We’re pleased to share that our latest annualised pre-tax return is 6.76%. This is a strong result and is 279 basis points above the average one-year term deposit rate offered by major banks, which currently sits at an average of 3.97%. In a time when interest rates are easing, our result stands out, and it reflects the strength and consistency of our lending portfolio.

When we look back at the year so far, the global environment has experienced a high degree of uncertainty. Falling interest rates, inflationary pressures, and geopolitical tensions have created ongoing turbulence in investment markets.

While New Zealand is not immune to global economic trends, our economy and property market have historically demonstrated resilience.

At FMT, we embrace our conservative stance. Our loan portfolio is built on first mortgages secured by New Zealand property – real, tangible assets backed by quality security. This approach helps provide a buffer against global volatility, helping support both capital preservation and income generation.

We know peace of mind is important for our investors. That’s why we focus on what we do best: lending conservatively, protecting investor capital, and delivering reliable returns with great service.

$2 Billion in Funds Under Management

Our long-term, disciplined approach continues to resonate with more and more Kiwis. We’re proud to have over 7,000 investors nationwide and to announce that we’ve just surpassed $2 billion in funds under management.

This is a significant milestone for us. While we’ve experienced considerable growth, we’ve stayed true to our core values and maintained the personal approach that defines FMT – something that will never change.

Even through challenging times like the Global Financial Crisis and COVID-19, we’ve never lost a cent of investor capital. A track record we’re proud of and one we’re committed to upholding.

We know that capital preservation is at the heart of why so many of you choose to invest with FMT.

Market Update – Lending Activity

We’re seeing increased lending activity in the main cities as banks adjust pricing. While our liquidity levels are slightly above our ideal range, we maintain a strong pipeline of high-quality, well­secured lending opportunities.

Our loan book continues to perform exceptionally well, with non­performing loans at the lower end of the range seen across the banking sector. This is a strong endorsement of the quality of our borrowers and a testament to the diligence and expertise of our lending team.

We’re also proud to share that FMT has been named ‘Non­-Bank Lender of the Year’ at the NZ Mortgage Awards. This is a significant achievement for our team, and it inspires us to keep listening, keep improving, and continue putting people at the heart of every decision.

Tauranga Office Is Moving

After more than twenty years in our First Avenue office, we’ve outgrown the space. Today’s workplace standards also call for a modern environment that meets updated health and safety requirements.

Our new office will offer improved facilities for our team, more offices to meet with our investors, and dedicated customer parking, creating a space that better supports future growth. We look forward to welcoming you there soon.

Investor Meetings 2025

We’re pleased to share the dates and locations for our 2025 Investor Meetings. This year, we’ve added more events to meet growing demand. In 2024, over 1,000 of you joined us and the team and I really value these opportunities to connect in person, hear your feedback and share our progress directly. Further details are included later in
this newsletter.

As always, thank you for the trust and confidence you continue to place in us.

Paul Bendall

CEO