Bedrock Mortgage Fund: November 2025

This reflects the increasingly competitive market for quality deals and Ark’s commitment to maintaining discipline rather than pursuing unsuitable opportunities or compromising loan terms simply to deploy cash.

The forward pipeline is strong, and we expect cash utilisation to return to its historical mid-90% range over the coming months. Notwithstanding these comments, the fund returns continue to exceed its target of RBA + 5.0%, with November over target by 140bps, and by 177bps year-to-date.

As we’ve noted for several months, market pricing continues to tighten, particularly on loan terms and conditions we consider acceptable. While we are meeting the market on pricing, it remains essential that we uphold our underwriting fundamentals—rigorous due diligence, realistic feasibility assessments, and a critical review of external valuations.

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