Extension of Buyback Programme

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30 September 2025

Real Estate Credit Investments Limited

("RECI" or the "Company")

Extension of Buyback Programme

The Board of Directors of the Company announces that it intends to extend its ongoing share buyback programme (the "Programme") which will run to 31 March 2026. The aggregate purchase price of all shares acquired under the Programme will be no greater than £10.0 million.  The Company's buyback programme announced on 31 March 2025 will expire on 30 September 2025.

The Company's initial buyback programme was announced on 31 August 2023, with subsequent programmes announced on 28 March 2024, 27 September 2024 and 31 March 2025. A total of 7,638,474 ordinary shares of no par value each ("Ordinary Shares") were purchased for treasury for an aggregate amount of £9.4 million across the respective programmes.

As previously announced, the Company considers all options when deciding on the appropriate allocation of the Company's available cash resources, including implementing share buybacks and investment in attractive high yielding opportunities to enhance RECI's returns. The Company's principal focus has been on new and existing investment opportunities that can deliver an attractive yield to shareholders, particularly in the context of a steadily improving discount position since the commencement of the buyback programmes. During the current buyback programme, the Ordinary Shares traded at an average discount of 13.1% and the buyback was only used during April of this year, which coincided with a period of market volatility and an increase in the discount to over 16%. Nevertheless, the Company remains committed to monitoring the most appropriate means to deploy its available cash resources, and is therefore implementing a successor programme of up to £10 million for a further six months, to maintain flexibility.

The Programme will occur within the limitations of RECI's existing general authority to purchase no more than 33,231,931 Ordinary Shares as granted by shareholders at the Company's annual general meeting held on 17 September 2025.

The Company has appointed Panmure Liberum to make market purchases of Ordinary Shares in respect of the Programme. Panmure Liberum will purchase the Ordinary Shares as principal (and not as agent) and sell them on to the Company. The Company intends that any Ordinary Shares purchased by the Company will be held in treasury. 

Any share purchases will be made in accordance with certain pre-set parameters set out in the terms of Panmure Liberum's engagement, the general authority of the Company to repurchase shares granted by shareholders at the Company's 2025 annual general meeting; and the EU Market Abuse Regulation (596/2014) as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended); and Chapter 9 of the Financial Conduct Authority's UK Listing Rules.

The maximum price payable per share (exclusive of expenses) must not exceed the higher of: (i) 105% of the average middle market quotations for the five business days preceding the date of purchase; and (ii) the higher of the last independent trade and the highest current independent bid on the London Stock Exchange.

A buy-back of Ordinary Shares on any trading day may represent a significant proportion of the daily trading volume in the Ordinary Shares on the Exchange (and could exceed the 25% limit of the average daily trading volume of the preceding 20 business days as referred to in the Commission Delegated Regulation (EU) No. 2016/1052 on buy-back programmes (as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018)).

Any purchase of Ordinary Shares by the Company will be notified through an RIS announcement by no later than 7.30 a.m. on the following business day. Shareholders should note that whether a buyback of Ordinary Shares is made is based on a number of factors and, accordingly, no expectation or reliance should be placed on Panmure Liberum exercising such discretion on any one or more occasions. There is no guarantee that the Programme will be implemented in full or that any Ordinary Shares will be repurchased by the Company.

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