Ma Credit Income Trust · ASX:MA1
Ma Credit Income Trust — Investor Presentation (August 2025)
31 slides from Ma Credit Income Trust's investor presentation, Aug 27, 2025
Slide 1: Entitlement & Shortfall Offer
MA Credit Income Trust Entitlement & Shortfall Offer For personal use only August 2025
Slide 2: Important information and disclaimer
Important information and disclaimer Purpose of presentation Neither Equity Trustees, MA nor any of their related parties, their employees, directors or advisers guarantee repayment of capital or any particular rate of return from the Fund. All opinions and estimates included in this document consti
Slide 3: Important information and disclaimer (continued)
Important information and disclaimer (continued) Past performance misstatement) for any direct, indirect, consequential or contingent loss or damage arising from this Presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this Presentation; (ii)
Slide 4: Key offer details
MA Credit Income Trust | Equity Raise Key offer details Trust • MA Credit Income Trust (ASX: MA1) (ARSN 681 002 531) Investment • MA Investment Management Pty Ltd (ACN 621 552 896; AFS representative number 001258449) For personal use only Manager Responsible Entity • Equity Trustees Limited (ACN 00
Slide 5: Equity Raise Timetable
Equity Raise Timetable Key offer dates Event Date For personal use only Entitlement Offer & Shortfall Offer Announcement Wednesday, 27 August 2025 Shortfall Offer Opening Date (9:00am AEST) Wednesday, 27 August 2025 Units trade on an ex-entitlement basis Monday, 1 September 2025 Record Date for Enti
Slide 6: Manager Profile
Manager Profile MA1’s Manager, MA Financial, is a leading private credit asset manager based in Australia and the United States Leading Private Credit Asset Manager with a proven track record Platform advantages For personal use only ASX-listed asset manager ~$1.7b3 market cap. with $12.7b AUM1 Staf
Slide 7: Key highlights
MA Credit Income Trust | Key highlights Consistent monthly • Seeks to provide consistent monthly distributions targeting RBA Cash Rate + 4.25% per annum over a rolling 12-month period (pre-tax, net For personal use only income objective of Management Fees and costs)1 • The Fund is managed by a subsi
Slide 8: Snapshot
MA Credit Income Trust | Snapshot MA Credit Income Trust (MA1 or the Fund) provides exposure to a $5.1 billion diversified portfolio of MA Financial’s flagship private credit strategies For personal use only Price / NAV (per unit) 1 Market cap. / NAV1 Distribution yield2 Target return Manager alignm
Slide 9: Update since IPO
MA Credit Income Trust | Update since IPO MA1 has delivered on all key objectives since listing For personal use only Objective Outcome • Annualised distribution yield of 8.60% p.a. since IPO in March 20251, implying 4.62% Target Return margin above average RBA Cash Rate2 (vs. Target Return of RBA C
Slide 10: Liquidity of ASX Listed Investment Trusts
Liquidity of ASX Listed Investment Trusts Median daily trading volumes as a % of units on issue since MA1 IPO in March 20251 For personal use only 0.35% 2,500 2,304 0.30% 2,000 2 0.24% 0.25% Market cap ($m) Daily liquidity (%) 0.20% 0.20% 1,500 0.20% 0.18% 0.17% 0.16% 0.16% 1,068 0.15% 0.15% 980 0.1
Slide 11: Trading performance since listing
MA Credit Income Trust | Trading performance since listing Last traded price vs NAV Price / NAV1 Price / NAV Price / NAV Price / NAV (average since For personal use only (May) (June) (July) listing) 100.0%2 100.6%2 100.9%2 100.4%2 2.100 3.00 2.50 2.050 2.00 Price ($/unit) Volume trade (Units 'm) 2.0
Slide 12: Financial results – July 2025
MA Credit Income Trust | Financial results – 31 July 2025 MA1 delivered a net return of 8.57% annualised for the 3 months to July 2025 Performance for period ended 31 July 20251,2 Trailing net return (annualised)1 For personal use only Fund performance 1 month 3 months Since Inception 10% 8.88% 8.68
Slide 13: Portfolio composition
MA Credit Income Trust | Portfolio composition MA1 provides access to a portfolio of private credit assets allocated across three core lending segments Investment strategy1 Debt ranking1,2 For personal use only 2% 13% 28% 47% 52% 58% Direct asset lending Asset backed lending Direct corporate lending
Slide 14: Portfolio composition (continued)
MA Credit Income Trust | Portfolio composition (continued) Diversified across credit sub-segments where underlying exposures span a wide range of asset types and end markets Credit sub-segments1,2 For personal use only RMBS Real Estate - Development 12% 13% Real Estate - Investment Auto 3% 3% Real E
Slide 15: Portfolio diversification
MA Credit Income Trust | Portfolio diversification High level of granularity with a median position size comprising ~0.3% of total portfolio asset exposure For personal use only Underlying portfolio diversification 3.50% 3.00% Key diversification statistics1,2 182 2.50% No. positions 182 Underlying
Slide 16: Portfolio quality
MA Credit Income Trust | Portfolio quality The Underlying Fund exposures continue to demonstrate strong credit performance Credit Rating1,2 Performance indicator (% by asset value)1,3 Performance indicator descriptions3 For personal use only 1.9% Performing – Neutral Risks 100% 0.1% 5.7% Position is
Slide 17: Portfolio metrics by investment strategy
Portfolio metrics by investment strategy1 For personal use only Asset Backed Lending Direct Asset Lending Direct Corporate Lending Underlying investments (#) 79 Underlying investments (#) 84 Underlying investments (#) 19 Underlying assets (#) 714k+ Median position size ($’m) 13.9 Median position siz
Slide 18: Investment activity in quarter
Investment activity in quarter ~$1 billion of loans were funded by the Underlying MA Financial Credit Funds in the three months to 30 June 20251 For personal use only Investment strategy Commentary • ~$400 million secured positions funded, largely in private funding warehouses Asset Backed Lending •
Slide 19: Investment case studies
Investment case studies Three examples of new loans made in Q2 2025 For personal use only Asset Backed Lending Direct Asset Lending Direct Corporate Lending Private warehouse facility to a leading Co-investment construction loan to Loan to fund working capital and Nature of facility Nature of facili
Slide 20: Capital management mechanisms
Capital management mechanisms Several mechanisms may be employed from time to time to support capital management of MA1 For personal use only • Subject to the best interests of unitholders and ASX listing rules, the Responsible Entity of the MA Credit Income Trust endeavours to undertake quarterly o
Slide 21: Investor engagement
Investor engagement MA Financial is committed to active investor engagement Monthly Reporting Publications Webinars and Events For personal use only Quarterly Webinars with Q&A Quarterly letter from the Manager Annual Private Credit Investor Day Investment Insights MA Alternatives Summit What Matter
Slide 22: Key risks
Key risks Fund and asset class risk Fund and investment risk Credit and default risk Counterparty risk Manager risk Documentation risk For personal use only Related party risk Interest rate risk Conflicts of interest Risks associated with repayment of loans Underlying investment liquidity risk Credi
Slide 23: For personal use only
Financial Group nt , ip adi We invest. We lend. We advise.
Slide 24: Appendix - risks
Appendix - risks For personal use only This Appendix discusses some of the key risks associated with an investment in units in the Fund. Certain risks and uncertainties may adversely affect the operating and financial performance or position of the Fund and, in turn, affect the value of units in the
Slide 25: Risks
Risks Fund and asset class risks The Fund is subject to the risk that one or more direct assets in the Fund may decline in value, or fail to pay interest or principal when due because the borrower experiences a decline in its financial status. Losses may occur because the value of the asset is affec
Slide 26: Risks
Risks Fund and asset class risks (cont.) An investment in the Fund is subject to the risk that counterparties, such as borrowers, brokers and other transaction parties associated with a Fund investment may fail to meet their contractual obligations, Counterparty risk which may result in the investme
Slide 27: Risks
Risks Fund and investment risks The success and profitability of the Fund will, in part, depend on the ability of the managers of the Fund, the Underlying Fund and Underlying MA Financial Credit Funds to make investments that deliver appropriate risk-adjusted returns over time, and the retention of
Slide 28: Risks
Risks Fund and investment risks (cont.) Through its indirect investments, the Fund may have exposure to loans or portfolios of loans that rank equally, senior or junior to other entities which are related to MA Financial Group and may be wholly Related investments owned by MA Financial Group. It is
Slide 29: Risks
Risks Fund and investment risks (cont.) The Fund may indirectly invest in global credit assets, which have various currency exposures. As the base currency of the Fund is denominated in Australian dollars, the Fund may be directly or indirectly exposed to currencies in other countries. These currenc
Slide 30: Risks
Risks General risks General investment The value of an investment in units and the Fund’s investments may fall for a number of reasons, which means that unitholders in the Fund may receive less than their original investment when they sell risk their units on market or may not otherwise achieve the
Slide 31: Risks
Risks Listing risks and conflict of interest risk There are no guarantees that an active trading market with sufficient liquidity will be available for units in the Fund, or that any such secondary market will sustain a price representative of the NAV of the Fund. As a listed investment trust, there
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