MA Credit Income Trust · ASX:MA1
MA Credit Income Trust — Q1 2026 Earnings Presentation
40 slides from MA Credit Income Trust's earnings presentation, April 2026
Slide 1: Quarterly investor update March Quarter 2026
MA1 | MA2HA MA1 | MA2HA Quarterly investor update March Quarter 2026
Slide 2: Important information
Important information Equity Trustees Limited (ABN 46 004 031 298) (AFSL 240975) (Equity Trustees) is the responsible entity achieved. Investment in the Fund and Notes is subject to risk including possible delays in payment of loss for the MA Credit Income Trust ARSN 681 002 531 (MA1). Equity Truste
Slide 3: Private Credit at MA Financial
Private Credit at MA Financial MA Financial is an established private credit asset manager based in Australia and the United States Institutional Platform True Alignment ASX-listed asset manager >30% MAF staff ownership4 ~$1.5 billion market cap.1 ~$240 million firm/staff co-investment4 Scale Advant
Slide 4: Portfolio Update and Perspectives
Part 1 Part 2 Portfolio Update Perspectives Portfolio dynamics and Thematic observations on the credit performance for our private credit market MA1 and MA2HA from the GCS Quarterly listed strategies Investor Letter 4
Slide 5: Portfolio Update
Portfolio Update Portfolio dynamics and credit performance for our MA1 and MA2HA listed strategies
Slide 6: Overview of MA1 and MA2HA
Overview of MA1 and MA2HA MA Credit Income Trust (MA1) and MA Credit Portfolio Notes (MA2HA) each provide differentiated access to diversified private credit MA Credit Income Trust (ASX:MA1) MA Credit Portfolio Notes (ASX:MA2HA) Key terms Structure Listed investment trust ASX-listed, senior secured,
Slide 7: MA Credit Portfolio Notes – Income and capital priority
MA Credit Portfolio Notes – Income and capital priority The structure of the notes has been designed to prioritise income to Noteholders and capital preservation Investor Income and Capital Priority Capital Buffer3 Loan portfolio Modest costs of the Noteholders receive Capital Buffer Top-Up Residual
Slide 8: Investment snapshot
Investment snapshot MA Credit Income Trust (MA1) provides diversified exposure across MA’s full private credit platform MA Credit Portfolio Notes (MA2HA) offer income-prioritised, capital-buffered exposure to direct asset backed and direct corporate lending strategies Mkt cap. / note Underlying Fund
Slide 9: Portfolio snapshot
Portfolio snapshot Diversification across a large number of positions and channel partners supports portfolio resilience Number of Number of channel Average | median . Principal Capital Loss Portfolio credit duration3 8 positions1,2 partners / sponsors1,2 position size1 8 since inception4 0.4% | 0.2
Slide 10: MA Credit Income Trust | Trading performance since listing
MA Credit Income Trust | Trading performance since listing Last traded price vs NAV Price / NAV Price / NAV1 Price / NAV2 (31 Mar) (17 Apr) (average since listing) 98.8% 97.4% 99.6% 2.100 3.00 2.050 2.50 2.000 1.950 2.00 1.900 Price ($/unit) Volume trade (Units 'm) 1.850 1.50 1.800 1.00 1.750 1.700
Slide 11: MA Credit Portfolio Notes | Trading performance since listing
MA Credit Portfolio Notes | Trading performance since listing Last traded price Price1 Yield to call1 Current Yield3 s(31 Mar) s(17 Apr) (17 Apr) 98.48 8.2% 7.6% 102 25,000 101 100 99 98 20,000 97 96 95 94 93 15,000 92 91 90 89 10,000 88 87 86 85 84 5,000 83 82 81 80 - Volume Closing Price 1. Closin
Slide 12: Return summary – 31 March 2026
Return summary – 31 March 2026 Performance to date across both products has been in line with the objective of delivering consistent monthly income Performance for period ended 31 March 20261 Period return Period margin Target margin Since Since (annualised) 1 month 3 months 1 year 1 month 3 months
Slide 13: Portfolio diversification
Portfolio diversification High level of granularity in underlying portfolios with low average position sizes as a percentage of total portfolio asset exposure MA1 MA2HA Key diversification statistics1,2 Key diversification statistics1,2 No. positions 246 No. positions 137 Average position size 0.7%
Slide 14: Portfolio composition – Credit segments
Portfolio composition – Credit segments Underlying portfolios provide access to diversified private credit assets across multiple credit segments MA1 MA2HA - 14% 14% 20% 86% 66% Direct Asset Lending Asset Backed Lending Direct Corporate Lending Direct Asset Lending Asset Backed Lending Direct Corpor
Slide 15: Key metrics | Asset Backed Lending
Key metrics | Asset Backed Lending Real world loans with robust collateral, structural protections and embedded granularity PORTFOLIO STATS KEY -- MA1 statistics Asset Backed Lending Key statistics1 -- MA2HA statistics Financing diversified portfolios of real world Overview economy loans, receivable
Slide 16: Key metrics | Direct Corporate Lending
Key metrics | Direct Corporate Lending Senior loans secured provided to established businesses with resilient characteristics PORTFOLIO STATS KEY -- MA1 statistics Direct Corporate Lending Key statistics1 -- MA2HA statistics Direct lending to established Overview businesses (sponsor and non-sponsor)
Slide 17: Key metrics | Direct Asset Lending
Key metrics | Direct Asset Lending Lending secured against real assets with enduring value PORTFOLIO STATS KEY -- MA1 statistics Direct Asset Lending Key statistics1 -- MA2HA statistics Lending secured by real assets Overview (such as Australian residential and commercial real estate) Typical Struct
Slide 18: Portfolio composition – Credit sub-segments
Portfolio composition – Credit sub-segments Diversified across credit sub-segments where underlying exposures span a wide range of asset types and end markets MA11,2 MA2HA1,2 RMBS (Private) RMBS (Private) 3% Auto 8% 1% Auto 14% Real Estate - Investment 2% 21% Specialty Finance 20% 2% Specialty Finan
Slide 19: Portfolio composition – Security and ranking
Portfolio composition – Security and ranking Portfolios are defensive in nature with a strong focus on secured loan positions MA1 MA2HA 3% 2% 32% 46% 51% 66% Senior Secured Structured Secured Subordinated Senior Secured Structured Secured Subordinated 1. Based on Underlying Credit Investments, which
Slide 20: Portfolio composition – Geographical and development exposure
Portfolio composition – Geographical and development exposure Portfolios are predominantly invested in Australian credit with selective exposure to MA Financial’s global credit strategies MA11,2 MA2HA1,2 0.2% 0.2% 7% 17% 93% 100% 92% 83% 7% - Australia USA NZ Development Rest of Portfolio Australia
Slide 21: Credit performance
Credit performance The underlying portfolio exposures continue to demonstrate strong credit performance Performance indicator (% by asset value)1 Performance indicator descriptions2 MA1 MA2HA Performing – Neutral Risks Position is performing as expected with risk factors 100% 1.8% 100% 0.03% 0.16% 2
Slide 22: Credit performance (continued)
Credit performance (continued) The underlying portfolio exposures continue to demonstrate strong credit performance Loan payment statistics (% by asset value) • Other than for direct asset lending, Underlying Credit Investments are typically structured as requiring cash interest payments • Direct as
Slide 23: Credit ratings
Credit ratings While MA Financial does not invest on the basis of credit ratings (rather its own proprietary credit risk grading analytics using quantitative and qualitative metrics), we apply a credit rating methodology and show the indicative credit rating composition 2 below Credit Rating1,2 MA1
Slide 24: War Games portfolio stress testing exercise
War Games portfolio stress testing exercise War Games is a unique and critical component of MA’s credit management process. Undertaken quarterly, we assess the risks to our loans across three stressed economic scenarios and discrete risk events War Games stress testing exercise Why do War Games? • G
Slide 25: War Games | Illustrative stress testing outcomes (Q1 2026)
War Games | Illustrative stress testing outcomes (Q1 2026) Stress testing updated for latest macro context and investment structures indicates downside risk of 1.4% to 4.0% (in severe to crisis scenarios) for MA1, while the capital buffer in MA2HA is estimated to provide sufficient coverage to princ
Slide 26: Investment case studies
Investment case studies Examples of existing positions Mortgage Warehouse Fleet Finance Facility Diagnostic Imaging Provider Investment Strategy Asset Backed Lending – Real Estate Asset Backed Lending – Commercial Corporate Lending Sub-Sector RMBS Fleet Healthcare Ranking Structured Secured Structur
Slide 27: Investment activity in quarter
Investment activity in quarter ~$580 million of loans were funded across the three credit segments in the quarter to 31 March 2026 Credit segment Commentary • ~$420 million asset backed positions funded, largely in private funding warehouses Asset Backed Lending • Funded a diverse range of asset seg
Slide 28: Perspectives
Perspectives Thematic observations on the private credit market from the GCS Quarterly Investor Letter
Slide 29: What do you mean private credit?
What do you mean private credit?1 “Show me the incentives, I’ll show you the outcome”2 “If you are a monoline manager doing only sponsor-backed direct lending, what happens when the risk adjusted returns in that sector deteriorate due to natural market cycles? There is not much incentive for a fund
Slide 30: Private credit is much more than sponsor-backed lending
Private credit is much more than sponsor-backed lending Broad based strategies where managers can adjust allocation to different sectors depending on risk adjusted return dynamics is critical to delivering consistent income with capital preservation through the cycle Private sector debt composition1
Slide 31: Investable universe matters
Investable universe matters Having a diverse opportunity set is important to deliver resilient income, capital preservation and consistent returns from credit Growing AUM1… … narrow sector focus2… … trade-offs happen! Forecast $5.0 Pricing trillion $3.0 Other private trillion debt, 85% Terms 85% Cov
Slide 32: Case in point: Software and Technology borrower exposure
Case in point: Software and Technology borrower exposure Software and Technology exposure by asset class (% of index or portfolio) 1 Global Credit Indices Equity Indices MA Credit Portfolios2 21.6% • 2.2% in structured credit 12.6% format with ~25% hard credit enhancement in addition to 60% equity s
Slide 33: Three layers of transparency
Three layers of transparency Understanding “what’s under the hood” matters in making a private markets allocation Latest monthly and quarterly (detailed) fund reports available at mafinancial.com (Layer 1) Portfolio composition • Diversification and concentration • Lending type and sector exposures
Slide 34: Three simple questions
Three simple questions For allocators into private market alternatives (Question 1) Do I have sufficient visibility into the portfolio to make an Portfolio composition independent assessment of my exposure? (Question 2) Risk adjusted return Am I earning a genuine private markets premium, sufficientl
Slide 35: Governance, transparency & risk management
Governance, transparency & risk management MA is committed to transparent, informative disclosure. We also seek opportunities to enhance our established processes to ensure investments are fairly valued, with rigorous oversight so risks are captured, documented and proactively managed Governance Val
Slide 36: Differentiated and proven investment process
Differentiated and proven investment process We have designed and refined a distinctive investment process to deliver for our investors Investors, not Traders Carefully Designed Team Structure Red Team • Fundamentally oriented credit investors • Distinct Investment and Portfolio Management teams • C
Slide 37: Recent MA investor media and events
Recent MA investor media and events Events hosted by MA Financial in the past quarter MA Alternatives Summit Private Credit Webinar 37
Slide 38: Investor engagement
Investor engagement MA Financial is committed to active investor engagement Monthly Reporting Publications Webinars and Events Quarterly Webinars with Q&A Quarterly letter from the Manager Thematic Events & Presentations Investment Insights MA Alternatives Summit What Matters Podcast 38
Slide 39: Q&A – What's on your mind?
Q&A — What’s on your mind? MA
Slide 40: MA Financial Group
Financial Group , : We invest. We lend. We advise.
MA Credit Income Trust — Q1 2026 Earnings Presentation on 6ix