Financing and credit

Metrics' ASX credit trusts stay suspended as the audit slips and underlying funds freeze

Three Metrics Credit Partners trusts listed on the ASX were suspended on 28 September 2026 after their responsible entity said audited net tangible assets would come in 2% to 12% below the preliminary figures. On 30 September it said KPMG could not give its audit opinion by the due date and that net asset value publication, applications and redemptions in the underlying funds had been suspended temporarily.

By James Okonkwo, Cross-Border Capital Correspondent

Published 30 September 2026 at 3:39 pm GMT+8.

Data as of 30 September 2026
Official sources
Also draws on press reports.

An office tower in central Sydney seen from street level against a clear blue sky, its lower floors clad in pinkish stone with rows of green-tinted windows and its upper floors in dark glass. — 39 Martin Place, Sydney, which became the Australian Securities Exchange's head office in October 2025, photographed in September 2025. Photo by Klauskazamias via Wikimedia Commons, released into the public domain under CC0 1.0. Cropped from the original.

Three trusts managed by Metrics Credit Partners and quoted on the Australian Securities Exchange, Metrics Master Income Trust (MXT), Metrics Income Opportunities Trust (MOT) and Metrics Real Estate Multi-Strategy Fund (MRE), were suspended from quotation at their own request on 28 September 2026. The same day their responsible entity, The Trust Company (RE Services) Limited, told the ASX that the audited accounts for the year to 30 June 2026 would show lower net tangible asset (NTA) backing than the unaudited Appendix 4E reports it had released on 31 August. It expected to lodge the audited reports on the due date, 30 September, and said it expected an unmodified audit opinion.

That did not happen. In notices lodged on 30 September, the responsible entity said the auditor, KPMG, had informed it and Metrics that it would not be in a position to provide its audit opinion by 30 September. It said nothing else in the 28 September announcements needed to change apart from the timing. The same notices said that, because of the same matters, publication of net asset value and applications and redemptions of units in the underlying funds into which each listed trust indirectly invests have been suspended temporarily. Trading in the listed units will stay suspended until the audited financial report is provided to the ASX. As of 30 September, the responsible entity had not given a new date for the audited reports.

The expected NTA figures below are as at 30 June 2026 and come from the 28 September announcements. The percentage changes are the responsible entity's own, which it calculated on unrounded figures. The closing prices are those the responsible entity gave for the trading session immediately before the 28 September announcements, which its charts date to 25 September.

Trust	NTA in 31 August preliminary report	Expected audited NTA	Change	Closing price before 28 September announcement
MXT	A$2.00 per unit	A$1.96 per unit	−4c (−1.99%)	A$1.76
MOT	A$2.15 per unit	A$1.93 per unit	−22c (−10.08%)	A$1.62
MRE	A$2.53 per stapled unit	A$2.22 per stapled unit	−31c (−12.16%)	A$1.68

The three cuts have different sources. At MXT, the fall is almost entirely an increase in individually assessed provisions for potential credit losses on loans, equal to 4c per unit or 2.00% of NTA, with small offsetting items. At MOT, the largest item is a net fair-value reduction of 13c per unit, or 6.24% of NTA, on private equity and equity-like investments. A further 5c, or 2.12%, comes from commercial real estate equity and equity-like investments, and 3c, or 1.59%, from higher individually assessed loan provisions. At MRE, a net fair-value reduction of 30c per stapled unit on commercial real estate equity and equity-like investments accounts for 11.68% of the 12.16% cut. For the equity positions at MOT and MRE, the responsible entity said greater weight was given in finalising the audited results to downside scenarios, with revisions to expected cash flows, discount rates, capitalisation rates, development timeframes, end sale values and development costs. It said the adjustments do not represent realised losses or a conclusion that those downside scenarios will occur.

The loan book classifications did not move. According to the 28 September announcements, loans on the watchlist were unchanged at 3.9% of MXT's look-through portfolio, 4.1% of MOT's and 3.5% of the look-through portfolio of MRE's Passive Trust. At MOT, the lower equity values shifted the look-through portfolio to 66% debt and 34% equity and equity-like investments, from 63% and 37%, which the responsible entity said reflects the new carrying values and not a change of strategy.

Each listed trust is a feeder. Its NTA is set by the net asset value of one or more unlisted sub-trusts and the wholesale funds those sub-trusts invest in. The 28 September announcements name the sub-trusts as MCP Wholesale Investments Trust for MXT, Metrics Wholesale Income Opportunities Trust for MOT, and Metrics CRE Multi-Strategy (Debt) Trust and Metrics CRE Multi-Strategy (Equity) Trust for MRE. The responsible entity said the adjustments were recognised in the wholesale funds and flowed up to the listed trusts. Private loans and unlisted equity positions have no quoted market price, so their carrying values depend on judgments about cash flows, collateral, project outcomes and the probability of future events. When those judgments are weighted differently at audit, the value of the listed units changes before any loan has been written off.

For someone who already holds MXT, MOT or MRE, several things have changed this week. The units cannot be traded on the ASX while the suspension lasts, and no new net asset value will be published for the underlying funds while that suspension is in place. On 30 September the responsible entity also suspended the distribution reinvestment plans of MXT and MOT with immediate effect, so distributions from those two trusts will be paid in cash until it gives notice that the suspension has ended. The expected NTA figures are the responsible entity's latest numbers, but they are not audited.

The Australian Financial Review reported on 29 September that Metrics had suspended redemptions from an unlisted wholesale fund that feeds MXT, and headlined the funds whose withdrawals were shut as holding A$9 billion. That figure is the AFR's and does not appear in the responsible entity's announcements. The AFR also described the valuation concerns as having led to a dispute with the auditors, while the responsible entity's announcements describe "different decisions" on inputs and probability weightings made in finalising the accounts. Financial Standard reported on 30 September that media reports had named MCP Wholesale Investments Trust and MCP Real Estate Debt Fund among the frozen funds. As of 30 September, the responsible entity's notices had not listed the suspended underlying funds by name, so the funds covered by the freeze remain unconfirmed.

Pinnacle Investment Management Group, which holds about 35% of Metrics Credit Holdings Pty Limited, the holding company of Metrics, noted the pause in trading in the three trusts on 28 September. It said Metrics Credit Holdings contributed about A$12.6 million of Pinnacle's net profit after tax of A$176.7 million for the year to 30 June 2026, or about 7%.

These are fund-level valuation and liquidity decisions at three listed feeders. They are separate from the collapse of a single developer's projects, which Realtopedia covers in its brief on the Bathla Group administration.

Realtopedia's correspondents are AI. A human editor reviews every piece before publication. Sources are listed at the end of each article. How we work: About.

Limits

This brief summarises ASX announcements by the responsible entity and Pinnacle, and clearly attributed press reports, for individual readers. The NTA figures are the responsible entity's expected audited figures as at 30 June 2026 and may change when the audited reports are lodged. Fund sizes and the names of the frozen underlying funds come from press reports and were not confirmed in the responsible entity's announcements as of 30 September 2026.

This is not legal, tax, or investment advice. Confirm with a qualified professional in the place.

Sources

Sources read 30 September 2026.