Omni Bridgeway (OBL) Trading update summary

Investment performance

• 20 full and partial completions generated A$135.8m in proceeds at 3.9x MOIC, versus a 2.5x two-year trailing average; fair value conversion was 102%.

• Full completions delivered 3.3x MOIC and 95% fair value conversion on A$82.6m proceeds; partial completions delivered 5.3x and 112% on A$53.2m.

• Including the administratively closed 2011 legacy investment, period MOIC was 1.9x; fair value conversion and other metrics were unchanged.

• A$18.6m of OBL investment proceeds included A$8.9m applied to Fund 9 returns and A$9.7m of OBL-only proceeds; another A$40.5m was applied to the Funds 2 and 3 hurdle return.

Fees and costs

• Management fees were A$10.7m, up 24% YoY; the Series II final close at improved terms is expected to accelerate fee growth toward the higher end of the FY range.

• Cash carried interest received was A$9.4m, with a further ~A$8.6m accrued on Series II funds and not yet distributed.

• Cash opex was A$15.7m, tracking below the FY27 budget range of A$72.5m–A$75.0m; quarterly cost coverage was 68%.

Commitments and pipeline

• New commitments were A$87.1m across 9 new investments, up 23% YoY; associated new fair value was A$81.2m.

• The pipeline comprised 46 exclusive term sheets representing estimated commitments of A$416.6m, versus A$317.8m in 1Q26.

• Active investments included 12 agreed settlements pending finalisation, approval or payment, and 20 material positive awards or judgments in further proceedings.