NAV Performance

The NAV % Total Return for October 2024 was -0.79%, which takes the NAV % Total Return to 2.53% over the past six months, and 2.70% over the past 12 months.

The NAV as at 31^st October 2024 was 87.04 pence per Ordinary Share, which was 0.691 pence lower than at 30^th September 2024. This minor reduction in NAV was predominantly driven by the increase in discount rates for investment loan Ref #73 and Ref #39, respectively. Post period end, a short-term 6 months extension was provided to investment loan Ref #73, with said extension resulting in a higher discount rate to reflect the increased timing repayment risk. Regarding investment loan Ref #39, the discount rate was adjusted upwards to reflect a weaker trading environment for the German automobile sector. These negative valuation adjustments for the month of October 2024 were balanced by a positive interest income of 0.325 pence per Ordinary Share, net of expenses.

Portfolio Activity

As at 31^st October 2024, the Company's invested portfolio had an aggregate nominal outstanding of circa £86 million across 20 investments. The average yield was 12.03%, with a weighted average loan life remaining of circa 0.81 years¹⁰. Overall, the portfolio is 94% invested in private market assets and 6% in public bonds.

Cash balances at end of October 2024 stood at circa £4.3m of which circa £1.5m will be retained by the Company largely to fund committed facilities which have yet to be drawn as well as to hold sufficient funds for corporate purposes.

Further and post period end, RM successfully recovered c.£6m for investment loans Ref #80 and Ref #92, in line with previous assumptions shared with Shareholders and slightly ahead of the book value.