Revolution Private Credit Income Trust Delivers $3.4M Profit and Beats Benchmark
Revolution Private Credit Income Trust has reported a solid $3.4 million operating profit for its inaugural half-year period, delivering a net return of 0.93% since listing and outperforming its benchmark. The Trust also declared a distribution of 0.35 cents per unit for October 2025.
- Operating profit of $3.4 million for April–October 2025
- Distribution of 0.3500 cents per unit paid for October 2025
- Net tangible assets of $402.7 million with 200 million units on issue
- Trust outperformed benchmark RBA Cash Rate + 4% with 0.93% net return
- Unmodified auditor opinion from Ernst & Young on interim report
Strong Start for Newly Listed Trust
Revolution Private Credit Income Trust (ASX – REV), which commenced operations in September 2025, has released its first half-year financial results covering the period from 24 April to 28 October 2025. The Trust reported an operating profit of $3.4 million on total investment income of $3.8 million, marking a promising start for the recently listed credit income vehicle.
Distribution and Unit Metrics
The Trust declared and paid a distribution of 0.3500 cents per unit for October 2025, with subsequent distributions for October and November announced post-period at slightly higher rates of 1.3241 and 1.2320 cents per unit respectively. As of 28 October, the Trust had 200 million units on issue and net tangible assets of approximately $402.7 million, translating to a net asset value of $2.01 per unit.
Investment Focus and Performance
The Trust invests primarily in the Revolution Private Debt Fund II, which holds a diversified portfolio of Australian and New Zealand senior secured corporate loans, asset-backed securities, and commercial real estate loans. Since commencing operations on 19 September 2025, the Trust has delivered a net return of 0.93%, outperforming its benchmark of the Reserve Bank of Australia (RBA) Cash Rate plus 4% per annum, which returned 0.42% over the same period.
Governance and Audit
Equity Trustees Limited acts as the Responsible Entity, with Revolution Asset Management Pty Ltd managing the investments. The interim financial report was reviewed by Ernst & Young, who issued an unmodified opinion, confirming the accuracy and compliance of the financial statements with Australian accounting standards. The Trust continues to operate without employees and maintains a distribution reinvestment plan (DRP) to provide unit holders with flexible income options.
Outlook and Market Positioning
With a strong initial performance and a clear investment mandate focused on senior secured credit assets, the Trust is positioned to attract income-focused investors seeking exposure to private credit markets in Australia and New Zealand. The Trust’s ability to outperform its benchmark early on may bode well for future distributions and capital growth, although investors should monitor liquidity and market conditions closely given the Trust’s recent listing and underlying asset composition.
Bottom Line?
Revolution Private Credit Income Trust’s inaugural results set a positive tone, but investors will watch closely to see if it can sustain outperformance amid evolving credit markets.
Questions in the middle?
- How will the Trust’s distribution reinvestment plan uptake impact future unit issuance and NAV?
- What are the risks associated with the underlying private debt assets in a changing interest rate environment?
- How might the Trust’s performance compare with peers as it matures and expands its portfolio?
