Fact Sheet Announcement

·

NAV as at 30 April 2022 was £1.506 per share, representing an increase of 0.7p per share from the 31 March 2022 NAV of £1.499 per share.

·

The change in NAV per share was due to:-

Ø 1.0p of interest income; and

Ø 0.3p of negative mark-to-market ('MTM') adjustments across the bond portfolio, due to yield-widening across the corporate bond market, largely driven by the war in Ukraine and related considerations.

·

During the month, RECI committed £15.8m across two loans:-

Ø £5.2m to a senior development loan for a co-living facility in France. This deal has an expected levered IRR of 14%, with an entry LTV of 65% and an expected exit date of April 2025.

Ø £10.6m to a senior development loan to support the development of an assisted living facility in London. This deal has an expected IRR of 8.8%, with an entry LTV of 55% and an expected exit date of July 2025.

·

During the month of April 2022, two loans repaid:-

Ø A core mezzanine loan in multiple locations in the UK repaid £22.7m. This deal repaid with an exit IRR of 10.2% and a multiple of 1.2x.

Ø A senior development loan in Dortmund, Germany repaid £3.8m. This deal repaid with an exit IRR of 8.1% and a multiple of 1.1x.

·

The Company expects to deploy its currently available cash resources in near term commitments and continues to see a growing pipeline of new attractive opportunities.

Broker:

Richard Crawley / Darren Vickers (Liberum Capital)

+44 (0)20 3100 2222

Investment Manager:

Richard Lang (Cheyne)

+44 (0)20 7968 7328