P10, Inc.

Hello and welcome to Ridge Post-Capitol's fourth quarter and full year 2025 conference call. My name is Kevin and I'll be coordinating your call today. Currently, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. As a reminder, today's conference call is being recorded. I will now pass 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'll be joined by Luke Sarsfield, chairman and chief executive officer, and Amanda Cousins, EVP and chief financial officer. After our prepared remarks, RJ Jensen, EVP, head of strategy and M&A, and Sarita Jareth, EVP, global head of client solutions, will join us for our Q&A session. 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 fourth quarter and full year 2025 earnings call, which also marks our inaugural call as Rich Post Capital. Our name and brand usher in an exciting new chapter for our company. The Ridge Post Capital name and branding represent the work we've done to expand our platform, more fully integrate our strategies, and reinforce our enduring commitment to delivering durable alpha for clients. Before I discuss our financial results, I'd like to provide some background on our new company identity, which aims to capture our growth trajectory as a cohesive, integrated enterprise. Over the past two years, our broad leadership team has embarked on a significant strategic transformation that continues to drive meaningful improvements across our platform. During this time, we doubled down on our strengths and further evolved into a world-class firm with more than 43 billion in assets under management. Over the past two years, our fee-paying assets under management have increased by 27%. Importantly, our robust growth is not attributable to a single asset class. Rather, it reflects a cohesive synergy across our private equity, private credit, and venture capital strategies resulting in robust and consistent year-over-year expansion. As we've executed on the strategic growth initiatives outlined at our 2024 Investor Day, we felt it appropriate and timely to adopt a new name that better informs who we are today and where we are headed in the future. For your awareness, A ridge post is a marker on higher ground, symbolizing stability, perspective, and protection. From this vantage point, Ridge Post Capital sees opportunities that others miss, reflecting our distinct positioning at the nexus of the middle and lower middle market, an underserved segment that presents abundant opportunities and secular tailwinds. For our employees, the new identity reflects the progress we've made integrating our strategies into one collaborative platform with a shared purpose and direction. For limited partners, it reinforces our commitment to always putting clients at the center of everything we do while delivering consistent access to differentiated strategies across a scaled global network. And for our general partners, Ridge Post Capital offers a world-class complementary partnership with a robust set of capabilities across the capital stack. Next, I would like to discuss the Stellis acquisition we announced last week. Stellis is a leading direct lending platform providing senior secured loans to sponsor backed lower middle market companies in the United States. They have approximately 3.8 billion in assets under management, including 2.6 billion in fee paying assets under management. You've heard us talk about our organic growth strategy and where we are focused. We've discussed wanting to do transactions that extend our capabilities, where there is a shared culture and vision, and that are value additive from a shareholder perspective. In terms of asset classes, you've heard us talk about our goal of adding broader direct lending capabilities and particular interest in places where we think we can help drive transaction sourcing given our middle and lower middle market sponsor ecosystem across our platform. We think this transaction hits all those areas and is a fantastic addition to our platform. The Stellis team has invested more than $10.3 billion of capital across more than 375 companies over its 20-plus year history. They have grown fee-paying AUM at a 17% CAGR since 2020 and have a proven track record of launching new vehicles. They started with a publicly traded BDC, the Stellis Capital Investment Corporation, and have subsequently launched multiple private funds as well as a private BDC. In materials available on our website, we show the very natural fit of Stelis' sponsor relationships with our other strategies. In particular, the profile of RCP's sponsor relationships maps very well with Stelis'. The median last fund size of sponsor relationships at both is about $600 million. We think this has the potential to help open greater sourcing opportunities for Stellis. We've also talked about the significant benefits of the middle and lower middle market, in particular, how supply-demand imbalances help drive attractive risk-adjusted returns. And we see that in Stellis's profile, where their disciplined underwriting process combines with structurally lower financial leverage in the lower middle market to drive low historical default and loss rates. From a financial profile perspective, we think the transaction is compelling for our shareholders with modest ANI per share and FRE margin accretion in the first year. Both measures do not consider revenue or cost synergies, including the potential sourcing opportunities I mentioned. We are truly thrilled to welcome Rob, Josh, Dean, Todd, and their team to the Ridge Post family. They've built a fantastic business. We think they are a tremendous fit and that their addition to our platform will help grow our franchise in a strategic, culturally aligned, and financially accretive way. Now, I want to turn to our 2025 financial performance and platform-wide accomplishments. In 2025, we continue to make meaningful progress across our strategic growth initiatives. Over the course of the year, we raised and deployed a record $5.1 billion in organic gross new fee-paying assets under management, finishing the year at $29.4 billion in fee-paying AUM. We exceeded our initial annual organic fundraising guidance by over $1 billion. For the full year 2025, fee-paying AUM increased by 15%, fee-related revenues, excluding direct and secondary catch-up fees, increased by 13%, and FRE margins came in a bit better than expected at 47%. This robust asset growth demonstrates strong demand for our primary, direct, and secondary funds, of which we had 24 total in the market over the course of the year and around 20 in the market as of December 31, 2025. There is another important 2025 achievement I want to highlight. One of the topics we discussed at our Investor Day in September 2024 was the ability to leverage our cross-marketing capabilities across our global client base. Since then, we've made meaningful progress expanding our data integration capabilities across the strategies, augmenting our cross-selling efforts. We saw existing clients invest incrementally across Ridge Post Capital into other strategies at an accelerating pace, and over 10% of our capital raised since Investor Day were successful cross-sales. As we continue to hire high-quality fundraising professionals and strengthen the global client solutions team, we are confident in our ability to broaden our reach across all strategies and deepen our client relationships to attract even more capital from existing LPs. Further, we believe the key to continuing this consistent growth is strong fund performance, coupled with ongoing product innovation across geographies and asset classes. Ridgepost expanded its product set in 2025 to better meet investor demand for increased exposure to private markets while preserving transparency, alignment, and downside protection. To that end, we created our first evergreen product, landed a significant SMA, and launched our first fund that is directed exclusively at European investors who want to invest in the North American middle and lower middle markets. Also noteworthy in 2025 was the completion of the acquisition of Qualitas Funds this past April. Qualitas Funds is a Madrid-based private equity fund-to-funds manager, and its addition to Ridgepost Capital established our presence outside the U.S., which we have since augmented with the opening of our new Dubai office. As we continue to expand globally, we will look to partner with exceptional firms like Qualitas Funds to give us structural advantages in key markets. In addition to our financial and operational successes, we have made meaningful enhancements to our governance profile and broadened the reach of our brand. In April, we appointed two new independent directors to our board. Steven Blewett, an accomplished private markets investment professional, joined the compensation committee, and Jennifer Glassman, a private markets seasoned professional in CPA, is now our audit committee chair. Further, in August, we announced our dual listing on the NYSE Texas as one of the exchange's founding members. Finally, we continued our commitment to returning capital to shareholders in 2025. Since the beginning of 2024, we repurchased nearly 11 million shares at a weighted average price of $9.69, representing over $105 million in aggregate. Looking ahead, the future for Rich Post Capital is very bright. During our Investor Day presentation in September 2024, we said that we intended to more than double fee-paying AUM to $50 billion by the end of 2029, with the vast majority coming from organic growth. We are committed to executing on value-creating M&A, and we guided organic FRE margins, excluding M&A, to the mid-40s in the near-to-intermediate term, to closer to 50 in the out years. It is clear to us, as we report 2025 results, that we are well on our way to meeting or exceeding our long-term guidance. With respect to fundraising, specifically over calendar years 2026 and 2027, we expect to organically raise and deploy at least $10 billion of gross fee-paying assets under management. This target is consistent with the fundraising profile we have established since my appointment as CEO with Capital Formation expected to be distributed roughly evenly across both years. Importantly, this target excludes the positive impact of Stellis and other potential acquisitions. In a moment, Amanda will provide additional detail around our financial guidance. In closing, we're off to a fast start in 2026. We've successfully executed on our rebrand, announced the strategic acquisition of Stellis, and opened our new office in Dubai strengthening our presence in the Middle East. Another noteworthy announcement is our new collaboration with CASE, a leading alternative investment platform for independent financial advisors. As a result, Bon Accord, our GP stake strategy, will join the CASE platform, which serves over 2,000 wealth management firms and 62,000 financial advisors. This collaboration comes amid surging demand for alternative investments among financial advisors. A recent Case Mercer survey revealed that 9 in 10 financial advisors are currently allocating to alternatives, and 88% of advisors plan to increase their allocations to alternatives over the next two years. Our case relationship represents an important step in expanding Bonacourt's footprint across the wealth management ecosystem. Together, these milestones reflect a firm that is scaling with intention and positioning itself for durable, long-term growth And we're doing this in what we believe is the best part of the market, the middle and lower middle market. We think of ourselves as the growth engine for America's small businesses, and we're proud of the positive impact we are having on our nation's economic growth. We believe this momentum, combined with our differentiated focus and expanding global footprint, positions Ridge Post Capital well for the year ahead. With that, I'll turn the call over to Amanda. provide a deeper look at our financial results and guidance for the year ahead.

Thank you, Luke. At the end of the quarter, fee-paying assets under management were $29.4 billion, a 15% increase on a year-over-year basis. In the fourth quarter, $841 million in organic fundraising and capital deployment was offset by $535 million in step-downs and expirations. As Luke mentioned, we expect strong fundraising from 2025 to carry into 2026 and 2027 as we are targeting 10 billion of gross organic fundraising and deployment over the next two years, excluding impact from acquisitions. In 2026, we have multiple funds in the market from each of our three core verticals, private equity, private credit, and venture capital. Step-downs and expirations for 2025 exceeded our initial expectation of five to 7%. As discussed in our third quarter earnings call, the increase is primarily attributable to two factors. First, there were early pay downs in our credit business, which reflects the high quality nature of our loan portfolio and underwriting. A portion of the credit step downs consist of recyclable capital, which is actively being redeployed. Next, a large separately managed account expired in 2025 which was replaced by a larger commitment from the same LP in 2025. Although these two factors increased our step-downs and expirations for the year, they reflect the strengths of our portfolios and demonstrate long-lasting relationships with valuable clients. Looking forward to 2026, we expect step-downs and expirations in the mid-range of 5% to 7% for the full year. AUM, which includes NAV, uncalled capital commitments, And capital committed since the NAV record date was over $43 billion across the platform as of December 31, 2025. We continue to view fee-paying AUM as the best proxy for rich post-current economics, but believe AUM helps illustrate the breadth and scale of our multi-asset class platform. FRR in the fourth quarter was $81 million. When excluding the effect of direct and secondary catch-up fees, FRR increased 20% from the fourth quarter of 2024. For 2025, FRR was $297.3 million. When excluding the effect of direct and secondary catch-up fees, given the outsized catch-up fees in 2024, primarily attributable to Bon Accord II's final close, FRR increased 13% from 2024. The strong growth of our core business highlights the durable nature of our attractive revenue model. The average core fee rate was 109 basis points in the fourth quarter and 104 basis points for 2025. We anticipate the core fee rate to average 103 basis points for 2026. The core fee rate is expected to be lower than 103 basis points in the first half of 2026 and expand in the back half in line with our historical fee rate dynamic. The core fee rate expands in the back half of the year due to the seasonality of our tax credit business. In addition to revenue from our core fee rate, we expect to earn direct and secondary catch-up fee revenue in the range of $6 to $8 million during 2026. With the majority of these catch-up fees in the back half of the year, as our large direct and secondary products close on additional capital. In the fourth quarter, we had about 20 commingled funds in the market. Our private equity strategies raised and deployed $325 million. Our venture capital solution raised and deployed $178 million. And our private credit strategies added $338 million to fee-paying assets under management. Throughout 2026, we expect to have about 20 funds in the market as well. We will continue to pursue attractive SMA relationships and expect to develop new products in addition to our commingled funds. Operating expenses in the fourth quarter were $55.2 million, a decrease compared to $62.2 million for the prior year's fourth quarter, and in 2025 were $231.8 million, a decrease compared to $235.8 million for 2024. Operating expenses decreased in 2025 as we had certain adjustments related to prior acquisitions That included a reversal of a reserve within compensation cost. GAAP net income in the fourth quarter was 11 million, an increase compared to 5.7 million for the prior year's fourth quarter, and in 2025 was 23 million, an increase compared to 19.7 million for 2024. For the fourth quarter, adjusted net income, or ANI, was 30.2 million, representing a decrease of 14% from the fourth quarter of 2024. For the quarter, fully diluted ANI per share was 26 cents compared to 30 cents in the prior year. The decrease in ANI is a result of historically high catch-up fee revenue of 19 million in the fourth quarter of 2024. FRE was 39 million in the fourth quarter, a decrease of 9% year-over-year. In the fourth quarter, FRE margin was 48%. For 2026, we anticipate FRE margins in the mid-40s for the year, but may be slightly lower than mid-40s during the first quarter of the year due to the additional investments made across our platform in 2025 and early 2026, primarily in fundraising. FRE margins are expected to grow throughout 2026 as we begin to see additional operating leverage for an overall mid-40s margin for 2026 and continual margin expansion from mid-40s to 50 over the next few years. Our board of directors approved a quarterly cash dividend of 3.75 cents per share payable on March 20th, 2026 to stockholders of record as of the close of business on February 27th, 2026. Cash and cash equivalents at the end of the fourth quarter were approximately 28 million. At the end of the quarter, we had an outstanding debt balance of 377 million, 321 million on the term loan, and $56 million drawn on the revolver. Our strong balance sheet, free cash flow, and ability to draw on the revolver position us to complete the latest acquisition and prepare ourselves for additional inorganic growth. Thank you for your time today. I'll now pass the call over to the operator to begin the Q&A session.

Thank you, ladies and gentlemen. If you have a question or a comment at this time, please press star 1 and 1 on your telephone. If your question has been answered, you will receive yourself from the queue. Please press star 1 and 1 again. We'll pause for a moment while we compile our Q&A roster. Our first question comes from Ken Worthington with JP Morgan. Your line is open.

Hi. Good morning. Thanks for taking the question. The topic du jour for private markets managers is AI. Can you talk about, given your venture exposure and direct lending exposure, what your exposures are? And ultimately, what are your thoughts on the AI risk to private markets managers?

Well, thanks, Ken. It's Luke here. And you're right, that certainly does seem to be the topic du jour. I'll say a few things about it. The first is, and I'll separate our portfolio in a couple of ways. The first is obviously you mentioned the venture portfolio where we have across venture equity and venture debt. And in that part of the portfolio, we're actually leaning in and actively investing into AI and other economic trends that we think are gonna be net long-term positives for the economy, for the global economy, and ultimately for our investors. And so it won't surprise you to hear that we have meaningful exposure through our venture portfolio to AI. But the reality is that design, and I will tell you, those investments have and continue to go exceedingly well as we invest in the future economic drivers. When you look at what I would call the more regular way parts of our portfolio that are not consciously designed to be oriented in a specific way, we have, I would say, relatively modest exposure across our portfolio to SaaS and software and other places that there have been concerns that will be disintermediated by AI. I would say across our portfolio generally, we have less than 10% exposure to SaaS and software. We disclosed, I think, as part of the Stellis acquisition that Stellis' exposure was less than 8%, just to put it in context. And the other thing I would just hasten to add is when you think about the SaaS and software exposure we have, These are not the large cap names that you've been kind of reading about or have been kind of promulgated in the popular press. Ours are really business enablement focused on advancing what I would call traditional industrial and industrial-like businesses in the middle and lower middle market. And so I think we're very comfortable with that. The last thing I would say is we engage regularly in a rigorous review of all of our portfolio, our credit portfolio, our equity portfolio, our venture portfolio, And we feel exceedingly good about how we're positioned right now, Kev.

Okay, great. Thank you. And then maybe secondly, wanted to ask about the private markets wealth strategy build-out. When you and I spoke, I don't know, I want to say 18 to 24 months ago, it seemed like private markets was not the priority for you and you had focuses other places. And yet... You have an enhanced product. Bon Accord is now working with Case. So maybe talk about wealth and the priorities that you're seeing there. And to what extent can the Bon Accord-Case relationship be expanded to other Ridge Post managers over time?

Again, great question. I'd say a few things. I would say At the core, maybe I misspoke when I said we weren't focused on private wealth. Recall that something like 36% of our clients are actually private wealth clients in some incarnation, whether ultra high net worth individuals or otherwise groupings of ultra high net worth individuals. What I think I said was we're probably not going to pursue a real aggressive feet on the street approach to the private wealth channel as some of our competitors have. you know, into places like the big wires in a comprehensive way, into places like the IBDs in a comprehensive way. But certainly when we see opportunities, given our product mix, given our portfolio, and given our historical client orientation, we're going to take advantage of that and try to maximize that distribution and maximize our throwaway in the channels. And so you're right. We're looking at all features of our product design. As you mentioned, we did launch the Evergreen product. We think that evergreen product, by the way, is going to have appeal both in private wealth channels, but also in institutional channels. But we will certainly look at more alternatives, um, around, you know, creative and innovative product design where we think there's going to be, um, you know, commercial uptake for it. And then I do think to your point, one of the ways that we will probably manifest our interest and desire to grow that private wealth channel is through some sort of partnership or collaboration. And so CASE, I think, is a great example of a collaboration with a platform that has a lot of relationships across private wealth, and particularly those advisors in the private wealth channel who are more aggressively allocating to alternatives as a general matter. And so I think that's a great example of something we would do. I think over time, we would like to do more of it. We think there are other parts of our product offering that we think will have a lot of throw weight and a lot of appeal and appetite for private wealth, you know, for both the advisors and for the end clients. And so we'll want to do more of that. And then there as well, there are other potential partners or collaborators we think that could help us kind of accelerate and facilitate that entrance into it. And so what I think I would say is as we approach it, we're unlikely to build a broad based, you know, our rich post capital distribution team solely focused on the wealth channel. That's probably beyond our ken right now. but we want to get access to that wealth channel, we're probably just going to do it in more creative ways and with partners along the way.

Excellent. Thank you. One moment for our next question. Our next question comes from Chris Katowski with Oppenheimer. Your line is open.

Yeah, good morning. Thanks for taking the question. I wonder if we could talk, give a bit more color on Stellis. You know, we see like a billion four in BDC money, and I assume that the part one incentive fees will be in the base management fees, and that should take your blended average fee rate higher. So let me start with that. What would their blended average fee rate be?

So I think what we'd like to do, Chris, if it's okay, we gave some very high-level guidance as it relates to the Stellis acquisition. We talked about, you know, that it will be modestly accretive both to margin and to ANI EPS per share in the first full year. We've obviously done and engaged with them on a very robust and detailed modeling exercise But I think what we're going to do right now is we're going to hold giving greater guidance on Stellis until we get closer to the closing of the acquisition. There is a closing timeline that we have to abide to in terms of obviously getting the boards, the BDC boards, to recommend the transaction and then having a shareholder vote. And so we will come back, trust me, I promise, we will come back with, as we get close to closed, much more robust guidance around how, you know, Stellis will impact every part of the P&L from the fee rate on down, but we're going to do that when we get a little closer to closing.

Okay, so that's fine and fair. And then I was just wondering, is there, on page 19, we see a private BDC? Is that kind of a, if you can say, how is that distributed and what is their reach into BDC? retail distribution and does that help the product platform?

I'm going to turn it over to RJ, who is going to talk just very briefly around this. Again, I think at a high level, we will dive into Stellis in a much more detailed way as we get a little closer to closing, but we'll give you a couple high-level thoughts. So, RJ, over to you.

Yeah, so the private BDC does focus on the RIA channel. They've got a distribution team working on that, growing that business. It was started with really five seed investors, and that's been the foundation, but they've continued to grow it with a focus on the RIA channel.

Okay. And I guess that's it for me then. Thank you.

Thanks, Chris.

One moment for our next question. Our next question comes from Michael Cypress with Morgan Stanley. Your line is open.

Hey, good morning. Thanks for taking the question. I just want to ask about Stellas. I hope you could elaborate a bit on their sourcing funnel and origination edge. And while on the topic of Stellas, maybe you could also elaborate on some of the steps you're going to be looking to take to accelerate their growth and what's the scope for this to maybe be a faster growing part of the P10 family versus the rest?

So, great question. And I think, you know, this is something that we are laser focused on. We think there is already an amazing fit between what they do and the sponsor ecosystem they get after between the sponsor ecosystem that we have the ability to access. And we think together, collectively, we can do even more together. So, just a reminder, right, they are primarily focused in a middle and lower middle market GP sponsor ecosystem. Most of their sourcing comes through that channel, obviously very focused on high quality first lien type credits, but direct lending across that sponsor ecosystem. And they have built, I would say, a very highly functioning sourcing engine with many of the top quality GPs across the US middle and lower middle market. So they start from a real position of strength. Now, I think what we bring to it is the broad-based sponsor ecosystem that we're touching across a number of our strategies, obviously primarily RCP, given the history, given the track record, given the lineage, but also in many other parts of the ecosystem like HARC, like Five Points, like Bon Accord, and then potentially over time internationally like Qualitas, we think we have the ability to really increase that sourcing funnel in a meaningful way. We've talked about, you know, and I mentioned on the call, the overlap between the types and the sizes of GPs and funds that RCP has historically and continues to target and how that interlaces very nicely with the areas of focus for the STELUS framework. And so we think, you know, one of the things that we can do and we can do reasonably quickly by leveraging the the overall rich post capital presence in that middle and lower middle market sponsor ecosystem is to really, you know, A, get the word out that this is now important and relevant to us. Recall it wasn't in the past in the same way because we didn't have a broad-based direct lending strategy where we could actually put the investments. Now we do, or now we will, I should say. And so the opportunity to do that, I think we can amplify in a very meaningful way And so we're going to be doing over the next four months, and then obviously once we close the deal and otherwise, a lot of work as we think about how we really drive that, how we create great outcomes, how we leverage our throw weight, our presence, our positioning in that ecosystem to really accelerate that sourcing at Stellis. Sorry, that's a tongue twister. And I think putting that together, we do believe that together we we can do more than either one of us could do apart. We haven't modeled that in. We haven't factored that in, in any of the financial analysis we talked to you about, but it's our hope and our expectation that we can execute on that together.

Great. Thank you. And then just a follow up question more broadly on, on capital management. So if you could elaborate a bit how you're thinking about that here in terms of allocating between buybacks that pay down, maybe post close, And then more broadly on M&A, just curious how you're thinking about the business today. Any gaps remaining? You've done a whole host of deals over the last number of years. How are you thinking about filling in anything at this point?

I'll turn it to Amanda to take the first part on capital allocation. Then, Michael, I'll come back and take the second part on the M&A opportunity sets.

Thank you, Michael, for the question. So although we do intend to buy back stock to offset solution from new issuances, we are also mindful of our debt leverage ratios and really intend to pay down debt after we close on the sell-off stock position.

And then as it relates to kind of the M&A landscape, I would say at a strategic level, obviously we view this as a real advancement in terms of what we've done on the portfolio and in the platform. But I would say that the guideposts that we laid out at Investor Day are really unchanged in terms of our areas of strategic focus. So just to go back to those, we talked about number one, international analogs of U.S. strategies. We think the dynamics in the international lower middle and middle market are very similar to the ones here in the U.S. middle market in terms of why it's such an attractive place to be. Obviously, Qualitas was a very specific manifestation of that. But if you look across all of our strategies, we think international analog still represents a real opportunity for us, and we'll continue to build in a global fashion where we can. The second thing we did talk about is private credit. And when we talked about private credit, we identified a number of important potential focus areas for us. Direct lending was obviously at the very top of that list. But, you know, there are a lot of other really interesting and attractive areas within, you know, the private credit landscape. I would say asset-based lending is one I would particularly point to as something we think that might be very relevant for our portfolio. And so, again, if we could find, you know, the right partner for that, that would be very interesting to us. And then the third thing we've talked about and did talk about at Investor Day, which would really be the pure white space, is something in the real assets ecosystem, whether that's something in the infrastructure world, something in the real estate world, either from an equity or a debt perspective. We have really nothing there, and we do get a lot of client inquiry around those spaces. And so that roadmap that we let out at Investor Day is really unchanged, and we continue to, I would say, focus and execute in earnest against that opportunity set. And the good news is I think there's a lot of great franchises out there and I think that our value proposition is really starting to resonate.

Great. Thanks so much.

And I'm not showing any further questions at this time. I'd like to turn the call back over to Luke for any further remarks.

Well, I'd just like to close by thanking everybody for the thoughtful questions and for your continued support. We're extremely pleased with the progress we've made to date. We're confident in the durability of our platform, and we're excited at the prospect of uniting under our new Bridgepost Capital name and brand, while we remain laser focused on executing our strategy as we enter the next phase of our growth. We look forward to updating you on our first quarter results in May, and we thank you for joining us today.

Thank you, ladies and gentlemen. We thank you for your participation in today's call. This does conclude the presentation. You may now disconnect and have a wonderful day.