Qualitas Ltd (ASX: QAL) managing director and cofounder Andrew Schwartz has sold $53 million worth of shares in the company, but still holds a massive stake and says he's excited for the future.
The company, which is part of the S&P/ASX 200 Index (ASX: XJO), is an alternative lender in the real estate market, with about $9.5 billion in funds under management.
The company told the ASX in an announcement on Monday that Mr Schwartz had sold 15.1 million shares, or about 5% of the company's issued capital, on Friday.
Using Friday's closing price of $3.51 per share, this comes to slightly more than $53 million.
Qualitas said Mr Schwartz still retained a stake of 57.3 million Qualitas shares, or about 19% of the issued shares in the company.
Image source: Getty Images
Still dedicated to the task at hand
Mr Schwartz said in the statement to the ASX that the company was performing well, as demonstrated by its recent full-year results announcement, and he was excited about its growth prospects.
Qualitas' momentum in FY26 continues to accelerate across our credit and equity strategies. Borrowers are increasingly seeking experienced platforms with proven multi cycle track record and capital certainty – we are seeing this translate into a very strong pipeline of approved and mandated credit investments.
Mr Schwartz' shares were sold to an unnamed "large global listed equities manager" the company said.
Mr Schwartz said the sale of the shares to this company demonstrated the value of the business.
Their decision to become a shareholder reflects confidence in our long-term growth trajectory and the quality of our platform. This investment elevates our profile among domestic and international listed equities investors and positions Qualitas alongside leading global alternative asset managers as a compelling investment opportunity within their portfolios.
Guiding to further growth
Qualitas in August reported a normalised pre-tax net profit of $53 million, up 36%, on funds management revenue of $67.1 million, up 25%.
The company also, at the time, released guidance for the current financial year of normalised net profit before tax of between $60 million and $66 million.
Mr Schwartz said at the time that there was momentum around the reallocation of capital away from the US and into the Asia Pacific region.
As he said:
Australia has emerged as a preferred growth frontier due to its stable regulatory environment, structural housing undersupply, and attractive yield premiums compared to more mature markets.
Qualitas shares were steady at $3.51 on Monday. Qualitas will hold its annual general meeting on November 19.
