Metrics Credit Partners Suspends Three ASX Funds, Cuts NTA Up to 12.16% After KPMG Audit

SYDNEY — Metrics Credit Partners halted trading in three ASX-listed funds on September 28, 2026, before market open after auditor KPMG disagreed with assumptions used in preliminary financial reports. The A$40 billion ($28.09 billion) private credit manager cut net tangible asset values by 12.16% at Metrics Real Estate Multi-Strategy Fund, 10.08% at Metrics Income Opportunities Trust and 1.99% at Metrics Master Income Trust. The Real Estate Multi-Strategy Fund's NTA fell to A$2.22 per unit from A$2.53, driven by lower fair values on unlisted commercial real estate equity investments. The fund last traded at A$1.68. Metrics said greater weight was given to downside scenarios, and higher provisions were booked for potential loan losses across all three funds. The markdowns come amid heightened regulatory scrutiny of Australia's private credit sector following the A$3 billion collapse of property developer Bathla. Metrics said it has no exposure to Bathla.