Ridgepost Capital, Inc.

Hello and welcome to the P-10 third quarter 2025 conference call. My name is Lateef, and I will be coordinating your call today. Currently, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. As a reminder, today's conference call is being recorded. I will now pass the call 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. Sarita Jareth, EVP and Global Head of Client Solutions, and RJ Jensen, EVP, Head of Strategy and M&A, are also in the room with us today. 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 GAAP measure is available in our earnings release and our filings with the SEC. I will now turn the call over to Luke.

Thank you, Mark. Good morning, everyone, and thank you for joining our third quarter 2025 earnings call. Our third quarter demonstrates the strength of our diversified platform and the attractive fundamentals of the market segments that are core to our differentiated investment strategies, namely the middle and lower middle markets. Before discussing our quarterly financial results, I want to share a few observations around recent headlines regarding private credit and concerns some have raised about the credit market in general. As it relates to P10, Private credit represents less than 20% of our fee-paying AUM today. We view this as an asset class with a meaningful opportunity set where disciplined managers can consistently deliver strong, stable performance and attractive risk-adjusted returns. We have stated on previous calls that private credit is an area we would like to further expand. Having said that, in our existing private credit franchise, We continue to see a strong and robust opportunity set in the middle and lower middle markets, and we are not seeing deterioration in our credit portfolios. Our underlying business remains incredibly strong. We have a time-tested and rigorous underwriting process, and our investment returns reflect this approach. Now, on to our third quarter results. We raised and deployed $915 million in organic gross new fee paying assets under management. Investors may recall that we previously mentioned that in the second quarter, we pulled forward approximately $300 million in fundraising from the third quarter. Were it not for these accelerated capital commitments, we would have delivered a third consecutive billion dollar gross fundraising quarter. The fundraising and deployment environment continues to be resilient, with compelling opportunities across our diverse franchise. Our expanding business continues to benefit from secular tailwinds and private markets, supporting global demand for difficult to access investment opportunities. We believe the market is moving in our direction as clients seek better returns and more exposure to the middle and lower middle markets. Our distinct business model is a strong foundation upon which to fuel our organic and inorganic growth aspirations. We ended the third quarter with $29.1 billion of total fee-paying assets under management, an increase of 17% year over year. The momentum in our business is especially noteworthy when comparing fundraising and deployment in the first three quarters of 2025 to the same period in 2024. In the first three quarters of 2025, we raised and deployed $4.3 billion of organic fee-paying assets under management, an increase of 48% when compared to the capital raised in the same period of 2024. Other KPIs demonstrate progress over the same nine-month period. Our fee-related revenue, or FRR, has grown 5% year to date. And additionally, our FRR is up 11% year to date when excluding direct and secondary catch-up fees. We've exceeded our annual organic gross fundraising guidance of $4 billion for 2025. Consequently, we are raising our full year 2025 organic gross fundraising target and expect to finish the year closer to $5 billion. And we are well on our way to achieving the long-term guidance we provided at our Investor Day in September of 2024. All of the materials from our Investor Day are prominently featured on our investor relations website and we invite you to review those materials to get a better sense of how we are thinking about the opportunities in 2026 and beyond. In the third quarter, we had a number of noteworthy accomplishments that support the ongoing momentum in our business. During the quarter, we had 17 commingled funds in the market. RCP's secondary fund five closed at $1.26 billion exceeding our target of $1 billion. We've seen strong demand for our secondaries products, and this fund was no exception. We closed secondary fund five in 13 months. The predecessor, secondary fund four, was $797 million and took 25 months to close. The takeaway is that our commingled fund business continues to thrive and has achieved significant momentum. In addition, We launched four funds in the quarter, Bon Accord Fund 3, RCP Small and Emerging Manager Fund 4, RCP Multistrat 3, and Qualitas Funds US 1. We continue to see LPs expanding their allocations across P10's franchise. We recently saw several wealth managers who were invested across our private credit and venture capital strategies commit to RCP's latest secondaries fund for the first time. Additionally, a large multifamily office that has invested in TrueBridge expanded its venture capital allocation by investing in WTI. Finally, in August, we announced a dual listing on NYSE Texas. Being recognized as a founding member of NYSE Texas provides us with a larger platform upon which to engage with the investment community. The NYSE continues to be an important partner, and we are excited to expand our relationship. Given our continued fundraising momentum, we want shareholders to understand the factors driving our long-term growth. First, we provide access to a specialized part of the market in the middle and lower middle markets. This part of the market is difficult to navigate without a trusted partner. We offered a deep dive on the middle and lower middle market opportunity in our second quarter earnings deck that demonstrates, through data, the structural advantages of our market focus compared to the larger, more crowded segments. Second, our firm is comprised of renowned investment franchises that have delivered durable alpha over decades through good and bad market environments and economic cycles. Returns continue to be strong. as indicated in the slides in our earnings deck. Franchise diversity means we can compete for global mandates and win business in a variety of structures. We expect to drive more non-commingled opportunities over time. Third, we have a large, growing LP base with a distinct selection of products and structures. We expect to have 19 funds in the market for the remainder of 2025. We are also continuing to engage with larger pools of global capital that want customized solutions. Fourth, our M&A pipeline is active and we continue to evaluate attractive situations. We are active in our conversations and diligence. We're going to remain disciplined and on strategy as we consider adding new strategies to the platform. These core components drive our optimism in the forward of our franchise. Before I hand the call off to Amanda, I want to highlight that our share purchases in the third quarter slowed as we have pulled forward capacity into the second quarter. During the third quarter, we repurchased approximately 110,000 shares at a weighted average price of $11.34 for a total repurchase of $1.25 million. With that, Amanda will discuss the third quarter financials.