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Expanding our presence in established U.S. student housing markets

Introducing the U.S. Student Housing V Portfolio

This opportunity provides exposure to a diversified U.S. student housing portfolio located near major state universities.

Supported by strong local student demand and limited supply of purpose-built accommodation, the portfolio offers resilience and stability across multiple university markets.

This is a portfolio of 3,168 beds across four properties: Signature 1909 (Austin, TX), Park on Morton (Bloomington, IN), Cabana Beach Gainesville (Gainesville, FL), and Cabana Beach San Marcos (San Marcos, TX) in the United States.

> Section: Fully Realised Deals

Fully realised deals

Nesuto Apartments Mezzanine Loan (December 2025) | A subordinated loan to a trust managed by Ashe Morgan, secured against the Nesuto Docklands Serviced Apartment. The loan proceeds were used to refinance an existing construction facility and fund interest and income support reserves for senior loan obligations with Standard Chartered Bank. The loan was repaid following the successful sale of the property, with additional support provided by corporate guarantees from the Sponsor’s holding companies, which held a portfolio with a net asset value exceeding AUD 195 million.

MaxCap Real Estate Debt Fund III & IA (November 2025) | An Australian real estate debt fund that extends senior and junior loans to borrowers while offering monthly distributions to investors. The MaxCap Group manages over AUD7 billion in funds under management and has originated and invested in over 750 loans, backed by 18 years of investing experience.

Macrae Mezzanine Loan (November 2025) | A mezzanine loan for the development of four residential townhouses in the established and affluent suburb of Applecross, Perth, Western Australia.

Wingate Property Senior Debt Fund (November 2025) | A diversified real estate first mortgage debt fund. The investment is denominated in AUD and SGD and has a term of 5 months.

U.K. Retail Warehouse Portfolio Mezzanine Loan Tranche II (October 2025) | A mezzanine loan backed by a portfolio of five (5) freehold retail warehouses in the U.K. The portfolio has a total net leasable area of 889,436 square feet, and comprises national tenants with a current weighted average unexpired lease term (WAULT) of 7.5 years.

All investments carry risk, including risk of loss of principal.

> Section: Fully Funded Deals

Fully funded deals

MaxCap Real Estate Debt Fund IIIA (December 2025) | An Australian real estate debt fund investing in a diversified portfolio of senior and junior real estate-backed loans. The fund is managed by the MaxCap Group with over AUD 7 billion in funds under management to date and a track record of originating and investing in more than 750 loans over 18 years, operating within Australia’s private credit market, where borrower demand remains strong.

U.K. Retail Warehouse Portfolio Mezzanine Loan Tranche III (November 2025) | A mezzanine loan secured by a second charge over an 84.1% occupied portfolio of five (5) freehold U.K. retail warehouses, generating approximately GBP 9.98 million in annual rental income. The capital structure comprises a 38.0% loan-to-value (LTV) ratio senior loan, resulting in a combined LTV ratio of 62.6%. The sponsor, Martley Capital Group, is an established real estate investment manager with approximately EUR 25 billion in assets under management.

Gold Tower (October 2025) | A Grade-A office building located in the heart of Brisbane’s CBD, also known as the ‘Golden Triangle’, at a 10% discount to net asset value. The building features a distinctive gold façade and has a strong history of solid performance.

U.S. Student Housing V Portfolio (November 2025) | A U.S. Student Housing Portfolio of 3,168 beds across four properties: Signature 1909 (Austin, TX), Park on Morton (Bloomington, IN), Cabana Beach Gainesville (Gainesville, FL), and Cabana Beach San Marcos (San Marcos, TX).

Wingate Property Senior Debt Fund 1B (November 2025) | A diversified Australian real estate first mortgage debt fund offering a relatively short investment horizon of approximately 8 months. The portfolio is supported by a conservative average loan-to-value (LTV) ratio of 64.9%, with most loans secured against supply-constrained residential assets. The fund is managed by Wingate Property with a track record of funding 350+ facilities totaling over AUD 9.0 billion.

U.K. Manchester Heathcote Hotel (October 2025) | An acquisition and refurbishment of the ABode Manchester, a freehold hotel with 61 keys in Central Manchester, U.K. Nestled in Central Manchester, the hotel provides prime access to tourist spots and exceptional transport links, being 2-4 minutes walk from Manchester Piccadilly Station and 3 minutes from Piccadilly Gardens interchange.

All investments carry risk, including risk of loss of principal.

> Section: Key Performance Metrics

Key performance metrics

143 | Deals funded
49 | Deals realised
20.7% | Average net IRR for realised equity deals¹
7.1% | Average net return p.a. for realised income deals²

As of: 1 January 2026

¹ Average net IRR is calculated as the weighted-average internal rate of return of fully realised equity deals weighted by the USD equivalent investment amount for each deal, computed net of taxes and fees.
²Average net return p.a. is calculated as the average annualised return for fully realised income deals, net of taxes and fees.

Past performance is not indicative of future results. Returns are not guaranteed.

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