- GCP Asset Backed Income Fund (GABI) announced its quarterly update for the period ended 31 March 2023. NAV increased 0.24% over the three months driven by an increase in the weighted average annualised yield on the investment portfolio, from 8.0% as at 31 December 2022 to 8.4% as at 31 March 2023 and from the continued share buyback programme. This increase in portfolio yield arose from higher yielding loans originated in Q4 2022 and from the rate protection mechanics in the existing loan book.
- Tufton Oceanic Assets (SHIP) provided an update that a principal of its investment manager, Tufton Investment Management Ltd, acquired an additional 175,000 ordinary shares in the capital of the company on 24 April 2023. Tufton Group shareholders now hold directly or beneficially 6,163,133 shares compared with 5,988,133 shares as at 31 December 2022 and 5,375,133 shares as at 30 June 2022.
- Impact Healthcare REIT (IHR) has posted a 2.2% increase in NAV to 112.6p per share for the quarter to 31 March 2023, one of a small cohort of property companies to see NAV increases in the first quarter. The group’s portfolio of 140 care homes was valued at £542.1m at the end of March, a 1.8% uplift over the quarter. The company completed 72 rent reviews during the period at an average 4% uplift, while annual contracted rent rose 11% to £47.9m following the acquisition of six new care homes for £56m. Bed occupancy was 87.6% (up one percentage point), while rent cover among its tenants was 1.8x. The group’s loan to value was 28.3%, up from 23.9% at the end of 2022 due to the draw down from its revolving credit facility to acquire the portfolio mentioned earlier. A dividend of 1.6925p per share was declared for the quarter, a 3.5% increase.
- US Solar Fund (USF) has announced that it has executed a binding agreement to sell USF’s 50% interest in the 200MW Mount Signal 2 asset to MN8 Energy LLC, a renewable energy business formerly known as Goldman Sachs Renewable Power LLC. MN8 will acquire USF’s 50% interest in MS2 for US$52.2 million excluding working capital plus the non-refundable option fee of $1 million paid in 2022. The sale will imply a gross return of approximately 11% per annum since USF announced the agreement to acquire up to 50% of MS2 from New Energy Solar in December 2020. USF expects the transaction to close in the second quarter of 2023 subject to customary regulatory and financier consents.
We also have annual results from Round Hill Music Royalty Fund, and NB Private Equity Partners