LONDON - Riverstone (LON:RSER) Credit Opportunities Income (RCOI), a London Stock Exchange-listed investor in energy infrastructure and energy-transition credit, reported a decrease in its net asset value (NAV) per share for the first quarter ended March 31, 2025, and outlined plans for a forthcoming cash distribution to shareholders.
The company’s NAV per share stood at $0.88 on March 31, 2025, reflecting a $0.04 drop over the quarter, primarily due to performance in its investments in Harland & Wolff, Seawolf, and Max Midstream. Despite the decline, RCOI anticipates a distribution from Harland & Wolff’s administration by the end of April, which is expected to be slightly higher than initially projected, though overall available amounts were marginally below expectations as of December 31, 2024.
RCOI expects to receive an additional $3.1 million from Harland & Wolff, with a final distribution of $1.1 million to follow, based on exchange rates as of March 31. The company expressed confidence in the full repayment of a loan to Max Midstream, despite the need for an extension until the end of June 2025 to facilitate refinancing plans.
The company’s investment portfolio is composed entirely of floating rate, short duration, senior secured loans. Since its initial public offering (IPO) in May 2019, RCOI has achieved a 29.5% NAV total return and has paid out 38.8 cents in dividends.
Due to elevated expenses in the quarter, RCOI indicated it would likely issue only a nominal dividend for this period. However, following the expected cash receipt from Harland & Wolff, RCOI plans to return approximately $16.0-17.0 million to shareholders through a mandatory share redemption, with further details to be announced.
The portfolio update included both realized and unrealized investments across various subsectors, with a cumulative portfolio summary showing a gross realized capital and unrealized value of $63.5 million. Key performance indicators and investment summaries detailed the performance of individual portfolio components, reflecting adjustments in valuation and the strategic approach to managing the investments.
This financial update is based on a press release statement, and RCOI has advised that further announcements will follow regarding the anticipated shareholder returns.
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