Metrics Master Income Trust Posts $193.9m Profit, $202m Revenue in FY2026

Preliminary Results Show Solid Growth Amid Pending Audit

Metrics Master Income Trust (ASX:MXT) has revealed preliminary financial results for the year ending 30 June 2026, reporting a 14.34% increase in profit to $193.9 million and a 14.39% rise in revenue to $202 million compared to the previous year. While these figures suggest steady growth, the Fund’s audit by KPMG remains incomplete as of 31 August 2026, with the final audited statements expected by September. This leaves room for potential material adjustments before the results are finalised.

Distributions Hold Steady Despite Slight Yield Compression

Distributions for the year totalled $191.9 million, translating to 15.69 cents per unit, marginally down from 15.77 cents per unit in FY2025. The Fund continues to pay monthly distributions, with recent declarations of 1.44 and 1.46 cents per unit paid in August and payable in September respectively. The distribution reinvestment plan remains in place, allowing investors to compound their holdings at net asset value per unit.

Net Tangible Assets and Unit Count Remain Stable

The Fund’s net tangible assets stood at $2.45 billion as of 30 June 2026, virtually unchanged from $2.44 billion a year earlier. Units on issue increased slightly to 1.23 billion from 1.22 billion, reflecting ongoing reinvestment of distributions rather than fresh capital raises; the Fund did not conduct any capital raising in FY2026 after a $315 million placement in FY2025 that boosted its asset base significantly. Net tangible assets per unit remained steady at $2.00.

Investment Strategy and Performance Metrics

Managed by Metrics Credit Partners, the Fund invests primarily in a diversified portfolio of direct private loans to Australian and New Zealand companies through three underlying wholesale funds. These include a diversified Australian senior loan fund, a secured private debt fund, and a real estate debt fund. The portfolio grew modestly to 354 investments, with a weighted average credit duration of 1.6 years.

The Fund delivered an annual net return of 8.21%, outperforming its target benchmark return of the RBA Cash Rate plus 3.25% by nearly a full percentage point. Since its inception in 2017, the Fund has generated an excess spread of 4.39% over the RBA Cash Rate, underscoring its consistent income generation and risk management approach.

Audit Status and Forward-Looking Considerations

KPMG’s audit remains ongoing, with the Responsible Entity cautioning that the preliminary results are unaudited and subject to change. The statutory deadline for finalising the audit is 30 September 2026. Investors should be mindful that the final audited figures may differ materially from these preliminary disclosures.

As a closed-end listed vehicle, MXT offers liquidity through the ASX but no redemption rights, meaning investors rely on secondary market trading to exit positions. The Fund’s stable net asset base, consistent distributions, and solid returns position it as a steady income option within the private credit segment, though the pending audit adds an element of uncertainty in the short term.