Diversified Credit Fund Performance Report – May 2026

In May, 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 May. Given the RBA Cash rate was increased again on the meeting held on 6 May 2026, there is often a delay before the impact is seen in loans settled at new rates.

To help investors understand the performance of the Fund, especially during a volatile interest rate environment, we continue to disclose our historic performance of the Fund.

During the month of May, all cash reserves were fully deployed within a few days of receipt 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 loan non-repayments occurring in its loan exposures.

Performance Summary as at 31 May 2026:

• Investment Distributions of 0.7583% for the month (i.e 9.10% annualised for the month)
• Historic Performance was 9.12% p.a versus a target of 8.85% p.a. (annualised) calculated as averaged monthly distribution rates net of fees over the current financial year
• The Fund has a conservative weighted average LVR exposure of 58.60%
• Exposed to 29 different loan facilities
• Diversified mix of underlying properties constituting security for loans including residential, commercial, mixed use and vacant land
• For June 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: