Metrics Master Income Trust (MXT) H2 2025 earnings summary

Executive summary

• Assets under management grew to $2.44 billion as of 30 June 2025, up from $2.12 billion the previous year, driven by a $315 million wholesale placement in May 2025.

• The fund delivered an annual net return of 8.17% and a 1-year net spread over the RBA Cash Rate of 3.86%, exceeding its target return (RBA Cash Rate + 3.25% p.a.).

• Portfolio diversification increased, with exposure to 348 individual assets and 119 new investments entered during the year.

• Over 98% of assets are senior ranking loans, with a weighted average credit rating of BBB-.

Financial highlights

• Revenue from ordinary activities was $176.6 million, down 2.5% year-over-year.

• Net profit for the year was $169.6 million, a 2.6% decrease compared to the prior year.

• Distributions paid or payable totaled $169.6 million (15.77 cents per unit), down from $174.2 million (18.02 cents per unit) in the previous year.

• Net tangible assets attributable to unitholders rose to $2.44 billion from $2.12 billion.

• Net tangible assets per unit remained stable at $2.00.

Outlook and guidance

• The fund will continue to be managed in line with its investment objectives and guidelines, with future results influenced by investment market performance.

• Investment performance is not guaranteed, and future returns may differ from past returns.