Gryphon Capital Income Trust Reports Net Tangible Asset Per Unit at $2.0150 on 23 July 2026

What Net Tangible Asset Backing Means for Listed Investment Trust Investors

Net Tangible Asset backing is a core metric used by investors in listed investment trusts to assess the fundamental value of their holdings. It is calculated by subtracting liabilities from the trust’s total tangible assets and dividing by the number of units outstanding, yielding a per-unit net worth figure. This differs from the market price of units, which is influenced by supply and demand dynamics on the exchange. For Gryphon Capital Income Trust, the NTA of $2.0150 per unit as at 23 July 2026 provides transparency into the theoretical value of each unit based on the trust’s asset composition and valuation at that date.

Regular disclosure of daily NTA figures allows investors to monitor changes in the trust’s underlying value and assess whether GCI units are trading at a premium or discount to net asset value. This insight is particularly valuable for income-focused investors who depend on the trust to generate steady distributions while preserving or growing capital. Understanding the relationship between NTA and market price helps investors make informed decisions about buying or selling units and evaluating the trust’s value at current market levels.

Gryphon Capital Income Trust’s Management and Investment Approach

Managed by One Managed Investment Funds Limited, the responsible entity authorised under an Australian Financial Services Licence, Gryphon Capital Income Trust (ASX: GCI, ARSN 623 308 850) is designed to provide regular income distributions through a diversified asset portfolio. The responsible entity operates from Level 16, Governor Macquarie Tower, 1 Farrer Place, Sydney NSW 2000, under the regulatory oversight of the Australian Securities and Investments Commission (ASIC).

As a listed income-focused trust on the Australian Securities Exchange, GCI aims to deliver steady returns by managing its portfolio to generate income. Its structure supports regular income distributions, appealing to investors seeking yield within their investment mix. The daily publication of NTA figures underscores the trust’s commitment to transparency and ongoing communication with its investors about net asset value.

Daily NTA Reporting Enhances Transparency for Investors

The daily release of NTA per unit figures is a vital transparency tool that enables unitholders to track the trust’s performance and underlying asset value continuously. Gryphon Capital Income Trust’s practice of publishing daily NTA aligns with industry standards among listed investment trusts, providing investors with timely and accessible data on net tangible assets. The company update on 24 July 2026 reported an unaudited and approximate NTA of $2.0150 per unit as at the close of business on 23 July 2026, with appropriate disclaimers regarding the data’s provisional nature.

This transparency supports market efficiency and investor protection by allowing market participants to price GCI units more accurately relative to their intrinsic value. Investors can compare daily NTA with the trading price to identify potential investment opportunities or evaluate fair value. The responsible entity’s commitment to regular NTA disclosure also fulfills regulatory requirements and market best practices for managed investment schemes.

Valuation Process and the Unaudited Status of Daily NTA Figures

The NTA figures released are unaudited and approximate, reflecting the methodology used for daily valuation. This process involves marking assets to market prices at the close of business, accounting for liabilities, and dividing by the total units on issue. While this approach enables prompt reporting, it differs from the fully audited NTA figures published in formal financial reports such as half-yearly and annual statements.

Investors should note that unaudited daily NTA figures may be adjusted following comprehensive audits. Nonetheless, these figures provide a reliable interim indication of per-unit value and are widely used by market participants to assess performance. By clearly labelling these figures as unaudited, the responsible entity maintains transparency while delivering timely information to investors.

Interplay Between Unit Price and NTA in Market Valuation

The comparison of a trust’s NTA per unit with its traded unit price is crucial for understanding market valuation. Units trading below NTA are considered at a discount, while those trading above are at a premium. The $2.0150 NTA reported for Gryphon Capital Income Trust as at 23 July 2026 serves as a benchmark for investors to evaluate if GCI units are fairly valued. Factors influencing discounts or premiums include market sentiment, liquidity, distribution levels, and demand for income-generating assets.

Recognising whether GCI units trade at a discount or premium helps investors assess risk and potential value. Persistent discounts may signal concerns about management, asset quality, or distribution sustainability, while premiums may indicate strong demand or confidence in returns. Regular NTA publication enables investors to monitor these valuation dynamics effectively.

Regulatory Compliance and Oversight for Gryphon Capital Income Trust

Gryphon Capital Income Trust operates under Australia’s regulatory framework for managed investment schemes, supervised by ASIC. Managed by One Managed Investment Funds Limited (AFSL 297042, ACN 47 117 400 987), the trust complies with the Corporations Act 2001 (Cth) and related legislation governing managed investment products.

Publishing daily NTA figures forms part of GCI’s disclosure and compliance obligations as a listed trust on the ASX. This ensures investors receive timely access to essential information, supporting informed investment decisions. The responsible entity’s adherence to ASX listing rules and market conduct standards reflects its commitment to transparency and investor communication.

Income Distribution Strategy Attracts Yield-Oriented Investors

Gryphon Capital Income Trust is structured to provide regular income distributions, appealing to investors focused on yield. Its income-centric investment approach distinguishes it from growth-oriented funds. The $2.0150 per unit NTA underpins the trust’s capacity to generate and distribute income, typically through holdings in dividend-paying equities, fixed income, and other income-producing assets.

For investors seeking steady income during accumulation or retirement phases, GCI offers diversified exposure to income assets combined with the liquidity of an exchange-traded security. Regular NTA updates and distribution policies help investors evaluate the sustainability of income streams and the preservation of underlying asset value. This transparency is vital for income-focused investors reliant on consistent distributions and capital stability.

Market Environment and Asset Performance Impacting Trust Valuation

The reported NTA per unit reflects market valuations of the trust’s portfolio as of 23 July 2026. Asset values are influenced by factors such as interest rates, equity market trends, and credit conditions, which affect income-generating asset prices. Given GCI’s income focus, its NTA is sensitive to interest rate changes and valuation multiples applied to yield assets. Market conditions in mid-2026 have shaped the trust’s portfolio valuation and composition, impacting the reported NTA.

Tracking NTA movements alongside distributions enables investors to assess the trust’s performance in the current environment. Understanding whether changes in NTA arise from market fluctuations, income generation, fees, or distributions helps evaluate the fund manager’s effectiveness in executing the investment strategy.

Investor Insights for Assessing GCI Units at Present Valuations

When considering investment in Gryphon Capital Income Trust, investors should compare the reported NTA of $2.0150 per unit with the current ASX trading price of GCI units. This comparison helps identify if units are trading at a discount, parity, or premium to net asset value, informing entry or exit decisions. While discounts may indicate value opportunities, premiums might reflect strong market confidence. Other factors such as distribution sustainability, management quality, and portfolio outlook should also influence investment choices.

Given the unaudited and approximate nature of daily NTA figures, investors should recognize that the actual net asset value may vary slightly once audited financial statements are available. Additionally, market volatility, portfolio changes, and distribution impacts should be considered when evaluating future NTA trends. The NTA provides a snapshot of asset backing but should be used alongside other metrics for comprehensive investment analysis in GCI.