When Does WAM Alternative Assets (ASX:WMA) Pay Its Partially Franked Final Dividend, and Why Is It 60% Franked?

Key highlights

• WAM Alternative Assets Ltd (ASX:WMA) has a final dividend of 3.0 cents per share, franked at 60%, with an ex-dividend date of 16 November 2026.
• The dividend is payable on 30 November 2026 and takes the FY2026 full year dividend to 6.0 cents per share.
• The investment portfolio rose 9.1% in FY2026, and operating profit after tax rose 79.6% to $11.2 million.

WAM Alternative Assets Ltd (ASX:WMA) is a listed investment company managed by Wilson Asset Management that invests across alternative asset classes, including private equity. As at 19 October 2026, it has a final dividend of 3.0 cents per share, franked at 60%, going ex-dividend on 16 November 2026. On 28 August 2026, the company announced its FY2026 results and an increased full year dividend.

About the company

The company says Wilson Asset Management has been its investment manager since October 2020. In October 2025, shareholders voted overwhelmingly in favour of continuing the company. The portfolio holds a diversified mix of alternative investments with exposure to private equity and income-generating strategies.

Upcoming dividend details

The full year dividend of 6.0 cents per share is increased on the prior year and is franked at 60%. The company explains that its ability to generate franking credits depends on tax paid on realised profits from exits of underlying assets and on distributions from income-generating strategies. The current franking balance allows partial franking of the FY2026 final dividend and the FY2027 interim dividend, assuming the interim dividend is also 3.0 cents.

FY2026 results

The investment portfolio increased 9.1% in FY2026 and has returned 8.9% per annum since October 2020. Portfolio standard deviation was 2.7% compared with 10.2% for the S&P/ASX All Ordinaries Accumulation Index. Operating profit before tax rose 99.8% to $16.6 million and operating profit after tax rose 79.6% to $11.2 million. More than half of the year’s performance came from revaluations of private equity investments.

Profits reserve and franking

The profits reserve was 13.6 cents per share at 30 June 2026, which the company says provides 2.3 years of dividend coverage before the final dividend is paid. Since October 2020 the company has paid 25.9 cents per share in franked dividends. The company notes that if it cannot generate enough franking credits in FY2027 and beyond, future dividends may be partially franked or unfranked.

The announcement also records the company’s history under Wilson Asset Management. Since October 2020 the portfolio has returned 8.9% per annum with a standard deviation of 3.0% per annum, compared with 12.5% for the S&P/ASX All Ordinaries Accumulation Index. The company has paid 25.9 cents per share in franked dividends since then, or 35.1 cents when franking credits are included.

Portfolio manager Nick Kelly describes the portfolio as more diversified and mature, with investments from recent years continuing to generate value. The company held a question and answer webinar on 9 September 2026. The announcement says that as the portfolio matures and is revalued, the company’s deferred tax liability will crystallise and generate additional franking credits.

How the dividend timetable works

The ex-dividend date of 16 November 2026 is the first trading day on which shares change hands without the right to the upcoming dividend of 3.0 cents per share. Shares bought before that date carry the entitlement, subject to the record date and settlement timing, while shares bought on or after it do not. Payment follows on 30 November 2026, 14 days after the ex-dividend date. The ex-dividend date falls 28 days after 19 October.

The dividend is franked at 60%, so franking credits are attached to only part of the payment. How much those credits are worth depends on each shareholder’s own tax position, which this article does not assess.

A dividend is a distribution of profit that the board decides to pay, and the amounts quoted are per share. The total cash paid depends on the number of shares on issue at the record date, which can change if a company issues new shares or repurchases existing ones. Dates and amounts can change if the company announces an update.

Factors shareholders may weigh

Dividends are only partly franked, and the announcement says future franking depends on tax paid on realised profits, which come progressively from unlisted investments. Private equity revaluations are estimates until investments are realised, and realisations across the industry have taken longer than expected.

Dividend coverage of 2.3 years is based on the profits reserve and may change with future profits and payments.

What’s next

The final dividend goes ex on 16 November 2026 and is paid on 30 November 2026. The company intends to continue recycling capital into new opportunities and to realise value from existing investments.