RAM Income Capital Reports Full Compliance and Stability in Q4 FY26 for RAMHA Notes

RAM Income Capital’s Role in the RAMHA Notes Framework

RAM Income Capital Ltd (RAMICL) functions as a special purpose vehicle dedicated to investing in secured loans to RAM Secured Income Notes Investment Trust (RNIT). RAMICL issues the RAM Secured Income Notes (ASX:RAMHA), which are unsubordinated, secured, deferrable, cumulative, and redeemable retail notes. This structure enables RAMICL to offer noteholders monthly income distributions and a defined repayment schedule while providing access to specialised credit investments typically unavailable to retail and wholesale investors through a tradable instrument.

Investment management for RAMICL is provided by Real Asset Management Pty Ltd, part of the RAM Group. The RAM Group is an Australian alternative income asset manager with global operations, delivering credit, real estate, and private market investment solutions to institutional and externally advised clients. Its core activities include funds management, private equity, real estate investing, and non-bank lending, supported by an experienced team managing diverse investment sectors.

Security Framework and $310 Million Loan to RNIT

For the quarter ending 30 June 2026, RAMICL maintained a secured loan of $310,000,000 to RAM Nominee Services No. 2 Pty Ltd (RAMNS2), trustee for RNIT. This loan is the principal asset backing the RAMHA notes and central to the security structure safeguarding noteholders. The company confirms all loans are secured under a robust security framework designed to protect investor interests.

The security structure involves a two-tier arrangement: RAMICL grants a first-ranking general security interest over all current and future assets to The Trust Company (Australia) Limited as trustee under the Note Trust Deed. RAMICL’s assets include the secured loans to RAMNS2. Concurrently, RAMNS2 grants a first-ranking general security interest over all its current and future assets to RAMICL. RAMICL has assessed that these security interests are sufficient to cover all liabilities related to the notes and any other priority or equal-ranking liabilities.

Q4 FY26 Compliance Confirmation Under Section 283BF

On 28 July 2026, RAMICL filed its quarterly compliance report confirming full compliance with the RAMHA notes, the Note Trust Deed dated 5 September 2025, and Chapter 2L of the Corporations Act during the quarter from 1 April 2026 to 30 June 2026 inclusive.

The report also confirms no triggering events occurred that would render any amounts immediately repayable, enforceable, or activate other remedies under the note terms. No circumstances arose that materially prejudice RAMICL, its subsidiaries, the notes, or any security interests. This absence of triggering events is crucial for maintaining investor confidence in the notes’ stable income stream.

Stable Business Operations Throughout the Quarter

RAMICL confirmed no material changes in its business or that of its subsidiaries during Q4 FY26. This stability reassures noteholders that the investment strategy and operational framework remain consistent. RAMICL continues its focused mandate as a special purpose vehicle investing in secured loans to RNIT, with Real Asset Management Pty Ltd managing investments without significant deviation.

The steady nature of the income-generating portfolio held indirectly via RNIT supports this stability. RNIT holds a debt and debt securities portfolio, with RAMICL facilitating secured lending to support it. Combined with no compliance failures, the absence of material business changes indicates the notes operate as intended within the parameters defined by offering documents and trust deed provisions.

Guarantor Status and Structural Integrity

The compliance report clarifies that during the quarter, no new guarantors were appointed, no existing guarantor liabilities ceased, and no guarantor name changes occurred. Importantly, no guarantor has ever been appointed for the RAMHA notes, emphasizing their secured nature based solely on asset security rather than guarantees.

This structural characteristic focuses attention on the sufficiency and performance of RNIT’s secured assets. The notes rely on the quality and value of the underlying debt portfolio and security arrangements, not on corporate guarantor creditworthiness. The absence of guarantor-related events simplifies the structure and eliminates risks associated with guarantor changes or defaults.

Risk Mitigation via Security Interests Over Related Entities

RAMICL manages risks related to the secured property's value potentially being affected by the financial condition of related corporates or parties of borrower RAMNS2. The company requires RAMNS2 to grant an additional first-ranking general security interest over all its current and future assets.

This dual security setup ensures noteholders have recourse not only to RAMICL’s assets but also to RNIT’s underlying assets via RAMNS2’s security interest. Should RNIT’s financial position or portfolio deteriorate, RAMICL can enforce rights over RNIT’s assets to protect noteholder interests. This layered security approach effectively mitigates counterparty and portfolio risks transparently disclosed in the quarterly compliance documentation.

Noteholder Income and Defined Repayment Profile

RAMICL aims to provide noteholders with consistent monthly income and a defined repayment schedule. While specific income distributions and repayment timelines are detailed in offering documents and trust deeds, the compliance confirmation supports ongoing fulfillment of these obligations.

The monthly income feature differentiates RAMHA from many listed vehicles that distribute quarterly or annually, offering noteholders steady cash flow. The defined repayment profile provides clarity on capital return timing, unlike perpetual or indefinite securities. The Q4 FY26 compliance report assures the underlying investment and security structures remain intact to support these commitments.

Experienced Investment Management with Credit Market Expertise

Real Asset Management Pty Ltd, RAMICL’s appointed Investment Manager, boasts a stable, experienced team managing RAM Group’s diverse businesses with extensive credit fund management experience in public and private debt markets. This expertise is critical for noteholders, as portfolio quality and monitoring directly impact income generation and risk mitigation.

The RAM Group’s diversified platform includes funds management, private equity, real estate investing, and non-bank lending, providing institutional-grade capabilities and global credit market experience. This seasoned management team enhances portfolio quality assessment and downside risk management, although specific portfolio performance details are not disclosed in the quarterly report.

Quarterly Compliance Reporting and Investor Protection

The Q4 FY26 compliance report was issued on 28 July 2026, pursuant to a RAMICL directors’ resolution under section 283BF(8)(a) of the Corporations Act 2001 (Cth). This quarterly reporting requirement ensures transparency and investor protection by regularly confirming compliance status, triggering event occurrences, and security adequacy.

The legal framework mandates detailed disclosures, including compliance confirmation, triggering event identification, and related party lending. This structured reporting cadence enables investors to monitor issues affecting noteholder interests promptly. The Q4 FY26 report’s confirmation of no compliance failures or material adverse events as of 30 June 2026 provides strong assurance to investors.

Investor Relations and Communication Channels

RAMICL maintains dedicated investor relations channels for noteholders and prospective investors seeking further details on note performance. The investor relations team can be contacted by phone at +61 2 8880 6680 or via email at [email protected]. Additional information on the RAM Group’s investment capabilities and market positioning is available at www.ramgroup.com.

These direct communication avenues demonstrate RAMICL’s commitment to transparency and support ongoing investor engagement. Noteholders can access clarifications on the compliance report, security arrangements, portfolio composition, or income distributions beyond the quarterly disclosures, facilitating informed investment decisions.