NAV as at 31 May 2022 was £1.522 per share, representing an increase of 1.6p per share from the 30 April 2022 NAV of £1.506 per share.

The change in NAV per share was due to:-

Ø 0.8p of interest income;

Ø 1.0p proceeds from the sale of Vanderbilt; and

Ø 0.2p of negative mark-to-market ('MTM') adjustments across the bond portfolio, due to yield-widening across the corporate bond market, largely driven by the war in Ukraine and related considerations.

During the month, RECI committed £22.8m across two loans:-

Ø £16.5m to a senior core+ loan for a hotel in the UK. This deal has an expected IRR of 7.0%, with an entry LTV of 67% and an expected exit date of April 2027.

Ø £6.3m to a senior development loan to support the development of a residential facility in the UK. This deal has an expected IRR of 8.4%, with an entry LTV of 55% and an expected exit date of June 2026.

During the month of May 2022, three loans repaid:-

Ø A profitable exit of a UK housebuilder mezzanine loan which repaid £16.4m to RECI. With this sale, RECI has recovered in excess of the investment made into the position.

Ø A stretch senior core loan in the UK repaid £17.0m to RECI. This deal repaid with an exit IRR of 8.5% and a multiple of 1.3x.

Ø A mezzanine value add/transitional loan in Paris repaid £11.6m to RECI over the past 3 months. This deal repaid with an exit IRR of 13.7% and a multiple of 1.4x.

The Company expects to deploy its currently available cash resources in near term commitments and continues to see a growing pipeline of new attractive opportunities.