The SNOWBALL currently has cash of £1,138 and at the end of next week, cash for re-investment will be 2k.

The SNOWBALL is most probably going to build a position in the previous holding of RECI.

Dividends whilst fairly secure are flat.

MONTHLY UPDATE

As at 30 April 2026, the Company was invested in a diversified portfolio of 26 investments with a valuation of £282.1m.

The Company’s available cash was £13.6m, net effective leverage was 31.5% and it has £8.1m invested in Cash Equivalents (MMF).

Current yield 10% and trades discount to NAV of 16%, which is likely to grow wider, so a trade only for the dividend.