The trust, formerly called Queen's Walk Investment, invests primarily in senior secured residential and commercial debt in Western Europe including the UK, using publicly traded securities and real estate loans to do so.
Its shares jumped 20% in the period, hitting their highest level since mid-2008.
RECI declared a dividend per ordinary share of €0.014 for the period.
It refocused its course last year, and is selling legacy assets as opportunities arise in small business loans and some mortgages.
RECI enjoyed a €5.2m net profit in the first quarter of 2011 - the final quarter of its reporting year - up 11% on the previous quarter's €4.6m. It was the seventh consecutive quarter of profit increases.
Its full-year profits of €15.6m were up from €2.3m the previous year.
Shamez Alibhai, manager of the company, said: "RECI continues to see attractive opportunities, and will make further investments in undervalued CMBS and RMBS assets as appropriate.
"There is €500bn of refinancing of European commercial real estate due over the next three years, presenting both buying and capital deployment opportunities for a well-positioned investor."
The real estate debt portion of RECI returned 8% in fair value gains in the first quarter. By the end of this period, these investments represented 57.2% of all RECI's total assets, up from 48.8% three months earlier.
RECI accelerated its buying of new bonds this year to March, spending €18.8m, It had spent €21m on them in the final quarter of 2010.
Its buying of RMBS and CMBS slowed towards the end of the quarter, however, as the entry of tactical and technical investors into the market tightened spreads, clouding the fundamental value-based investing that is RECI's hallmark.
This situation reversed in the past few weeks, however, as tactical buyers cut holdings amid poor US macro data, and news of AIG and Dexia liquidating their ABS portfolios.
"Fundamental value-based buying opportunities have returned and since the end of May [RECI] has made net purchases of approximately €7.4m of bonds at attractive values," the manager said.
The manager also realised €26.5m in the first quarter through selling some of its legacy assets.
Tom Chandos, Chairman of RECI, said: "The strategy RECI embarked on after September is delivering solid growth in NAV. Our real estate debt portfolio is now a substantial proportion of the balance sheet, reflecting the delivery of our core strategy, and delivering on expectations of growth and profitability."
Since March RECI sold three Portuguese mortgage residual income positions, and three UK mortgage residual income positions.
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