NAV Performance

The NAV % Total Return for May 2024 was 2.38%, which takes the NAV % Total Return to 3.49% over the past six months, and 4.59% over the past 12 months.

The NAV as at 31^st May 2024 was 90.15 pence per Ordinary Share, which was 2.10 pence higher than at 30^th April 2024. This overall gain comprised positive interest income of 0.55 pence per Ordinary Share, net of expenses, and an increase in portfolio valuations of 1.54 pence per Ordinary Share led by discount rate movements.

Portfolio Activity

As at 31^st May 2024, the Company's invested portfolio had an aggregate nominal outstanding of circa £96.5 million across 27 investments. The average yield was 11.53%, with a weighted average loan life remaining of circa 1.21 years¹⁰. Overall, the portfolio is 95% invested in private market assets and 5% in public bonds.

An active month for RM regarding repayments and prepayments, all at par - outlined below:

·      Investment Loan ref 98 - circa £0.2m prepayment

·      Investment Loan ref 60 - circa £4.7m full repayment

·      Investment Loan ref 91 - circa £0.5m full repayment

·      Investment Loan ref 87 - circa £0.8m full repayment

·      Investment Loan ref 81 - circa £0.1m repayment

Post period end, RM successfully completed the full prepayment at par of investment loan ref 97a & 97b, a c.£6.3m senior secured committed facility. This was the Company's last construction investment loan and the main driver regarding holding committed funds as unrestricted cash. This will therefore release a significant portion of the restricted cash balance, bringing it down to circa £2m versus the previous balance of circa £7m.

Investment Loan ref 96, drew down £220k on its committed facility.

Current cash balance stands at circa £15m of which circa £2m will be retained by the Company largely to fund committed facilities which have yet to be drawn.

The Board is currently forecasting the 1^st return of capital to occur during H2-2024.