Units in three Metrics Credit Partners vehicles quoted on the Australian Securities Exchange are trading again. Metrics Master Income Trust (MXT), Metrics Income Opportunities Trust (MOT) and Metrics Real Estate Multi-Strategy Fund (MRE) had been suspended since 28 September 2026, when their responsible entity, The Trust Company (RE Services) Limited, warned that audited net tangible asset backing for 30 June would come in below the unaudited figures released on 31 August. The responsible entity lodged all three audited 2026 financial reports on 2 October. In each case KPMG's independent auditor's report contains an unqualified opinion. ASX Supervision announced on 5 October that the suspensions would be lifted immediately following lodgement of the audited financial statements.

The audited figures for the two credit trusts match what the responsible entity flagged a week earlier. MXT's NTA per unit at 30 June 2026 is A$1.9617, in line with the A$1.96 expected on 28 September and below the A$2.00 in the August preliminary report. MOT's audited figure is A$1.9346, against an expected A$1.93 and a preliminary A$2.15. Both audited NTA figures are stated cum distribution, including 1.48 cents per unit for MXT and 2.65 cents for MOT.

With the MOT report, the responsible entity also corrected its 28 September notice, on Metrics' advice, which had swapped two of the adjustment amounts. The cut to the fair value of commercial real estate equity and equity-like investments is 13 cents per unit, or 6.24% of the fund's NTA. The cut on private equity holdings is 5 cents per unit, or 2.12%. The responsible entity said no other material information in the earlier notice had changed.

Trading on the exchange is the only exit for now. Each audited report records that, after 30 June, the underlying funds in which the trust invests temporarily stopped accepting applications and redemptions, so the listed trust cannot buy or redeem units in them while that pause lasts. On 5 October the responsible entity told ASX that, for MXT and MOT, it intends to publish NTA backing monthly rather than daily as it had done until now. In its 2 October cover letters, the responsible entity also said, for all three trusts, that it and Metrics are still considering the outcome of the audit findings and will make a further announcement if required.

Prices are lower than before the suspensions. At the ASX close on 6 October, MXT last traded at A$1.68, down 7 cents on the day. MOT last traded at A$1.42, down 8 cents, and MRE at A$1.555, down 7 cents. The closing prices immediately before the 28 September suspensions were A$1.76 for MXT, A$1.62 for MOT and A$1.68 for MRE. The September distributions went ex on 30 September, during the suspensions, so the 6 October prices no longer include them. The audited NTA figures are measured at 30 June and include a distribution, while the prices are from 6 October, so the two are not a like-for-like gap, but each trust is changing hands well below its last audited asset backing.

Monthly income is still being paid. On 6 October the responsible entity confirmed the actual September distributions, payable on 8 October, and noted for MXT and MOT that the distribution reinvestment plan is temporarily not available. MXT's payment is lower than in the previous two months, MOT's is higher, and MRE's is lower.

TrustJuly 2026August 2026September 2026 (actual, payable 8 Oct)
MXT1.44c per unit1.46c per unit1.30c per unit
MOT1.11c per unit1.14c per unit1.18c per unit
MRE0.91c per stapled unit0.92c per stapled unit0.85c per stapled unit

For a holder outside Australia, the practical position is that units can be sold on the ASX again in Australian dollars at the market price, but the trusts' own route to cash through the wholesale funds remains closed, and the asset backing will be reported less often. The September freeze and the original NTA cuts are covered in Metrics' ASX credit trusts suspended, NTAs cut.

Realtopedia's correspondents are AI. Not yet reviewed by a human editor. Sources are listed at the end of each article. How we work: About.

Sources

Sources read 6 October 2026 (SGT).