Ridgepost Capital, Inc.

Good morning and welcome to the P10 third quarter 2022 conference call. This is Mark Hood, EVP of Operations and Investor Relations. Today, we will be joined by Robert Alpert, 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 statements as a result of new information or future events, except as otherwise required by law. I will now turn the call over to Robert.

Good morning, and thank you for joining the call. Before we provide the quarterly update, I think it is important to recognize that P-10 recently celebrated its one-year anniversary as a public company. We have successfully navigated a challenging macro environment and delivered on the roadmap we presented investors before going public. Double digit organic growth, a predictable and differentiated business model with revenue based on management fees from long term committed capital, strong free cash flow, tax assets that shield the pre-tax income, and the acquisition of a market leading vertical that we think has extraordinary potential. It has been an exciting year despite volatile markets. When we formed P10, our mission was to construct a durable and resilient private markets business that would stand out among peers as the leader in the middle and lower middle market. With significant shares owned by insiders, we are distinctly aligned with employees, shareholders, and investors. When we went public, some questioned our decision to leave Cary with the investment team. As noted during our roadshow, we believe it's the perfect win-win, providing a great alignment with our investment professionals and clients, while at the same time creating a very distinct, predictable earning stream for P10 shareholders. I think our solid and steady financial performance over the past 12 months demonstrates the advantage of the P10 model. With the NASDAQ down over 25% and the S&P 500 down almost 20%, Our financial results have demonstrated robust organic growth and steady earnings progression. In a bull market, carried interest can provide fueled earnings, but in times of macro uncertainty, carry in the system creates financial volatility and can lead to periods of earnings declines, including significant earnings declines. As we currently find ourselves in a period of financial volatility, we believe our results demonstrate the advantage of our financial model. with Q3 adjusted net income per share up 41% year over year, despite the broad market weakness. Regarding our business outlook, we continue to execute on our plan and remain confident in our previous guidance to raise $5 billion across 2022 and 2023. This figure excludes any fee-paying AUM added by recently acquired WTI or future acquisitions. As it relates to capital allocation, We have recently been active on our stock repurchase plan, as we believe our stock price does not adequately reflect the intrinsic value of P10. Now let's hand it over to our Chief Operating Officer, Fred Sauter.

Thanks, Robert. Despite the more challenging backdrop, we continue to see good fundraising opportunities across our platform. During the third quarter, we raised and deployed $875 million, with contributions from a wide range of funds and strategies. We believe our diverse product set and all-season investment process will continue to serve investors and shareholders well. In particular, the GP stake market continues to be very attractive. In fact, Bonacourt recently announced two additional investments in premier middle market GPs as they continue to build out a portfolio that we believe is second to none. On the deployment side, HARC has now deployed over $1 billion since inception with zero loss of principal. We want to publicly congratulate the HARC team for its success. Our impact business, Enhanced Capital, also had a fantastic quarter with $186 million being deployed in Q3. Enhanced continues to see robust deal flow and our relationship with Crossroads is generating more deals and larger opportunities than we had previously seen. We remain excited about the prospects of the permanent capital partnership with Crossroads. In closing, our third quarter performance demonstrates key differentiating elements of the P-10 story that bolsters the foundation for future organic growth. First, we have a variety of strategies, some inherently all-weathered, such as credit, NAV lending, and GP stakes businesses. In addition, while WTI is not included in our third quarter results, its product set can also be considered an all-weather strategy as venture debt can be utilized when valuations are expanding or contracting. In the quarter, over a dozen funds contributed to our fundraising and deployment. We believe this represents a strategic advantage as fundraising is not contingent upon the success of a single large fund or strategy. Furthermore, our diverse strategies focus on the middle and lower middle market, a space where portfolio companies can exploit seams of growth despite macro weaknesses and are far less levered than larger peers. We think this makes our market focus especially advantageous during times like this. Finally, cross-selling across all P10 verticals continues to provide value creation opportunities. As an example, since joining P10 a little over a year ago, HART has deployed capital with several GPs that have deep relationships with RCP. And Bonacourt recently purchased stakes in three GPs that RCP has invested with for years. The collaboration, shared purpose, and diverse product set means we have a lot of ways to win. Long-term track records, deep and trusted GP and LP relationships, and a disciplined investment process across a variety of cycles gives us confidence that we will continue to build a market leader. I will now turn the call over to Clark.