Ma Credit Income Trust · ASX:MA1
Ma Credit Income Trust — Q2 2026 Earnings Presentation
37 slides from Ma Credit Income Trust's earnings presentation, July 2026
Slide 1: Quarterly investor update June Quarter 2026
MA1 | MA2HA MA1 | MA2HA Quarterly investor update June 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 ~A$1.2 billion market cap.1 ~A$240 million firm/staff co-investment4 Scale Adva
Slide 4: Overview of MA1 and MA2HA
Overview of MA1 and MA2HA MA Credit Income Trust (MA1) and MA Credit Portfolio Notes (MA2HA) each provide differentiated access to diversified private credit MA Credit Income Trust (ASX:MA1) MA Credit Portfolio Notes (ASX:MA2HA) Key terms Structure Listed investment trust ASX-listed, senior secured,
Slide 5: MA Credit Portfolio Notes – Income and capital priority
MA Credit Portfolio Notes – Income and capital priority The structure of the notes has been designed to prioritise income to Noteholders and capital preservation Investor Income and Capital Priority Capital Buffer3 Loan portfolio Modest costs of the Noteholders Capital Buffer Top- Residual distribut
Slide 6: Investment snapshot
Investment snapshot MA Credit Income Trust (MA1) provides diversified exposure across MA’s full private credit platform MA Credit Portfolio Notes (MA2HA) offer income-prioritised, capital-buffered exposure to direct asset backed and direct corporate lending strategies Mkt cap. / note Underlying Fund
Slide 7: Portfolio snapshot
Portfolio snapshot Diversification across a large number of positions and channel partners supports portfolio resilience Number of Number of channel Average | median . Principal Capital Loss Portfolio credit duration3 8 positions1,2 partners / sponsors1,2 position size1 8 since inception4 0.4% | 0.2
Slide 8: MA Credit Income Trust | Trading performance since listing
MA Credit Income Trust | Trading performance since listing Last traded price vs NAV Price / NAV Price / NAV1 Price / NAV2 (30 Jun) (23 Jul) (average since listing) 100.0%% 99.2% 99.7% 2.100 14 2.050 12 10 2.000 Price ($/unit) Volume trade (Units 'm) 8 1.950 6 4 1.900 2 1.850 0 05-Mar-25 05-May-25 05
Slide 9: MA Credit Income Trust | Capital management framework
MA Credit Income Trust | Capital management framework A clearer framework for assessing MA1’s liquidity mechanisms Mechanism • Determination expected around six weeks before quarter end, with an announcement at or around that time • MA1 would generally expect to consider an off-market buy-back of up
Slide 10: MA Credit Portfolio Notes | Trading performance since listing
MA Credit Portfolio Notes | Trading performance since listing Last traded price Price1 Yield to call1 Current Yield1 (30 June) (30 June) (30 June) 94.20 8.42% 7.83% 25,000 100 20,000 95 15,000 90 10,000 85 5,000 80 - 16-Dec-25 6-Jan-26 27-Jan-26 17-Feb-26 10-Mar-26 31-Mar-26 21-Apr-26 12-May-26 2-Ju
Slide 11: Return summary – 30 June 2026
Return summary – 30 June 2026 Performance to date across both products has been in line with the objective of delivering consistent monthly income Performance for period ended 30 June 20261 Period return Spread to base rate Target margin (annualised) 1 month 3 months 1 year SI p.a. 1 month 3 months
Slide 12: 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 237 No. positions 137 Average position size 0.4%
Slide 13: Portfolio composition – Credit segments
Portfolio composition – Credit segments Underlying portfolios provide access to diversified private credit assets across multiple credit segments MA1 MA2HA 14% 15% 20% Direct Asset Lending Asset Backed Lending Asset Backed Lending Direct Corporate Lending Direct Corporate Lending 85% 66% 1. Based on
Slide 14: 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 15: Key metrics | Direct Corporate Lending
Key metrics | Direct Corporate Lending Senior loans secured provided to established businesses with resilient characteristics PORTFOLIO STATS KEY Direct Corporate Lending Key statistics1 -- MA1 statistics -- MA2HA statistics Direct lending to established Overview businesses (sponsor and non-sponsor)
Slide 16: 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) 82 | - 376 | -
Slide 17: 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) Auto Auto Real Estate - Development Supply Chain Finance Supply Chain Finance Asset & Business
Slide 18: Portfolio composition – Security and ranking
Portfolio composition – Security and ranking Portfolios are defensive in nature with a strong focus on secured loan positions MA11,2 MA2HA1,2 3% 2%- 30% 44% Senior Secured Senior Secured Structured Secured Structured Secured 53% Subordinated Subordinated 68% 1. Based on Underlying Credit Investments
Slide 19: Portfolio composition – Geographical and development exposure
Portfolio composition – Geographical and development exposure Portfolios are predominantly invested in Australian credit with MA1 having selective exposure to MA Financial’s global credit strategies MA11,2 MA2HA 8% 18% 92% 100% 92% 82% 8% - Australia Rest of Portfolio Australia Rest of Portfolio USA
Slide 20: Portfolio composition – Interest margins
Portfolio composition – Interest margins Portfolio margins are well diversified, supporting resilient and sustainable income generation MA11,2 MA2HA 42% 41% Weighted Weighted Proportion of portfolio (% by asset value) Proportion of portfolio (% by asset value) Average Margin Average Margin 6.58% 6.1
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 0.4% 0.1% Performing – Neutral Risks 2.2% 0.2% 3.6% Position is performing as expected with risk factors neu
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 position valuations
Credit position valuations Credit valuations are underpinned by a robust governance framework, with segregation of duties and regular independent review from an external valuation firm MA1 MA2HA % of Asset % of Direct % of Direct % of Asset % of Direct % of % of Range (c/$) Backed Asset Corporate Ra
Slide 24: 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 composition2 below Credit rating1,2 MA1 M
Slide 25: Portfolio liquidity and duration
Portfolio liquidity and duration Discipline management of position duration across portfolios MA1 MA2HA 35% 100% 35% 100% Cumulative asset position duration (%) 90% 29% 90% 29% Cumulative asset position duration (%) 30% 30% 80% 26% 80% 25% 25% 25% Portfolio composition (%) Portfolio composition (%)
Slide 26: Portfolio leverage
Portfolio leverage Modest utilisation of leverage and investment level financing across portfolios MA1 MA2HA Fund leverage % Portfolio Fund leverage % Portfolio Fund - Fund - Underlying Fund - Underlying Fund - Underlying MA Financial Group Funds 2.1% Total fund leverage - Total fund leverage 2.1% I
Slide 27: 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 28: 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 29: War Games | Illustrative stress testing outcomes (Q2 2026)
War Games | Illustrative stress testing outcomes (Q2 2026) Latest macroeconomic stress testing1 indicates downside risk of 2.0% to 5.7% (severe to crisis scenarios) for MA1, while the capital buffer in MA2HA is estimated to provide sufficient coverage to principal impairment risks Recessionary Scena
Slide 30: Investment activity in quarter
Investment activity in quarter Investments made in the last quarter Mortgage Warehouse Social and Affordable Housing Financing Healthcare Equipment Distributor Investment Strategy Asset Backed Lending – Real Estate Asset Backed Lending – Real Estate Corporate Lending Sub-Sector RMBS Real Estate Medi
Slide 31: Governance, Transparency and Risk Management
Governance, Transparency and 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 V
Slide 32: Perspectives on key industry thematics
Perspectives on key industry thematics Our perspectives on six important themes in 2026 Disclosure and transparency Empowered portfolio management Risk management as a core pillar “What’s under the hood?" Paramount to deliver Embedded in all processes, is the theme of 2026 risk-adjusted return not a
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 & concentration • Lending type & sector exposures • Lo
Slide 34: 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 FD comment: Update this to June screenshot from the Manager Podcasts & Interviews Investment Insights 34
Slide 35: Quarterly Investor Letter: Process quality
Quarterly Investor Letter Our latest thematic observations on private credit for Q2 2026 – in our investor letter entitled ‘The Beautiful Game: Why process matters more than individual talent’ – explores why disciplined process is the foundation of successful credit investing Process to Outcome outc
Slide 36: MA Q&A
MA Q&A
Slide 37: MA Financial Group
Financial Group We invest. We lend. We advise.
MA Credit Income Trust — Q2 2026 Earnings Presentation on 6ix