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360 Capital Mortgage REIT
Real Estate · REIT - Mortgage
Updated 22 hours ago
$5.75
MARKET CAP
$51.74M
P/E RATIO
8.9
DIV. YIELD
—
FRANKING
—
360 Capital Mortgage REIT is a closed-ended fixed income mutual fund launched and managed by Elstree Investment Management Limited. The fund invests in the fixed income markets of Australia.
View full descriptionThe Warsi Rating combines two proven approaches: value investing principles and dividend strategy. A stock must score 70+ on both to be rated Solid or higher.
$6.32
For 6% dividend yield
Business quality and balance-sheet durability.
Short-term assets vs. short-term debts
Annual dividends as percentage of stock price
360 Capital Mortgage REIT is a closed-ended fixed income mutual fund launched and managed by Elstree Investment Management Limited. The fund invests in the fixed income markets of Australia. It invests in a range of fixed income and hybrid securities, and other debt securities issued by government bodies, companies and specialist financing vehicles. It was formerly known as Australian Enhanced Income Fund.
360 Capital Mortgage REIT was formed on October 17, 2006 and is domiciled in Australia.
Who owns the company's shares and how much leadership has at stake
Management's wealth moves with yours
A handful of professional investors are watching
Shares freely traded on the ASX by individual investors like you
Insiders hold 12.9% and institutions hold 16.1%. Look for higher insider ownership as a sign that leadership believes in the long-term value of the business.
Current Snapshot
Insider %
12.9%
Institutional %
16.1%
Float %
71.0%
Why It Matters
Ownership mix affects governance incentives, liquidity, and share-price behaviour under large portfolio rebalancing flows.
Formula
Public Float (%) = 100 - Insider Ownership (%) - Institutional Ownership (%)Method
Use reported ownership percentages, convert to percentage terms, and compute remaining public float as the residual.
Worked Example
If insiders own 12.9% and institutions own 16.1%, public float is 71.0%.
How to Interpret
Higher insider ownership can improve alignment of incentives, while dominant institutional concentration can amplify short-term price moves.
Insiders hold 12.9% and institutions hold 16.1%. Look for higher insider ownership as a sign that leadership believes in the long-term value of the business.
Sources
| Date | Insider | Type | Shares | Value |
|---|---|---|---|---|
| 8 Dec 2025 | Van Aanholt (David M) Deputy Chairman | Acquisition at price 3.93 per share. | 168 | $660 |
| 7 Nov 2025 | Van Aanholt (David M) Deputy Chairman | Acquisition at price 3.86 per share. | 177 | $682 |
| 7 Oct 2025 | Van Aanholt (David M) Deputy Chairman | Acquisition at price 3.91 per share. | 6K | $24K |
| 1 July 2025 | Van Aanholt (David M) Deputy Chairman | Other at price 3.91 per share. | 1K | $4K |
| 1 May 2025 | Van Aanholt (David M) Deputy Chairman | Other at price 3.79 per share. | 15K | $57K |
Company insiders have been net buyers of shares over the past 12 months. This may indicate management confidence in future prospects.
Both value and dividend analyses may be affected by missing data.
Market data sourced from third-party financial data providers. Analysis generated using Warsi Criteria — proprietary scoring algorithms for value investing and dividend income analysis. Not financial advice. Learn how we analyse stocks →
Strong liquidity. 19.18 ratio means ample cash to cover short-term obligations.
Current Snapshot
Current Ratio
19.18x
Warning Floor
1.00x
Target
1.50x
Why It Matters
Liquidity supports operational stability. Companies with weak liquidity can face pressure even when long-term fundamentals are sound.
Formula
Current Assets / Current LiabilitiesMethod
Compare the current ratio to the warning floor and target level used in the framework.
Worked Example
This company's current ratio is 19.18x — it has $19.18 in short-term assets for every $1 of short-term liabilities. The target is 1.5x, with a warning floor at 1.0x.
How to Interpret
Ratios above the target suggest healthier short-term resilience; ratios below 1.0x can indicate immediate funding risk.
Strong liquidity means the company can keep paying dividends even during temporary revenue drops. There's ample cash cushion to weather storms.
Sources
Profit generated per $1 of shareholder investment
6.2% average is below the 8% threshold. This suggests the business may lack a durable competitive advantage. Note: COVID-19 Pandemic year(s) excluded — ROE recovered to 151% of target.
Current Snapshot
10Y Avg
6.2%
Threshold
8.0%
Worst Year
1.8%
Why It Matters
ROE shows how effectively management turns shareholder capital into profit. High and stable ROE can signal pricing power, cost discipline, or both.
Formula
Net Income / Shareholders' Equity x 100Method
Use the 10-year average ROE and review the weakest year to check whether returns stayed resilient across cycles.
Worked Example
This company's 10-year average ROE is 6.2%, meaning each $1 of shareholder equity generates $0.06 in annual profit. The threshold is 8%, and the worst single year was 1.8%.
How to Interpret
Higher and steadier ROE generally supports stronger long-term compounding. Large drawdowns in weak years can point to fragility.
Lower ROE means your investment compounds more slowly. At 6.2%, this business needs more capital to generate the same returns as competitors. Consider whether other strengths (yield, stability) compensate for weaker profitability.
Sources
Real cash left after running the business
Negative free cash flow means the company is consuming cash. May need to raise debt or equity to fund operations.
Current Snapshot
Current FCF
$-11M
Pass Rule
> $0
Status
Negative
Why It Matters
Free cash flow is the cash available after core operating and capital needs. It is central to dividend capacity.
Formula
Operating Cash Flow - Capital ExpendituresMethod
Review whether free cash flow is consistently positive and whether it is sufficient relative to dividends and debt needs.
Worked Example
This company generated $-11M in free cash flow — cash left after operating costs and capital expenditure. Negative FCF means the company is consuming more cash than it generates.
How to Interpret
Persistently negative free cash flow can force reliance on borrowing or equity issuance to maintain payouts.
Negative cash flow means dividends may require borrowing - an unsustainable situation. The company is spending more cash than it generates, which can't continue indefinitely.
Sources
Price versus estimated intrinsic value and required return thresholds.
What percentage of the stock price comes back as earnings each year
11.3% earnings yield exceeds the 7.5% threshold, meaning you're well compensated for owning shares instead of bonds.
Current Snapshot
Current Yield
11.3%
Required Yield
7.5%
Spread
+3.8pp
Why It Matters
Earnings yield reframes valuation as return on price paid. It helps compare equity earnings power against lower-risk alternatives.
Formula
(Earnings per Share / Stock Price) x 100Method
Calculate current earnings yield, then compare it to the required yield for the stock's industry setting.
Worked Example
With EPS of $0.65 and a share price of $5.75, earnings yield is 11.3%. The required yield for this industry is 7.5% (based on 4.5% government bond rate plus a risk premium).
How to Interpret
A yield above the required level suggests better valuation support; below it indicates thinner compensation for equity risk.
You're getting a fair return for the risk of owning shares instead of safe bonds. The earnings power justifies the price you're paying.
Sources
Consistency of profits over time
Excellent. 10 positive years with 21.8% EPS growth rate. Predictable and growing earnings.
Current Snapshot
Positive Years
10/10
Allowed Losses
1
EPS CAGR
21.8%
Why It Matters
Consistency in EPS helps distinguish resilient earnings power from one-off performance spikes.
Formula
Positive EPS Years / Available EPS YearsMethod
For 8+ years of data, apply industry-specific loss tolerance. For limited data, every available year must be positive.
Worked Example
This company reported positive earnings in 10 of the last 10 years. The allowed loss tolerance for this industry is 1 year. EPS growth rate (CAGR) is 21.8%.
How to Interpret
Fewer loss years and stronger EPS continuity generally improve confidence in future dividend and valuation assumptions.
Consistent, growing profits mean predictable, growing dividends. You can forecast your income with confidence - and expect it to increase over time.
Sources
Percentage of revenue that becomes profit after all expenses
Is the business growing — and is debt being managed responsibly?
Revenue growing with stable debt levels — a positive sign of organic growth that supports future dividends.
Current Snapshot
Revenue Change
+148.5%
Debt Change
N/A
Trend State
Improving
Why It Matters
Revenue trend shows whether the business is expanding or contracting. Debt trend adds context on whether growth is being funded conservatively.
Formula
Revenue Change (%) = (Latest Revenue - Earliest Revenue) / |Earliest Revenue| x 100; Debt Change (%) = (Latest Debt - Earliest Debt) / |Earliest Debt| x 100Method
Map annual revenue history and, where relevant, annual debt history. For financial companies, debt is excluded because deposits and reserves distort this signal.
Worked Example
Revenue changed by +148.5% across the displayed period.
How to Interpret
Rising revenue with stable or falling debt is typically stronger than rising revenue funded by rapidly rising leverage.
Revenue growing with stable debt levels — a positive sign of organic growth that supports future dividends.
Sources
6.60% yield meets Barsi's 6% minimum. Based on 6-year average, not one-time spikes.
Current Snapshot
6Y Avg Yield
6.6%
6% Requirement
6.0%
Gross Yield
N/A
Why It Matters
Yield translates dividend income into a percentage of the price paid, which is central to income-first screening.
Formula
Annual Dividends per Share / Stock Price x 100Method
Use the 6-year average annual dividend for consistency and compare the result with the 6% framework requirement.
Worked Example
With a 6-year average annual dividend of $0.38 and a share price of $5.75, the Barsi yield is 6.6%. The minimum requirement is 6%.
How to Interpret
Higher sustainable yield improves upfront income, but unusually high yields may reflect elevated risk or weak coverage.
This yield provides meaningful income that can beat inflation and compound over time. With DRIP enabled, this income can snowball into significant wealth.
Sources
Track record of consistent dividend payments
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| 30 Mar 2026Interim | 9 Apr 2026 | $0.05 | 0% | $0.05 | $0.00 |
| ~29 Apr 2026Est | ~3 July 2026 | ~$0.03 | 0% | ~$0.03 | $0.00 |
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| 26 Feb 2026Interim | 6 Mar 2026 | $0.05 | 0% | $0.05 | $0.00 |
| 29 Jan 2026Interim | 6 Feb 2026 | $0.05 | 0% | $0.05 | $0.00 |
| 30 Dec 2025Special | 3 Feb 2026 | $0.05 | 0% | $0.05 | $0.00 |
| 27 Nov 2025Special | 1 Jan 2026 | $0.05 | 0% | $0.05 | $0.00 |
| 30 Oct 2025Final | 4 Dec 2025 | $0.05 | 0% | $0.05 | $0.00 |
| 29 Sept 2025Final | 3 Nov 2025 | $0.06 | 0% | $0.06 | $0.00 |
| 28 Aug 2025Final | 2 Oct 2025 | $0.06 | 0% | $0.06 | $0.00 |
| 30 July 2025Special | 3 Sept 2025 | $0.05 | 0% | $0.05 | $0.00 |
| 27 June 2025Special | 1 Aug 2025 | $0.06 | 0% | $0.06 | $0.00 |
| 29 May 2025Special | 3 July 2025 | $0.06 | 0% | $0.06 | $0.00 |
Excellent track record. 11 years of consistent dividends through multiple market cycles.
Current Snapshot
History
11yr
Predictability
Variable
Payout Health
High risk
Why It Matters
Payment consistency is a direct test of dividend reliability. Large cuts or skips often appear before confidence recovers.
Formula
Consecutive Years = count of years with dividend payments and no disqualifying skip/cut eventsMethod
Require at least 6 years of history, then check for skipped years and large cuts, allowing approved systemic-event exceptions.
Worked Example
This company has 11 years of dividend history (2016–2026). No suspensions detected — 11 consecutive years of payments. Predictability: Variable. Payout health: High risk. The minimum requirement is 6 years.
How to Interpret
Longer uninterrupted records generally signal stronger income reliability than high yield alone.
A 11-year track record through multiple economic cycles gives confidence your income will continue. This company has proven it prioritises shareholder returns.
Sources
Highest price to lock in 6% yield
Current price is favourable. Locks in 6%+ dividend yield based on historical average.
Current Snapshot
Current Price
$5.75
Max Buy Price
$6.32
Delta
+9.0%
Why It Matters
The price ceiling links valuation discipline to income targets by defining the price that aligns with a 6% yield target.
Formula
6-Year Average Annual Dividend / 0.06Method
Use the 6-year average dividend (not one year) and divide by 0.06 to estimate the maximum entry price for target yield.
Worked Example
With a current price of $5.75 and a ceiling of $6.32, the entry is 9.0% below the ceiling.
How to Interpret
Prices below the ceiling imply a historical yield above 6%; prices above it imply a lower historical yield at entry.
Buying below the ceiling locks in your target yield based on proven historical dividends — not projections. Your income is secured at this price.
Sources
Industry category of the business
Real Estate is not a BESST sector. Non-BESST stocks receive a lower base score but can still qualify with exceptional dividend metrics.
Current Snapshot
Industry
REIT - Mortgage
BESST Match
No
Score Impact
No bonus
Why It Matters
Sector classification helps contextualise risk and demand durability, which can materially affect dividend stability.
Formula
BESST Match = Sector in {Banks, Energy, Sanitation, Insurance, Telecom}Method
Match company sector or industry against BESST categories. A match adds scoring support but does not replace core dividend checks.
Worked Example
This company operates in REIT - Mortgage (Real Estate sector). It does not match a BESST sector, so it receives the standard base score. Non-BESST stocks can still qualify with strong dividend metrics.
How to Interpret
BESST alignment is a positive context signal. Non-BESST stocks can still qualify with strong yield and dividend consistency.
Non-essential businesses face demand drops during recessions — discretionary spending is first to be cut. This increases cyclical risk for dividends, but companies with decades of consistent payments can still demonstrate durability.
Sources
How much of a company's earnings are paid out as dividends
A 98% payout means the company distributes most of its earnings as dividends — more income per share now, but less room for growth. Around 67% is often considered “normal” for established companies. This level feeds directly into the price ceiling calculation.
Current Snapshot
Latest Ratio
97.7%
Healthy Range
30%-75%
Zone
Elevated
Why It Matters
Payout ratio links dividends to earnings capacity and helps evaluate whether current distributions are likely to remain supportable.
Formula
Payout Ratio (%) = (Annual Dividend per Share / Earnings per Share) x 100Method
Calculate year-by-year payout ratios where EPS is positive, classify each year by sustainability zone, and compare with the current TTM ratio.
Worked Example
$0.64 dividend / $0.65 EPS equals 98.0% payout ratio.
How to Interpret
Ratios in the middle range are usually more sustainable than very high ratios. Values above 100% indicate dividends exceeded earnings in that period.
A 98% payout means the company distributes most of its earnings as dividends — more income per share now, but less room for growth. Around 67% is often considered “normal” for established companies. This level feeds directly into the price ceiling calculation.
Sources
Exceptional 82.3% net margin signals a strong and durable competitive advantage.
Current Snapshot
Current Margin
82.3%
Threshold
15.0%
Relative Position
+67.3%
Why It Matters
Net income margin shows how much profit the business keeps from each dollar of revenue after all costs.
Formula
Net Income / Total Revenue x 100Method
Compare current margin with the industry-specific threshold to avoid cross-sector distortions.
Worked Example
This company's net income margin is 82.3% — it keeps 82 cents of every revenue dollar as profit after all expenses. The real estate investment trusts threshold is 15%, putting it 67.3% above the requirement.
How to Interpret
Margins that are both strong and stable can indicate competitive strength; persistent weakness may limit reinvestment and payout capacity.
Outstanding profitability means this company converts a large share of every dollar earned into profit. This buffer protects dividends even if revenue dips — the hallmark of a moat.
Sources
WOTSO
Finbar Group Limited
Mirvac Group
Rural Funds Group
The GPT Group
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