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 31st May
2024 was 90.15 pence per Ordinary Share, which was 2.10 pence
higher than at 30th 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 31st 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 1st return of capital to occur during
H2-2024.
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