340,775 additional units quoted as trust maintains steady investor demand
Metrics Master Income Trust (ASX: MXT) has confirmed the quotation of 340,775 new fully paid ordinary units on the Australian Securities Exchange (ASX), issued under its Dividend and Distribution Reinvestment Plan (DRP). The new securities were issued on 9 October 2025 at an issue price of $2.0002 per unit, reflecting ongoing investor participation and confidence in the trust’s income strategy.
The latest issuance brings MXT’s total quoted securities on issue to approximately 1.223 billion units, reinforcing its position as one of Australia’s largest listed credit funds by market capitalisation.
Key Details of the Issuance
The ASX filing under Appendix 2A confirmed the following details:
- Number of units issued: 340,775
- Issue price per unit: AUD 2.0002
- Date of issue: 9 October 2025
- Form of issue: Under the trust’s distribution reinvestment plan (DRP)
- Total units on issue post-quotation: 1,223,094,025
- Securities rank equally with existing units from issue date
The additional securities were issued without cash consideration from new investors, as they were allocated under the DRP, enabling unitholders to reinvest distributions into additional units instead of receiving cash payments.
Economic and Strategic Context
Metrics Master Income Trust (MXT) provides investors with regular monthly income through exposure to a diversified portfolio of corporate loans originated by Metrics Credit Partners. The fund targets consistent, risk-adjusted returns that are less volatile than those of equity markets, appealing to income-focused and defensive investors.
The latest DRP issue comes amid heightened demand for yield-stable investment vehicles, particularly in a market environment where interest rate volatility has affected both equity and bond valuations. By maintaining an attractive distribution yield, MXT continues to position itself as a reliable income alternative for institutional and retail investors.
Metrics Credit Partners has indicated that participation in the DRP remains strong, reflecting investor preference for compounding income rather than withdrawing distributions.
Fund Performance and Market Position
MXT units last traded at $1.937, up $0.007 (0.39%) on the day of the announcement. The fund’s market capitalisation now stands at approximately $2.35 billion, underscoring continued market confidence in the listed trust model for credit investments.
Over the past 52 weeks, the units have traded within a range of $1.86 to $1.95, displaying price stability aligned with its underlying fixed-income exposure. The trust’s liquidity and scale make it one of the most actively traded listed income vehicles on the ASX.
Management Perspective
Metrics Credit Partners Managing Partner Andrew Lockhart previously noted the firm’s focus on capital stability and sustainable income generation for investors:
“Our objective remains to deliver predictable income from a diversified portfolio of loans to quality Australian borrowers, while maintaining robust credit discipline and active risk management.”
While no new management commentary accompanied this issuance, the ongoing use of the DRP reflects the trust’s steady performance and investors’ continued willingness to reinvest distributions.
Broader Market Environment
Australian credit markets have demonstrated resilience despite macroeconomic uncertainty and moderated corporate lending activity. Investors continue to favor private credit funds such as MXT for their defensive income characteristics and lower correlation to public market volatility.
The trust’s structure allows investors to access institutional-grade private debt exposure, benefiting from the expertise of Metrics Credit Partners, one of Australia’s largest non-bank lenders. MXT’s portfolio includes diversified exposures across sectors such as infrastructure, property, and corporate lending, aligning with broader growth in private debt allocation among superannuation funds and wholesale investors.
Globally, the expansion of listed credit investment vehicles has paralleled increasing institutional interest in fixed-income alternatives that offer consistent cash flow in a higher-rate environment.
Investor Outlook
With a track record of consistent distributions since listing, MXT remains a cornerstone holding for income-focused investors seeking lower volatility than equity markets. Analysts note that the fund’s ongoing expansion and DRP participation demonstrate confidence in the trust’s long-term performance and ability to deliver sustainable returns.
The trust’s ASX code (MXT) remains among the top-listed investment vehicles by size in Australia’s listed credit sector. Its continued growth through reinvestment plans supports portfolio scale and liquidity while enabling investors to benefit from compounding returns.
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Final Thoughts
The issuance of 340,775 new units under the distribution reinvestment plan underscores Metrics Master Income Trust’s consistent growth and the enduring appeal of its income-focused investment model.
By maintaining steady distributions, reinvestment options, and prudent credit exposure, MXT continues to strengthen its standing as a key player in Australia’s listed income investment landscape.
