Metrics Master Income Trust has reported a 12% increase in both revenue and profit for the half-year ended December 2025, alongside a modest rise in distributions per unit.
- 12% growth in revenue and profit for H1 2025
- Distributions increased to 7.88 cents per unit
- Net tangible assets rose to $2.45 billion
- Units on issue grew to 1.224 billion
- Director changes in November 2025
Strong Financial Performance
Metrics Master Income Trust (ASX: MXT) has delivered a solid financial performance for the half-year ended 31 December 2025, reporting a 12% increase in revenue to $98.8 million and a corresponding 12% rise in profit to $94.6 million compared to the prior corresponding period. This growth underscores the Fund’s ability to generate consistent returns through its diversified corporate loan portfolio strategy.
Distributions and Unit Growth
The Fund declared distributions of 7.88 cents per unit for the half-year, slightly up from 7.69 cents per unit in the previous year. This distribution was supported by a rise in net tangible assets (NTA) to approximately $2.45 billion, up from $2.13 billion a year earlier. Units on issue increased to 1.224 billion, reflecting ongoing investor confidence and reinvestment through the Distribution Reinvestment Plan (DRP).
Investment Strategy and Portfolio Composition
Metrics Master Income Trust continues to invest primarily in Australian corporate loans via its underlying wholesale funds, including the Metrics Real Estate Debt Fund, Metrics Secured Private Debt Fund II, and the Metrics Credit Partners Diversified Australian Senior Loan Fund. The Fund’s strategy targets returns exceeding the Reserve Bank of Australia’s cash rate by 3.25% per annum, net of fees, while maintaining a diversified exposure across borrowers, industries, and credit qualities.
Governance and Operational Updates
During the half-year, there was a change in the Fund’s board composition with the resignation of Director Vicki Riggio in November 2025 and the appointment of David Manoukian shortly thereafter. The Responsible Entity, The Trust Company (RE Services) Limited, continues to oversee the Fund’s operations with no significant changes to its activities or risk profile. The Fund’s financial statements were independently reviewed by KPMG, who reported no issues or breaches of auditor independence.
Outlook and Market Context
While the Fund’s performance remains robust, the Directors caution that future returns are subject to market conditions and investment risks inherent in corporate lending. The Fund’s commitment to active portfolio risk management aims to balance capital preservation with income generation. Investors can expect monthly distributions, with the latest declared distribution paid in early February 2026.
Bottom Line?
Metrics Master Income Trust’s steady growth and disciplined strategy position it well, but investors should watch for market shifts impacting future returns.
Questions in the middle?
- How will rising interest rates affect the Fund’s loan portfolio performance?
- What impact will the recent director changes have on strategic direction?
- How might the Distribution Reinvestment Plan influence future unit dilution and NAV per unit?