REG - Riverstone Energy Ld - 1Q23 Quarterly Portfolio Valuations & NAV
05/05/2023 07:15
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RNS Number : 5573Y Riverstone Energy Limited 05 May 2023
- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -
Riverstone Energy Limited Announces 1Q23 Quarterly Portfolio Valuations &
NAV
London, UK (5 May 2023) - Riverstone Energy Limited ("REL" or the "Company")
is issuing this Interim Management Statement ("IMS") for the period from 1
January 2023 to 31 March 2023 (the "Period").
Highlights
· Key Financials (unaudited)
o NAV as at 31 March 2023 $667 million (£538 million) 1 (#_edn1)
o NAV per share as at 31 March 2023 $13.60 / £10.97(1)
o Profit/(loss) for Period ended ($57.63) million
o Basic profit/(loss) per share for Period ended (114.65 cents)
o Market capitalization as at 31 March 2023 $347 million (£280 million)(1)
o Share price as at 31 March 2023 $7.07 / £5.70(1)
Highlights
· As of 31 March 2023, REL had a NAV per share of $13.60 (£10.97), a
decrease in USD and GBP of 6 & 9 per cent., respectively, compared to 31
December 2022. The quarter end closing share price was $7.07 (£5.70), a
decrease of 14 & 16 per cent., respectively, compared to 31 December 2022.
· The decrease of REL's NAV over the Period was due to declines in the
fair value of the Hammerhead, Enviva, GoodLeap and Anuvia investments, which
were partially offset by gains in the Permian Resources investment.
· During the Period, under the Company's modified investment programme,
REL invested an aggregate amount of $4.5 million in energy transition and
decarbonisation investments, bringing the total invested in this area to over
$214 million across thirteen investments, which in aggregate were valued at
$198 million, or 0.92x Gross MOIC, at 31 March 2023.
· The combination of Hammerhead and DCRD, which closed on 23 February
2023, resulted in REL's
existing Hammerhead ownership converted into 15.4 million common shares of
Hammerhead Energy Inc.
(NASDAQ / TSX: HHRS).
· Total invested capital during the Period of $4.5 million: Enviva
($3.5 million) and Our Next Energy ($1.0 million).
· Total net realisations and distributions during the Period of $30.6
million: Permian Resources ($27.1 million), Carrier II ($3.3 million), and
DCFC Loan ($0.2 million).
· REL finished the Period with a cash balance of $129 million and
remaining potential unfunded commitments of $6 million 2 (#_edn2) .
· Since the initial announcement of the Share Buyback Programme on 1
May 2020, the Company has bought back a total of 30,834,994 ordinary shares at
an average price of approximately £4.01 per ordinary share, over the same
period the share price has increased by ~159 per cent. from £2.20 to £5.70
to 31 March 2023.
Share Buyback Programme
With today's publication of the Company's IMS for the Period, the Board will
recommence its open market share buyback programme with Numis Securities
Limited and J.P. Morgan Securities plc. Since the Company's announcement
on 24 February 2022, 5,875,862 ordinary shares have been bought back at a
total cost of approximately £38 million ($46 million) at an average share
price of approximately £6.41 ($7.81), such that there is £12 million
remaining of the total authorised amount.
In addition, pursuant to changes to the Investment Management Agreement
announced on 3 January 2020, the Investment Manager agreed for the Company to
be required to repurchase shares or pay dividends equal to 20 per cent. of net
gains on dispositions. No further carried interest will be payable until the
$149 million of realised and unrealised losses to date at 31 March 2023 are
made whole with future gains. REL continues to seek opportunities to purchase
shares in the market at prices at or below the prevailing NAV per share REL
will continue to build value by monetising its conventional assets and
applying the proceeds to the decarbonisation of its portfolio.
Richard Horlick, Chair of Riverstone Energy Limited, commented:
"I am delighted to serve as the new Chair of Riverstone Energy Limited as of 1
March 2023. While the first quarter presented challenges, in particular with
respect to the decarbonisation portfolio, I have no doubt that REL's
investments will benefit from the tailwinds anticipated by the entire
decarbonisation sector given renewed regulatory support in the United States,
United Kingdom, and European Union. In the meantime, we are pleased with the
robust results from our conventional energy portfolio companies that continue
to deliver against their stated plans."
David M. Leuschen and Pierre F. Lapeyre Jr., Co-Founders of Riverstone, added:
"REL portfolio performance in the first quarter of the year is largely
reflective of general public market malaise and sentiment toward
decarbonisation stocks and is not reflective of the inherent value creation
occurring within this segment of the portfolio. The single-digit drop in NAV
for the portfolio happened against the backdrop of an unfolding banking
crisis, which saw the failures of Silicon Valley Bank, Signature Bank and
Silvergate Bank in the US, and the dissolution of the venerable Credit Suisse
- a banking crisis whose tremors are still being felt as of writing.
Despite a lower energy price environment, we continue to see strong operating
performance from Permian Resources, Hammerhead Energy and Onyx Power, all
delivering promising results and returning cash to shareholders. We also look
forward to portfolio uplifts in coming months as the market absorbs systemic
shocks to the global banking system and the decarbonisation momentum continues
to benefit from regulatory tailwinds provided by the Inflation Reduction Act
and equivalent initiatives in Canada, the UK and the EU."
Current Portfolio - Conventional
Investment (Public/Private) Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm) 31 Dec 2022 31 Mar 2023
Capital ($mm) Capital ($mm) 3 (#_edn3) ($mm) 4 (#_edn4) Gross MOIC(4) Gross MOIC(4)
Permian Resources(6) (Public) 268 268 222 105 327 1.17x 1.22x
Onyx (Private) 66 60 61 118 179 3.00x 3.00x
Hammerhead Energy(6) (Public) 308 296 23 119 142 0.60x 0.48x
Total Current Portfolio - Conventional - Public 5 (#_edn5) (, 6 (#_edn6) ) $575 $563 $245 $225 $470 0.87x 0.83x
Total Current Portfolio - Conventional - Private(5) $66 $60 $61 $118 $179 3.00x 3.00x
Total Current Portfolio - Conventional - Public & Private(5) $641 $623 $306 $343 $649 1.07x 1.04x
Current Portfolio - Decarbonisation
Investment (Public/Private) Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm) 31 Dec 2022 Gross MOIC(4) 31 Mar 2023 Gross MOIC(4)
Capital ($mm) Capital ($mm)(3) ($mm)(4)
GoodLeap (formerly Loanpal) (Private) 25 25 2 43 45 2.20x 1.80x
Infinitum 18 18 - 22 22 1.30x 1.30x
(Private)
Solid Power(6) (Public) 48 48 - 22 22 0.39x 0.46x
Enviva(6) (Public) 25 21 - 22 22 1.93x 1.04x
FreeWire (Private) 10 10 - 20 20 2.00x 2.00x
Tritium(6) 26 26 0 14 14 0.60x 0.57x
(Public)
Anuvia Plant Nutrients 20 20 - 14 14 1.00x 0.70x
(Private)
T-REX Group (Private) 18 18 - 18 18 1.00x 1.00x
Our Next Energy 13 13 - 13 13 1.00x 1.00x
(Private)
Group 14 (Private) 4 4 - 4 4 1.00x 1.00x
Ionic I & II (Samsung Ventures) (Private) 3 3 - 3 3 1.00x 1.00x
Hyzon Motors(6) (Public) 10 10 - 1 1 0.16x 0.08x
Total Current Portfolio - Decarbonisation - Public(5, 6) $105 $105 $0 $59 $59 0.72x 0.57x
Total Current Portfolio - Decarbonisation - Private(5) $109 $109 $2 $137 $139 1.42x 1.27x
Total Current Portfolio - Decarbonisation - Public & Private(5) $214 $214 $2 $196 $198 1.08x 0.92x
Total Current Portfolio - Conventional & Decarbonisation - Public & $856 $837 $308 $539 $847 1.07x 1.01x
Private(5)
Cash and Cash Equivalents $129
Total Liquidity (Cash and Cash Equivalents & Public Portfolio) $412
Total Market Capitalisation $347
Realisations
Investment (Initial Investment Date) Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm) 31 Dec 2022 Gross MOIC(4) 31 Mar 2023
Capital ($mm) Capital ($mm)(3) ($mm)(4) Gross MOIC(4)
Rock Oil 7 (#_edn7) (12 Mar 2014) 114 114 233 3 236 2.07x 2.06x
Three Rivers III (7 Apr 2015) 94 94 204 - 204 2.17x 2.17x
ILX III (8 Oct 2015) 179 179 172 - 172 0.96x 0.96x
Meritage III 8 (#_edn8) (17 Apr 2015) 40 40 87 - 87 2.16x 2.20x
RCO 9 (#_edn9) (2 Feb 2015) 80 80 80 - 80 0.99x 0.99x
Carrier II (22 May 2015) 110 110 66 - 66 0.60x 0.60x
Pipestone Energy (formerly CNOR) (29 Aug 2014) 90 90 58 - 58 0.64x 0.64x
Sierra (24 Sept 2014) 18 18 38 - 38 2.06x 2.06x
Aleph (9 Jul 2019) 23 23 23 - 23 1.00x 1.00x
Ridgebury 18 18 22 - 22 1.22x 1.22x
(19 Feb 2019)
Castex 2014 52 52 14 - 14 0.27x 0.27x
(3 Sep 2014)
Total Realisations(5) $819 $819 $998 $3 $1,001 1.22x 1.22x
Withdrawn Commitments and Impairment 10 (#_edn10) 350 350 9 - 9 0.02x 0.02x
Total Investments(5) $2,024 $2,006 $1,315 $541 $1,857 0.95x 0.93x
Total Investments & Cash and Cash Equivalents(5) $671
Draft Unaudited Net Asset Value 11 (#_edn11) $667
Total Shares Repurchased to-date 35,418,327 at average price per share of £5.04 ($6.48)
Current Shares Outstanding 49,061,737
Public Market Confidence and Financial System Stability
Despite substantial economic uncertainty in the first quarter of 2023,
commodity prices remained relatively stable. While WTI prices closed the
quarter at 1.5 per cent lower than they started the year, prices were 38.8 per
cent lower than their Ukraine conflict high of $123.64/bbl in March 2022.
Brent crude was 2.8 per cent lower than at the beginning of the year, and 37.7
per cent down from March 2022. Henry Hub natural gas prices are down very
substantially or 78.3 per cent from their high in June 2022, and down 42.3 per
cent since the beginning of the year-a 30-month low-due to lower demand and
normalized inventory levels. A mild winter both in Europe and in the US has
impacted demand and time has allowed for alternative supplies to Russian gas
to reach mainland Europe.
A dampening of volatility driven by successful efforts to balance energy
supply dynamics in the EU and lower demand from a milder-than-expected winter
gave way to new macroeconomic concerns driven by relentless interest rate
hikes over the past year. In the first quarter of 2023, rising rates led to
several bank runs, the largest bank failures since the 2007-2008 financial
crisis. The runs on Silicon Valley Bank, Signature Bank and Silvergate Bank in
the US, and subsequent financial insecurity sent shock waves through the
venture and growth equity investing community, as portfolio companies and
private equity firms scrambled to assess their exposure to these banks as well
as the safety of their deposits. Swift action from the US Treasury and
Federal Reserve Board in the US averted worst case scenarios, while the Swiss
government took aggressive and decisive action by folding Credit Suisse into
UBS. Having spent a tough week in constant contact with our portfolio
companies, we are glad to report that none of REL's portfolio companies
suffered from the collapse of either of these banks. Deposits have since
been moved to larger, money-center banks such as JPMorgan Chase, Citibank and
Bank of America among others.
Despite incremental uncertainty, the secular trends underpinning the energy
transition and REL's modified investment programme remain supportive. Analysts
expect 49.7 GW of new clean energy to come online in the US in 2023, and a
total of 600GW by 2030. a (#_ftn1) Global investment in the energy transition
totaled $1.11 trillion in 2022, a 31 per cent. increase in transition
investment over 2021, with most investment going to electrification of
transport and renewable energy.
REL's conventional portfolio comprised 63.4 per cent of total portfolio value
as of 31 March 2023. Despite a considerable reduction in anticipated
weather-related natural gas demand, Permian Resources saw its stock price rise
by 11.7 per cent over the same period. Onyx, the second-largest investment in
REL's portfolio held its value and stayed flat quarter over quarter.
Hammerhead Energy is down 20 per cent. post-IPO, despite comparable privately
held conventional companies maintaining or increasing in value.
REL's publicly listed decarbonisation investments were marked down during the
quarter by 21.7 per cent., which the Investment Manager believes is reflective
of general market uncertainty. REL's privately held decarbonisation companies
were down just 10.6 per cent, attributable primarily to mark downs at GoodLeap
and Anuvia.
Further information on REL's five largest positions, which account for ~76 per
cent. of the portfolio's gross unrealised value is set forth below:
Permian Resources
The valuation for Permian Resources (NYSE: PR) increased from 1.17x to 1.22x
Gross MOIC in the first quarter of 2023. In Q1 2023, REL sold ~2.5 million
shares at an average price of $10.70/share. Total distributions from the
transaction were $26.4 million. The company is currently operating seven rigs,
with plans to reduce to six rigs during Q2 2023 as a result of operational
synergies. Based on recent operational results, Permian Resources increased
its 2023 oil production target by 4 per cent. to approximately 85 MBbls/d and
raised its total production target by 3 per cent. to approximately 162 MBoe/d.
The company has hedged approximately 29 per cent. of forecasted 2023 crude oil
production at a weighted average price of $86.16 per barrel and 32 per cent.
of forecasted 2023 natural gas production at a weighted average price of $6.07
per mcf.
Onyx
The valuation multiple for Onyx remained flat in the first quarter at 3.00x
Gross MOIC. Power prices in Europe have softened since the fourth quarter.
However, the prospect of ongoing volatility remains due to gas demand
recovery, global LNG pricing, nuclear availability and hydro levels. During
the quarter Onyx recruited a new COO (following predecessor retirement), whose
focus will be on ensuring safe and reliable operations. In addition to
prioritising plant availability, the management team continues to work on
several organic growth initiatives, including the implementation of
operational performance improvements and the development of potential capital
projects related to the energy transition.
Hammerhead
Hammerhead's valuation decreased from 0.60x to 0.48x Gross MOIC during the
first quarter of 2023. This decrease in value reflects the performance of
its publicly-traded stock and is not reflective of underlying operating
performance which remains strong and on plan. Given the supportive macro
environment, Hammerhead plans to continue ramping development in 2023.
Hammerhead has hedged approximately 39 per cent. of forecasted 2023 crude oil
production at a weighted average price of $74.31 per barrel and 44 per cent.
of forecasted 2023 natural gas production at a weighted average price of $3.34
per MMBtu. In the month of January 2023, the Company reported a realized
record peak production rate of over 41,000 boe/d (49 per cent. liquids) and
average production for the first 10 days of January of 39,050 boe/d (50 per
cent. liquids), following the recent start-up of a 9-well pad at North Karr.
Average production rates for the 9-well pad for the first 10 days of January
are in excess of 13,100 boe/d (68 per cent. liquids) flowing through the
recently expanded infrastructure completed in Q4 2022.
On 23 February 2023, Hammerhead Resources Inc. announced the completion of its
previously announced business combination with Decarbonization Plus
Acquisition Corporation IV (Nasdaq: DCRD). The combined company is named
Hammerhead Energy, Inc. On 27 February 2023, the combined company's Class A
common shares began trading on the Nasdaq Capital Market ("Nasdaq") under the
ticker symbols "HHRS" and "HHRSW," respectively, and on the TSX under the
ticker symbols "HHRS" and "HHRS.WT."
GoodLeap (formerly Loanpal)
The valuation multiple for GoodLeap decreased from 2.20x to 1.80x Gross MOIC
during the first quarter of 2023, which is largely driven by the impact of
rising rates and financing market volatility to the downside of the business.
Infinitum
The valuation multiple for Infinitum remained flat at 1.30x Gross MOIC during
the first quarter of 2023. The Company has made substantial progress in
increasing manufacturing capacity, producing more motors in 1Q23 than in all
of 2022. Additionally, the Company acquired Circuit Connect, a printed circuit
board (PCB) fabricator based in New Hampshire. The acquisition supports
Infinitum's strategy to become vertically integrated and increase the
production capacity of PCB stators.
Other Investments
Enviva
REL funded the remaining commitment to Enviva on 15 March 2023 in connection
with the closing of a private placement transaction, rounding out the total
investment to $21.5 million. Subsequent to the close of the first quarter,
on May 3(rd), Enviva's management released its first quarter 2023 earnings
results, which reflected a substantial shortfall in their operating
performance due to higher than expected costs and lower than expected
production. Simultaneously, management announced the elimination of the
company's dividend and a revision to 2023 guidance. The publication of the
earnings release resulted in a severe decline in the stock price. While we
are concerned with the near-term impact of these announcements, we believe
that longer term, the retention of capital that would otherwise be paid in
dividends will benefit both current operations and planned growth ramp-up.
We continue to follow the events closely and are actively engaged with
Enviva's management team.
Carrier II
Carrier II distributed its final sale proceeds to REL on 27 February 2023.
Carrier II was created to invest in non-operating working interests in North
American oil and gas properties. Riverstone and Carrier II Management
previously formed Carrier Energy Partners, LLC ("Carrier") in August 2013 to
pursue the same strategy of assembling, through acquisition and development,
an oil and liquids-rich portfolio positioned for production and reserve growth
and asset value accretion.
On 27 December 2022, Carrier II was sold to the operator of its wells,
Marathon Oil Corporation. REL received proceeds of approximately $34 million.
REL received approximately $3 million of residual proceeds from escrow in Q1
2023. In total, REL has received cumulative proceeds of approximately $66
million, representing a 0.6x Gross MOIC on $110 million of invested capital.
Tritium DCFC
In February 2023, Tritium announced it will add 250+ jobs to its TN factory
workforce. On 17 January 2023, Tritium announced its largest single customer
order from bp plc (NYSE: BP) for deployment across the U.S., UK, Europe, and
Australia. bp will install the chargers for fleets and the general public
across three continents as part of a multi-year contract with Tritium to
expand its EV charging business, bp pulse.
The company is projecting 2023 revenue in excess of $200 million,
corresponding to a 100+ per cent. YoY increase with expected gross margins of
10 per cent. to 12 per cent. as the company benefits from manufacturing scale
up, improved product pricing, and planned produce suite streamlining. The
company expects to become EBITDA positive during the first half of the 2024
calendar year.
LEI: 213800HAZOW1AWRSZR47
About Riverstone Energy Limited:
REL is a closed-ended investment company which invests in the energy industry
that has since 2020 been exclusively focussed on pursuing and has
committed $193 million to a global strategy across decarbonisation sectors
presented by Riverstone's investment platform. REL's ordinary shares are
listed on the London Stock Exchange, trading under the symbol RSE. REL has
16 active investments spanning decarbonisation, oil and gas, renewable energy
and power in the Continental U.S., Western Canada, Europe and Australia.
For further details, see www.RiverstoneREL.com (http://www.RiverstoneREL.com)
Neither the contents of Riverstone Energy Limited's website nor the contents
of any website accessible from hyperlinks on the websites (or any other
website) is incorporated into, or forms part of, this announcement.
Media Contacts
For Riverstone Energy Limited:
Josh Prentice
+44 20 3206 6300
Note:
The Investment Manager is charged with proposing the valuation of the assets
held by REL through the Partnership. The Partnership has directed that
securities and instruments be valued at their fair value. REL's valuation
policy follows IFRS and IPEV Valuation Guidelines. The Investment Manager
values each underlying investment in accordance with the Riverstone valuation
policy, the IFRS accounting standards and IPEV Valuation Guidelines. The
Investment Manager has applied Riverstone's valuation policy consistently
quarter to quarter since inception. The value of REL's portion of that
investment is derived by multiplying its ownership percentage by the value of
the underlying investment. If there is any divergence between the Riverstone
valuation policy and REL's valuation policy, the Partnership's proportion of
the total holding will follow REL's valuation policy. There were no valuation
adjustments recorded by REL as a result of differences in IFRS and U.S.
Generally Accepted Accounting Policies for the period ended 31 March 2023 or
in any period to date. Valuations of REL's investments through the Partnership
are determined by the Investment Manager and disclosed quarterly to investors,
subject to Board approval.
Riverstone values its investments using common industry valuation techniques,
including comparable public market valuation, comparable merger and
acquisition transaction valuation, and discounted cash flow valuation.
For development-type investments, Riverstone also considers the recognition of
appreciation or depreciation of subsequent financing rounds, if any. For those
early stage privately held companies where there are other indicators of a
decline in the value of the investment, Riverstone will value the investment
accordingly even in the absence of a subsequent financing round.
Riverstone reviews the valuations on a quarterly basis with the assistance of
the Riverstone Performance Review Team ("PRT") as part of the valuation
process. The PRT was formed to serve as a single structure overseeing the
existing Riverstone portfolio with the goal of improving operational and
financial performance.
The Board reviews and considers the valuations of the Company's investments
held through the Partnership.
a (#_ftnref1) 1H 2023 US Clean Energy Market Outlook | BloombergNEF
(bnef.com) (https://www.bnef.com/insights/31265)
1 (#_ednref1) GBP:USD FX rate of 1.2405 as of 31 March 2023
2 (#_ednref2) Excludes the remaining unfunded commitments for Hammerhead of
$12 million, which is not expected to be funded. The expected funding of the
remaining unfunded commitments at 31 March 2023 are $nil in 2023 and 2024. The
residual amounts are to be funded as needed in 2025 and later years.
3 (#_ednref3) Gross realised capital is total gross proceeds realised on
invested capital. Of the $1,315 million of capital realised to date, $1,013
million is the return of the cost basis, and the remainder is profit.
4 (#_ednref4) Gross Unrealised Value and Gross MOIC (Gross Multiple of
Invested Capital) are before transaction costs, taxes (approximately 21 to
27.5 per cent. of U.S. sourced taxable income) and 20 per cent. carried
interest on applicable gross profits in accordance with the revised terms
announced on 3 January 2020, but effective 30 June 2019. Since there was no
netting of losses against gains before the aforementioned revised terms, the
effective carried interest rate on the portfolio as a whole will be greater
than 20 per cent. No further carried interest will be payable until the $149
million of realised and unrealised losses to date at 31 March 2023 are made
whole with future gains, so the earned carried interest of $0.8 million at 31
March 2023 has been deferred and will expire in October 2023 if the
aforementioned losses are not made whole. Since REL has not yet met the
appropriate Cost Benchmark at 31 March 2023, $32.2 million in Performance
Allocation fees that would have been due under the prior agreement were not
accrued. In addition, there is a management fee of 1.5 per cent. of net assets
(including cash) per annum and other expenses. Given these costs, fees and
expenses are in aggregate expected to be considerable, Total Net Value and Net
MOIC will be materially less than Gross Unrealised Value and Gross MOIC. Local
taxes, primarily on U.S. assets, may apply at the jurisdictional level on
profits arising in operating entity investments. Further withholding taxes may
apply on distributions from such operating entity investments. In the normal
course of business, REL may form wholly-owned subsidiaries, to be treated as C
Corporations for US tax purposes. The C Corporations serve to protect REL's
public investors from incurring U.S. effectively connected income. The C
Corporations file U.S. corporate tax returns with the U.S. Internal Revenue
Service and pay U.S. corporate taxes on its taxable income.
5 (#_ednref5) Amounts may vary due to rounding.
6 (#_ednref6) Represents closing price per share in USD for publicly traded
shares Permian Resources Corporation (formerly Centennial Resource
Development, Inc.) (NASDAQ:PR - 31-03-2023: $10.50 per share / 31-12-2022:
$9.40 per share); Enviva, Inc. (NYSE:EVA - 31-03-2023: $28.88 per share /
31-12-2022: $52.97 per share); Solid Power, Inc. (NASDAQ:SLDP - 31-03-2023:
$3.01 per share / 31-12-2022: $2.54 per share); Hyzon Motors, Inc.
(NASDAQ:HYZN - 31-03-2023: $0.82 per share / 31-12-2022: $1.55 per share);
Tritium DCFC Limited (NASDAQ:DCFC - 31-03-2023: $1.28 per share / 31-12-2022:
$1.68 per share); and Hammerhead (NASDAQ: HHRS - 31-03-2023: $7.75 per share /
31-12-2022: N/A)
7 (#_ednref7) The unrealized value of Rock Oil Investment consists of rights
to mineral acres.
8 (#_ednref8) Midstream investment
9 (#_ednref9) Credit Investment
10 (#_ednref10) Withdrawn commitments consist of Origo ($9 million) and
CanEra III ($1 million), and impairments consist of Liberty II ($142 million),
Fieldwood ($80 million) Eagle II ($62 million) and Castex 2005 ($48 million)
11 (#_ednref11) Since REL has not yet met the appropriate Cost Benchmark at
31 March 2023, $32.2 million in Performance Allocation fees that would have
been due under the prior agreement were not accrued and thereby would have
reduced the NAV on a pro forma basis to $635 million or $12.95 per share
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