Q

Qualitas

Real estate private credit and equity

Overview

Qualitas invests in real estate in Australia, offering real estate private credit and real estate private equity to institutional, wholesale, and retail clients. It provides access to long-term returns by matching global capital with real estate opportunities and by managing investments from both debt and equity perspectives. The way its products work is that Qualitas analyzes real estate deals from both sides of the capital stack, funding or purchasing properties with loans or equity, and earning management fees, performance fees, and returns on its investments. Qualitas differentiates itself by combining debt and equity analysis to identify risk-adjusted opportunities within the Australian market, giving it a unique view of how to harvest value from real estate. Its goal is to deliver steady, long-term, risk-adjusted returns for its clients through focused and responsible investment strategies.

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About Qualitas

Simplify's Rating
Why Qualitas is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Financial ServicesReal Estate

Company Size

201-500

Company Stage

IPO

Headquarters

Melbourne VIC, Australia

Founded

2008

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What believers are saying

  • June 2026 lifted committed FUM to A$11.6 billion, up from A$10.9 billion.
  • March 2026 adviser hires deepen distribution into wealth managers and family offices.
  • September 2026 Willoughby Grounds completion shows active asset delivery with first-mover sales momentum.

What critics are saying

  • Starz remains in capital repatriation, limiting Europe earnings in FY26 and FY27.
  • Qualitas depends on Andrew Schwartz; November 2026 AGM seeks loan-share approval for him.
  • Property-credit losses can permanently damage FUM, fees, and investor trust after any failed loan cycle.

What makes Qualitas unique

  • Qualitas runs both real estate credit and equity across Australia and Europe.
  • June 2026 Starz acquisition gave Qualitas an 11-investment European credit platform.
  • June 2026 AI upgrade targets over 60% Australian funds-management EBITDA margin long term.

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Funding

Total Funding

$1.9B

Above

Industry Average

Funded Over

4 Rounds

Post IPO Debt funding comparison data is currently unavailable. We're working to provide this information soon!
Post IPO Debt Funding Comparison Coming Soon

Stock Price

Company News

Prestige Property Magazine
Sep 3rd, 2026
Why we chose Willoughby Grounds.

Why TOTAL Property Group chose Willoughby Grounds. Published on September 3, 2026 in Apartments From Passing By to Putting Down Roots: Why Peter and His Wife Chose Willoughby Grounds Local couple fall in love with house-sized apartment living surrounded by nature, community and convenience When Peter and his wife drove past the newly completed Willoughby Grounds on Willoughby Road, they weren't actively searching for their next home. But seeing the finished development, surrounded by greenery and thoughtfully integrated into its natural setting, changed everything. The couple recently purchased a two-bedroom apartment at Willoughby Grounds, the boutique Lower North Shore residential community at 7 Walter Street, Willoughby, drawn to its rare combination of generous apartment living, landscaped surroundings, walking trails, transport connectivity and community amenities. "We drove past on Willoughby Road and saw that the buildings were finished. On that basis, we just fell in love with it," Peter said. "The fact that there's greenery around, there are walking tracks, there's excellent public transport - that really appealed to us." Developed by First Quadrant Properties in partnership with Qualitas, Willoughby Grounds offers a collection of spacious two, three and four-bedroom residences, designed to provide a house-like sense of space while delivering the convenience of apartment living. For Peter and his wife, the connection to nature and the ability to enjoy an active lifestyle were key reasons the development stood out. "My wife walks a great deal. There's not only the paths but there are destinations. There are places you can go," Peter said. "Even I walk. I've started walking up to Bunnings." The couple were also attracted by the opportunity to remain close to family, with one of their daughters and their new granddaughter living nearby. "We are reasonably close to one of my daughters who has just produced a granddaughter," Peter said. Beyond their own apartment, the shared amenities at Willoughby Grounds were another important factor in their decision, providing spaces where family and friends can gather. "The fact that there is the playground and the barbecue area means that we have a place for entertainment," Peter said. "We have a place for the kids to play and for adults to sit and relax. It's going to be very useful." A New Benchmark for Lower North Shore Living Located within the leafy surrounds of Hallstrom Park, Willoughby Grounds has been designed as a true neighbourhood within a neighbourhood, offering residents a peaceful retreat while remaining connected to Sydney's major employment, retail and lifestyle destinations. The recently completed development features premium residences with generous proportions, refined interiors and a strong connection to the surrounding landscape. The latest limited release of just 10 house-sized apartments introduces an exclusive opportunity for buyers seeking spacious, design-led homes in one of Sydney's most tightly held suburbs. Ray White Projects Managing Partner Eddie Mansour said buyer stories such as Peter's demonstrate the enduring appeal of well-designed communities that prioritise lifestyle. "Willoughby Grounds was created for people who want more than just an apartment - they want a home that offers space, connection, greenery and a genuine sense of belonging," Mr Mansour said. "Peter's experience reflects what makes this project unique: residents can enjoy the benefits of a premium apartment lifestyle while still having access to nature, community spaces and the everyday conveniences that make a suburb feel like home." Designed by Architecture Urbaneia with interiors by DKO and delivered by 4.5-star iCIRT-rated construction company Dasco, Willoughby Grounds combines considered architecture, quality craftsmanship and a location that celebrates the best of Sydney's Lower North Shore. With residences now complete and move-in ready, the final opportunities at Willoughby Grounds provide buyers with the chance to secure a rare house-sized apartment in a peaceful bushland setting. Pricing and Availability Available apartments are priced from $1.6 million for a two-bedroom apartment with parking. For sales enquiries, please contact Ray White Projects on 1300 083 727 or register for interest at www.willoughbygrounds.com.au.

Business Insider
Aug 30th, 2026
Qualitas Limited (QAL) receives a Buy from Citi.

Qualitas Limited (QAL) receives a Buy from Citi. Aug. 30, 2026, 08:05 PM In a report released today, Nilesh Bhaiya from Citi maintained a Buy rating on Qualitas Limited, with a price target of A$4.30. According to TipRanks, Bhaiya is ranked #595 out of 12444 analysts. In a report released on August 24, Jarden also maintained a Buy rating on the stock with a A$4.10 price target. Based on Qualitas Limited's latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of A$68.13 million and a net profit of A$20.98 million. In comparison, last year the company earned a revenue of A$59.9 million and had a net profit of A$17.13 million Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of QAL in relation to earlier this year. Read More on AU:QAL:

Qualitas
Jul 28th, 2026
Qualitas strengthens Capital team across advised and private capital channels.

Qualitas strengthens Capital team across advised and private capital channels. People ASX:QAL Funds & Investment Management March 3, 2026 Leading Australian alternative real estate investment manager Qualitas Limited (ASX: QAL), today announced the appointment of Jack Delaforce as a Director in its Advised Distribution team, further strengthening a capital raising capability that has grown significantly over recent months. Jack's appointment builds on a series of hires across the firm's Advised Distribution and Private Capital teams as Qualitas deepens its engagement with financial advisers, wealth managers, sophisticated investors and family offices nationally. Based in Sydney, Mr. Delaforce reports to Dean Winterton, Global Head of Capital and Ivan Katz, Head of Private Capital. In his role, Jack will be focused on developing adviser relationships and delivering real estate credit and investment solutions to sophisticated investors. He brings experience across private markets and wealth distribution, having previously held roles at BlackRock and J.P. Morgan in Australia and Asia. Jack joins Michelle Porcelli, who transitioned into the role of Director, Platforms & Distribution in January. Michelle has been with Qualitas since 2022 and brings experience in asset management and investor relations in Australia and Europe. Within the Private Capital team, Leyla Sacks and Nick Tortorella joined Qualitas during 2025, both reporting to Ivan Katz, Head of Private Capital. Based in Sydney, Leyla joins as Senior Director covering New South Wales and Western Australia and brings deep experience across commercial real estate debt and funds management from senior roles at MaxCap and TD Securities. Nick joins as Director based in Melbourne, covering Victoria and Queensland, and brings experience in relationship management and capital raising, most recently as a Director at Wingate. Dean Winterton, Global Head of Capital, commented: "These appointments are a further demonstration of our commitment to building a best-in-class capital team. Jack and Michelle bring highly complementary skill sets that will strengthen our ability to engage with advisers, platforms and wealth managers across Australia. I look forward to seeing the impact they will have as we continue to grow our investor base and expand access to our real estate credit and equity strategies." Ivan Katz, Head of Private Capital, added: "Appetite for alternative real estate investment among high-net-worth investors and family offices continues to grow, and Leyla and Nick are exceptionally well-placed to meet that demand. Their appointments significantly enhance our ability to build meaningful relationships with sophisticated investors nationally and we look forward to building on the strong momentum across the platform." Jack Delaforce commented: " Having worked in private markets capital formation, I've seen first hand how adviser appetite for high-quality alternative real estate strategies has grown. Qualitas has built a genuinely differentiated platform with a fantastic track record, and I'm excited to help connect wealth groups with what we have to offer." Michelle Porcelli added: "Qualitas has a compelling story to tell across its wholesale and retail funds, and I look forward to deepening the firm's relationships with platforms, researchers and asset consultants in this expanded role. There is real appetite in the market for real estate private credit, especially from managers with deep experience and track record." Media Enquiries Kate Stokes Head of Marketing and Communications M: +61 3 9612 3936 E: [email protected] About Qualitas Qualitas Limited (ASX:QAL) is an ASX-listed Australian alternative investment manager offering clients domestic and global investment strategies across real assets and private credit. With approximately $10.9 billion of committed funds under management1, Qualitas matches global capital with access to attractive risk-adjusted investments for institutional, wholesale and retail clients. Qualitas offers flexible capital solutions for its partners, creating long-term value for shareholders, and the communities in which it operates. For 18 years, Qualitas has been investing through market cycles to finance assets, now with a combined value of over $34 billion across all real estate sectors2. Qualitas focuses on real estate private credit, opportunistic real estate private equity, income producing commercial real estate and build-to-rent residential. The broad platform, complementary debt and equity investing skillset, deep industry knowledge, long-term partnerships, and diverse and inclusive team provides a unique offering in the market to accelerate business growth and drive performance for shareholders. For more information, please visit qualitas.com. 1. As at 31 December 2025. 2. As at 30 June 2025. Disclaimer This announcement contains general information only and does not take into account your investment objectives, financial situation or needs. Qualitas is not licensed to provide financial product advice in relation to Qualitas shares or any other financial products. This announcement does not constitute financial, tax or legal advice, nor is it an offer, invitation or recommendation to apply for or acquire a share in Qualitas or any other financial product. Before making an investment decision, readers should consider whether Qualitas is appropriate given your objectives, financial situation and needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser. Past performance is not a reliable indicator of future performance.

Qualitas
Jun 12th, 2026
ASX ANNOUNCEMENT: Qualitas establishes European office.

ASX ANNOUNCEMENT: Qualitas establishes European office. 12 June 2026 Qualitas Limited (ASX:QAL) is pleased to announce the establishment of a real estate private credit platform in Europe. This is a key step in executing the growth strategy outlined in Qualitas' 1H26 results investor presentation, expanding its commercial real estate (CRE) private credit platform into attractive international markets through both organic and inorganic channels. To accelerate this strategy, Qualitas has agreed to acquire the investment management business of UK-based Starz Real Estate (Starz), providing an established local team managing an existing loan portfolio backed by institutional capital. Founded in 2018, Starz is a UK-based CRE private credit manager overseeing a £376 million[1] CRE credit portfolio across the UK and Europe. Under the acquisition agreement, the newly established European division of Qualitas will assume management of the existing portfolio (Manager), comprising 11 investments. The total financial consideration for the acquisition is A$36.5 million[2] which will be met from existing cash reserves of Qualitas. Of this total, A$28 million is specifically for the purchase of the Starz co-investment positions held by the Manager and the remaining A$8.5 million of the consideration is for the purchase of the net positive working capital, most of which is in the form of cash currently held by Starz. Funds under management (FUM), Fee Earning FUM and earnings from the portfolio of the European division will be reported separately from Qualitas Australian business, as the Starz £376m[1] portfolio is in capital repatriation phase. On current expectations, the establishment of the European office is not expected to have a material impact on the Company's FY26 or FY27 earnings. Completion of the transaction occurred simultaneously with the execution of the transaction documents. The newly established real estate private credit platform is expected to benefit from an established team with fully integrated in-house capabilities across origination, asset management, finance and legal functions. Supported by global institutional capital complementary to Qualitas' existing investor base, the platform is well positioned to originate and deploy capital across multiple European jurisdictions. Andrew Schwartz, Group Managing Director and Co-Founder, Qualitas said: "The UK and European commercial real estate lending market is more than five times the size of Australia[3], providing a significant opportunity to expand our private credit platform in a large and highly developed market. We are excited by the scale of the opportunity and believe the combination of an experienced local team, synergistic institutional relationships and Qualitas' proven investment approach positions us well to capitalise on growing demand for private credit as traditional financiers' participation continues to decline." Investor briefing An investor briefing was held today with Andrew Schwartz (Group Managing Director and Co-Founder). Please use the link here to access the webcast replay. You can also access the slides in the ASX Announcement here. Authorised for release by the Board of Directors of the Company. For further information, please contact: | Investor Enquiries Nina Zhang, Head of Investor Relations T: +61 3 9612 3939 E: [email protected] | Media Enquiries Kate Stokes, Head of Marketing and Communications M: +61 3 9612 3936 E: [email protected] | | Investor Website: https://investors.qualitas.com.au/investor-centre/ | About Qualitas Qualitas Limited ACN 655 057 588 (Qualitas) is an ASX-listed Australian alternative real estate investment manager with approximately $10.9 billion of committed funds under management[4] . Qualitas matches global capital with access to attractive risk-adjusted investments in real estate private credit and real estate private equity through a range of investment solutions for institutional, wholesale and retail clients. Qualitas offers flexible capital solutions for its partners, creating long-term value for shareholders, and the communities in which it operates. For 18 years, Qualitas has been investing through market cycles to finance assets, now with a combined value of over $40 billion[4] across all real estate sectors. Qualitas focuses on real estate private credit, opportunistic real estate private equity, income producing commercial real estate and build-to-rent residential. The broad platform, complementary debt and equity investing skillset, deep industry knowledge, long-term partnerships, and diverse and inclusive team provides a unique offering in the market to accelerate business growth and drive performance for shareholders. 1. Portfolio value as at 7 June 2026 reflects gross loan exposure including leverage. 2. Total financial consideration is subject to final completion accounts and is not expected to materially change. 3. European and UK CRE financing market size estimated based on Bayes Business School European CRE Lending Report December 2023 and Bayes Business School UK Commercial Real Estate Lending Report 2025. Australian CRE financing market size estimated based on Alvarez & Marsal Private Debt Market Review 2025 and APRA Quarterly Authorised Deposit-Taking Institution Property Exposure December 2025. 4. As at 31 December 2025. Disclaimer This announcement contains general information only and does not take into account your investment objectives, financial situation or needs. Qualitas is not licensed to provide financial product advice in relation to Qualitas shares or any other financial products. This announcement does not constitute financial, tax or legal advice, nor is it an offer, invitation or recommendation to apply for or acquire a share in Qualitas or any other financial product. Before making an investment decision, readers should consider whether Qualitas is appropriate given your objectives, financial situation and needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser. Past performance is not a reliable indicator of future performance. This announcement also contains forward-looking statements. Forward-looking statements can generally be identified by the use of words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," "positioned," "strategy," and similar expressions. Forward-looking statements, opinions, and estimates provided in this announcement are based on assumptions and contingencies which are subject to change without notice, and involve known and unknown risks and uncertainties and other factors that are beyond the control of Qualitas, its directors and management. Forward-looking statements are not guarantees of future performance and actual results, conditions, and events may differ materially from those expressed or implied in such statements. Qualitas cautions readers not to place undue reliance on any forward-looking statement. Subject to any continuing obligations under applicable law or ASX Listing Rules, Qualitas does not undertake to publicly update or revise any forward-looking statement, or to advise of any change in assumptions on which any such statement is based, whether as a result of new information, future events, or otherwise.

Qualitas
Apr 23rd, 2026
MEDIA RELEASE: Jesse Curtis appointed as Head of Direct Real Estate, Australia.

MEDIA RELEASE: Jesse Curtis appointed as Head of Direct Real Estate, Australia. 23 April 2026 Appointment accelerates expansion of direct real estate platform, delivering on long-term growth at a compelling point in the cycle. Leading alternative investment manager Qualitas (ASX:QAL), has appointed Jesse Curtis as Head of Direct Real Estate, Australia, effective July 2026. The appointment is a key milestone in Qualitas' strategy to build a full-spectrum real estate investment platform, complementing its established and market-leading private credit business. The expansion of the direct real estate platform was identified as a core growth initiative in Qualitas' IPO Prospectus and is being executed from a position of strength, with Qualitas delivering record earnings and funds under management of approximately $10.9 billion[1]. Mr Curtis will be based in Sydney and will lead the growth of Qualitas' direct real estate funds management business, deploying third-party capital across core, core-plus and value-add real estate strategies, with a mandate to originate, acquire and actively manage assets internally. The business will build on a portfolio of approximately $1 billion in gross assets, predominantly through two existing funds. Mr Curtis joins from Centuria Capital Group, where he spent over seven years in senior leadership roles, most recently as Head of Funds Management overseeing more than $20 billion in assets across listed and unlisted property funds spanning office, industrial, retail, data centres, healthcare and agriculture sectors. Prior to Centuria, he spent six years at Dexus across portfolio management and capital and corporate transactions and earlier held roles at Goodman and CBRE. His appointment creates two distinct equity investment units - Direct Real Estate and Real Estate Private Equity - each with dedicated, experienced leadership across the full breadth of its equity business. Mark Fischer, Co-Founder and Global Head of Real Estate, said: "Qualitas Securities Pty has been disciplined in waiting for the right market conditions and the right person to lead this next phase of growth. Jesse is an outstanding appointment - he brings deep market relationships, institutional-grade experience and a track record of building and managing portfolios at significant scale. "The current environment is well suited to disciplined, well-capitalised equity buyers with deep sector expertise. With its credit platform performing strongly and significant investor support behind its equity strategy, this is the right time to accelerate. "This appointment reflects Qualitas' evolution into a full-spectrum real estate investment platform, with distinct, focused teams across credit and equity, each led by experienced leadership. This has been a long-term vision, and we see it as a growth driver complementary to our fast-growing private credit business." Jesse Curtis said: "Qualitas has built an exceptional reputation in Australian real estate, and I'm excited to lead the expansion of the direct real estate platform. The foundations for success are strong - a proven track record in equity investing, deep institutional relationships, and the backing of a platform that understands real estate across the capital structure. "The market is offering a compelling point in the cycle for expansion in real estate equity investing. Additionally, investors are continuing to view Australia as a favourable destination in the context of global real estate investment. This has created an excellent opportunity to leverage the local expertise of an experienced manager to source and execute on high-quality real estate assets at an attractive entry point. "I look forward to building a team and a portfolio that delivers strong returns for Qualitas' investors over the long term." Media Enquiries Kate Stokes Head of Marketing and Communications M: +61 3 9612 3936 E: [email protected] About Qualitas Qualitas is one of Australia's leading alternative investment managers, specialising in real estate, with approximately $10.9 billion in funds under management1. Founded in 2008, Qualitas invests across the real estate capital structure, offering private credit, direct real estate and real estate private equity strategies to institutional, wholesale and retail investors. Qualitas is listed on the Australian Securities Exchange (ASX: QAL). For more information, please visit www.qualitas.com.au. 1. As at 31 December 2025. Disclaimer This announcement contains general information only and does not take into account your investment objectives, financial situation or needs. Qualitas is not licensed to provide financial product advice in relation to Qualitas shares or any other financial products. This announcement does not constitute financial, tax or legal advice, nor is it an offer, invitation or recommendation to apply for or acquire a share in Qualitas or any other financial product. Before making an investment decision, readers should consider whether Qualitas is appropriate given your objectives, financial situation and needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser. Past performance is not a reliable indicator of future performance.

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