On 15 October 2025, Real Asset Management Group launched its first listed credit product – RAM Secured Income Notes – on the ASX under the ticker RAMHA.
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The senior, secured Notes provide eligible investors with direct access to Australian mortgage credit exposure, which is typically only available to institutional investors.
Designed to combine yield with capital preservation, RAMHA aims to deliver regular monthly income at BBSW 1-month + 3.00% p.a. (currently ~6.55% p.a.), prior to the step up date, with a defined legal maturity of 6.5 years from issue.
The underlying loans are originated by Brighten, RAM’s wholly owned non-bank lender, which writes around $270 million of mortgages per month. Since 2017, Brighten has originated more than 10,000 loans and completed eight public RMBS transactions totalling $4.3 billion, with each called on the first call date.
At the ASX ceremony, RAM Group CEO Scott Kelly said the listing represents another milestone for the firm.
“Moments like this are a great opportunity to reflect on the progress Real Asset Management has made as an organisation,” Mr Kelly said.
“Since we last rang the bell at the ASX four years ago, we’ve doubled our team and AUM to well over 200 people and nearly $7 billion. We’ve launched more than a dozen new asset management products, expanded our mortgage platform under the leadership of Brighten CEO Jason Azzopardi, and built out our client base – now accessing high-net-worth, family office, institutional, and listed capital across Australia and 21 countries around the world.”
Mr Kelly also expressed his gratitude to the partners who contributed to RAM’s continued success.
“In terms of the deal, the guidance and endeavour of Ord Minnett, Taylor Collison, Westpac Institutional Bank, FIIG Securities, Shaw and Partners, Baker McKenzie, and Steven Pritchard in particular have been critical.
“But I’d especially like to thank all the RAM staff whose hard work made this happen, particularly our award-winning investment management team led by Head of Fixed Income Michael Frearson. Well done to everyone — now let’s get ready for the next $7 billion.”
Strong demand
There’s been very strong demand from investors and brokers for the Notes, demonstrating appetite for a simple, lower risk product. The Notes are structured as a secured alternative to traditional fixed income investments, offering compelling risk-adjusted returns for investors.
To ensure strong alignment with investors, RAM is contributing $10 million of subordinated first-loss capital within the Note structure. Risk is further reduced through conservative credit policies. Every loan is fully verified before approval, with first mortgage security taken over each property.
If you’d like to know more about how the Notes aim to deliver regular monthly income through access to Australian mortgage credit, you can read the prospectus here.
