Ma Credit Income Trust · ASX:MA1
Ma Credit Income Trust — Q3 2026 Earnings Presentation
37 slides from Ma Credit Income Trust's earnings presentation, Nov 2, 2026
Slide 1: Quarterly investor webinar September Quarter 2026
MA1 | MA2HA MA1 | MA2HA Quarterly investor webinar September 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 Scaled Credit Platform Aligned Manager Differentiated Capabilities $15+ billion $7.5bn 49% $7.7bn 51% Co-investment ~$240m Full spectrum 66% 19% 15% philosophy drives F
Slide 4: Overview of MA1 and MA2HA
Overview of MA1 and MA2HA MA Credit Income Trust (MA1) and MA Credit Portfolio Notes (MA2HA) each provide differentiated access to diversified private credit MA Credit Income Trust (ASX:MA1) MA Credit Portfolio Notes (ASX:MA2HA) Key terms Structure Listed investment trust ASX-listed, senior secured,
Slide 5: MA Credit Portfolio Notes – Income and capital priority
MA Credit Portfolio Notes – Income and capital priority The structure of the notes has been designed to prioritise income to Noteholders and capital preservation Investor Income and Capital Priority Capital Buffer3 Loan portfolio Modest costs of the Noteholders Capital Buffer Top- Residual distribut
Slide 6: Investment snapshot
Investment snapshot MA Credit Income Trust (MA1) provides diversified exposure across MA’s full private credit platform MA Credit Portfolio Notes (MA2HA) offer income-prioritised, capital-buffered exposure to direct asset backed and direct corporate lending strategies Mkt cap. / note Underlying Fund
Slide 7: Portfolio snapshot
Portfolio snapshot Diversification across a large number of positions and channel partners supports portfolio resilience Number of Number of channel Average | median . Principal Capital Loss Portfolio credit duration3 8 positions1,2 partners / sponsors1,2 position size1 8 since inception4 0.4% | 0.2
Slide 8: MA Credit Income Trust | Trading performance since listing
MA Credit Income Trust | Trading performance since listing Last traded price vs NAV Price / NAV Price / NAV1 Price / NAV2 (30 Sep) (19 Oct) (average since listing) 96.5% 93.8% 99.3% 2.100 3.00 2.050 2.50 2.000 2.00 Price ($/unit) Volume trade (Units 'm) 1.950 1.50 1.900 1.00 1.850 0.50 1.800 0.00 Se
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 call2,3 Current Yield2,4 (19 Oct) (19 Oct) (19 Oct) 95.80 8.89% 8.16% 102 25,000 Volume Price ($/unit) 100 98 20,000 96 15,000 94 92 10,000 90 88 5,000 86 84 - 19-Dec-25 19-Jan-26 19-Feb-26 19-Mar-26 19-A
Slide 11: Return summary – September 2026
Return summary – 30 September 2026 Performance to date across both products has been in line with the objective of delivering consistent monthly income Performance for period ended 30 September 20261 Period return Spread to base rate Target margin (annualised) 1 month 3 months 1 year SI2 p.a. 1 mont
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 246 No. positions 155 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 MA11 MA2HA1 15% 17% 19% $7.6bn Direct Asset Lending $4.4bn Asset Backed Lending underlying Asset Backed Lending underlying Direct Corporate Lending Direct
Slide 14: 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 2%- 2%- 30% 98% 46% Senior Secured 98% Senior Secured Senior or Senior or Structured Secured Structured Secured 52% structured structured Subordinated secured
Slide 15: 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) Supply Chain Finance Real Estate - Development Auto 5% Supply Chain Finance 5% 15% Asset & Busi
Slide 16: 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 17: Key metrics | Direct Corporate Lending
Key metrics | Direct Corporate Lending Senior secured loans provided to established businesses with resilient characteristics PORTFOLIO STATS KEY -- MA1 statistics Direct Corporate Lending Key statistics1 -- MA2HA statistics Direct lending to established Overview businesses (sponsor and non-sponsor)
Slide 18: 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) Typical Struct
Slide 19: Portfolio composition – Geographical exposure
Portfolio composition – Geographical exposure Portfolios predominantly invested in Australian credit with MA1 having selective exposure to MA Financial’s global credit strategies MA11,2 MA2HA1,2 0.4% 0.6% 8% 17% 92% 83% Australia USA UK Australia USA UK 1. Based on Underlying Credit Investments, whi
Slide 20: Portfolio composition – Development exposure
Portfolio composition – Development exposure MA1 has modest exposure to development & construction financing at 9%, while MA2HA has no direct real estate lending (including construction financing) MA11 MA2HA1 91% 100% 9% - Development Rest of Portfolio Development Rest of Portfolio 1. Based on Under
Slide 21: Portfolio composition – Interest margins
Portfolio composition – Interest margins Portfolio margins are well diversified, supporting resilient income generation MA11 MA2HA1 Proportion of portfolio (% by asset value) Weighted Weighted Proportion of portfolio (% by asset value) 40% 38% Average Margin Average Margin 6.40% 6.29% 17% 18% 16% 14
Slide 22: 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 100% 2.7% 0.02% 0.2% Performing – Neutral Risks 1.8% 0.8% 2.6% 90% Position is performing as expected with r
Slide 23: 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 24: 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 25: 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 composition 2 below Credit rating1,2 MA1
Slide 26: Liquidity
Liquidity Portfolio-level liquidity is actively managed and monitored as well as levels assessed through regular stress testing Liquidity and stress testing • Liquidity comprises cash held at bank, liquid fixed income instruments that can be realised at short notice, and undrawn capacity under fund-
Slide 27: Expected asset liquidity and liability maturity profile
Expected asset liquidity and liability maturity profile Disciplined management of position duration across portfolios MA11,2 MA2HA1,2 Cumulative asset position duration (%) Cumulative asset position duration (%) Portfolio composition (%) Portfolio composition (%) 35% 100% 35% 100% 32% 31% 90% 90% 30
Slide 28: 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 1.6% Total fund leverage - Total fund leverage 1.6% I
Slide 29: 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 30: Investment activity in quarter
Investment activity in quarter Continued scaling platform, with active deployment across underlying portfolios as of 30 September 2026 MA11 MA2HA1 Investment Value Deployed ($m) Investment Value Deployed ($m) Total ~$860m deployed Total ~$575m $204m $273m deployed $271m $385m $302m Asset Backed Lend
Slide 31: 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 32: War Games | Illustrative stress testing outcomes (Q3 2026)
War Games | Illustrative stress testing outcomes (Q3 2026) Latest macroeconomic stress testing1 indicates downside risk of 2.2% to 6.6% (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 33: War Games | Liquidity stress testing overview
War Games | Liquidity stress testing overview As part of quarterly War Games, liquidity stress testing is undertaken for the MA Master Credit Trust to assess its ability to meet obligations under various stressed scenarios 1 1 Start from baseline cash forecast 2 Define available liquidity 3 Apply co
Slide 34: 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 35: 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 from the Manager Podcasts & Interviews Investment Insights 35
Slide 36: MA Q&A
MA Q&A
Slide 37: MA Financial Group
Financial Group nt : We invest. We lend. We advise.
MA Credit Income Trust — Q3 2026 Earnings Presentation on 6ix