Qualitas (QAL) Investor presentation summary

Growth momentum and financial performance

• Deployment pipeline reached $7.4bn, up 46% year-on-year, with a 4-year CAGR of 44%.

• Funds under management (FUM) grew to $10.9bn, managed by over 100 professionals, with significant organic growth since IPO.

• Fee earning FUM and funds management revenue both achieved a 33% CAGR since IPO.

• Funds management EBITDA (excluding PF) grew at a 46% CAGR, and drawn balance sheet co-investment at 55% CAGR.

• Over 400 investments since inception, with more than 360 in private credit.

Deployment pipeline and portfolio characteristics

• FYTD deployment pipeline of $7.4bn includes ~$860m in non-residential and ~$760m in residual stock loans.

• 79% of investments by value are over $100m, and 54% are over $200m.

• Large construction portfolio drives follow-on investments, offsetting portfolio churn.

• Portfolio duration is lengthening, supporting recurring fee growth.

Structural differentiation and risk profile

• Australian private credit is focused on real estate, with full recourse lending, minimal back-leverage, and fixed-price construction contracts.

• Hard financial covenants and strong enforcement rights contrast with US market practices.

• Over 90% of committed FUM is in closed-ended or listed structures, limiting redemption risk.