Title: URL Source: https://is.gd/Zacd51 Published Time: Thu, 08 May 2025 09:19:17 GMT Markdown Content: RM Infrastructure Income PLC # Monthly Fact Sheet 28 th February 202 5 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. The Company aims to generate attractive and regular dividends by investing in Loans sourced by RM Fu nds (the “Investment Manager” or “RM”). The Loans in which the Company invests are predominantly secured against company assets, real estate, plant and machinery and/or income streams such as accounts receivable. On 20 December 2023, Shareholders approved the implementation of the Managed Wind - down of the Company. Accordingly, 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 NAV % Total Return for February 202 5 was -1.78 %, which takes the NAV % Total Return to -3.08 % over the past six months , and 0.48 % over the past 12 months. The NAV as at 28 th February 202 5 was 84.26 pence per Ordinary Share, which wa s 1.5 42 pence lower than at 31st January 202 5. This decrease in NAV was predominantly driven by investment loan Ref #73, where the underlying property that the loan is secured on is being brought to market and current third -party valuation assessments are materially lower than previous ly advised by third party valu ers . # Portfolio Activity As at 28 th February 202 5, t he Company’s invested portfolio had an aggregate nominal outstanding of circa £68 million across 17 investments. The average yield 13 was 12. 52 %, with a weighted average loan life remaining of circa 0. 83 years 10 . In February , RM successfully completed a material redemption of investment loans Ref #66 & #67 , with the receipt of a net cash consideration of £11.5m, or c.96% of their respective December 2024 marks. Cash balances at end of February 2025 stood at circa £20m of which circa £1.5m will be retained by the Company largely to fund remaining committed facilities which have yet to be drawn, as well as to hold sufficient funds for working capital purposes. Further updates regarding the Company’s Managed Wind -Down process and subsequent return(s) of capital to Shareholders will be announced by the Board as and when appropriate. ISIN GB00BYMTBG55 Ticker RM II Dividend Quarterly Listing LSE Main Market Current Cash Yield 8.83 % Management Fee 0.875% 2 Discount Management Strategy n/a 3 Shares in Issue 97, 848 ,021 Share Price mid 73.60p Investment Manager’s holding (shares) 395,083 Net Assets £82,147 ,045 NAV per Share 84.26 p Share Price discount to NAV 12.65 % Non -Executive Directors Norman Crighton (Chair) Guy Heald Marlene Wood Advisory & Administration AIFM: FundRock Management Company (Guernsey) Limited Administrator & Company Secretary: Apex Listed Companies Services (UK) Limited Valuation Agent: Forvis Mazars LLP 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.Robson@rm -funds.co.uk Thomas.LeGrixDeLaSalle@rm -funds.co.uk www.rm -funds.co.uk Company Address: RM Infrastructure Income PLC, 4th Floor , 140 Aldersgate Street, London, EC1A 4HY 47% 16% 10% 15% 12% # Sector breakdown, February 2025 11 Healthcare - Care Home - 23% Healthcare - Health and Well-being - 16% Healthcare - Specialist Care - 8% Hotel & Leisure - Hotel - 16% Accommodation - Student Accommodation - 10% Manufacturing - Auto Parts Manufacturer - 15% Energy Efficiency - Energy Efficiency - 12% Healthcare Accommodation Manufacturing Hotel & Leisure Energy Efficiency Construction Fixed 81% Floating 19% Senior 67% 12 Hold Co 16% Junior 17% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Coupon Investment Company Portfolio at month end # 17 £68 m 12 .52 % 0. 83 years ## Number of ## investments ## Total invested 9 Average Yield 13 Average Life 10 Largest 10 investments by value across the entire portfolio Business Activity Value (£m) Average Yield 13 WAL (years) Healthcare 13.91 10.25% 0.1 1 Healthcare 9.37 11.98% 1. 84 Manufacturing 8.78 19.06% 1. 08 Healthcare 4.83 6.08% 0. 84 Accommodation 4.29 10.32% 0. 59 Energy Efficiency 3.54 7.96% 0.92 Hotel & Leisure 3.51 29.53% 0. 59 Hotel & Leisure 2.97 9.01% 0. 59 Energy Efficiency 2.66 11.39% 0. 92 Hotel & Leisure 2.40 14.61% 0.55 Fund performance 1 month 3 months 6 months 1 year 2 years ITD NAV Total Return % (1 .78) (1.87 ) (3.08 ) 0.48 4.15 44 .46 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 6.98 202 5 Jan Feb Mar Apr Ma y Jun Jul Aug Sep Oct Nov Dec Total Dividends p - - - - - - - - - - - - - NAV (Cum income) p 85.7 9 84.26 - - - - - - - - - - - NAV Total Return % 0.3 5 (1.78) - - - - - - - - - - (1 .44) Net Interest Income p 0.3 9 0.17 - - - - - - - - - - 0. 56 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 88.06 90.15 87.84 88.71 88.59 87.73 87.04 85.87 85.50 - NAV Total Return % 1. 15 0. 41 (1.03) 0.39 2.38 (0.76) 1.00 1.69 (0.96) (0.79) 0.52 (0.44) 3.54 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 0.9 5 5.79 2023 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 93.10 93.49 92.10 92.19 92.62 91.68 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 0.75 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 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 Notes 1. The t arget 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 Shareho lders -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 issued 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. 9. Actual capital invested, excludes undrawn commitments, includes investments yet to settle. 10. Based on Investment Manager’s maturity profile assessment and excludes repayment ranking priorities regarding leverage . The Weighted average loan life will become more volatile as the portfolio concentration increases during the wind -down process. 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 average yield includes both cash interest and payment in kind. Payment in kind interest receipt is not assured and in man y 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 li mited to the completion of satisfactory due diligence. Pas t performance is not a reliable indicator of future performance, and investors may not get back the original amount invested. Unless otherwise state d, the sources 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 In vestment Manager and the Administrator gives any representation or warranty as to the Report’s accuracy or completeness. This repor t does not contain and is not to be taken as containing any financial product advice or financial product recommendation. Non e of the Company, the Investment Manager and the Administrator accepts any liability whatsoever for any loss (whether direct or ind irect) 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). Ref Borrower Name Deal Type Sector Subsector Nominal (£) Market Value (£) Valuer Payment 88 Private Loan - SPV Bilateral Loan Healthcare Care home 13,909,413 13,911,076 V Agent PIK 39 Beinbauer Syndicated Loan Manufacturing Auto Parts Manufacturer 10,672,969 8,778,521 V Agent PIK 76 Gym Franchise Bilateral Loan Healthcare Health and Well -being 9,352,672 9,365,985 V Agent Cash 15 Voyage Care Bond Healthcare Specialist Care 5,000,000 4,830,755 External Cash 12 Private Loan - SPV Bilateral Loan Accommodation Student accommodation 4,430,000 4,293,741 V Agent Cash 58 Private Loan - SPV Bilateral Loan Hotel & Leisure Hotel 4,145,309 3,508,894 V Agent PIK 73 Private Loan - SPV Bilateral Loan Hotel & Leisure Hotel 4,000,000 2,396,019 V Agent Cash 68 Equity Equity Accommodation Student accommodation 3,600,000 1,871,557 V Agent N/A 62 Trent Capital Bilateral Loan Energy Efficiency Energy Efficiency 3,519,974 3,536,206 V Agent PIK 99 Private Loan - SPV Bilateral Loan Hotel & Leisure Hotel 2,881,472 2,974,184 V Agent Cash 96 Private Loan - SPV Bilateral Loan Energy Efficiency Energy Efficiency 2,583,636 2,664,487 V Agent Cash 66 Private Loan - SPV Bilateral Loan Hotel & Leisure Hotel 1,303,096 503,540 V Agent Cash 74 Private Loan - SPV Bilateral Loan Accommodation Student accommodation 930,000 0 V Agent Cash 76.1 Gym Franchise Bilateral Loan Healthcare Health and Well -being 861,320 0 V Agent PIK 63 Trent Capital (Fusion) RF Bilateral Loan Energy Efficiency Energy Efficiency 597,844 326,467 V Agent PIK 94a Gym Franchise Bilateral Loan Healthcare Health and Well -being 197,209 200,321 V Agent Cash 52 Private Loan - SPV Bilateral Loan Clean Energy Renewable heat incentive 47,101 47,585 V Agent Cash Sum £ 68,032,015 £59,209,339