RAMHA

Hi Matt,

For subscribers unfamiliar with RAMHA, it refers to the RAM Secured Income Notes issued by RAM Group traded on the ASX under the code RAMHA. Some key details are as follows:

• They are unsubordinated, secured, deferrable, cumulative & redeemable notes.
• They invest the proceeds into a diversified pool of Australian first-mortgage loans and securitised investments, managed via RAM’s non-bank lender subsidiary, Brighten.
• The target distribution is 1-Month BBSW + 3.00% p.a.
• The notes mature in about 6.5 years from issue (maturity date 29 March 2032).

Notes (RAMHA) were listed on the 15th of October 2025 with appetite solid: the offer for $150-300mn saw the upper-end reached. Importantly, RAM Group is a well-established alternative asset manager in Australia, managing assets under management (AUM) of over $6bn.

While RAMHA notes carry credit and liquidity risk we don’t see any obvious skeletons in the closet with the portfolio of Australian first-mortgage loans and securitised assets. But, as would be expected if underlying borrowers’ default or property values fall, investors may suffer loss

• With funds looking for a home in the income space as hybrids roll off this Note does stack up as a reasonable alternative in a balanced Income Portfolio.  We also like DN1 and DMNHA as alternatives, which are both trading slightly below issue price.