Key Takeaways
- • MA Financial has extended the redemption limit on its unlisted real estate credit fund, the MA Secured Loan Series (SLS), into a full suspension of applications and redemptions until at least 31 March 2027, a five-month freeze, according to an ASX statement.
- • The suspension was attributed to a deteriorating residential real estate market, which is extending timeframes for asset sales and loan refinancings; the August 2026 policy had capped redemptions at 1 per cent of funds under management per month.
- • The manager said the suspension will be reviewed monthly and may be varied, extended or lifted, and that scheduled monthly distributions are unchanged.
- • MA Financial is also winding up the $100 million MA Secured Real Estate Income Fund after responsible entity Equity Trustees terminated it.
- • Group AUM rose 18 per cent to $15.7 billion in the three months to 30 September 2026, with gross fund inflows of $710 million, though private credit fund outflows remained elevated.
Summary
MA Financial has imposed a minimum five-month suspension on applications and redemptions from the MA Secured Loan Series (SLS), an unlisted real estate credit fund providing exposure to a diversified loan portfolio secured by registered first mortgages over Australian real estate. In August 2026 the fund had introduced a redemption limit of up to 1 per cent of funds under management per month. On 21 October 2026, however, the firm announced in an ASX statement that it would suspend applications and redemptions until at least 31 March 2027.
The manager attributed the decision to "deteriorating residential real estate market conditions, which are extending time frames for asset sales and loan refinancings." The step was described as a conservative measure taken in investors' best interest to support orderly management while allowing for less certain repayment timing from some borrowers. The suspension will be reviewed monthly and may be varied, extended or lifted. Scheduled monthly distributions are unchanged. The manager said it does not consider the suspension to have a material impact on the MA1 portfolio's liquidity profile, net asset value or investment performance.
Separately, MA Financial is winding up the $100 million MA Secured Real Estate Income Fund, following a decision by responsible entity Equity Trustees to terminate the fund. That vehicle also offered access to a diversified loan portfolio secured by registered first mortgages over Australian property.
At the group level, MA Financial's assets under management grew 18 per cent to $15.7 billion in the three months to 30 September 2026, and managed loans rose 19 per cent to $197 million. Net fund flows were described as "resilient," supported by gross fund inflows of $710 million, driven by private credit funds focused on asset-backed and direct corporate lending. Outflows from its private credit funds "remained elevated," which the firm linked to headwinds in the residential housing construction and development market. The firm argued most of its private credit segments performed well, notably asset-backed private credit, operating real estate such as pubs and marinas, and core real estate.
Joint-CEO Chris Wyke said: "The vast majority of MA Financial's business segments are performing strongly. Our operations in real estate private credit have recently proved challenging, impacted by the macro environment in residential construction."
The manager attributed the decision to "deteriorating residential real estate market conditions, which are extending time frames for asset sales and loan refinancings." The step was described as a conservative measure taken in investors' best interest to support orderly management while allowing for less certain repayment timing from some borrowers. The suspension will be reviewed monthly and may be varied, extended or lifted. Scheduled monthly distributions are unchanged. The manager said it does not consider the suspension to have a material impact on the MA1 portfolio's liquidity profile, net asset value or investment performance.
Separately, MA Financial is winding up the $100 million MA Secured Real Estate Income Fund, following a decision by responsible entity Equity Trustees to terminate the fund. That vehicle also offered access to a diversified loan portfolio secured by registered first mortgages over Australian property.
At the group level, MA Financial's assets under management grew 18 per cent to $15.7 billion in the three months to 30 September 2026, and managed loans rose 19 per cent to $197 million. Net fund flows were described as "resilient," supported by gross fund inflows of $710 million, driven by private credit funds focused on asset-backed and direct corporate lending. Outflows from its private credit funds "remained elevated," which the firm linked to headwinds in the residential housing construction and development market. The firm argued most of its private credit segments performed well, notably asset-backed private credit, operating real estate such as pubs and marinas, and core real estate.
Joint-CEO Chris Wyke said: "The vast majority of MA Financial's business segments are performing strongly. Our operations in real estate private credit have recently proved challenging, impacted by the macro environment in residential construction."
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