Diversified Credit Fund Performance Report – April 2026

In April, the Fund performed well even with the continued headwinds and uncertainty observed within the economy. The Fund continued to deploy funding to a diverse mixture of loan investments for the month of April. Given the RBA Cash rate was increased on the 18th of March, there is often a timing difference between loans settled at new rates against those loans that were written at different rates. The Fund satisfied its benchmark for April, exceeding the RBA Cash Rate by 5.0% for the month.

All cash reserves had been fully deployed within a few days during April and we continue to monitor the deployment of funds on a daily basis. There was zero cash balance held in the Fund at the end of the month.

As we continue to actively manage our loan settlements at Bowery, we are pleased to announce that all loan facility exposures held within the Fund performed as expected for the month with no instances of non-loan repayments occurring in its loan exposures.

Performance Summary as at 30 April 2026:

• Investment Distributions of 0.7583% for the month (i.e 9.10% annualised for the month)
• Satisfied the RBA Cash Rate + 5.00% objective
• Achieved an average 9.12% p.a (annualised) performance of the Fund since Inception, which includes exceeding the average RBA Cash Rate over that period by 5.34% since launching in September 2025
• Conservative weighted average LVR Exposure of 58.23% across the Fund
• Exposed to 28 different loan facilities
• Diversified mix of underlying properties constituting security for loans including residential, commercial, mixed use and vacant land
• For May 2026, the monthly Target Distribution Rate for the Fund will be kept at RBA Cash Rate + 5.0% p.a. even with the recent RBA Cash Rate Change being announced on the 6th of May.

For more details on the monthly performance, please click on the following images to download the monthly performance report: