NAV Performance

The Company's NAV % Total Return for the quarter was -0.73%. The NAV % Total Return over the last twelve months was -8.88% and inception to date (ITD) 30.18%.

The NAV as at 31^st March 2026 was 74.77 pence per Ordinary Share. A breakdown of this negative NAV return of -0.55 pence per share in the first quarter of 2026 is provided below:

In line with expectations and as communicated to Shareholders, the Net Interest Income has sizeably reduced versus the previous year. This is reflective of (1) a smaller pool of income earning investments (2) the portfolio now being heavily biased towards payment-in-kind loans, against which bad debt provisions are being made as the Company seeks to have a conservative revenue recognition approach, and (3) fixed costs of operating a listed investment trust. 

Portfolio Update

As at 31^st March 2026, the Company's invested portfolio had an aggregate market value of circa £38 million versus an aggregate nominal outstanding balance of circa £57 million. This is invested across 16 loan investments, two equity positions, and two wholly owned properties.

As announced during the reporting period and by way of a further update announcement released at the same time as the March '26 NAV announcement, the Company intends to complete its third tender offer early May 2026, aiming to distribute £12.4 million of capital back to Shareholders. Assuming completion of said third tender offer, RM Funds will have successfully managed to return circa 50% of the issued share capital back to Shareholders, substantially in line with the guidance provided to Shareholders at the start of the Managed Wind Down process in December 2023.

Post the above-mentioned tender offer, the Company is expected to hold circa £7.8 million of cash, of which (1) £3 million has been allocated for Energie Fitness, as disclosed in the Q4 2025 factsheet, and (2) circa £4.8 million will be retained by the Company for working capital purposes.