Good morning and welcome to the first-half FY '26 results for MA Financial Group. My name is Julian Biggins and I'm the Joint CEO of MA Financial, sitting alongside Chris Wyke, who is here in the room with me.

We also have Giles Boddy, CFO, and Michael Leonard, the head of investor relations. We are very pleased to deliver a record result and strong outlook in what many would consider challenging conditions.

I'll start on slide 7 with the key highlights. Today, we report underlying earnings growth of 45%, with strong performance across a diversified business.

This excludes the large notable item, which is attributable to the combined outcome of divesting of both Infinite Care and Brunswick Heads Hotel in the period. If these were added back to the result, the EPS growth would have been higher at 96%.

As earnings grow, we expect to increase our fully franked dividend, and today have announced a 33% increase in our interim dividend to 8 cents per share, fully franked, up from 6 cents per share in the prior period. We're very comfortable with the performance and strength of the business.

One of our key measures is recurring revenue, and that has increased to represent 72% of total revenue, and underpins the predictability of MA's future performance. At $154 million, it is almost 4 times what it was 5 years ago, and continuing to grow.

This is a key metric for the executive team. Assets under management were $15.5 billion at the end of the period, up 44% on the prior period, supported by both organic growth across the business and the acquisition of IP Generation, which has rebalanced the portfolio of investment strategies at what we believe to be the right point in the cycle.

Our unique lending ecosystem continues to deliver strong growth, although more importantly, the combination of the businesses provide a unique distribution and product manufacturing platform that is without peer in the country. The growth of MA Money within the ecosystem is evidence of it working, with the loan book sitting at just over $8 billion today, and that compares to $3.7 billion just a year ago.

Corporate Advisory has had a very good start to the year, delivering around $50 million in fees thus far when we include the $25 million that is expected to be delivered by transactions that have been announced post balance date. Bringing all of this together, we see a continuation of strong earnings growth in FY '26, driven by executing a strong, consistent strategy, underpinned by a diversified scaled business model.

Now turning forward to slide 8 and some key numbers. The business has continued to deliver despite the market and macroeconomic uncertainty in the half.

From an operating perspective, the acquisition of IP Generation has added considerable bench strength to our core real estate strategy, demonstrated in the fourth quarter last year when we acquired $1.2 billion of retail shopping centers, which carried revenue growth into FY '26. The launch of the listed private credit funds, MA1 and MA2, late last year has also underpinned revenue growth in FY '26.

It's important to note that whilst AUM is a key operating metric, there are many ways to succeed in our asset management business, with Redcape Hospitality being a highlight in FY '26, as asset performance, transactional activity, and potential performance fees will see it deliver very strong outcomes in the year. Gross flows were down slightly on the prior year, which reflects a relatively tougher environment for private credit, and the listed markets being substantially closed for issuance.

Excluding lumpier listed market and institutional raisings, gross inflows were actually up slightly on the prior period. Finsure continues its growth journey, increasing its loans on platform by 25%, and MA Money powered through $7.5 billion at June.

The MA residential ecosystem is important to acknowledge, as it's a very unique collection of businesses and capabilities, and we're demonstrating how to create material shareholder value through the ecosystem. Corporate Advisory was down slightly on the prior period, although this was largely due to timing, with a flurry of transactions announced post balance date, highlighting the strong activity levels experienced.

We are very happy with the way the business is navigating the current market environment. Whilst some parts will face headwinds such as real estate credit, other parts are flourishing and delivering growth.

It's the strength of our scaled, diversified business. Turning forward to slide 9 and our growth journey.

We have often talked about how we build long-term shareholder value and the importance of recurring income and building multiple growth strategies. As you can see on this slide, we have been executing this strategy for a long time now, with strong growth across all key operating statistics over the last 5 years.

When you look at recurring revenue in the first half of FY '21, it was only $44 million, and then compare that to today, only 5 years later, and it's $154 million. You can see what has driven this when you look at each of the business units and the significant growth achieved over the period.

Whilst growth rates may slow given the expanding base, we still see considerable growth in the business and are always thinking about new opportunities. The objective of building a growing recurring revenue base is to build a strong foundation of revenue that endures variable market conditions, and we continue to execute on that consistent strategy today.

Again, the 5-year-ago comparison of the business is stark, as we had half the AUM, no Finsure, no MA Money, and a third of the recurring revenue. The business is, quite simply, a larger, more stable business today.

Turning forward to slide 10 and our updated 3-year targets. On this slide, we've set out our new 3-year targets for the group.

We first provided 3-year targets in August of 2023 for December 2026. With that period now upon us, and those targets largely met, we've decided to refresh the targets with a December 2029 version.

We've always talked about our strategy in the context of medium-term vision and decision-making, and these 3-year targets are our preferred approach of how to provide the market with strategic targets for MA Financial. We're obviously confident in our targets and have demonstrated our track record of how we go about executing a strategy.

We hope that provides credibility for the market in thinking about how we have approached landing on these targets. As you will no doubt focus on, the implied CAGR for our targets is generally less than what we have achieved, and this obviously comes with scale and that we are starting at a much bigger base.

With that, our network is bigger and we have more ways to go about landing the targets, and that provides us with real confidence in our ability to deliver. We encourage you to look at these targets and backsolve what financial outcomes are delivered if these targets are met, as that is what excites us.

If we cast our mind forward 3 years and look at the financial outcomes attached to these targets, it would be a great outcome for all stakeholders. We're a growth company and proactive in our approach of how we execute our strategy.

Now turning forward to slide 11 and the strong financial result. As I've mentioned, the financial result is a particularly strong one.

The decisions made last year around strategic growth opportunities, including the acquisition of IP Generation, the listing of the private credit funds, and the investment in MA Money, have all paid dividends, and this demonstrates the strength of the diversified model. Whilst we are excluding the large notable item, which predominantly relates to the profit on sale of our aged care business, we are very proud of that result, which delivered investors 2.8 times their initial capital and was obviously a material transaction for MA Financial, returning approximately $40 million in capital to the balance sheet.

Excluding the large notable item, return on equity jumped over 400 basis points to exceed 15% in the first half, and we expect this to continue to get stronger as our capital-light model supports earnings growth. Increasing our dividend by 33% to 8 cents per share demonstrates our confidence in the business and the strength of the balance sheet.

We expect dividends to continue to increase as earnings grow. In summary, this financial result is validation of the diversified business model working, delivering 45% earnings growth alongside a material increase in our return on equity.

Turning forward to slide 12. You can see from the charts that this period has generated another record result, and when you read this page in conjunction with slide 9, you get a real picture of the breadth of the growth and the strong underlying recurring revenue base of MA Financial.

You need to remember in FY '22, we generated about half of the recurring revenue we generate today, and our profitability was heavily reliant on performance fees from Redcape Hospitality. Today, that picture is materially different, with over 70% of our total underlying revenue from recurring revenue streams and a significantly reduced reliance on performance and transaction fees, although these are starting to build as well.

Moving forward to slide 13 and divisional highlights. In Asset Management, the December quarter last year really set us up for the first-half result.

The acquisition of IP Generation delivering $1.8 billion of AUM, the subsequent acquisition of Hyperdome and Top Ryde shopping centre for a combined $1.2 billion, and the listing of MA2, all underpinning strong revenue growth. As previously flagged, we sold Marion shopping centre in the period, and this reduced AUM by approximately $600 million.

Gross flows from our domestic unlisted channels continue to be strong and not materially different from last year. Net flows have been impacted by the intense focus on private credit, both globally and domestically, and more directly, the softness in the residential market post the federal budget.

The asset-backed products such as the Priority Income Fund continue to attract considerable capital over the half and are well suited to this environment, with downside protection and conservative asset backing. Redcape Hospitality has had a very strong period, both from a trading performance and also transactionally.

This will drive a material earnings growth for the hospitality platform, and we anticipate performance fees to feature in second-half '26. The New Zealand AIP program has kicked off, with in excess of NZ$100 million of capital now deployed in predominantly private credit or hospitality assets.

The pipeline for this product is strong. Over the last 12 months, the product mix has moved again, reflecting the increased growth being driven by real estate, both core and alternative, and the acquisition of IP Generation.

This, alongside the reduced arrange of fees in real estate credit, have seen the recurring margin come down over the period, whilst the transaction and performance fees have increased. This resulted in a 9 basis point reduction in our total fee margin over the period to 159 basis points.

Whilst core real estate AUM growth lowers recurring revenue margin, it benefits AUM growth through the use of leverage alongside equity, and total margin through increased performance and transaction fees, hence our increasing focus on the total fee-based margin. Recurring revenue should benefit as residential real estate markets stabilize and increased activity levels support a rebound in the range of fees within real estate credit.

Turning forward to the other divisions. Finsure's loan book continued to grow and hit $193 billion in June.

As a reminder, the loan book was slightly less than $60 billion when we agreed to acquire Finsure 4 years ago. The revenue per broker increased materially over the half as we rationalize brokers to focus on the most productive brokers.

We would expect to see this revenue per broker continue to grow as these numbers annualize. MA Money's loan book reached $7.5 billion at the end of June, which is well ahead of our targets.

Strong volume growth has persisted as the business continues to increase its market share and broaden its mortgage broker relationships. The growth in MA Money's market share is underpinned by quick turnaround times on apps, broker relationships, and market-leading tech.

Net interest margin was in line with our targeted range at 1.33%, and the arrears remain at very low rates. In Corporate Advisory and Equities, the business had a good first half with strong activity impacted by extended execution periods, which pushed a number of transactions into the second half.

The activity mix was skewed again to M&A and private capital, with the IPO of FDC being the exception. MA Moelis helped FDC list on the ASX at a $1 billion valuation, being the largest IPO of the year.

Equities also had a stronger period with commissions up 38% as market volumes improved and a stronger leadership team executed well. The period since 30 June has been a very busy one.

Gross flows accelerated post result, with the group raising in excess of $400 million over the first 6 weeks with a strong focus on our asset-backed Priority Income Fund. Net flows for the first 6 weeks of the half were $166 million, which represents a strong run-rate from both our domestic and international teams.

These flows were largely into our open-ended funds. Our real estate business has been highly active, with over $1 billion of well-progressed deal flow across both core real estate and hospitality.

Whilst the first half '26 was relatively quiet for core real estate, we currently have over $500 million of retail shopping center transactions that we are starting to raise capital for, which we expect to contribute significantly to the second-half net flows. As I've previously mentioned, hospitality has been active and we expect this to be a standout year for the platform.

MA Redcape Hotel Fund returned over 17% to its unit holders over the year to 30 June, and the fund has exchanged on over $500 million of pubs that will settle in the second half with a continued focus on enhancing portfolio mix. MA Money continued its growth momentum, with its loan book surpassing $8 billion to deliver records with around $1 billion of settlements since 30 June.

Net interest margin is being retained around the same level as first half '26, and we have placed a $1 billion RMBS into the securitization market. Finsure also carried the momentum into July, settling $8 billion in the month, with only minimal impact being witnessed from the proposed changes outlined in the federal budget, with July settlements approximately up 10% year-on-year.

In any case, Finsure is predominantly a fee-for-service model and, therefore, less exposed to flows and more to revenue per broker and number of brokers. Corporate Advisory has announced several transactions post balance date, with approximately $25 million of additional revenue attributable to them.

Overall, a very strong start to the second half, which takes us to the next page and the outlook. In regards to the outlook, we expect the continuation of the momentum in the business to deliver material earnings growth in FY '26, with an earnings skew to the second half.

In Asset Management, whilst the gross flows have been very strong, the net flows have been more subdued. In the second half, we see a stronger net flow contribution compared to the first, supported by a more active period for core real estate.

We also expect our asset-backed private credit funds to continue to perform well. Reflecting a more active core real estate offering and subdued arranger fees from real estate credit, we expect the second-half recurring revenue margin to be consistent with that achieved in the first half.

In regard to transaction and performance fees in the second half, we see a similar strong result to the first half, with a material amount already underwritten by announced or very advanced transactions. We would expect to see AUM increase from June, predominantly underpinned by growth in core real estate, hospitality, and asset-backed private credit.

We'll see the Aged Care Fund and Beach Hotel settle in the second half, although do not expect any other material divestments. We've increased the guidance for MA Money to deliver $25 to $30 million of NPAT in FY '26, with the loan book at $8 billion and growing.

We anticipate strong growth into FY '27 as well. Corporate Advisory is well placed for the year with around $50 million of corporate advisory revenue already booked or de-risked, which bodes well for it meeting the target range per executive this year.

Finally, strategic spend is running to plan, with the majority of the expense relating to the US private credit platform, where we continue to make steady progress raising capital, in addition to adding a number of new products being considered. In closing, we're very happy with the business and how it is performing.

To think that over the next 12 or 18 months, the business will hopefully exceed $500 million of annualized revenue is a real milestone for the group, and validates the scale of MA Financial as we approach our 18th anniversary and 10th year of being listed. We're a growth company focused on generating a strong foundation of recurring revenue with a diversified ecosystem designed to help balance out cycles as they come and go.

Sustainable growth is something we strive for. We look forward to executing our consistent strategy and hopefully delivering strong growth in the future.

With that, I'll hand over to the moderator for Q&A.

I have three. The first is just around the performance that we've been seeing in the last year or so, I suppose, in Redcape in particular.

Obviously, the underlying assets are performing well. I think there was some revaluation upward in the last quarter.

I suppose just at the asset level, Julian, do you have any view on what's driving, I suppose, the strong performance there in pubs in particular? Is it that consumer de-scoping from mid-market hospo?

Just a mix of things, any colour would be helpful. Thanks.

Thanks, Cam. I think from Redcape, the performance was exceptionally strong over the last couple of years.

When I say exceptionally strong, sort of double-digit EBITDA growth. That slowed a little bit into the last quarter, but still running at run-rate to the market.

I think from a Redcape perspective, having a well-capitalized business with high-quality venues that you can put capex into and take market share from the competitors has been a very important feature of the Redcape business. The F&B offering that sort of comes with building out a better, more diversified offering of F&B within the venues, food and beverage, large family restaurants, has really boded well for that business as well.

Chris Unger running Redcape has done a great job. We're expecting to have another strong year in FY '27.

The capital side of the business or the capital markets, in terms of transactionals, stay very liquid on firm pricing. We view our valuations in Redcape as being conservative.

Great. I think a two-year forward return target is 15% or there as well that got reiterated, absolutely, that looks good.

If I can turn to MA Money, the last guidance we had in market was north of $20 million NPAT. Today it's upgraded to $25 to $30.

I think fair to say people assumed 20, and obviously wait and see impacts of federal budget and resi housing weakness. Obviously done a bit better or expecting to do a bit better.

What's the key lift here if anything? Are you flexing reinvestment in the business?

Are NIMs holding in better than first thought?

Sorry, I didn't quite hear that, it's Chris Wyke. What are the key drivers, did you say?

Just key drivers of the upgrade in MA Money, please.

Yeah. Thanks.

I think we are continuing to do what we've done, which is stick to the basics of the fast turnaround times, the investment in the tech. The productivity per full-time employee has really risen over the last 12 months.

We have taken on more BDM staff over the last year as well, but it's really keeping efficient tech, clear underwriting standards, and fast turnaround times to service the market promptly. We built our entire tech stack from scratch when we started that business, we haven't been encumbered by legacy systems, which really has enabled us to be very forward-looking to cope with this level of growth and maintain our turnaround times.

It's just about really continuing to give good service to the market and get a prompt yes or no to brokers, and just keep doing the same.

Yeah. Just the last one then would be around the new three-year targets.

Want to prelude this just by saying this is definitely not a criticism, but last time around the targets, you ended up missing on the EBITDA margin side of things for '26 as you obviously doubled down on investment. I suppose as people look at these new FY '29 targets, do you think you hold yourselves to that EBITDA margin guidance range you provided?

Just I suppose so people can get conviction, I suppose, on that trajectory?

Yeah. We've absolutely put a lot of thought around these targets, and except the '26 target wasn't met, we have obviously invested heavily in the business.

We do see, and you see even in this result, we've seen some margin expansion in the first half of FY '26, and we continue to see opportunities to expand the margin over the following 3.5 years. It's a steady rate in terms of expanding that margin, we look at that pretty steadily over the outlook period.

That's really helpful. Thanks again, guys.

Done.

Good morning. Thanks for the opportunity.

My first question is just on asset management. Just looking at net flows, you talking about the first 6 weeks at $166 million, that's already well above the past 2 quarters.

Just wondering if you can give us some insight into that, do you think that's partly a timing issue where there was a bit of a lag or people holding back or do you think there's something that indicates that it's more durable?

I think when you look at the flows, you think about it through both lenses. You've had in excess of $400 million of gross flows, I think, in that first sort of 6-week period, alongside $166 million of net flows.

The top of the funnel is working exceptionally well. Obviously, there's a elevated sort of redemptions at the moment through some of our more liquid funds.

The top of the funnel is putting a lot of new capital into the system, so that's okay. The 166 was a strong number and probably caught us a bit by surprise, to be honest, in the first 6 weeks given what we've seen in the second half, but a lot of that money is flowing into the Priority Income Fund, and investors are very attracted to the defensive nature of the asset-backed security class, and also the buffer that's provided in that fund.

It's very hard to predict in this market where that goes through to December, but we're seeing very strong interest in those opportunities. The other thing I'd say, we're only just launching our core real estate opportunity, the single-asset funds, and that will see another opportunity for net inflows through the more traditional channels that we just didn't have in the first half, and that gives us a bit of excitement as well.

Then wonder if we can talk about the distribution channels in that business in private credit, how that's going? Are you expanding the distribution network?

Selectively. We've seen both international and domestic flows strong in the second half into the private credit funds.

We've got a pretty mature distribution channel both in Australia and through Asia, and where we have made some investments through that Singapore, Hong Kong family office institutional market, we haven't seen materially contribute to the numbers yet. That's something that we are focused on in terms of growing out the distribution channel.

The US is a separate league as well. We have seen those.

Obviously, the residential market is weighing on people's mind around real estate credit, but that's not a surprise given the sort of nature of the market at the moment, and that's really the trends we're seeing.

Great. Thanks for that.

Maybe can I ask one more question? Just, if we look at your FY '29 targets, for example, if we look at the MA Money target, can you talk about sort of going forward over the next 3 years, is there any thought around the client base they're going after, plan any changes there in terms of whole business position or essentially more of the same what we're doing?

It's Chris here. It is very much more of the same.

We are constantly looking at our products in market though and how to refine and optimize them, but we just continue to do the same fundamental good service and fast turnaround times. We're not on the loan product side forecasting any form of substantial innovation at this stage.

It is continuing the business as usual.

Oh good. That's helpful.

I'll leave it there. Thank you.

Thanks, Anthony.

Good day, guys. Just a question on MA Money.

Can you maybe talk to where you think the return metrics for that business will get to over time as it matures? What's a reasonable level to think the ROE can get to or some of the profitability ratios we should think for that business to understand the sort of value it's creating as it's growing?

I think we've sort of been quite consistent around the way we look at the business headlines really in relation to the NIM. We are at the 1.2 to 1.4% range.

EBITDA margins, yeah, 45 to 50%, yeah, probably on the EBITDA margins. We may look to respond to the market and flex pricing, look at volume.

One thing that we are also evaluating is whether or not in the future we look at different funding models for the growth in the loan book. We've spoken about in the past, as we come through this 2026 year, because obviously we've put out our NPAT targets, as we come through this 2026 year, whether we look at a more asset management style model associated with those home loans, whether we look at managing whole loans with third parties and whole loans sales, that's something that strategically we're contemplating, and that will probably play out over the next 3 years.

Otherwise, yeah, that hopefully gives you enough of a feel for the metrics of the volume and the margins.

Sorry, just repeat that margin again, your target was at 45 to 50, is that the way to think of it? We've

certainly seen that improvement in sort of this half has lifted to 44 from where it was in the previous comparative period of 24%, that's the expectation for sort of the year ahead. What I will say is we are constantly looking at our tech and optimizing our tech, and I've sort of flagged before a bit of tech spend that may be coming through this year as well, so that might be something to watch out for at the full year.

Looking beyond that and thinking on a more normalized basis, yeah, that 45 to 50% sits good on the EBITDA margin. No problem.

Just a second one, on asset management, with the tax changes, are you thinking of any new products in that space given, I guess, the greater focus on income, frank dividends, those sort of things going forward? Are you thinking of anything new in the space to sort of try and capture what's a fair change in the market?

I think we're always proactively looking at different investment products that meet the market. The legislation is clearly directional, clearly income's going to win over high sort of capital sort of gains in terms of the tax rate.

There's also some interesting sort of, I guess, alternative structures that can minimize tax in an effective way. We're definitely looking very closely at it.

In terms of behavior from our investor base, we're really seeing strong demand for income, I think that's probably going to play to our forehand as the legislation rolls through. There's some other nuanced products that we're sort of looking at around sort of more tax-efficient structures, but it's really watch and see a bit in terms of where the legislation lands as well.

Thanks so much for that, guys. Cheers.

Appreciate it.

Thanks, Richard.

Good morning. I was going to ask about just a few targets as well.

Your revenue per executive target for Corporate Advisory has been flat for the past decade, despite inflation that's occurred over the time. Do you anticipate that you might look to lift that after this set of 3-year targets?

I think the Corporate Advisory target is really around the revenue per executive, which we've provided a fair bit of detail in the deck for the last 10 years since we've listed. It's been a very consistent metric for us around how productive an executive can be in the corporate advisory market in Australia, and that's actually quite a strong metric.

What's more important is getting the number of bankers and having the right structure in the Corporate Advisory business. Really pleasing about that business and the growth of the different verticals and how it's growing, that's been a really strong sort of growth engine in the last sort of couple of years.

Just looking at the numbers over the last 12 months, we've added nine bankers to the division in the last 12 months alone. We've always been very steady in our growth around sort of making sure we get the right bankers that can work within our business and not trying to go out and be everything to everybody.

We've seen that team steadily grow over time, but that range is really quite fixed for us in terms of what we're aiming for each banker to achieve in Australia in this market.

Very good. Then with Asset Management, obviously, getting some great growth coming through in New Zealand from the Active Investor Visa.

How much New Zealand is contributing to that asset management growth target? Could New Zealand hit a billion dollars over the 3 years?

I think to be really clear on the asset under management target, we have 10 different sort of initiatives that are running around the world that could all contribute to the $24 billion, right? We're not calling out this one's in or this one's out, it's the whole business that will deliver the target.

In terms of the opportunity in New Zealand, could it be a billion dollars? I think that's an elevated sort of claim.

I think what we are seeing though is a very healthy pipeline of demand. We're sitting here at $100 million today.

Could that contribute $100 or $200 million a year under the current regime? Yes.

The investment visa is obviously linked to both the underlying sort of demand for the product, but also the product sort of shape and form as well.

Okay. Then if I look back the last set of 3-year targets, you made a few acquisitions over that time, a couple bolt-ons that really helped achieve that growth.

Do you anticipate you might make any bolt-on acquisitions over the next 3 years which might help you achieve those targets more rapidly?

It's impossible to say. We look at a lot of different things.

I know Chris and I look at stuff constantly, but we're very disciplined in what we actually buy, as you can see through our track record. Only time could answer that question.

Fair enough. Then separately, you've got really good increasing revenue per broker coming through.

Obviously, you mentioned that you've looked to streamline the number of brokers you've got and optimize towards the more active, more profitable ones, and that's been part of the reason for the drop back in market share. How much of that increasing revenue per broker is actually attributable to software offerings such as Middle that you're using to grow?

I'd have to take that on notice in terms of the breakout. What we've actually done with Middle, we'll take the opportunity to give a bit of colour on that, if I may.

That has now been fully fused and integrated into the Finsure software platform. I think we're at about 2,500 roughly brokers that are now using Middle.

It's being rolled out across the platform. I see those becoming fairly integrated.

It's our vision that really over the next 6 months the entire broker network in Finsure utilizes Middle. That again is more value-add.

Brokers can see that. It does allow us then to sort of increase that revenue per broker.

As it pertains to specific splits and costs, I'll have to take that on notice and revert.

Okay. Much appreciated.

Thanks very much for that. That's all for me.

Hi, good morning, team. Just a first one on seasonality.

You've given us sort of good outlook commentary around what you're expecting through the second half, but if we look historically at what sort of EBITDA seasonality 1H, 2H has been, any comments around what you're expecting for this year?

Oh, I think, Tim, it would be pretty similar to the past. I think we sort of talked at a high level around a low 40s to sort of 60 sort of split.

I think it's probably something similar to that in the year ahead, not necessarily giving guidance, but it'd be pretty similar to what it's been in the past, I would expect. Excluding the large notable item, that is, Tim.

Got you. Just on a follow-up on the trading update around the net flows, which was really strong acceleration from what you'd been seeing probably through the second quarter of '26.

Just breaking that down, it looks like maybe $100 million came from the Priority Income Fund, the other 66, is 30 of that the raising for the MA Growth Partners fund, and then the other 30-odd or 36-odd, is that across some of those transactions that you've done in retail and hospitality? Just a bit more detail on that mix?

There'd be a little bit for hospitality. There'd be none in there for the retail shopping centers, they're only hitting the runway right now.

I don't know if there's any other colour, Michael.

No, I think you're right, Tim, on the $30 mil that we raised for MA Growth, and then, yeah, it's really private credit outside of that, particularly the Priority Income Fund. With a bit more as well for Redcape.

Your numbers aren't far off. The retail shopping centers obviously they've not settled yet, so that's to come.

Got you, that's helpful. Presumably you would think most of this acceleration in flows in private credit will continue into the more income-style funds.

You kind of referenced real estate credit being tougher there. I think you've probably gone past the point where repayments has overtaken deployment there, and the book is probably shrinking.

Do you kind of expect that to continue through the second half as is, or are you seeing any sort of green shoots around deployment opportunities in that space?

I think it's a little bit early to say there's green shoots in the market. You can see it through the sort of what's being announced through the big sort of residential developers and their forward books.

It's just an uncertain period, right? Our flows have been neutral to slightly down in terms of negative flows in real estate credit over the 6 months.

We don't see that changing materially. There's a bit of noise out there, but we're keeping a very close eye on it, Tim.

Got you. One last one.

Obviously, MA Money momentum is still very strong and you've upgraded the guidance there. Can you maybe just give us a little bit of additional information around what the mix of the origination settlements look like in that business, across sort of investor versus owner-occupied versus SMSF, and whether over the last few months there's sort of been a notable change in that mix at all because the overall run-rate is still very strong within that product as the market kind of cools?

I think it's been relatively stable sort of the 50-50 investor to owner-occupier. I think maybe it bounced around from month to month, no doubt last month with SMSF, I think there was probably a pick-up there in terms of investor.

Broadly over the last 6 months, it's been relatively stable in terms of the investor owner-occupier mix.

Our SMSF run-rate prior to the announcements around the future of SMSF purchasing of real estate was quite modest. We're not going to be cycling against a big SMSF headwind.

We have seen in the last month and change a bit of a spike in SMSF activity as a lot of folks are really focused on getting in before the deadline. I don't think there'll be anything profound that comes from our volume and profile, though, on a post-September basis, which is when that should pretty much burn off.

Understood, that's helpful. Sorry, just one last one.

On the '29 targets, obviously all very strong headline levels, comfortably above where consensus sits at the moment. Just on the asset management piece, $24 billion, the mix of asset management has obviously continued to evolve over time.

In getting to that 38 to 40% group EBITDA margin, what's your kind of assumptions around the trend in recurring revenue margin, overall revenue margin on that base of 24 billion? Does it continue to sort of moderate lower as it has over time, or what do you think the right sort of revenue margin on that size of AUM is?

When you think about the balance of the portfolio at the moment, obviously it's very cycle-dependent. Real estate and private credit are sort of growing at similar rates, but that can change very quickly.

In terms of the overall sort of margin, I think depending on that mix, you obviously see the focus on the total fee margin, where you have performance and transaction fees a bit more elevated or you're sort of down at the sort of recurring in the base margins. We'd see the overall margin mix sort of relatively stable.

Listed markets are a little bit softer, a little bit lower margin, and so is the US, but overall a pretty stable environment. We'll see what happens with the resi market.

Then in the outlook, we sort of also see that improvement in transaction performance fee margin, so that's sort of lifting from the historical lows sort of side, and then we're seeing the operating leverage coming out of MA Money, that seems to be continuing, it's kind of providing and contributing to that EBITDA margin performance or outlook.

Got it, that's great.

I think with the targets, Tim, I think we've always been good at growing the top line, the growth in the business has been great. There's a bit of buffers for some dilution in margin, but we're not anticipating it.

Not EBITDA margin, the recurring margin.

That makes sense. Great.

Thanks for taking the questions.

Thanks for that, guys. Just two more.

In the real estate space, as you're sort of looking to deploy at the moment, you've noted the sort of $500 million in the pipeline that you look to complete by the balance of the year. I suppose just your confidence in getting that done, helpful if you can, I suppose, frame that conviction.

We'd have high conviction, but it's a process that we're out raising the money for. We think the underlying demand from investors for quality real estate, core real estate backed income, etc., is high.

We're at the start of the process. There's three different assets involved, and we'd have a high conviction that we can get it done.

I suppose on that point, Julian, like, obviously the first half was a bit quieter, but do you think like a bit more generally, the environment's a bit harder to execute on given that us seeing like shopping center in more demand at the moment is is particularly strong, and that obviously might lead to some sharper cap rates that, might make you guys obviously not execute on?

We've been active in the market and looking at things, and we have missed out on certain transactions for good reasons. I think the demand for shopping centers at the moment is more elevated than it was say 12 months ago.

The assets that we've secured, the three assets, are all off-market transactions, and that's important in terms of buying assets on the right terms for our investors. We've been selective in where we go, but, yeah, I still see a great opportunity.

I think the important thing for me is around the fundamentals of assets you've got. Construction costs are still elevated, supply is very constrained, you've got a bit of wage growth, you've got population growth.

High-quality shopping centers are still a great place to invest, and our investors are agreeing with that. You've just got to buy the assets on the right terms.

Fair enough. Then the last one as a follow-up, Chris, just earlier in the year, I believe it was, MA had put out an announcement that you'd sort of put together a partnership with CB for an APAC credit fund that was potentially going to be quite large as that would be deployed.

Could we see flow come through from that this calendar year or has that been delayed? Just an update there would be helpful, please.

Fund is up, we're live, being marketed. Right now, there's actually a seminar going on.

I can tell you on that front, mark time, but we should expect to see some come in between now and the end of the year. There's been some already, to be truthful, but it's in the tens of millions of US dollars.

We would expect some more flows on that front between now and the end of the year.

Awesome. All right, thank you again.

Thanks, Cam.

Thanks, everyone. Thank you for everyone that's taken the time to listen and ask a question today, and we look forward to catch up with you over the next couple of weeks.

Thank you.