What Is Happening With 360 Capital Mortgage REIT's (ASX:TCF) 5 Cent Distribution?

Sonal Goyal

28 October 2026 12:33 AM AEDT

What Is Happening With 360 Capital Mortgage REIT's (ASX:TCF) 5 Cent Distribution?

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Key Highlights

360 Capital Mortgage REIT (ASX:TCF) has a distribution of 5.0 cents per unit with an ex-date of 29 October 2026 and payment on 6 November 2026.
A 13 October 2026 update reported contracts exchanged on lifestyle lots and homes securing loans to Bathla special purpose vehicles.
The Responsible Entity is targeting monthly distributions of 5.0 cents per unit for FY27.

360 Capital Mortgage REIT (ASX:TCF) has a distribution of 5.0 cents per unit, with units trading ex-distribution on 29 October 2026 and payment due on 6 November 2026. TCF is an ASX-quoted trust whose Responsible Entity, 360 Capital FM Limited, manages a portfolio of loans, and its 13 October 2026 release provided a loan realisation update on loans to Universal Property Group (Bathla) and related special purpose vehicles.

Latest Development: Loan Realisation Update

The 13 October 2026 release noted that, as announced on 26 August 2026, the Trust had approximately $31.7 million across four loans to Bathla special purpose vehicles. For Loans 1 and 2, Receivers were appointed on 10 September 2026, and the 360 Capital team has completed or appointed trades to finish the necessary work and appointed selling agents on all 25 properties securing those loans.

Progress reported to date:

Unconditional contracts exchanged on all three lifestyle lots for $4.3 million (net proceeds, ex GST).
Contracts exchanged on six of nine completed homes for $6.4 million.
One land lot exchanged and settled for $0.7 million, with the sale of the remaining nine lots progressing.
TCF's share of outstanding principal and interest was $18.3 million, with $9.0 million in contracts and $10.8 million in unsold properties.

Loan 3 and Loan 4

On Loan 4, five townhouses have exchanged or settled since Receivers were appointed. The Trust has been repaid $0.3 million since the last update, leaving outstanding principal of $4.6 million.

On Loan 3, the Trust holds an $8.9 million subordinated loan with registered mortgages over 72 apartments and 36 presale contracts for $25.8 million. Following an announcement on 29 September 2026, the 360 Capital Private Credit Fund purchased the senior debt facility for approximately $31.2 million and appointed Wexted as Receivers. The Trust committed $5.2 million as a Class B unit, with 360 Capital Group investing about $6.0 million and private capital partners $20.0 million, and the Trust has committed up to $6.0 million in subordinated debt to complete the project.

Distribution Details

The Responsible Entity is targeting monthly distributions of 5.0 cents per unit for FY27, with a true-up before the end of FY27 depending on recovery of outstanding loan principal, ordinary interest and default interest. The current distribution is 5.0 cents per unit, unfranked, with an ex-date of 29 October 2026 and a payment date of 6 November 2026.

The release also reported $1.0 million of cash at 12 October 2026 and an on-market buyback of 125,224 units at an average price of $4.96, with units trading at a 22.1% discount to net asset value of $5.97 per unit.

Risks and Catalysts on Watch

Receiver processes: sales of properties under Loans 1, 2 and 4 are being conducted by Receivers.
Project completion: occupancy certificates for the 72-apartment project are required before presales settle.
Cross-collateralisation: Loans 1, 2 and 3 are cross collateralised, allowing loss on one to be recovered from the others.
Distribution targeting: the target depends on recovery of loan principal and interest.
Distribution dates: ex-date 29 October 2026 and payment 6 November 2026.

Closing Perspective

360 Capital Mortgage REIT's 5.0 cent distribution has an ex-date of 29 October 2026 and a payment date of 6 November 2026. The 13 October 2026 release set out property sales progress, the acquisition of a senior loan position and the distribution target for FY27.

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