RAM Income Capital Ltd has announced the successful early close of the wholesale placement of RAM Secured Income Notes Tranche 2 (ASX: RAMHA). Initiated in direct response to reverse enquiry from investors, the placement closed materially oversubscribed. RAM raised $125 million against an initial target of up to $100 million.
The result brings total issuance across the RAM Secured Income Notes programme to $515 million in under 12 months since RAM became the first Australian issuer to bring a senior secured, mortgage-backed listed note to the ASX in October 2025. The inaugural $300 million ASX issue closed ahead of schedule, and was followed by a $90 million OTC placement (RAM Secured Income Notes 2026-1) in July 2026.
Tranche 2 has been placed with a broadened base of wholesale and professional investors, deepening the noteholder register and enhancing on-market liquidity in RAMHA. The transaction reinforces RAM’s position as the reference issuer in Australia’s emerging listed note market.
Scott Kelly, Managing Director and Group CEO at RAM, said: “We’ve seen very strong demand from investors and brokers for a simple, lower-risk income product. The transaction was investor-led from the outset. Since listing in October 2025, RAMHA has consistently traded well in the secondary market relative to peers and met every scheduled distribution. That track record is one of the key drivers of the demand we saw for this placement.”
Backed by RAM’s integrated origination and funding platform
Proceeds from Tranche 2 will be invested in accordance with the Issuer’s investment strategy – a diversified pool of loan investments and securitised investments originated by Brighten Financial Pty Ltd (Brighten), a wholly owned subsidiary of RAM Group. Brighten now manages a loan book in excess of $6 billion across more than 10,700 loans, with historical arrears well below industry benchmarks since inception.
RAM provides 3% first-loss subordinated capital at the point of issue, comparing favourably to that typically offered in Australian mortgage-backed security transactions. The underlying portfolio has a weighted average current loan-to-valuation ratio of 67% and is 100% secured by first-registered Australian mortgages.
Terms consistent with Tranche 1
Tranche 2 Notes rank pari-passu with the existing ASX-listed RAMHA (Tranche 1) and the OTC RAM Secured Income Notes 2026-1. Tranche 2 Notes are senior, secured, floating-rate obligations of the Issuer, paying monthly interest at a margin of 3.00% over one-month BBSW until the Step-Up Date of 10 April 2031, and 3.25% thereafter until the Maturity Date of 10 April 2032. The notes are secured by a first-ranking security over all assets of the Issuer.
The Tranche 2 Notes will be issued on Wednesday, 12 August 2026. Ord Minnett Limited, Westpac Institutional Bank (a division of Westpac Banking Corporation) and Real Asset Management Pty Ltd acted as Joint Lead Managers. Henley Underwriting & Investment Company Pty Ltd acted as Arranger. The placement was not underwritten.
