Astrea 9 confirms first semi-annual US$93m available cash, portfolio NAV up 10% to US$1.71bn; A‑class LTV at 38.4%
Summary:
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Astrea 9 generated US$93m of available cash flow for its first semi‑annual distribution period (1 Jan 2025–8 Feb 2026), after US$188m of fund distributions, US$111m of capital calls and other cash movements.
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The private‑equity portfolio NAV rose 9.9% from US$1.63bn at end‑2024 to US$1.79bn, with ending portfolio NAV of US$1.71bn after net distributions, while undrawn fund commitments declined to US$275m from US$304m.
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US$75m of cash was set aside into reserve accounts for future Class A principal repayment (part of a total US$46.7m already reserved and US$75m scheduled), with US$14m paid as semi‑annual interest on the S$615m Class A1 3.40% and US$200m Class A2 5.70% bonds; no equity distribution was made.
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Post‑distribution, the Class A LTV ratio stands at 38.4% versus a 50% maximum, and the combined Class A and Class B PIK LTV is 44.3% versus a 55% maximum, meaning no LTV cure reserves were triggered.
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All three tranches remain investment grade (Class A1 A+sf, Class A2 Asf, Class B PIK BBBsf), the US$267m credit facility was undrawn, and the first distribution date of 8 Feb 2026 marks the start of semi‑annual US$75m reserve build‑up ahead of the 8 Aug 2030 scheduled call.