Merricks Capital Agriculture Credit Fund Portfolio and Market Update – September 2025

The Merricks Capital Agriculture Credit Fund (the Fund) returned 0.7%* in September and 10.0%* on an annualised basis since inception.

Agriculture continues to demonstrate its strength as a defensive, income-generating sector within private credit. Seasonal conditions were mixed in September, with below-average rainfall across parts of eastern Australia offset by solid falls through the Western Australian wheatbelt. Asset values remain stable, and producers are entering the summer period with sound soil moisture, firm commodity pricing and secure water positions.

Protein markets remain robust. Beef and lamb producers continue to benefit from strong global demand, supported by a competitive Australian dollar, lower US production and structural shifts in trade flows that favour reliable suppliers. Buyer enquiry for agricultural assets is consistent, with pricing now more influenced by commodity type and water security than by broad market sentiment. The Fund’s diversified exposure across commodities, regions and rainfall profiles continues to underpin stable income and capital preservation.

Portfolio performance remains steady, with several loans expected to recycle over the next six months as capital is redeployed into the Fund’s preferred sectors. The Fund is reviewing a $240m pipeline across grazing, horticulture and mixed farming, backed by high-quality real assets that generate borrower earnings.

*These returns are stated net of fees and costs