Real Est.cred Regulatory News (RECI)

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NAV as at 31 December 2022 was £1.482 per share, representing a decrease of 2.0p per share from the 30 November 2022 NAV of £1.502 per share.

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The change in NAV per share was due to:-

Ø the payment of the second interim dividend of 3.0p, which went ex-dividend in December; and

Ø 1.0p of interest income.

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RECI's Total NAV Return for the 2022 calendar year was 5.9%.

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During the month of December 2022, three loans fully repaid with the following returns:-

Ø A Paris prime resi/retail building fully repaid with an exit IRR of 4.9% and a multiple of 1.2x;

Ø A portfolio of six freehold French hotels fully repaid with an exit IRR of 8.0% and a multiple of 1.3x; and

Ø A hotel in the southeast of France fully repaid with an exit IRR of 6.9% and a multiple of 1.3x.

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In December, a new loan on loan lending facility was signed. This will increase RECI's financing flexibility and assist with increasing portfolio returns and dividend cover.

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The Company expects to deploy its currently available cash resources in near term commitments and continues to see a growing pipeline of senior loans at attractive floating rates.

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RECI expects to re-invest their repayments into high returning deals in 2023.

Broker:

Richard Crawley / Darren Vickers (Liberum Capital)

+44 (0)20 3100 2222

Investment Manager:

Richard Lang (Cheyne)

+44 (0)20 7968 7328