Dear Investors,
Following an exceptional first half of FY2025, I’m pleased to share an update on our progress through Quarter 3.

This quarter has been marked by continued strength in our lending pipeline, a surge in investor interest, and important macroeconomic shifts that further support the value of private credit in today’s portfolios. While we’ve maintained strong momentum, strategic decisions were also made to protect the long-term integrity of the fund, and I’d like to take this opportunity to keep you informed of the key highlights.

Private Credit in a Rapidly Expanding Market

As highlighted in the Australian Financial Review (2024), Australia’s private credit market is undergoing a significant transformation. Although still developing compared to global counterparts—with only 9% of lending occurring in private markets, versus 91% in the US and 65% in Europe (Hudson, Kurian & Lewis, 2024)—the shift in both borrower and investor behaviour continues to gain pace.

The post-GFC tightening of bank lending has left many high-quality borrowers, particularly mid-sized enterprises, underserved. According to Australian Private Capital Markets Data (2024), this trend has opened a substantial opportunity for well-managed private credit providers to bridge the gap. Our continued focus on Australian-first and second-mortgage backed loans remains well-aligned with this demand, and our disciplined, selective lending ensures we uphold both performance and capital integrity.

Impact of the Cash Rate Drop

A notable development this quarter was the Reserve Bank of Australia’s decision to implement its first official cash
rate cut in some time, with further reductions anticipated (RBA, Monetary Policy Decision, 2025). While intended to
stimulate economic activity, this move has also widened the gap between traditional fixed-income returns and those
offered by private credit.

As a result, investor capital is increasingly drawn to income-generating alternatives that combine yield with lower volatility. Our secured lending model is well-positioned to pursue attractive, risk-adjusted returns, through as with all investments, outcomes are not guaranteed.

Strategic Pause on New Investments
Thanks to exceptional investor support—largely driven by word-of-mouth and repeat investments—we reached near full deployment capacity in Q3. In response, we made the strategic decision to temporarily pause new investments. This ensures our lending quality remains uncompromised and aligns with our risk-managed approach.

We are now accepting early reservations for future allocations and are prioritising reinvestments from our existing investor base. This measured approach is key to protecting long-term investor outcomes while preserving the performance and integrity of the fund. As we enter the final quarter of FY2025, our outlook remains optimistic and we are well-positioned to respond to emerging opportunities.

At Maxiron, we don’t just aim to grow—we aim to grow together with our investors.

Ray Saedi
Head of Investor Relations

Note: This is general information only and not financial advice. Past performance is not a reliable indicator of future performance.
Investments carry risk, including potential loss of capital. For wholesale investors only.

At Maxiron, we’ve had an extraordinary year, achieving record-breaking milestones and establishing ourselves as leaders in the mortgage fund investment sector. As we look ahead to 2025, we are proud of the confidence our investors place in us and remain committed to delivering consistent, high-quality results. 

In FY2025 Quarter 1 and Quarter 2, we experienced exceptional growth. We saw a significant increase in our investor base, with a double-digit percentage growth across our fund, showcasing the appeal and effectiveness of our strategies. August and September were particularly remarkable, with record-breaking investments, highlighting the strong demand and confidence in our fund. December continued this momentum, bringing us close to full capacity. The overwhelming interest has led us to begin taking reservations for units in early 2025, a clear indication of the value we provide to our investors.

Our achievements have been further amplified through the incredible support of our clients, who have consistently recommended us to their families, peers, and communities. This organic growth through word-of-mouth referrals is one of our greatest accomplishments, as it highlights the positive experiences of our investors.

Looking to the remainder of FY2025, we are excited about the opportunities on the horizon. With the Reserve Bank of Australia expected to lower interest rates in early 2025, we anticipate even stronger results. These rate cuts are likely to reduce borrowing costs, in our opinion enhancing the performance of mortgage funds like ours and providing even greater passive income opportunities for our investors.

The growing private credit market, valued at approximately $40 billion in Australia, according to the Reserve Bank of Australia October 2024 Bulletin also presents exciting opportunities. Non-bank lending is expanding rapidly, and we are perfectly positioned to capitalise on this trend. *Providing alternative financing solutions allows us to meet the evolving needs of our investors while offering diversified income streams. 

We’re determined to maintain this momentum as we move into FY2025 Quarter 3 and Quarter 4. 

Past performance is no indicator as to future performance. 

At Maxiron, we don’t just aim to grow; we aim to grow together with our investors.

*Article- Non-bank Lending in Australia and the Implications for Financial Stability Callum Hudson, Samuel Kurian and Michelle Lewis.

Ray Saedi

Head of Investor Relations

4. Strong Employment Levels

Australia’s unemployment rate has remained low at 3.7%, reflecting a strong labour market. Employment growth continues to support household incomes, helping borrowers manage their financial commitments, including mortgage repayments. For our fund, this is a positive indicator, as high employment helps reduce the risk of loan defaults, ensuring a healthy loan book and reliable income for investors.

5.  Regulatory Oversight

Australia’s regulatory environment, led by bodies such as the Australian Securities and Investments Commission (ASIC) , remains focused on maintaining stability in the financial and lending sectors. Prudent lending standards and regulatory and responsible entity oversight mean we are constantly aware of our obligation to underwrite loans responsibly.

Conclusion

The current macroeconomic environment in Australia-characterised by relatively stable interest rates currently, a resilient property market, easing inflation, strong employment, and oversight contribute to a favourable backdrop for us seeking to maintain the consistent and competitive returns that our investors rely on. Thank you for your ongoing trust in Maxiron Group. We remain committed to delivering stable results and look forward to continued success in the coming quarter.

Ray Saedi

Head of Investor Relations

Fund Name: Maxiron Monthly Income Trust | Fund Type: Pooled Mortgage Fund
Please note that past performance is no guarantee as to the certainty of future performance.