• $23.1 million lent in HY25 with all loans secured by registered first mortgages
• Forecast FY25 earnings and distribution guidance upgraded to 60.0cpu, a 33.3% increase on FY24
• Implemented target return of RBA Cash Rate + 4.0% (net of fees), outperforming by 1.85%

360 Capital Mortgage REIT (ASX:TCF) has reported its financial results for the half year ended 31 December 2024. Key highlights include a total of $23.1 million lent in HY25, with all loans secured by registered first mortgages. As at 31 December 2024, the loan portfolio had 5 loans comprising 55 individual mortgages, with 95.9% senior first mortgage loan investments, a weighted average Loan to Value Ratio (LVR) of 68.9%, and a weighted average interest rate of 11.6%. The Trust undertook a Placement and Conditional Placement in December 2024, increasing its market capitalisation by 36.1% to $33.4 million. Unitholders also approved an off-market liquidity mechanism, allowing for semi-annual buybacks at NAV plus accrued distributions. Financially, TCF reported a 32.8% increase in net operating earnings to $1.3 million, 30.3% increase in earnings per unit to 31.8cpu, and a 43.3% increase in distributions per unit to 30.1cpu. The Trust also upgraded its FY25 earnings and distribution guidance to 60.0cpu, a 33.3% increase on FY24 and reflecting a forecast distribution yield of 10.2% p.a.

TCF maintains its FY25 earnings and distribution guidance of 60.0cpu, representing a 33.3% increase on FY24 distributions and equating to a 10.2% annualised yield on the current trading price.

As one of only two ASX-listed mortgage REITs, TCF is uniquely positioned, providing investors with an alternative to traditional fixed-income investments, offering both yield and capital preservation. Subject to market conditions, during 2H25, the Trust may undertake an Entitlement and General Offer at NAV in line with its strategy to increase the capital base, diversify its loan book and provide additional liquidity to investors.