• The value of dependable income in a world where volatility feels normal
• A desire to understand risk – and how capital is protected
• The importance of trust in both performance and communication
• The need for real relationships, not transactions
• A growing preference for simplicity, transparency and disciplined decision-making

Private credit remains one of the most attractive asset classes for income-seeking investors. However, competition among non-bank lenders has intensified. Margins have compressed, deal structures have loosened in parts of the market, and the temptation to chase growth at the expense of credit quality is real.

Ark’s position is clear: discipline beats speed.

We continue to see strong borrower demand in the mid-market property and development finance segment, with particularly solid momentum across Queensland, South Australia and Western Australia. These markets are benefiting from population growth, infrastructure activity, and a healthy project pipeline. But even in this environment, our approach remains selective. Lending appetite must align with risk appetite and that means saying no more often than yes.

Long-term performance is determined not by how fast you lend, but by how well you are positioned when the cycle shifts.

There’s no doubt 2025 was a turning point:

• Investors became more discerning
• Advisers became more selective
• And capital flowed to managers who could articulate why they make certain decisions, not just what they’re doing

The strongest sentiment I’ve heard is that “I want to know my capital is protected”

That always strikes a chord with me – it’s exactly how we think about every facility we approve.

With rates likely to stabilise over the next 12 months, attention is shifting from pure income generation to portfolio resilience. The biggest risk now is not missing return, but misjudging risk.

For finance leaders, that means continually evaluating:

• Exposure concentration – Are we over-exposed to certain sectors or borrowers?
• Liquidity alignment – Can we meet investor redemptions without compromising asset quality?
• Data integrity – Are our systems giving us accurate, timely information to act decisively?

Ark has invested heavily in data-led oversight, scenario analysis and governance controls designed for both growth and downside protection. We view risk management not as a defensive exercise, but as a strategic enabler, allowing us to pursue opportunities with confidence.

• More conversations

• More transparency

• Stronger partnerships with advisers seeking confidence-backed solutions

• Clearer communication for investors who value discipline, consistency and trust

To our investor and adviser community — the conversations we’ve shared this year have been invaluable. Your questions, insights and openness continually remind us that private credit isn’t just about structures and returns. It’s about real people making thoughtful decisions for their families, their clients and their long-term goals.

I’m looking forward to carrying that sense of connection and clarity into 2026.

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