28th August 2026
Dear Investors,
We are pleased to provide this investor update with respect to the ASCF Private Fund.
Since our last quarterly update, the fund has continued to perform strongly, and we would like to take this opportunity to provide you with detailed information on each of the investments in the fund as at 30th June 2026.
Key Fund Information
Funds under management as at 30th June 2026: $63,415,067.86
Current unit price – $1
Income distribution for July 2026: Paid
Fund Investments as at 30th June 2026
ASCF Private Fund, via its wholly-owned sub-fund Australian Mortgage Finance Services Fund (AMFS), has undertaken several investments under its mandate since inception and listed below are the current list of investments as at the 30th June 2026.
ASCF High Yield – $7,433,382.39 (refer note 1.)
ASCF Premium Capital – $2,275,000.00 (refer note 1.)
Direct Loan Investments – $43,233,611.62 (refer note 2.)
Cash at Bank ASCF Private – $1,025,913.42
Cash at Bank AMFS – $763,001.17
ASCF Warehouse Mezzanine Notes – $8,770,000 (refer note 3.)
ASCF Private and AMFS Half Year Financials
The financial statements for ASCF Private and its wholly owned sub fund Australian Mortgage Finance Services for the half year ended 31st December 2025 have been finalised and are available for viewing by clicking here. The full year financials for the year ended 30th June 2026 will be completed and posted to our website on the 30th September 2026.
Note 1. ASCF Retail Fund Investments
AMFS has $7,433,382.39 invested in the ASCF High Yield Fund and $2,275,000 invested in the ASCF Premium Capital Fund both being retail funds managed by Australian Secure Capital Fund Ltd.
AMFS, as a wholesale investor, receives a preferential rate of 8.60% per annum paid monthly from the funds due to the amount invested.
All interest payments have been made on time and in full by the fund to AMFS at the prescribed rate on the due dates.
The audited financials for each of the retail funds for the half year ended 31st December 2025 are available for viewing or download by clicking here. The full year audited financials for the year ended 30th June 2026 for each of our retail funds will be completed and posted to our website on the 30th September 2026.
For further information concerning our retail funds, please refer to the Product Disclosure Statement by clicking here or visit our website ascf.com.au where you will be able to view our monthly updates on our retail funds.
Note 2. Direct Loan Investments
AMFS direct loan investments to date have been loans acquired via assignment from the ASCF retail funds and ASCF Managed Investments Pty Ltd at reasonably conservative loan to valuation ratios some of which may be in arrears.
The benefit of acquiring loans in arrears is that the interest rate applicable to these loans is higher than the standard rate charged to borrowers who pay their interest on time. These loans, therefore, offer a high internal rate of return on the capital invested in the loan presuming the full loan value including all loan interest and fees are recovered. In addition to acquiring loans in default from our retail funds AMFS also originates new loans either in its own right or jointly funded loans with the ASCF Retail Funds at interest rates that provide a healthy net interest margin.
Listed below are the details of the current direct loan investments held by AMFS as at the 30th June 2026.
| Total Direct Loans Held by AMFS | $43,233,611.62 |
| Value of all 1st Mortgage Loans | $27,157,475.45 |
| Value of all 2nd Mortgage Loans | $15,225,154.74 |
| Value of all 1st & 2nd Mortgage Loans | $850,981.43 |
| Average Weighted LVR based on principal outstanding | 59.20% |
| Average LVR based on principal outstanding | 66.56% |
| Average Weighted Annual Interest Rate | 13.80% |
| Average 1st Mortgage Loan Amount based on principal | $2,228,200.66 |
| Average 2nd Mortgage Loan Amount | $635,195.65 |
| Average 1st & 2nd Mortgage Loan Amount based on principal | $799,842.86 |
| Number of 1st Mortgage Loans | 11 |
| Number of 2nd Mortgage Loans | 21 |
| Number of 1st & 2nd Mortgage Loans | 1 |
| Number of all Loans | 33 |
Note 3. ASCF Warehouse Facility
Australian Secure Capital Fund Ltd (ASCF) in its own capacity entered into a $100m 2 year warehouse facility on the 17th July 2025 with a major Australian bank providing $75m in funding as the senior note holder, AMFS agreeing to provide $22.5m as the mezzanine note holder and ASCF providing $2.5m in seller notes. The facility will provide additional liquidity to the ASCF Group and when fully deployed will result in ASCF having over $400m in funds under management.
The terms of the warehouse allows ASCF to fund 1st mortgage loans only up to 70% LVR over Australian property with a maximum loan amount of $2.5m and maximum loan term of 12 months.
The senior noteholder is being paid 350bps over the 1 month BBSW and the mezzanine note holder is being paid 700bps over the 1 month BBSW. ASCF Ltd in its own right will hold the seller notes of $2.5m which are zero coupon. All interest payments on the senior and mezzanine notes have been paid on time and full.
In the event of losses accruing under the facility the seller notes will be extinguished first, the mezzanine notes next and the senior notes last.
The initial acquisition of tranche 1 of the seller note of $1.25m was made by ASCF Ltd on the 14th August 2025 via a loan from AMFS to ASCF Ltd. AMFS was granted a specific security charge over the seller notes issued to ASCF Ltd for the loan which was made at 12% per annum with interest paid monthly. All interest payments on the loan have been paid on time and in full by ASCF Ltd to AMFS and the loan was repaid by ASCF to AMFS on the 10th April 2026.
Listed below are the details of the current direct 1st mortgage loan investments held by the ASCF Warehouse facility as at the 30th June 2026 totalling $33,719,125.
| Average Loan Size | $1,404,963.54 |
| Average LVR | 45.87% |
| Average Weighted LVR | 52.46% |
| Average Loan Term | 9 months |
| Average Loan Tenor | 2.42 months |
| Average Weighted Interest Rate | 10.107% |
| Average Annual Interest Rate | 9.98% |
| Number of Loans | 24 |
A more detailed update on the warehouse facility will be provided as funds are deployed in the September quarter update.
Should you have any queries or questions in the interim, please do not hesitate to contact me directly.
Regards,
Filippo Sciacca
Director
Investor Relations, Asset Management & Compliance