Ridgepost Capital, Inc.

After the speaker presentation, there will be a question and answer session. As a reminder, today's conference call is being recorded. I will now hand the call over to your host, Mark Hood, EVP and Chief Administrative Officer. Mark, please go ahead.

Thank you, Operator, and thank you all for joining us. On today's call, we will be joined by Luke Sarsfield, Chairman and Chief Executive Officer and Amanda Cousins, EVP and Chief Financial Officer. Additionally in the room with us today are RJ Jensen, EVP, Head of Strategy and M&A, and Sarita Jareth, EVP, Global Head of Client Solutions. 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 the federal securities laws, including 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 the forward-looking statements due to a number of risks and uncertainties that are described in greater detail in our earnings release and in our periodic 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. During the call, we will also discuss certain non-GAAP measures that we believe can be useful in evaluating the company's performance. A reconciliation of these measures to the most directly comparable GET measure is available in our earnings release and our filings of the SEC. I will now turn the call over to Luke.

Thank you, Mark. Good morning, everyone, and thank you for joining us for our first quarter 2025 earnings call. P-10 had an extremely strong start to the year. We raised and deployed over $1.4 billion in gross new fee-paying AUM marking a record fundraising quarter for the firm and generated revenue of $67.7 million and FRE of $30.7 million. We closed RCP Direct 5 with nearly $1 billion in commitments, a record for RCP, and an impressive follow-up to December's $1.6 billion close of Bonacourt Capital Partners Fund 2. During the first quarter, we had 10 funds in the market and saw contributions from private equity, private credit, and our venture capital strategies. Over the course of the full calendar year, we expect more than 15 funds in the market at various times. And not only did we have strong demand for our commingled funds, but we also closed several large SMAs, including one with a new global sovereign wealth fund client. We continue to see non-commingled vehicles as a secular growth opportunity as we expand our engagement with global clients. Of particular note, On April 4th, we closed the Qualitas Funds acquisition, meaningfully expanding our global LP base and establishing a strong European presence with investors and private banks in the process. The acquisition adds 1,300 LPs to our platform, almost all high net worth investors. Importantly, the acquisition adds another $1 billion to our fee-paying assets under management. With strong momentum heading into the second quarter, I want to reiterate the guidance we provided on our February fourth quarter call. We continue to expect at least $4 billion of organic gross fundraising in 2025 and double-digit revenue growth, excluding direct and secondary catch-up fees and including revenue contribution from Qualitas funds. For 2025, we continue to expect core FRE margins, excluding M&A, to be in the mid-40% range. And with the Qualitas transaction closed, we have another $1 billion in fee-paying assets under management coming online in the second quarter, given the closing in early April, as I mentioned. P10 delivered an impressive performance to start the year, and we're positioned to navigate the current operating environment through the continued execution of our strategic plan. As a reminder, our strategic plan is focused on optimizing our organizational structure, driving increased organic growth, re-accelerating our M&A engine, generating operational efficiencies, and enhancing our transparency as an enterprise. We maintain a conviction that we have the proper strategic roadmap and requisite experience across numerous economic cycles to navigate the months and quarters ahead, despite the potential for near-term market volatility. To that end, I want to highlight recent progress in advancing our strategic imperatives. we have continued to optimize our organizational structure through board refreshment. On April 21st, we announced the appointments of Jennifer Glassman and Stephen Blewett as independent directors. Jennifer is an experienced financial services leader currently serving as the Chief Financial Officer of Powerbrook Capital Partners. Stephen has previously served as the Chief Investment Officer and Head of Private Markets and Manulife Investment Management and in several other senior leadership positions in the alternative space. We are thrilled to welcome these leaders in the private markets who will deepen our expertise and insights and partner with management to guide P10 through its next phase of growth. Turning to organic growth, our focus and efforts center on deepening and expanding our robust LP base through new investment vehicles and distribution channels. We're also institutionalizing specific processes across our platform, so that our strategies are more integrated and our investors can benefit from the scale that D10 has to offer. Our focus is on attracting larger institutional investors, such as insurance companies and pension funds, who seek access to attractive strategies in our market segment. We continue to advance our M&A efforts. On that front, I want to touch on the completion of our acquisition of Qualitas funds in April. When we set out to reinvigorate inorganic growth, we identified specific criteria that we believed represented a compelling strategic fit for P10. We wanted to find firms that offer natural adjacencies with our existing strategies, expand our geographic footprint, and grow our asset class exposure. Qualitas is perfectly aligned with the investment criteria we sought to achieve. Qualitas is a leading European private equity fund-to-funds manager based in Madrid. The firm provides fund-to-funds, direct co-investing, and NAS financing opportunities in the European lower middle market. Further, Qualitas has had a long-standing collaborative relationship with two other P10 strategies, RCP Advisors and Hart Capital. Integration is underway, and we're already finding ways to drive cross-platform collaboration. The firm's founding partners, Eric Halverson and Sergio Garcia, and the entire Qualitas Funds team have built a strong track record that complements PTEN, and we look forward to building on this foundation as we continue to grow internationally together. In the vein of continuing to enhance our investor transparency, Amanda will describe a new metric that we believe will help investors better understand the breadth of our asset base and provide additional clarity on our state and federal cash tax rate. Before I close, I want to acknowledge the volatility we're observing in the macroeconomic environment while also highlighting PTEN's unique defensible market position. In our view, PTEN represents a compelling opportunity for investors seeking access to resilient strategies in market segments that are typically more difficult to access. From our vantage point, we operate in the best segments of the private markets ecosystem. On average, Compared to the larger parts of the market, companies in the middle and lower middle market have much less leverage and lower entry multiples. Furthermore, firms in our part of the market rarely exit via IPO. Instead, we typically see strategic buyers and larger sponsors purchasing our businesses. This is an attractive market dynamic, especially when public IPOs are muted. The middle and lower middle market can allow larger sponsors to find attractive bolt-on acquisitions as larger firms wait for the IPO window to reopen. In short, PTEN has built a platform of strategies in demand across attractive market segments that we believe are insulated from some of the volatility we have seen year to date. Furthermore, we can take advantage of current market conditions by offering direct and secondary vehicles. For example, RCP is in the market with Secondaries Fund 5, and later this year, We expect TrueGridge to launch a secondary and direct fund. The underlying strategies that compose P10 have navigated multiple decades of economic cycles, and the teams that manage these strategies have long track records of success. Finally, I want to update you on our capital allocation strategy and how we continue to deliver shareholder value. Returning capital to our shareholders remains a priority, and we are pleased to share that since going public, we've increased our quarterly distributions by 25% since inception. With today's announcement, we are raising our quarterly dividend to 3.75 cents per share. In the first quarter, we repurchased approximately $15 million of stock or about 1.2 million shares, leaving $28.5 million available on the share repurchase program. We continue to see share repurchases as an essential way to return capital to our shareholders. Looking ahead, PTEN has the right team and investment strategies to generate value for our shareholders and underlying LPs. We offer all-weather exposure to access-constrained elite investment opportunities. Almost all the funds we invest in are oversubscribed, and we will continue to drive fundraising success for a broad and diverse product set. With that, I'll hand the call over to Amanda to provide a deeper look at our financials and provide some additional insights.