Title: Factsheet URL Source: https://documentscdn.financialexpress.net/Literature/148CBE6E864EF0D0CD272652FE279A8F/242085771.pdf Number of Pages: 3 Markdown Content: No of Positions Investment Portfolio Value (Gross) Investment Portfolio Value (Net) % of NAV Current Levered Yield Bilateral Loans & Bonds 21 £395.7m £279.5m 91.2% 11.1% Market Bonds 5 £9.3m £2.6m 0.9% 20.2% Adjusted Cash 8 £24.5m 8.0% GAV/NAV/W.A. 26 £405.1m £306.6m 100.0% 11.2% Total return 7 MTD YTD 1 year 3 year 5 year NAV 0.2% 5.2% 4.2% 17.8% 33.6% Past performance is not a guide to the future. The potential for profit is accompanied by the possibility of loss. # Asset Valuations There were no significant movements in the Asset Valuations during the month . # Performance - Share Price vs NAV per share # Monthly Update As at 30 April 2026 , the Company was invested in a diversified portfolio of 26 investments with a valuation of £282 .1m. The Company’s available cash was £13 .6m, net effective leverage was 31 .5% and it has £8.1m invested in Cash Equivalents (MMF) . March NAV 138.4p Interest income 0.5p Asset valuations 0.0p FX 0.1p Expenses (0.3)p April NAV 138.7p # Overview Real Estate Credit Investments (RECI) is a closed -ended investment company which originates and invests in real estate debt secured by commercial or residential properties in the United Kingdom and Western Europe . The Investment Objective of the Company is to provide Shareholders with attractive and stable returns, primarily in the form of quarterly dividends, by exposure to a diversified portfolio of real estate credit investments, predominantly comprising real estate loans and bonds . # Factsheet # Company information Bloomberg Ticker RECI LN Equity ISIN GB00B0HW5366 Legal Structure Closed End Fund Domicile Guernsey Traded CCY GBP Launch Date December 2005 Financial Year End 31 March 2027 Next AGM September 2026 Dividend Frequency Quarterly Investment Manager Cheyne Capital Portfolio Manager Ravi Stickney Management Fee 1.25% of NAV Performance Fee 20% above 7% hurdle # Ordinary share class Shares in Issue (with voting rights) 221.0m Share Price 118.0p Market Capitalisation £260.8m NAV Per Share 1 138.7p Net Assets 1 £306.6m Share Price Discount to NAV (14.9)% # NAV Investments £282.1m Available Cash £13.6m Cash Held as Collateral £2.3m Cash Equivalents (MMF) £8.1m Total Cash and Cash Equivalents £24.0m GAV 2 £307.3m Accrued Expenses (£0.7)m NAV £306.6m # Dividend information Dividends paid/declared 3 12.0p Dividend Yield on Share Price 10.2% # Portfolio breakdown Investment portfolio 4 £282.1m Number of positions 26 WA Yield 5 11.2% WA LTV 6 66.9% April 2026 > 90 > 100 > 110 > 120 > 130 > 140 > 150 > 160 > 170 > 180 > 05/2021 11/2021 06/2022 12/2022 07/2023 01/2024 08/2024 03/2025 09/2025 04/2026 > NAV per Share > Share Price # Portfolio summary # Top 10 positions (by gross fair value) # Bilateral loan portfolio summary Market bond portfolio summary # Financing summary Description Fair Value (Gross) % of Gross Investments RECI Commitment LTV 6 Investment Strategy Sector Country Asset Type 9 1 Student accommodation development in London £67.3 m 17% £58.3 m 79% Senior Profit Participating Loan Student Accommodation United Kingdom Core+ 2 Senior Loan refinance of four 4 -star upscale hotels in central London £66.2 m 16% £65.6 m 67% Senior Loan Hotel United Kingdom Core+ 3 Co -living development in central London £33.5 m 8% £29.2 m 81% Senior Profit Participating Loan Co -Living United Kingdom Core+ 4 Senior profit participating loan for the refinancing of a portfolio of hotels and spas in the UK £32.0 m 8% £35.7 m 80% Senior Profit Participating Loan Hotel United Kingdom Core+ 5 Senior loan to fund the acquisition of a newly built Hotel located in Costa del Sol, Spain £26.5 m 7% £25.9 m 53% Senior Loan Hotel Spain Core+ 6 Senior loan to refinance two logistics assets in Italy £23.0 m 6% £22.6 m 59% Senior Loan Logistics Italy Core+ 7 Refurbishment and extension of a freehold office building in Saint Ouen, Paris £20.1 m 5% £30.4 m 100% Senior Loan Office France Value Add 8 Senior development loan for the construction of luxury villas in Ibiza, Spain £17.6 m 4% £22.4 m 33% Senior Loan Residential Spain Development 9 Income producing residential developer in France £16.6 m 4% £20.6 m 31% Senior Loan Housebuilder France Development 10 Senior loan to support the lease -up of office building in Canary Wharf £16.5 m 4% £17.1 m 48% Senior Loan Office United Kingdom Core+ Number of assets 21 Total committed capital 10 £472.3m Total capital deployed 10 £415.4m Leverage deployed 11 £120.5m Drawn fair value (gross) £395.7m Drawn fair value (net) £279.5m Weighted average unlevered yield 12 9.8% Weighted average levered yield 13 11.1% Weighted average current LTV 6 68.1% Weighted average life (years) 1.5 Number of assets 5 Gross fair value £9.3m Net fair value £2.6m Leverage deployed 11 £6.7m Weighted average unlevered yield 12 8.4% Weighted average levered yield 13 20.2% Weighted average current LTV 6 45.3% Weighted average life (years) 1.3 Balance sheet leverage 14,15 Contingent Liabilities 15 Cash 16 Net Effective Leverage Asset Level Structured Funding £ Amount £117.7m £2.8m £24.0m £96.5m £5.3m % of NAV 38.4% 0.9% 7.8% 31.5% 1.7% W/A cost of finance 5.8% 7.4% 45% Fixed 32% 0-1 yr 54% United Kingdom 35% Hotel/Leisure 7% Core 18% 0% -50% 55% Floating 48% 1-2 yrs 24% France 39% Living Assets 58% Core+ 23% 50% -65% 10% 2-3 yrs 12% Spain 3% Mixed -Use 6% Value Add 36% 65% -80% 10% 3-4 yrs 10% Other 13% Office 22% Development 23% >80% 0% 4+ … 10% Other 7% Other Interest Type WA Duration Geography Sector Asset Type Current LTGDV Footnotes 1. Unaudited estimated figures produced by Cheyne Capital. Final audited values may be materially different from the numbers sho wn. The NAV of the Company’s investments are a function of the following: Mark to market on its listed, public market bond portfolio; and the Ma nag er’s valuation of its bilateral loan book on a fair value basis, rather than amortised cost (senior and mezzanine loans), which recognise potential fu ture impairments in accordance with IFRS 9. IFRS 9 uses an expected credit loss impairment model. 2. GAV is inclusive of Cash Equivalents. 3. Based on dividends paid/declared in the twelve month period to this fact sheet date. Dividend yield based on last reported di vid end and share price at fact sheet date. 4. Investment Portfolio is based on the drawn Fair Value of bonds and loans, net of all leverage. 5. The weighted average effective yield is based on Cheyne Capital’s pricing assumptions and actual returns may differ materiall y f rom those expressed or implied herein. This is levered yield weighted against the net fair value of the investments. 6. The LTV has been calculated by Cheyne Capital by reference to the total commitment made to an investment (whether drawn or un dra wn), divided by the future value ascribed to the collateral by Cheyne Capital. In determining these values, Cheyne Capital has taken into conside rat ion red book valuations that are instructed at least annually, as well as its own outlook on the valuation of the underlying collateral. 7. Total NAV return assumes dividends are reinvested. YTD = financial year, 1yr = last 12 months, 3 yr = last 36 months, 5yr = l ast 60 months. Total NAV Return calculations are based on a rolling model. 8. Sum of available cash, cash held as collateral, cash equivalents (MMF) and currency hedges less accrued dividends and expense s. 9. Asset type definitions: Core – Assets that benefit from having long term income. Core+ – Assets that benefit from having strong current income but do require some measure of asset management to optimise its in come profile and term. Value add/transitional – Assets that require asset management (typically refurbishment) and re -letting to secure a core income p rofile. Development – Assets that require, often ground -up, construction and leasing to create a stabilised core income profile, given l ittle or no in -place income currently. Carrying higher risk but offering enhanced return potential once the asset is stabilised and transitions in to a Core profile. 10. Gross of all leverage. 11. Balance sheet leverage which includes partial recourse on asset level financing. 12. The weighted average effective yield is based on Cheyne Capital’s pricing assumptions and actual returns may differ materiall y f rom those expressed or implied herein. Bond yields are presented as yield to stated maturity (and considering the current marked price) on the under lyi ng loans in the CMBS. 13. Reflects average levered current yields weighted by the net fair value of each investment. Some loans also enjoy equity upsid e p articipation, which is only recognised following evidenced delivery, which can result in significant incremental gains in excess of the accounting yield. Th e yield is based on Cheyne Capital’s pricing assumptions and actual returns may differ materially from those expressed or implied herein. The portfolio inc ludes listed notes, of which some are leveraged. 14. Bond portfolio is only partially leveraged. The Company is not utilising its maximum capacity for leverage. See Financing Sum mar y for further details. 15. RECI has a limit on balance sheet leverage of 40% of NAV, as stated in its borrowing policy. 16. Cash in the Financing Summary table is composed of Total Cash plus currency hedging derivatives. Further information on the Company including the latest share price, prospectus and financial statements may be found at www.https:// realestatecreditinvestments.com and is available from Cheyne Capital Management at RECIIR@cheynecapital.com or on +44 (0) 7968 7450 # Disclaimer This document is issued by Cheyne Capital Management (UK) LLP (“Cheyne Capital”). Cheyne Capital is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”). This document is being issued inside and outside the United Kingdom by Cheyne Ca pit al only to and/or is directed only at persons who are professional clients or eligible counterparties for the purposes of the FCA’s Conduct of Business Sou rce book. This document must not be relied or acted upon by any other persons. Cheyne Capital neither provides investment advice to, nor receives and transmit s o rders from, investors in Real Estate Credit Investments Limited (“RECI”) nor does it carry on any other activities with or for such investors that constitu te “MiFID or equivalent third country business” for the purposes of the FCA Rules. The information contained herein is intended only for the person or entity to wh ich it is addressed and may contain confidential and/or privileged material. Any dissemination or other unauthorised use of this information by any perso n o r entity is strictly prohibited. The distribution of this document may be further restricted by law. No action has been or will be taken by either of Cheyne C api tal or RECI, to permit the possession or distribution of this document in any jurisdiction (other than as expressly described herein) where action for t hat purpose may be required. Accordingly, this document may not be given or used in any jurisdiction except under circumstances that will result in compli anc e with any applicable laws and regulations. Persons to whom this document is communicated should inform themselves about and observe any such restrictio ns. This document is not intended to constitute, and should not be construed as, investment advice. Potential investors in RECI should seek their own ind ependent financial advice. This document has been provided to you for informational purposes only and may not be relied upon by you in evaluating the me rit s of investing in any securities or interests referred to herein. This document is not intended as and is not to be taken as an offer or solicitati on with respect to the purchase or sale of any security or interest, nor does it constitute an offer or solicitation in any jurisdiction, including those in which su ch an offer or solicitation is not authorised or to any person to whom it is unlawful to make such a solicitation or offer. Any person subscribing for an invest men t must be able to bear the risks involved and must meet the suitability requirements relating to such investments. Some or all alternative investment programs ma y not be suitable for certain investors. Although the information in this document is believed to be materially correct, no representation or warranty is g ive n as to the accuracy of any of the information provided. Certain information included in this document is based on information obtained from sources considered to be reliable. We have not verified any such information and assume no responsibility for the accuracy or completeness thereof. Any projections or analy sis provided to assist the recipient of this document in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any projections or analysis are subject to change with out prior notification and should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Furthermore, to the exten t p ermitted by law, neither RECI nor Cheyne Capital nor any of their respective directors, agents, service providers or professional advisers assumes any liab ili ty or responsibility nor owes any duty of care for any consequences of any person acting or refraining to act in reliance on the information contained in this doc ument or for any decision based on it. Past performance is not a reliable indicator of future results. Among the risks we wish to call to the particular atte nti on of recipients are the following: (1) RECI’s investment programme is speculative in nature and entails substantial risks; (2) the investments of RECI may be su bje ct to sudden and large falls in price or value and there could be a large loss upon realisation of a holder’s investment, which could equal the tota l a mount invested; (3) as there is no recognised market for many of the investments of RECI, it may be difficult or impossible for RECI to obtain complete and/o r r eliable information about the value of such investments or the extent of the risks to which such investments are exposed; (4) the use of a single investmen t m anager could mean a lack of diversification and, consequently, higher risk, and may depend upon the services of key personnel, and if certain or all o f t hem become unavailable, RECI may suffer losses; (5) Cheyne Capital will receive performance -based remuneration; (6) the market price of shares in RECI does n ot necessarily reflect its underlying net asset value; and (7) the price of shares (and the income from them) can go down as well as up and may be affec ted by changes in rates of exchange.