Update on Buyback Programme

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31 March 2026

Real Estate Credit Investments Limited

("RECI" or the "Company")

Update on Buyback Programme

In September 2025, the Board of Directors of the Company announced an extension to its ongoing share buyback programme to run to 31 March 2026. A total of 650,000 ordinary shares of no par value each ("Ordinary Shares") have been purchased for treasury for an aggregate amount of £0.8 million, during the period from 1 October 2025 to 30 March 2026.

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 12.5 per cent. versus 13.1 per cent. over the previous programme.

Following expiry of the Company's current buyback programme, the Company will continue to consider share buybacks on an ongoing basis, utilising the Company's shareholder authority to purchase up to 33,231,931 ordinary shares granted at the Company's annual general meeting ("AGM") on 17 September 2025 (with a similar shareholder resolution expected to be tabled at the Company's next AGM).

The decision on whether to complete buybacks will be determined by available investment opportunities, the prevailing share price discount, available cash resources and considering prevailing market conditions. In periods of market volatility (such as we are currently experiencing), the Company will balance potential share buybacks versus maintaining appropriate levels of cash reserves. The Company will provide further updates on the progression of the buyback approach as part of its half-year and annual reports.

To complete the share buybacks, the Company will appoint Panmure Liberum to make market purchases of Ordinary Shares in on its behalf. 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 per cent. 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 per cent. 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 in accordance with the UK Listing Rules. 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.

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