Gryphon Capital Income Trust Net Tangible Asset Per Unit Reaches $2.0150 as at 23 July 2026

Understanding Net Tangible Asset Backing in Listed Investment Trusts

Net Tangible Asset backing is a fundamental metric used by investors in listed investment trusts to evaluate the underlying value of their holdings. The NTA represents the trust’s total tangible assets minus liabilities, divided by the number of units on issue, providing a per-unit figure that reflects the net worth attributable to each unitholder. This figure differs from the unit’s market price, which is determined by supply and demand on the exchange. For Gryphon Capital Income Trust, the reported NTA of $2.0150 per unit as at 23 July 2026 gives investors transparency into what each unit is theoretically worth based on the trust’s asset composition and valuation at that point in time.

The regular reporting of daily NTA figures enables investors to track changes in the fund’s underlying value and understand whether the market price of GCI units reflects a discount or premium to net asset value. This information is particularly relevant for income-focused investors who rely on trusts to deliver regular distributions while also maintaining or growing capital value. Understanding the relationship between NTA and unit price helps investors make more informed decisions about entry and exit points, and whether the trust represents value at current market levels.

Gryphon Capital Income Trust’s Operating Model and Investment Strategy

Gryphon Capital Income Trust is managed by One Managed Investment Funds Limited, the responsible entity authorised to operate the fund under an Australian Financial Services Licence. The trust, identified by its ASX ticker GCI and Australian Registered Scheme Number (ARSN) 623 308 850, is structured to provide investors with regular income distributions while maintaining exposure to diversified assets. The responsible entity is based at Level 16, Governor Macquarie Tower, 1 Farrer Place, Sydney NSW 2000, and operates under strict regulatory oversight by the Australian Securities and Investments Commission (ASIC).

As an income-focused investment trust listed on the Australian Securities Exchange, GCI aims to deliver consistent returns to unitholders through careful portfolio management and income generation strategies. The trust’s structure allows it to distribute income to investors on a regular basis, making it attractive to those seeking yield-generating investments within their portfolio allocation. The daily release of NTA figures demonstrates the trust’s commitment to transparency and ongoing communication with its investor base regarding the fund’s net asset position.

Daily NTA Reporting as a Transparency Measure for Unitholders

The release of daily NTA per unit figures represents a key transparency mechanism that helps unitholders monitor the fund’s performance and underlying asset value on an ongoing basis. Gryphon Capital Income Trust’s decision to publish NTA data reflects broader industry practice among listed investment trusts to provide investors with regular, accessible information about the fund’s net tangible assets. The 24 July 2026 company update included the NTA figure of $2.0150 per unit as at the close of business on 23 July 2026, presented as unaudited and approximate figures, maintaining appropriate disclaimers about the nature of the data.

This transparency is important for market efficiency and investor protection, as it allows the market to price the units more accurately relative to their underlying value. Investors can cross-reference the daily NTA with the unit’s trading price to identify potential trading opportunities or assess whether the trust is trading at a fair valuation. The regular publication of these figures also demonstrates the responsible entity’s commitment to keeping unitholders informed about developments affecting the value of their investment, which is a regulatory requirement and market best practice for managed investment schemes.

Valuation Methodology and the Unaudited Nature of Daily NTA Figures

The NTA figures released by Gryphon Capital Income Trust are explicitly identified as unaudited and approximate, reflecting the nature of daily valuation processes used to calculate per-unit asset backing. Daily valuations of investment trust portfolios typically involve marking assets to market prices available at the close of business, assessing liabilities, and dividing the net result by the number of units on issue. This methodology allows for rapid reporting of NTA data but differs from the more rigorous, fully audited NTA calculations that occur during formal financial reporting periods such as half-yearly and annual statements.

The distinction between daily unaudited NTA and formally audited NTA figures is important for investors to understand, as the unaudited figures may be subject to revision once more detailed valuation and audit work is completed. However, the daily NTA releases provide a reasonable indication of the fund’s per-unit value and are widely used by investors and market participants for assessing the trust’s interim performance. The responsible entity’s approach of clearly labelling these figures as unaudited maintains appropriate transparency about the data’s status while still providing useful information to unitholders on a timely basis.

How Unit Pricing and NTA Relate to Market Performance

The relationship between a trust’s NTA per unit and its traded unit price is central to understanding how listed investment trusts are valued in the market. When a trust’s unit price trades below its NTA, the units are said to trade at a discount; conversely, when the unit price exceeds the NTA, the units trade at a premium. The NTA of $2.0150 reported by Gryphon Capital Income Trust as at 23 July 2026 serves as a benchmark against which investors can assess whether GCI units at any given market price represent fair value. Discounts and premiums can arise due to various factors, including market sentiment toward the trust, the liquidity of the units, the level of distributions, and investor demand for income-focused assets.

Understanding the discount or premium at which GCI units trade relative to their NTA is important for evaluating investment performance and identifying potential value or risk. Persistent trading discounts may indicate investor concerns about the trust’s management, the quality of its underlying assets, or the sustainability of its distribution level. Conversely, trading premiums might suggest strong investor demand or confidence in the trust’s ability to generate returns. The regular publication of NTA data enables market participants to track these dynamics and make more informed assessments of the trust’s valuation.

Regulatory Environment and Compliance Framework for Listed Investment Trusts

Gryphon Capital Income Trust operates within Australia’s comprehensive regulatory framework for managed investment schemes, overseen by the Australian Securities and Investments Commission (ASIC). The trust is managed by One Managed Investment Funds Limited, which holds an Australian Financial Services Licence (AFSL 297042) and operates under Australian Company Number (ACN) 47 117 400 987. This regulatory structure ensures that the trust complies with the Corporations Act 2001 (Cth) and other relevant legislation governing the operation, disclosure, and distribution of managed investment products to Australian investors.

The release of daily NTA figures is part of GCI’s compliance and disclosure obligations as a listed investment trust. The Australian Securities Exchange requires listed trusts to provide regular updates on key metrics including NTA, ensuring that investors have access to material information necessary to make informed investment decisions. The responsible entity’s commitment to releasing these figures demonstrates adherence to both ASX listing requirements and broader market conduct expectations for transparency and regular communication with unitholders. This regulatory framework provides investors with protections and assurances regarding the management and oversight of their investment in the trust.

Income Distribution Focus and Appeal to Yield-Seeking Investors

Gryphon Capital Income Trust is explicitly structured to provide regular income distributions to unitholders, making it an attractive vehicle for investors seeking yield-generating investments. The trust’s name and positioning clearly indicate its focus on income generation as a primary investment objective, distinguishing it from growth-focused investment vehicles. The NTA figure of $2.0150 per unit represents the asset backing supporting the trust’s ability to generate and distribute income to unitholders on a regular basis. The trust’s income-focused strategy typically involves allocating the portfolio to assets that generate regular cash flows, such as dividend-paying equities, fixed-income securities, and other income-producing assets.

For investors in the accumulation or pension phase seeking regular income streams, listed investment trusts such as GCI offer a diversified exposure to income-generating assets with the convenience and liquidity of exchange-traded securities. The regular reporting of NTA and the fund’s ongoing distribution policy help investors assess whether the trust’s underlying asset value is being maintained or eroded over time, which is relevant for evaluating the sustainability of distribution levels. The trust’s appeal to income-focused investors makes the transparency and regular communication of NTA figures particularly important, as these investors often rely on stable distributions and gradual capital appreciation.

Market Conditions and Asset Class Performance Affecting Trust Valuation

The NTA per unit reported by Gryphon Capital Income Trust reflects the current market valuation of the fund’s underlying portfolio as at 23 July 2026. Asset valuations are influenced by broader market conditions, interest rate movements, equity market performance, and credit market dynamics, all of which can affect the value of the assets held within the trust. The income-focused nature of GCI’s portfolio means that the trust’s NTA may be particularly sensitive to changes in interest rates and the valuation multiples applied to income-producing assets. As of mid-2026, market conditions and asset class performance would have influenced the composition and valuation of the trust’s holdings, ultimately affecting the reported NTA figure.

Investors monitoring GCI’s NTA figures over time can assess how the trust is navigating the current investment environment and whether the underlying portfolio is generating expected returns. Movements in NTA, when considered alongside the trust’s distribution payouts, provide insight into the total return being delivered to unitholders. Understanding the drivers of changes in the trust’s NTA—whether due to market value movements, income generation, fees, or distributions—helps investors evaluate the fund manager’s performance in executing the trust’s investment strategy during different market conditions.

Investor Considerations When Evaluating GCI Units at Current Valuation Levels

Investors evaluating Gryphon Capital Income Trust at current valuation levels should consider the relationship between the reported NTA of $2.0150 per unit and the current market price of GCI units on the ASX. Comparing the unit price to NTA helps identify whether units are trading at a discount, at parity, or at a premium to underlying asset value. This assessment is relevant for investors considering entry into the trust, as units trading at a discount may offer better value relative to net assets, while units trading at a premium may be less attractive from a pure valuation perspective. However, other factors such as the sustainability of distributions, the quality of the fund manager, and the expected performance of the underlying portfolio should also inform investment decisions.

The unaudited and approximate nature of the daily NTA figures means that investors should be aware that the true net asset value of the trust may differ slightly from the reported figures, with any material adjustments becoming apparent when fully audited financial statements are released. Additionally, investors should consider the impact of distributions, market volatility, and changes in the trust’s portfolio composition on future NTA movements. While the NTA provides a snapshot of per-unit asset backing at a specific point in time, it should be considered as one of several metrics and information sources when evaluating the attractiveness of an investment in GCI.