Title: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx/ URL Source: https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_class_doc_factsheet_private&id=566569b2-fb38-41c5-89fc-81fb519473d4&user=hl_website_documents Published Time: Tue, 12 May 2026 11:31:24 GMT Number of Pages: 5 Markdown Content: RM Infrastructure Income PLC # Quarterly Fact Sheet ## 31st March 202 6 Company Overview Overview RM Infrastructure Income PLC (“RMII” or the “Company ”) is a closed -ended investment trust established to invest in a portfolio of secured debt instruments. On 20 December 2023, at a General Meeting shareholders approved the implementation of the Managed Wind - down of the Company and at that time the Company’s investment objective was restated as follows: “ The Company aims to conduct an orderly realisation of the assets of the Company, to be effected in a manner that seeks to achieve a balance between returning cash to Shareholders promptly and maximising value.” # NAV 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 31st March 202 6 was 74.77 pence per Ordinary S hare. A breakdown of t his negative NAV return of -0.55 pence per share in the first quarter of 202 6 is provided below: Summary for March 202 6 (pence per share) Net interest income -0. 044p Change in portfolio valuations -0.439 p Other -0. 067 p Net NAV Movement -0.550 p 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 Activity As at 31st March 202 6, 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 ann ouncement 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 £1 2.4 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. ISIN GB00BYMTBG55 Ticker RM II Dividend Semi -annual Listing LSE Main Market Management Fee 0.875% 2 Shares in Issue 75,8 59,378 Share Price mid 62.00 p Investment Manager’s holding (shares) 395,083 Net Assets £5 6,587 ,837 NAV per Share 74.77 p Share Price discount to NAV 17.08 % Non -Executive Directors Norman Crighton (Chairman) Guy Heald Marlene Wood Advisory & Administration AIFM: FundRock Management Company (Guernsey) Limited Administrator & Company Secretary: Apex Listed Companies Services (UK) Limited Legal Advisers: Travers Smith LLP Auditor: Ernst & Young LLP Corporate Broker: Singer Capital Markets Advisory LLP Investment Manager RM Capital Markets Limited, 4th Floor, 7 Castle Street , Edinburgh EH 2 3AH. Portfolio Managers: james.ro bson@rm -funds.co.uk thomas.legrixdelasalle@rm - funds.co.uk www.rm -funds.co.uk Company Address: RM Infrastructure Income PLC, 4th Floor, 140 Ald ersgate Street, London, EC1A 4HY Fund performance 3 months 6 months 1 year 2 years ITD NAV Total Return % -0.73 % -4.98 % -8.88 % -8.50 % 30.18% 202 6 Jan Feb Mar Apr Ma y Jun Jul Aug Sep Oct Nov Dec Total Dividends p - - - - - - - - - - - - - NAV (Cum income) p - - 74 .7 7 - - - - - - - - - - NAV Total Return % - - (0. 73 ) - - - - - - - - - (0.73) Net Interest Income p - - (0. 04) - - - - - - - - - (0.04) 2025 Jan Feb Mar Apr Ma y Jun Jul Aug Sep Oct Nov Dec Total Dividends p - - 0.625 - - - - - 0.625 - - - 1.25 NAV (Cum income) p 85.03 83.50 82.71 82.70 80.52 80.00 - - 78.70 - - 75.32 - NAV Total Return % 0.35 (1. 80 ) (0. 19 ) (0.02) (2.64) (0.64) - - (0.85) - - (4.28) (9.72 ) Net Interest Income p 0.39 0.17 0.26 0.23 0.02 0.17 - - 0.24 - - 0.65 2.13 2024 Jan Feb Mar Apr Ma y Jun Jul Aug Sep Oct Nov Dec Total Dividends p - - 1.625 - - 1.625 - 1.625 - - 1.625 - 6.50 NAV (Cum income) p 89.90 90.27 87.71 88.05 90.15 87.84 88.71 88.59 87.73 87.04 85.87 84.73 - NAV Total Return % 1.1 5 0. 41 (1.03) 0.39 2.38 (0.76) 1.00 1.69 (0.96) (0.79) 0.52 (1.33 ) 2.62 Net Interest Income p 0.40 0.54 0.58 0.51 0.55 0.44 0.47 0.23 0.56 0.33 0.24 0.947 5.79 2023 Jan Feb Mar Apr Ma y Jun Jul Aug Sep Oct Nov Dec Dividends p - - 1.625 - - 1.625 - - 1.625 - - 1.625 6.50 NAV (Cum income) p 93.10 93.49 92.10 92.19 92.62 91.6 8 92.20 91.80 90.53 91.17 90.35 88 .88 - NAV Total Return % 0.66 0.41 0.26 0.09 0.46 0.7 5 0.57 (0.44) 0.39 0.71 (0.91) 0.18 3.16 Net Interest Income p 0.61 0.62 0.52 0.25 0.54 0.69 0.60 0.59 0.43 0.50 0.41 0.56 6.30 2022 Jan * Feb * Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Dividends p - - 1.625 - - 1.625 - - 1.625 - - 1.625 6.5 0 NAV (Cum income) p 94.60 94.89 94.54 95.04 95.32 93.68 94.24 94.70 92.73 93.18 93.50 92.50 - NAV Total Return % 0.20 0.31 1.34 0.53 0.30 (0.02) 0.60 0.49 (0.37) 0.49 0.35 0.66 4.98 Net Interest Income p 0.37 0.53 0.57 0.54 0.52 0.62 0.53 0.60 0.47 0.54 0.49 0.57 6.33 2021 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec * Total Dividends p - - 1.625 - - 1.625 - - 1.625 - - 1.625 6.50 NAV (Cum income) p 94.13 94.84 93.49 94.74 96.08 95.25 95.6 97.69 96.68 97.03 97.16 94.41 - NAV Total Return % 0.26 0.76 0.28 1.34 1.42 0.83 0.37 2.18 0.63 0.36 0.13 (1.16) 7.62 Net Interest Income p 0.21 0.56 0.45 0.51 0.68 0.52 0.59 0.58 0.68 0.49 0.51 0.49 6.27 2020 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Dividends p - - 1.70 - - 1.625 - - 1.625 - - 1.625 6.575 NAV (Cum income) p 98.31 98.74 86.64 89.10 91.14 91.16 91.56 91.97 91.58 91.91 93.66 93.88 - NAV Total Return % 0.53 0.43 (10.53) 2.83 2.29 1.80 0.44 0.44 1.35 0.36 1.91 1.97 3.15 Net Interest Income p 0.60 0.67 0.60 0.53 0.53 0.53 0.53 0.53 0.53 0.45 0.41 1.06 6.96 2019 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Dividends p - - 1.625 - - 2.00 - - 1.625 - - 1.70 6.95 NAV (Cum income) p 97.62 98.38 98.36 98.95 99.59 98.00 98.69 99.00 98.05 98.24 98.45 97.79 - NAV Total Return % 0.67 0.78 1.64 0.59 0.65 0.41 0.70 0.31 0.70 0.19 0.21 1.06 8.18 Net Interest Income p 0.69 0.57 1.45 0.58 0.71 0.63 0.58 0.79 0.64 0.69 0.58 1.03 8.94 2018 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Dividends (pence) - 2.00 - - - 1.625 - 1.625 - - - 1.625 6.875 NAV (Cum Income) p 99.26 97.76 98.17 98.66 99.14 97.85 98.11 97.01 97.34 98.08 98.20 96.98 - NAV Total Return % 0.68 0.50 0.41 0.50 0.49 0.34 0.26 0.53 0.34 0.76 0.12 0.41 5.47 Net Interest Income p 0.85 0.64 0.47 0.48 0.52 0.55 0.56 0.50 0.49 0.60 0.51 0.62 6.98 2017 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Dividends p - - - - - 0.20 - 0.20 - - 1.80 - 2.20 NAV (Cum income) p 97.70 97.40 97.31 97.51 98.23 97.57 98.11 99.11 99.51 100.24 98.36 98.59 - NAV Total Return % (0.31) (0.31) (0.09) 0.21 0.74 (0.47) 0.55 1.22 0.40 0.73 (0.08) 0.23 3.18 Net Interest Income p (0.20) (0.13) (0.03) 0.02 0.33 0.35 0.52 1.25 0.38 0.64 0.47 0.46 4.06 > *December 2021, January 2022 and February 2022 NAV have been adjusted for the costs of the cladding replacement at Coventry St udent Accommodation (Loan ref 68), which became known in March 2022, as > further described in the 2021 Annual Report and Acc ounts 85 95 105 115 125 135 145 155 # Cumulative Total Return since inception 8 NAV performance Share Price performance Portfolio Statistics Property -backed Investments Cash -flow backed Investments Equity Positions Ref Borrower Name Deal Type Sector Subsector Nominal 9 (£) Market Value (£) 62b Trent Capital Equity Energy Efficiency Energy Efficiency - - 76a Empowered Brands Equity Healthcare Health and Well -being - - Ref Borrower Name Deal Type Sector Subsector Nominal 9 (£) Market Value (£) Payment Expected Maturity 10 58 Private Loan - SPV Bilateral Loan Hotel & Leisure Hotel 5,421,743 2,568,080 PIK 2027 12 Private Loan - SPV Bilateral Loan Accommodation Student accommodation 4,430,000 4,251,401 PIK 2027 73 Private Loan - SPV Bilateral Loan Hotel & Leisure Hotel 4,000,000 - N/A N/A 68 Coventry PBSA Equity Accommodation Student accommodation 3,600,000 1,871,557 N/A 2027 99 Private Loan - SPV Bilateral Loan Hotel & Leisure Hotel 2,881,472 2,876,048 Cash 2026 / 2027 66 Private Loan - SPV Bilateral Loan Hotel & Leisure Hotel 1,303,096 480,926 PIK 2026 / 2027 74 Private Loan - SPV Bilateral Loan Accommodation Student accommodation 930,000 - N/A N/A Sum £22,566,311 £12,048,012 Ref Borrower Name Deal Type Sector Subsector Nominal 9 (£) Market Value (£) Payment Expected Maturity 10 39 Beinbauer Syndicated Loan Manufacturing Auto Parts Manufacturer 13,288,638 10,348,812 PIK 2027 76 Empowered Brands Bilateral Loan Healthcare Health and Well -being 10,941,631 7,002,644 PIK 2027 62 Trent Capital Bilateral Loan Energy Efficiency Energy Efficiency 3,858,785 3,894,688 PIK 2027 96 TR Engineering Bilateral Loan Energy Efficiency Energy Efficiency 2,700,000 2,839,267 Cash 2027 62a Trent Capital Preference Share Energy Efficiency Energy Efficiency 1,285,917 1,285,917 N/A 2027 63 Trent Capital Bilateral Loan Energy Efficiency Energy Efficiency 1,030,753 1,033,754 PIK 2027 76.1 Empowered Brands Shareholder Loan Notes Healthcare Health and Well -being 983,107 - PIK 2027 94a Gym Franchise Bilateral Loan Healthcare Health and Well -being 158,507 160,478 Cash 2027 52 Private Loan - SPV Bilateral Loan Energy Efficiency Energy Efficiency 47,101 46,594 PIK 2026 Sum £34,294,439 £26,612,154 Notes 1. The target dividend does not apply now the company is in wind -down. 2. Management fee on Net Assets. Fee 0.875% of NAV per annum (payable monthly in arrears), subject to a minimum monthly fee of £ 33,300 . 3. Discount control mechanism no longer applicable given the restated Company’s objective of realising assets as per the Shareholders -approved Managed Wind -down. 4. Total Loans includes settled and unsettled investments and excludes commitments entered into which have not yet been funded. 5. NAV total return % is calculated as NAV (cum income) at the end of the period, plus dividends declared during the period, div ided by NAV (cum income) calculated on a per share basis at the start of the period. 6. YTD NAV Total Return assumes dividends are reinvested at NAV and includes compounding. 7. YTD Net Interest Income per share is the aggregate of the monthly net interest income per share figures based on the number o f Ordinary shares in issue at the end of each respective month which can be diluted over the year by new Ordinary Shares being iss ued and therefore does not necessarily reflect the year end position for the Ordinary shareholders. 8. Cumulative NAV performance rebased at 100 on Jan 2017 and assumes dividends are reinvested at NAV and includes compounding. 11 . Percentages may not add up to 100% due to rounding. 12 . Senior position is inclusive of wholly owned scheme with no debt obligations. 13. The yield includes both cash interest and payment in kind and is based on the market value of the investment loans . Payment in kind interest receipt is not assured and, in many instances, will be written down given such receipt is uncertain both in timing and quantum. Disclaimer This Report is intended solely for the information of the person to whom it is provided by the Company, the Investment Manage r or the Administrator. This Report does not constitute an offer or solicitation for the purchase or sale of any investment or fina ncial instrument in the Company and should not be relied on by any person for the purpose of accounting, legal or tax advice or for making an investment decision. The payment of dividends and the repayment of capital are not guaranteed by the Company. Any forecast, projection or target is indicative only and not guaranteed in any way, and any opinions or views expressed in this Report are those of the Investment Manager, and do not constitute investment advice and are subject to change without notice, and n either the Company nor the Investment Manager is under any obligation to update such opinions. Whether the Company proceeds with any investment is dependent on multiple factors including but not limited to the completion of satisfactory due diligence. Past performance is not a reliable indicator of future performance, and investors may not get back the original amount invested. Unless otherwise stated, the so urces for all information contained in this report are the Investment Manager and the Administrator. Information contained in this Report is believed to be accurate at the date of publication, but none of the Company, the Inve stment Manager and the Administrator gives any representation or warranty as to the Report’s accuracy or completeness. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation. None of the Company, the Investment Manager and the Administrator accepts any liability whatsoever for any loss (whether direct or indi rect) arising from any use of this Report or its contents. RM Capital Markets Limited is authorised and regulated by the FCA, registered in Scotland (Registered Number: SC380707). 9. Actual capital invested, excludes undrawn commitments, includes investments yet to settle. 10 . Based on Investment Manager’s maturity profile assessment