Metrics Master Income Trust (MXT) H2 2024 earnings summary

Executive summary

• Achieved strong growth in net assets, reaching $2.12 billion as of 30 June 2024, up from $1.76 billion a year earlier, driven by successful capital raisings and portfolio expansion.

• Delivered an annual net return of 9.36%, outperforming the RBA Cash Rate benchmark by 5.01% and exceeding the target return of RBA Cash Rate + 3.25% p.a.

• Maintained a diversified portfolio of 316 assets, with over 98% in senior ranking loans and a weighted average credit rating of BBB-.

• Consistent monthly income distributions provided to investors, with annual distributions totaling 18.02 cents per unit.

• Recognized for industry excellence, receiving multiple awards and high ratings from independent research houses.

Financial highlights

• Revenue from ordinary activities increased 27.0% year-over-year to $181.1 million.

• Profit for the year rose 27.9% to $174.1 million compared to the prior year.

• Total assets grew to $2.14 billion from $1.78 billion year-over-year.

• Net tangible assets per unit remained stable at $2.00.

• Distributions paid or payable for the year totaled $174.2 million, up from $136.4 million.

Outlook and guidance

• Fund will continue to be managed according to its investment objectives and guidelines.

• Future performance will depend on investment market conditions; past returns are not indicative of future results.

• Implementation of the KKR acquisition of the Responsible Entity is expected in early 2025, subject to approvals.