Metrics Master Income Trust (MXT) H2 2025 earnings summary

Executive summary

• Assets under management grew to $2.44 billion as of 30 June 2025, up from $2.12 billion the prior year, driven by a $315 million wholesale placement in May 2025.

• The fund delivered an annual net return of 8.17% and a net spread over the RBA Cash Rate of 3.86%, exceeding its target return (RBA Cash Rate + 3.25% p.a.).

• Net profit for the year was $169.6 million, down 2.6% year-over-year, with total distributions of $169.6 million (15.77 cents per unit).

• The portfolio comprised 348 assets at year-end, with 119 new investments and 87 exits during the year.

Financial highlights

• Revenue from ordinary activities was $176.6 million, a 2.5% decrease from the prior year.

• Net profit for the year was $169.6 million, down from $174.1 million in FY24.

• Distributions paid totaled $169.6 million (15.77 cents per unit), compared to $174.2 million (18.02 cents per unit) in FY24.

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

• Total assets increased to $2.46 billion from $2.14 billion year-over-year.

Outlook and guidance

• The fund will continue to be managed according to its investment objectives and guidelines, with future results dependent on market performance.

• Investment performance is not guaranteed, and future returns may differ from past returns.