Ridgepost Capital, Inc.

Hello and welcome to the P10 first quarter 2022 conference call. My name is Irene and I will be coordinating your call today. I will now hand you over to your host, Mark Hood, Executive Vice President of Operations and Investor Relations. Mark, please go ahead.

Good afternoon and welcome to the P10 first quarter 2022 conference call. This is Mark Hood, EVP of Operations and Investor Relations. Today, we will be joined by Robert Alperk, Chairman and Co-CEO, Clark Webb, Co-CEO, Fritz Sauter, Chief Operating Officer, and Amanda Cousins, Chief Financial Officer. Before we begin, I'd like to remind everyone that this conference call, as well as the presentation slides, may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current plans, estimates, and expectations and are inherently uncertain. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks or other factors that are described in greater detail under risk factors in our annual report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 21, 2022, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law. You may find a reconciliation of GAAP to non-GAAP financial measures in our earnings release on our website. I will now turn the call over to Robert.

Good afternoon. I'm Robert Alpert, Chairman and Co-CEO. Today we will discuss our first quarter 2022 financial results, what we're seeing in the market, what differentiates P-10 from peers, and why we think we built something unique in the alternative asset industry. On PLEA's report, we delivered solid financial results and met our quarterly objectives. Across the board, key financial metrics reflect strong execution. We ended the first quarter with $17.6 billion in fee-paying assets under management. On a year-over-year basis, that is a 34% increase. And on a pro forma basis, that's a 27% organic growth rate. Year-over-year revenue increased 32%, GAF net income was up 188%, adjusted EBITDA increased 31%, and adjusted net income rose by 84%. All around, I think our teams performed well, and we continue to see many growth opportunities. In March of 2022, we provided guidance that we expect to raise approximately $5 billion over the course of 2022 and 2023. and that the cadence of capital raising will likely be more back-end loaded in 2022 with momentum extending into 2023. I want to reiterate that guidance as we remain confident in our business model, our unique market position, and best-of-breed solutions in private equity, venture capital, private credit, and impact investing because we believe clients around the world will continue to seek out superior returning strategies With a record of performing through economic cycles, we believe we are well positioned to achieve our targets. Finally, I am pleased to report the Board of Directors has approved the implementation of a regular cash dividend. Our inaugural quarterly dividend will be in the amount of 3 cents per share, declared on May 12, 2022, and paid on June 20, 2022, to all shareholders of record as of May 31, 2022. The board has also approved a $20 million stock repurchase program to take advantage of potential dislocations in our public valuation. We believe that both the dividend and the buyback reflect the beauty of our business model with strong free cash flow and nearly infinite returns on capital. We believe these announcements complement our existing effort to bring additional strategies to the P10 family through M&A. On that front, the pipeline remains full. Now I'll hand it over to our Chief Operating Officer, Fritz Souder.