NAV Performance

The NAV % Total Return for February 2025 was -1.78%, which takes the NAV % Total Return to -3.08% over the past six months, and 0.48% over the past 12 months.

The NAV as at 28^th February 2025 was 84.26 pence per Ordinary Share, which was 1.542 pence lower than at 31^st January 2025. This decrease in NAV was predominantly driven by investment loan Ref #73, where the underlying property that the loan is secured on is being brought to market and current third-party valuation assessments are materially lower than previously advised by third party valuers.

Portfolio Activity

As at 28^th February 2025, the Company's invested portfolio had an aggregate nominal outstanding of circa £68 million across 17 investments. The average yield¹³ was 12.52%, with a weighted average loan life remaining of circa 0.83 years¹⁰.

In February, RM successfully completed a material redemption of investment loans Ref #66 & #67, with the receipt of a net cash consideration of £11.5m, or c.96% of their respective December 2024 marks.

Cash balances at end of February 2025 stood at circa £20m of which circa £1.5m will be retained by the Company largely to fund remaining committed facilities which have yet to be drawn, as well as to hold sufficient funds for working capital purposes. Further updates regarding the Company's Managed Wind-Down process and subsequent return(s) of capital to Shareholders will be announced by the Board as and when appropriate.