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(Alliance News) - Riverstone Credit Opportunities Income PLC on Thursday reported a drop in net assets in its maiden interim results, but stressed its portfolio remains profitable.
At June 30, the closed-ended investment company's NAV per share stood at 100.37 US cents versus 101.35 cents at December 31 - a fall of 1.0%.
Riverstone's net assets dipped 3.6% to USD97.7 million from USD101.4 million at the start of the six-month period. The firm bought back 2.7 million shares in the first half, explaining the discrepancy.
The company declared an interim dividend of 3.6 cents. In the period from March 11, 2019 to December 31, 2019, Riverstone declared a shareholder payout of 2.57 cents.
Energy-focused investment trust Riverstone listed on the London Stock Exchange in March 2019.
"On behalf of the board, I would like to first thank our shareholders for their continued support during a period of global crisis. We have recently completed the first year of operations for Riverstone Credit Opportunities Income, withstanding months of volatility and uncertainty as the Covid-19 pandemic spread rapidly around the world," Chair Reuben Jeffery said.
He added: "The current unrealised portfolio remains profitable and is marked at a 1.09 time gross multiple on invested capital. Core elements of RCOI's strategy such as short investment duration, conservative loan-to-value ratios, and a portfolio construction with diverse exposure across sectors, end markets, and individual loans support a well-balanced portfolio and the ability to limit the impact of broader market volatility on performance."
Shares in Riverstone Credit Opportunities Income closed 1.3% higher in London on Thursday at USD0.70 each.
By Paul McGowan; paulmcgowan@alliancenews.com
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