RM Secured Direct Lending PLC (LON:RMDL) has highlighted an "attractive pipeline of opportunities" as the investment manager unveiled modest quarterly growth in its portfolio's net asset value (NAV) despite market conditions.
The secured debt-focused investment firm said its NAV as at March 31 was 98.17p per ordinary share, which was 0.41p higher than at the end of February, made up of interest income net of expenses of 0.47p and a decrease in asset valuations of 0.06p.
The FTSE Fledging firm said that, despite the market conditions, its NAV remained stable principally due to a significant percentage of floating rate exposure and also the fact that the portfolio is largely focused on businesses less prone to being affected by the broader economic cycle.
RM Secured Direct lending said its portfolio has grown to 25 debt investments across 16 sectors with £88mln of commitments deployed on a cash basis.
On 27 March, the company announced that it had raised £11.3mln via the issue of C shares and £10.8mln via the placing of ZDP Shares.
During the first quarter of 2018, the company made a number of new transactions, including two loan repayments totalling £4.8mln in energy assets, and a £5mln investment to a children’s nursery in the south-east of England.
The company concluded that the intention of its investment manager is to optimise the portfolio yield over the coming months as pipeline opportunities are brought forward.