Metrics Master Income Trust stock resumes after audited NTA cut

Metrics Master Income Trust stock resumed trading on the Australian Securities Exchange on October 5, 2026, after the trust lodged its audited financial statements. Independent Investment Research said in an October 12 update that the audited net tangible asset backing was A$1.9617 per unit at June 30, compared with the preliminary A$2.00 figure.

Trading resumed after audit filing

The reinstatement followed a suspension that began on September 28 while the annual accounts were completed. The audited figure is a June 30 reference point rather than a current valuation. Independent Investment Research noted that the final figure was broadly in line with the A$1.96 level foreshadowed by the responsible entity on September 28.

The return of exchange trading gives holders access to a market price, but it does not mean the underlying wholesale funds have reopened. The research firm said those funds remained closed to applications and redemptions in its October 12 update.

Review keeps investor questions open

Independent Investment Research kept its previous rating under review and said it was assessing the valuation process, governance, liquidity terms, investor treatment, fees and related-party exposures. It also said an unqualified audit opinion and reinstatement to quotation did not by themselves reaffirm a rating.

The responsible entity and Metrics said they continued to consider the audit findings and whether additional steps were needed. For investors, the key distinction is between the audited June 30 backing, the price available on the ASX and the liquidity status of the underlying funds.

Metrics builds diversified corporate lending exposure

Metrics Master Income Trust provides listed access to a diversified portfolio of Australian corporate lending, including corporate, real estate, infrastructure and acquisition finance. Metrics Credit Partners manages the fund, while The Trust Company (RE Services) Limited acts as responsible entity. The manager says the portfolio uses floating-rate loans and senior secured positions to pursue monthly income.

Within private credit, Metrics is a specialist Australian listed vehicle rather than a bank lender. Its broader competitive set includes KKR Credit Income Fund, Qualitas Real Estate Income Fund and Partners Group Global Income Fund, which offer different mixes of private debt, real estate lending and institutional credit exposure.

Australian market conditions and listed-fund liquidity remain important considerations for investors in private-credit vehicles. Current market reports provide broader context.

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