portfolios by the Investment Manager. Please refer to Note 16 to the financial statements for further detail. ** Financing comprised of short-term repo financing. Profit and Loss 31 Mar 2021 31 Mar 2020 Operating (loss)/income £45.3m £(9.5)m Finance costs £(2.2)m £(1.5)m Operating expenses £(5.8)m £(5.6)m Provision for expected credit losses - £(0.9)m Net (loss)/profit* £37.2m £(17.4)m Weighted average yield of bilateral loan and bond portfolio (unlevered)** 8.80% 10.20% Weighted average yield of market bond portfolio (unlevered)*** 6.10% 10.60% * Net (loss)/profit may not sum due to rounding ** The effective yield of the loans is the accounting yield based on the funded loan balances, which includes interest and fees. Some loans also enjoy equity upside participation, which is only recognised following evidenced high probability of receipt, which can result in significant incremental gains in excess of the accounting yield. The yield is based on Cheyne Capital’s pricing assumptions and actual returns may differ materially from those expressed or implied herein. *** The weighted average effective yield is based on Cheyne Capital’s pricing assumptions and actual returns may differ materially from those expressed or implied herein. © Real Estate Credit Investments LimitedContactSitemapPrivacy and cookiesAccessibilityDisclaimerCookie Settings Cheyne Capital Management (UK) LLP Our use of cookies We use cookies to make this site work and to help us make improvements. Clicking accept will enable us to set recommended analytics cookies. ACCEPT COOKIESCHANGE COOKIES SETTINGS