The distributed amounts are still up on last year (Jan-June...

The distributed amounts are still up on last year (Jan-June inclusive up 2.8%, carried by Jan-March's 5.1% increase) but they're not keeping up with the recent dilution.

Here is a chart of per unit distribution multiplied by the units on issue that received the distribution; the amount distributed each month.

If we plot unit NTA plus accumulated distributions since 2023-01-01, it has been falling below trend for the last two months.

Estimated NTA is a couple of days behind April.

From the capital raises, they received $44.5M in early April and $93M in early May, and their end of month cash balances had increased by ~$27M at end of April and decreased by ~$20M back to ~$35M at the end of May. So it looks like they've deployed most of the new capital but we'd probably need to wait an interest period until we start seeing the returns, especially if May's new investments were weighted to the back of the month and April's interest payments were diluted by May's new units.

It will be interesting to see how the July estimated NTA updates play out and what the June report shows; capital deployment delays or a delinquency?
I haven't looked at MXT.