Merricks Capital Partners Fund Portfolio and Market Update – November 2025

The Merricks Capital Partners Fund returned 0.6%* in November, maintaining a 9.7%* annualised return since inception.

Global financial conditions continued to ease through the month. In the US, the Federal Reserve signalled a credible path toward a December rate cut, helping anchor long-end yields and improve risk appetite. New Zealand extended its easing cycle with a further 25bp reduction (now 225bps), continuing to improve refinancing conditions for real-asset borrowers. Australia, by contrast, remains in a “grind sideways” phase, with inflation proving sticky in Q4 2025 and labour markets resilient. Despite the
muted domestic rate outlook, the stabilisation in long-duration yields over the past year has meaningfully improved buyer confidence, with foreign and domestic capital appetite evident across real-asset markets based on our portfolio activity.

Portfolio activity reflected the steadily improving environment in New Zealand. An Auckland hotel development facility (1.1% of NAV) fully repaid during the month and the Fund also settled a new RSF facility (0.2% of NAV) secured against the high-end apartments above the same hotel at a peak LVR of 65%. Transaction momentum continues to progress across the Fund’s office sector assets and we expect to have key outcomes on several loans that are approaching maturity within the next two months.

With strengthened refinancing activity and a deepening opportunity set across Australia and New Zealand, deal momentum continues to build, with more than ~$1.3bn in the pipeline across senior real asset opportunities. The Fund remains well placed to deliver stable income generated against senior, asset backed real estate heading into 2026.