Riverstone Credit announced strong full-year results for the twelve months ended 31 December 2022.
The company finished the year with a NAV total return of 14.5% in 2022.
Strong cash generation across the portfolio allowed the company to deliver an annual dividend in excess of target for the 2022 financial year with 9.0 cents declared for distributions, generating a full-year dividend yield of 9.8%.
Shares gained 5.7% for the year.
Despite the strong performance, shares still trade at a discount of around 13%.
Reuben Jeffery III, chairman of RCOI, commented:
“We are pleased to report a very strong period of financial results for the company delivering a NAV total return of 14.5% in 2022 through a combination of NAV growth and fully covered dividend distributions. This has been driven by high levels of income from our diverse and fully invested portfolio, now comprised almost entirely of independently accredited sustainability-linked and green loans supporting energy infrastructure.
Christopher Abbate and Jamie Brodsky, co-founders of Riverstone Credit, the investment adviser, added:
“This was a landmark year for our portfolio with our strongest NAV returns to date from a mature and fully invested portfolio that also generated a fully covered special dividend. Rewardingly, the year also witnessed the substantial completion of our rotation to a portfolio of fully accredited Green and Sustainability-Linked Loans. We were also pleased with the establishment of a revolving credit facility to further optimize returns for shareholders.
“We look forward to the future with confidence given the pressing need to finance energy infrastructure to enhance energy security and sustainability both in the US and internationally where we are exceptionally well placed to offer financing solutions to corporates and value to our shareholders.”
RCOI : Riverstone Credit wraps up strong year
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