REG - GCP Asset Backed Inc - Annual Report and Accounts

GCP Asset Backed Income FundAnnouncement

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RNS Number : 7201Y  GCP Asset Backed Income Fund Ltd  31 March 2026

GCP Asset Backed Income Fund Limited

(the "Company" or "GCP Asset Backed")

LEI: 213800FBBZCQMP73A815

Annual Report and Accounts

31 March 2026

The Company is pleased to announce the publication of its the annual report
and financial statements for the year ended 31 December 2025 (the "Annual
Report and Accounts") which are now available on the Company's website at:
Gravis | Literature (graviscapital.com)
(https://www.graviscapital.com/funds/gcp-asset-backed/literature) and will be
posted to those shareholders who have elected to receive hard copy documents
shortly.

Highlights for the year include:

·    Dividends totalling 6.3(1) pence per share declared and paid in
respect of the year. Aggregate dividend payments over the last twelve months
represent a 9.2 % yield on the Company's closing share price at 31 December
2025;

·   Continued strong progress was made on the Company's managed wind-down.
A total of 43.7 million shares redeemed in the year, returning in a total of
253.7 million shares redeemed since the commencement of the realisation
programme, returning £221.6 million to shareholders and representing a 61.1%
reduction in the share capital;

·    Loss for the year of £0.9 million (31 December 2024: loss of £10.3
million). The reduction in losses primary reflects lower net valuation losses
and write-downs on the portfolio compared to the prior year. Further
information on financial performance is included on page 19 of the Annual
Report and Accounts;

·    NAV per ordinary share of 74.69(2) pence at 31 December 2025, a
decrease of 8.6% from the prior year. Further information is included in the
Investment Manager's report on pages 12 to 17;

·    Exposure to a diversified, partially inflation and/or interest rate
protected portfolio of 19 asset backed loans with a third-party valuation of
£115.8 million(3) at 31 December 2025;

·    Follow-on investment of £13.4 million in existing portfolio companies
where, in the Board's view, such investments would maximise the ultimate
realisation by the Company;

·     Principal repayments of £53.8 million received in the year,
generating repayment fees of £0.4 million and generating an average of IRR
8.5%. Interest amounts of £1.7 million were capitalised in accordance with
contractual terms;

·     Total NAV return(4) of -1.2% (31 December 2024: -3.3%) and an
annualised total NAV return since IPO of 44.4%; and

·      Post year end, the Group received repayments totalling £8.1
million.

1.   Total dividends of 6.325 pence include a quarterly dividend of 1.58125
pence per share for the quarter to 31 December 2025, which was declared post
year end.

2.    Does not include a provision for the dividend in respect of the
quarter to 31 December 2025, which was declared and paid post year end.

3.    Valuation of the portfolio held by the Subsidiary. The Company makes
its investments through its wholly owned Subsidiary. Refer to note 1 of the
Annual Report and Accounts for further information.

4.    Alternative performance measure - refer to pages 92 to 94 of the
Annual Report and Accounts for definitions and calculation methodology.

On the release of the Annual Report and Accounts, Alex Ohlsson, Chairman of
GCP Asset Backed, commented:

"Strong progress has continued on the Company's orderly realisation plan. To
date, 253.7 million shares were redeemed, returning £221.6 million to
shareholders, alongside dividend payments of £22.0 million. This represents a
major step forward in delivering the Company's strategy, and further material
redemptions are forecast for 2026. The Board remains focused on maximising
value from the remaining portfolio and ensuring an efficient return of
capital. I would like to thank shareholders for their continued engagement and
support during the realisation process."

For further information, please
contact:

 GCP Asset Backed Income Fund Limited    +44 (0)15 3482 2251
 Alex Ohlsson
 Gravis Capital Management Ltd           +44 (0)20 3405 8500
 Philip Kent

 Luther Ward-Faint
 Cameron Gardner

 Barclays Bank PLC                       +44 (0)20 7623 2323
 Dion Di Miceli
 Stuart Muress
 James Atkinson
 Burson Buchanan                         +44 (0)20 7466 5000
 Helen Tarbet
 Henry Wilson
 Nick Croysdill

Notes to editors

 

GCP Asset Backed Income Fund Limited is a closed ended investment company. Its
shares are traded on the Main Market of the London Stock Exchange. Its
investment objective is to undertake a managed wind-down of the Company and
realise all existing assets in the Company's portfolio in an orderly manner.

The Company's portfolio comprises a diversified portfolio of predominantly UK
based asset backed loans which are secured against contracted, predictable
medium to long term cash flows and/or physical assets.

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