Patria Investments Limited

Before we dive deeper into our results for the quarter and expectations going forward, let me give you a little more color on an exciting and important evolution in our capital management strategy. First, the board determined to pay a dividend for 2024 of 62.5 cents per share or $0.625 per share And since we paid 17.5 cents per share or $0.175 per share in the first quarter, we declared a quarterly dividend of 15 cents per share, which will be fixed at this level for the next three quarters. Simultaneously, we are announcing a share repurchase program of up to 1.8 million shares over the next 12 months, reflecting our focus on creating long-term shareholder value. In our view, the price of our stock does not come close to reflecting our robust long-term outlook, and the Board believes that resetting the dividend and focusing incremental cash flow on share repurchase and or reducing the level of debt are among the highest and best uses of returning capital to shareholders. Our confidence in our business outlook is further demonstrated by the fact that Patria Holding Limited, or PHL, the controlling shareholder of Patria Investments Limited and the vehicle through which senior management's Patria stake is held, is committing to purchase up to an additional $12.5 million of Pax PAX shares through the end of 2025 on top of the share repurchase program. As a reminder, PHL currently owns a majority stake of more than 53% in PATRIA. These actions, in addition to our intention to utilize up to $100 million of future PRE to fund M&A and or pay down M&A-related debt, and now to potentially repurchase stock as well, demonstrates that we will be flexible and opportunistic as we look to use our capital to drive profitable FRA and DE growth and long-term returns to shareholders, while optimizing and maintaining a conservative balance sheet, which is of the highest priority and which Anna we'll review in more detail shortly. So, even with the change of our dividends at the current stock price, the current yield is a solid of about 5%.

Now, let's talk about our team's execution, of which I continue to be very proud.

Starting with organic fundraising, overall, it was another solid quarter. As mentioned, we raised $1.3 billion in the second quarter, bringing our total fundraising over the first half of 2024 to $2.2 billion, or approximately $5 billion over the trailing four quarters. We are particularly proud that even without a closing on a flagship fund, fundraising in the quarter and year to date has been strong, further highlighting the importance of having a diversified business. As we are in the market with multiple strategies across our platform, I thought it would be helpful to highlight several strategies and initiatives that we believe will be key contributors to our hitting our fundraising and FRE objectives. Our credit platform continues to exhibit strong momentum and is an important near and long-term driver of new business as evidenced by over $350 million we have raised in these strategies in the second quarter and the $1.2 billion we have gathered over the trading four quarters.