Fact Sheet Announcement

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As at 31 March 2024, the Company was invested in a diversified portfolio of 31 investments with a valuation of £304.8m.

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An interim dividend of 3p per share was declared on 22 February 2024, to be paid to shareholders on the register at the close of business on 15 March 2024; the ex-dividend date was 14 March and it was paid on 5 April.

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During March, RECI was fully repaid at par its position in a senior facility for a UK industrial site development. RECI received net proceeds of c.£12m and achieved an IRR of 9.2% for a deal with an LTV at inception of 59.3%.

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RECI continues to use its cash to invest in its existing commitments in highly accretive wider opportunities in senior mortgage lending.

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Cash Balance as at 31 March 2024 was £23.9m. Net effective leverage currently stands at 1.2%.

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A full attribution of changes in the NAV per share is presented in the table:

February NAV

146.6p

Interest income

1.6p

Asset valuations

-0.6p

FX

0.1p

Expenses

-0.2p

Dividend Payment

-3.0p

March NAV

144.5p

Broker:

Richard Crawley / Edward Mansfield (Liberum Capital)

+44 (0)20 3100 2222

Investment Manager:

[email protected] (Cheyne)

+44 (0)20 7968 7450