Title: 238538722.pdf URL Source: https://documentscdn.financialexpress.net/Literature/FD98F456938FB1E9DFA823D2A2E521BE/238538722.pdf Number of Pages: 3 Markdown Content: GCP Asset Backed is a Jersey - incorporated, closed ended investment company . Its shares are traded on the main market of the London Stock Exchange. Following the May 2024 AGM, the Company’s objective is to undertake a n orderly realisation of the Company and realise all existing assets in the Company's portfolio in an orderly manner . Company Overview Listing Date 23 October 2015 SEDOL BSY6HT7 Registered number 119412 Ticke r GABI Financial year end 31 December Ordinary share c lass Shares in issue 171 .9m Shares in treasury - Share price 69.00 p Market cap £118 .6m NAV per share 74.69 p NAV £128 .4m Share price discount to NAV 7.6 % Ordinary share class NAV Investment valuation £118 .8m Cash £10 .0 m Borrowings £Nil Current net liabilities - £0. 4m NAV £128 .4m Div idend information Dividend paid/declared 1 6.3 p Dividend yield on share price 9.2% > 1Dividends of 6.325 pence per share paid or declared for the twelve - > month period to 3 1December 202 5. 6m 1y 3y 5y Since launch NAV total return (ex c. share redemptions) - 2.5 % - 1.2 % - 2.2 % 3.3 % 44 .4% Total distributions (pe nce per share) 9.31 10 .9 1 65 .80 78.43 10 9.57 Year to 31 Dec 25 Year to 31 Dec 24 Year to 31 Dec 23 Year to 31 Dec 22 Year to 31 Dec 21 NAV total return (exc. share redemptions) - 1.2 % - 5.8% 5.0 % 1.9 % 3.6 % Total distributions (pence per share) 10 .91 48 .57 6.33 6.3 3 6. 30 # SEMI - ANNUAL FACTSHEET # 31 DECEMBER 202 5 ## OVERVIEW ## PERFORMANCE Share price, NAV, and dividend Cumulative performance to 3 1 December 202 5 Annual performance to 3 1 December 202 5 Source : Investment Manager. Basis: NAV total re turn - percentage growth. Total distributions – dividends and redemptions per share held from IPO . Past performance is not a guide to future performance . The Investment Adviser’s ESG credentials: 5.5 5.7 5.9 6.1 6.3 6.5 6.7 6.9 50p 60p 70p 80p 90p 100p 110p 120p Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25 Share price Net asset value Annual Dividend SEMI - ANNUAL FACTSHEET # 31 DECEMB ER 202 5 > Asset > Finance ,1% > E&I ,3% > Property ,37% Social > Infrastructure , > 59% Domestic boilers , 1% O&M contracts , 3% Co - living, 9% Residential property , 28% Care homes , 36% Student accommodation , 2% Social housing , 21% Number of holdings Principal value of holdings Annualised interest rate Average maturity Partially inflation protected # 19 £161 .8m 8. 6% 8 yrs 68 % SECURITY RANKING TERM PROFILE INTEREST RATE The Company GCP Asset Backed Income Fund Ltd IFC 5 St. Helier Jersey JE 1 1ST Directors Alex Ohlsson (Chairman) Marykay Fuller Philip Braun Investment Manager and AIFM 2 Gravis Capital Management Ltd 24 Savile Row London W1S 2ES Telephone: 020 3405 8500 Philip Kent – Chief Executive Officer philip.kent@graviscapital.com Anthony Curl – Chief Investment Officer anthony .curl@graviscapital.com Cameron Gardner – Director , Head of Distribution c ameron.gardner@graviscapital.com Company Secretary and Administrator Apex Financial Services (Alternative Funds) Limited Advisers on English Law Stephenson Harwood LLP Advisers on Jersey Law Carey Olsen Jersey LLP Auditor of the Company Grant Thornton Limited Corporate Broker Barclays Bank PLC Valuation Agent Forvis Mazars LLP > 2 Alternative Investment Fund Manager ## INVESTMENT PORTFOLIO ## INVESTMENT PORTFOLIO - ANALYSIS 22% 78% Subordinated Senior 19% 16% 65% <1 yr 1-2 yrs 2-4 yrs >4 yrs 26% 29% 13% 32% < 7% 7 - 8% 8 - 9% > 9% SEMI - ANNUAL FACTSHEET # 31 DECEMB ER 202 5 ## COMPANY UPDATE Portfolio update At 3 1 December 202 5, the Company ha d exposure to a diversified portfolio of 19 loans with an unaudited valuation of £ 115 .9 million, of which 68% had partial inflation and/or interest rate protection. Given the commercial sensitivity of ongoing realisation discussions and the increasingly concentrated nature of the portfolio , the Company does not intend to provide further asset - level detail on NAV movements. Further information will be included in the annual report and financial statements for the year ended 3 1 December 2025, and future disclosures will only be made where such detail would not prejudice the Company's objective of maximising shareholder returns through the orderly realisation of its assets. Capital allocation and managed realisation The Company has continued to execute its capital return strategy following the Discontinuation Vote in May 2024. This has inc luded three compulsory share redemptions, the third of which occurred in December 2025, and the cancellation of treasury shares. In total, these actions have resulted in a 61.11% reduction in share capital to date. Approximately £221.6 million has been returned to shareholders, with 171,903,104 shares remaining in issue at 31 December 2025. At 31 December 2025, the Company and its subsidiaries held a cash balance of approximately £12.6 million (30 June 2025: £18.4 million). During the six - month period to 31 December 2025, the Company received approximately £42.2 million in loan repayments and other cash realisations, with four loans repaying in full. Following the period end, one additional facility was also repaid in ful l. The Company's Board of Directors (the "Board") and Gravis Capital Management Ltd, the Investment Manager, continue to progres s a pipeline of disposals and remain committed to the orderly realisation of the Company's assets in line with the Realisation Pl an published in July 2024 and as updated in the Company's annual and interim reports. The Company's revised objective remains the orderly realisation of its assets to maximise shareholder returns. Accordingly, t he Company will only make new investments where the Board believes doing so will protect, enhance, or accelerate the recovery of an existing investment. During the period three further investments were made of £0.2 million to support an existing borrower re alise a portfolio of short - term loans. A further investment of £11.4 million was made to purchase a senior loan secured against a part - built residential development that rank ed ahead of the Fund's investment secured against the same asset, and to finance development costs relating to such development. The Board and Investment Manager do not expect to make any further investments in relatio n to this project. This Investor Report is provided for information purposes only and should not be relied on by any person in making an investm ent decision . The Company’s key risks are explained in the most recent annual report and accounts of the Company . Prospective investors should carefully evaluate the merits and risks of investing in the Company and ensure they have sufficient resources to bear any losses. Past performance is not a reliable indicator of future performance, and investors may not get back the original am ount invested. The share price may be different to the net asset value and the value of the shares will fluctuate. Whilst it is th e intention to achieve the investment objectives of the investment product, there can be no assurance that the objectives will be met. Any forecast, projection or target is indicative only and not guaranteed in any way, and any views expressed are those of Gravis Capital Ma nagement Ltd (“G CM ”). G CM has used all reasonable endeavours to ensure the accuracy of information contained in this Investor Report, but it cannot guarantee the reliability, completeness or accuracy of such content. This Investor Report is a financial promotion and is not intended to be investment advice. It is issued and approved solely for the purpose of sect ion 21(2)(b) of the Financial Services and Markets Act 2000 (as amended) by G CM which is authorised and regulated by the Financial Conduct Authority. G CM is registered in England (No: 10471852). Registered Office is 24 Savile Row, London, W1S 2ES.