Gryphon Capital Income Trust
GCI.AX
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- Gryphon Capital Income Trust (ASX:GCI) is a listed investment trust that provides investors with regular monthly income and capital preservation through a diversified portfolio of secured fixed income securities, primarily Australian residential mortgage-backed securities (RMBS) and asset-backed securities (ABS); it targets returns of the RBA Cash Rate plus 3.50% per annum net of fees over the economic cycle. The Trust, managed by Gryphon Capital Investment Pty Ltd—a specialist secured credit fixed income manager and wholly owned subsidiary of Barings, which oversees over USD$431 billion in assets under management—serves principally institutional investors such as insurance and superannuation funds, alongside wholesale and retail investors via the ASX-listed Trust. Gryphon Capital Income Trust was listed on the ASX in May 2018, following its initial raise of $175 million, and is headquartered in Sydney, Australia, with operations focused on the Australian debt securities market. The Trust invests in a portfolio of high-quality, secured Australian debt securities, including prime and non-conforming RMBS, ABS backed by auto loans, credit cards, and other assets; it maintains a conservative approach emphasizing capital preservation and monthly distributions, with a management expense ratio of approximately 0.7% and a net tangible asset backing per unit of around $2.01 as of recent reports. Additional strategies under Gryphon's umbrella include institutional offerings such as the Secured Opportunities Strategy (launched 2015), High Grade Strategy, Investment Grade Strategy (launched 2016), and an Unlisted Strategy (launched 2021), alongside tailored fixed income solutions for institutional clients. In recent developments, Barings acquired 100% of Gryphon Capital Investments in 2023, enabling continued business-as-usual operations with enhanced global scale; the Trust completed multiple successful capital raisings in 2024, including a $135 million Entitlement Offer and Placement in March, a $49.8 million Placement in June, and a $168 million Entitlement and Wholesale Offer later in the year. Further expansions in 2025 include a February Entitlement Offer announcement with investor presentation, followed by results in March and ongoing Appendix 2A filings for new securities; monthly distributions persisted at an annualized yield of approximately 8.75% year-to-date through March 2025, supported by updated investment guidelines in September 2024. These activities have grown the Trust's market capitalization to over $1 billion, with total capital raised since inception exceeding $1.3 billion.