NAV Performance

The NAV % Total Return for November 2024 was 0.52%, which takes the NAV % Total Return to 0.66% over the past six months, and 4.18% over the past 12 months.

The NAV as at 30^th November 2024 was 85.87 pence per Ordinary Share, which was 1.17 pence lower than at 31^st October 2024. This reduction in NAV was predominantly driven by the Company's Q3 dividend of 1.625 pence per share, announced in October 2024 and paid in November 2024. This was balanced by (1) a positive net interest income of 0.243 pence per share, slightly lower than forecasted due to a number of pre-year-end accounting adjustments regarding the Company's run-rate expenses; (2) a small valuation uplift of 0.481 pence per share primarily driven by discount rate movements; and (3) incentive fee buybacks¹³ which resulted in a NAV reduction of 0.27 pence per share.  

Portfolio Activity

As at 30^th November 2024, the Company's invested portfolio had an aggregate nominal outstanding of circa £79 million across 18 investments. The average yield was 12.08%, 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.

During the reporting period, 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.

Cash balances at end of November 2024 stood at circa £8.5m 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 corporate purposes.