Patria Investments Ltd (PAX) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Patria first quarter 2026 earnings. (Operator Instructions) Please be advised that today's conference is being recorded. I would like to hand over the conference to our first speaker today, Andre Medina, Investor Relations Director. Please go ahead.

各位好，感謝您稍候。歡迎參加 Patria 2026 年第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。我想把會議交給今天的第一位講者——投資人關係總監 Andre Medina。請開始。

Good morning, everyone. Welcome to Patria's first quarter 2026 earnings call. Speaking today are our Chief Executive Officer, Alex Saigh; and our Chief Financial Officer, Raphael Denadai, who joined us for his first earnings call in this role. This morning, we issued a press release and earnings presentation available on our Investor Relations website and on Form 6-K filed with the SEC. A replay will be available on our IR website.

各位早安。歡迎參加 Patria 2026 年第一季財報電話會議。今天出席的講者包括我們的執行長 Alex Saigh，以及我們的財務長 Raphael Denadai——他首次以此職務參與財報電話會議。今天早上，我們已發布新聞稿與財報簡報，皆可於投資人關係網站以及向美國證券交易委員會（SEC）提交的 Form 6-K 中取得。會後重播也將於我們的投資人關係網站提供。

As a reminder, today's call contains forward-looking statements, which are subject to risks and uncertainties, do not guarantee future performance and undue reliance should not be placed on them. Please refer to the forward-looking statement disclaimer and risk factors in our most recent Form 20-F. Patria reports under IFRS and will reference certain non-IFRS measures. Reconciliations are in the earnings presentation. With that, I'll hand it to Alex.

提醒各位，今天的電話會議包含前瞻性陳述，可能受到風險與不確定性影響，並不保證未來表現，請勿過度依賴。請參閱我們最新 Form 20-F 中的前瞻性陳述免責聲明與風險因素。Patria 依據 IFRS 編製報表，並將引用若干非 IFRS 指標；其調節表載於財報簡報中。接下來我把時間交給 Alex。

Thank you, Andre. Good morning, everyone. We started 2026 with solid operating performance as we continue to make progress expanding the breadth and reach of our platform. Our results this quarter reflect three consistent drivers, continued organic fundraising momentum, growth in fee-earning AUM and differentiated investment performance across our investment strategies.

謝謝你，Andre。各位早安。2026 年我們以穩健的營運表現開局，並持續在擴大平台的廣度與觸及範圍方面取得進展。本季的成果反映三項一貫的驅動因素：持續的有機募資動能、收費資產管理規模（fee-earning AUM）的成長，以及我們各項投資策略中具差異化的投資績效。

Before I turn to the quarter, I want to formally welcome Raphael Denadai for his first earnings call as our CFO. Raphael has been a partner of this firm since 2024 and has been closely involved in our financial operations. He knows our business well, and I am confident he will bring a fresh perspective to the role.

在談本季之前，我想正式歡迎 Raphael Denadai 首次以財務長身分參與我們的財報電話會議。Raphael 自 2024 年起即為本公司合夥人，並一直深度參與我們的財務營運。他非常了解我們的業務，我相信他將為此職務帶來新的觀點。

Now turning to the quarter. Fundraising totaled $2.1 billion, keeping us firmly on track to achieve our full year guidance of $7 billion. We see upside potential as we work to beat our 2025 record fundraising of $7.7 billion, given the strength of investor demand we are seeing across the platform. Fee-earning AUM reached $45.8 billion, up approximately 12% from fourth quarter 2025 and 31% year-over-year, reflecting year-over-year organic growth and the closing of Solis, our Brazilian CLO platform and three Brazilian REITs acquisitions, including RBR, Vectis and Genial, which together added approximately $4.9 billion of fee-earning AUM.

接著談本季。募資總額達 21 億美元，使我們穩健地朝全年 70 億美元的指引目標前進。鑑於我們在整個平台上看到的投資人需求強勁，我們也看到上行空間，有機會超越 2025 年 77 億美元的募資紀錄。收費 AUM 達 458 億美元，較 2025 年第四季約成長 12%，年增 31%，反映年對年的有機成長，以及 Solis（我們在巴西的 CLO 平台）完成交割，並完成三項巴西 REITs 收購案，包括 RBR、Vectis 與 Genial，合計新增約 49 億美元的收費 AUM。

Pro forma for WP Global Partners, our co-investment platform in the US, which closed on April 1, fee-earning AUM stands at approximately $47.5 billion. The growth in fee earnings AUM drove fee-related earnings of approximately $51 million for the quarter, up 19% year-over-year, and we remain on a solid path to achieve our full year FRE guidance of $225 million to $245 million.

若將我們於 4 月 1 日完成交割的美國共同投資平台 WP Global Partners 納入備考（pro forma）計算，收費 AUM 約為 475 億美元。收費 AUM 的成長帶動本季費用相關收益（FRE）約 5,100 萬美元，年增 19%；我們仍穩健朝全年 FRE 指引 2.25 億至 2.45 億美元邁進。

To put this progress into context, annualizing our first quarter FRE and adding the $10 million to $15 million of seasonal incentive fees that typically crystallize in the fourth quarter gets us to roughly $215 million to $220 million, even before considering the additional revenue growth and margin expansion versus first quarter 2026 that we expect to see over the balance of the year.

為了將這項進展放在脈絡中說明：若將第一季 FRE 年化，並加上通常於第四季結算（crystallize）的 1,000 萬至 1,500 萬美元季節性績效費（incentive fees），即使尚未考慮我們預期在今年剩餘期間相較 2026 年第一季將出現的額外營收成長與利潤率擴張，合計也約可達 2.15 億至 2.20 億美元。

Finally, distributable earnings per share of $0.27 rose 14% year-over-year. Raphael will take you through the financials in detail. I also want to highlight that subsequent to the quarter, Patria reached an important milestone as we completed our first issuance of $350 million of fixed rate long-term debt. The notes were placed with a diversified group of institutional investors, primarily in the United States, and the offering was approximately 3 times oversubscribed. This transaction extends our maturity profile, reduces our reliance on short-term credit facilities and provides additional balance sheet flexibility.

最後，每股可分配盈餘（distributable earnings per share）0.27 美元，年增 14%。Raphael 將在稍後詳細說明財務數字。我也要強調，季後 Patria 達成一項重要里程碑：我們首次發行 3.5 億美元固定利率長期債務。該票據由多元化的機構投資人承接，主要來自美國，且本次發行約獲 3 倍超額認購。此交易延長我們的到期結構，降低對短期信貸額度的依賴，並提升資產負債表的彈性。

The notes include a mix of 5-, 7- and 10-year maturities with fixed coupons ranging from 6% to 6.6% resulting in an average duration of 8.5 years and an average cost of 6.4% per year. Proceeds are being used to retire our existing revolving credit facilities with the balance sheet available to fund future growth initiatives. Pro forma for the offering, our net debt to FRE ratio stands at approximately 0.8 times, consistent with our long-term target of 1 times or less.

本次票據包含 5 年、7 年與 10 年期的組合，固定票息介於 6% 至 6.6%，使平均存續期間（duration）為 8.5 年、平均年成本為 6.4%。募集資金將用於償還我們現有的循環信用額度（revolving credit facilities），並使資產負債表保有空間以支持未來成長計畫。若以本次發行備考計算，我們的淨負債對 FRE 比率約為 0.8 倍，符合我們長期目標——1 倍或以下。

Raphael will provide more detail on our capital management outlook in his remarks. Of course, the bedrock of our ability to grow the business is investment performance, and we continue to generate attractive returns across our platform.

Raphael 將在他的發言中提供更多資本管理展望的細節。當然，我們能夠成長的基石是投資績效，而我們持續在整個平台上創造具吸引力的報酬。

As shown in our earnings presentation, the vast majority of our funds have historically outperformed their relevant benchmark with over 80% of our current fee-earning AUM, excluding SMAs and third-party managed funds invested in funds that have exceeded their benchmarks since inception.

如我們的財報簡報所示，歷史上我們絕大多數基金的表現皆優於其相關基準；在我們目前的收費 AUM 中，排除 SMA 與第三方管理基金後，超過 80% 投資於自成立以來即超越基準的基金。

This reflects the consistency of our investment process across cycles and strategies and remains the foundation of our LP relationships and our capacity to raise capital. I invite you to take a look at the return pages of our earnings presentation. For example, our largest strategy, Credit LatAm high yield with over $5 billion in fee-earning AUM shown on the investment performance section of our earnings presentation, has generated 11% annualized net returns in US dollars since inception 26 years ago, outperforming its benchmark by over 360 basis points. And as you can also see in the page, is outperforming its benchmark for all periods analyzed year-to-date, one, three and five years.

這反映我們在不同景氣循環與策略下投資流程的一致性，並持續作為我們與 LP 關係及募資能力的基礎。我邀請各位查看財報簡報中的報酬頁面。舉例而言，我們最大的策略——拉丁美洲高收益信用（Credit LatAm high yield），其收費 AUM 超過 50 億美元，於財報簡報的投資績效章節中顯示，自 26 年前成立以來以美元計的年化淨報酬為 11%，並較基準高出超過 360 個基點。而且如同頁面所示，在所分析的所有期間（年初至今、1 年、3 年與 5 年）皆優於基準。

Investment performance, of course, directly translates into revenue growth as over 70% of our fee-earning AUM, mainly in credit, real estate, GPMS and public equities grows as our funds deliver positive performance according to their underlying market value. As a reminder, our drawdown vehicles charge fees on a cost basis, so marks in underlying portfolios do not affect management fees.

投資績效當然會直接轉化為營收成長，因為我們超過 70% 的收費 AUM——主要在信用、不動產、GPMS 與公開股票——會隨基金依其標的市值帶來正向表現而成長。提醒各位，我們的 drawdown 型產品係以成本基礎計收管理費，因此底層投資組合的評價變動（marks）不會影響管理費。

Moving on, we are very pleased with our fundraising in the quarter, which reflected our continued momentum across multiple verticals. Our credit vertical continues to stand out as we raised over $925 million across various strategies that keep attracting strong demand from local investors and depending on the strategy, global investors as well.

接下來，我們對本季募資成果非常滿意，反映我們在多個垂直領域的持續動能。我們的信用垂直領域依然突出，本季在多項策略合計募得超過 9.25 億美元，持續吸引本地投資人強勁需求，並視策略而定，也吸引全球投資人。

Of note, Solis contributed with over $265 million in the quarter, quickly highlighting how this business is additive to our overall platform. The integration of Solis is progressing well and is expanding our capabilities in private structured credit, particularly in the Brazilian CLO market. This positions us to benefit from the continued development of non-bank financing in Brazil, which we view as a structural multiyear growth opportunity.

值得一提的是，Solis 本季貢獻超過 2.65 億美元，迅速凸顯該業務對我們整體平台的加值效果。Solis 的整合進展順利，並擴大我們在私募結構性信用方面的能力，特別是在巴西 CLO 市場。這使我們得以受惠於巴西非銀行融資的持續發展，我們將其視為具結構性、跨多年期的成長機會。

We're also seeing strong interest in our dollar-denominated private credit LatAm Fund II from international investors and expect this to be a meaningful contributor to fundraising throughout the year. Infrastructure continues to attract sustained demand from global institutional investors and raised over $545 million in the quarter, particularly notable as we are not currently raising a flagship fund.

我們也看到國際投資人對我們以美元計價的拉丁美洲私募信用基金 II（private credit LatAm Fund II）興趣濃厚，並預期其將在全年募資中作出重要貢獻。基礎建設持續吸引全球機構投資人穩定需求，本季募得超過 5.45 億美元；尤其值得注意的是，我們目前並未募集旗艦基金。

We are seeing growing interest in large-scale SMA and co-investment mandates. Many of these mandates are targeted to specific initiatives such as the data center project we announced in partnership with ByteDance that is now advancing through its construction phase, and we are in active conversations on additional transactions of comparable scale.

我們看到市場對大型 SMA 與共同投資委託（co-investment mandates）的興趣日增。許多委託聚焦於特定計畫，例如我們宣布與 ByteDance 合作的資料中心專案，目前正推進至施工階段；我們也正就其他規模相當的交易進行積極洽談。

This represents the kind of fee-generating structured mandate we expect to see with greater regularity as our product offering continues to develop. In addition, we continue to expand the breadth of our infrastructure platform into new strategies such as infrastructure core.

這正是我們預期將更常態化出現的、可產生費用收入的結構性委託類型，因為我們的產品供給仍在持續發展。此外，我們也持續將基礎建設平台的廣度擴展至新策略，例如基礎建設核心（infrastructure core）。

In private equity, we raised $275 million through a co-investment opportunity and continue to develop a pipeline of additional co-investment and SMA transactions. We are also seeing growing traction in our local buyout Colombian fund and our high-growth reforest fund.

在私募股權方面，我們透過一項共同投資機會募得 2.75 億美元，並持續建立更多共同投資與 SMA 交易的案源管線。我們也看到本地的哥倫比亞併購基金（local buyout Colombian fund）以及高成長的再造林基金（high-growth reforest fund）動能持續增強。

Our ability to raise capital for co-investments reflects continued LP confidence in our origination capabilities, even considering the DPI challenge facing the more mature vintages of our flagship private equity buyout funds, Fund V and especially Fund IV. The DPI profile of our buyout funds reflects a slower realization environment as well as company-specific challenges.

我們能為共同投資募得資金，反映 LP 對我們案源開發能力（origination capabilities）的持續信心，即便我們旗艦私募股權併購基金較成熟的年份（vintages）——基金 V，尤其是基金 IV——正面臨 DPI 的挑戰。我們併購基金的 DPI 表現反映退出變現環境較慢，以及個別公司層面的挑戰。

And while lower interest rates would support improved exit activity, the new interest rate environment has not yet materialized. To address the challenges of that part of our business, we have recently appointed the leader of our value creation team to focus primarily on divestments, while the existing leader of our private equity vertical will focus on investing our buyout Fund number 7 and various SMAs and co-investment opportunities.

雖然較低的利率將有助於改善退出活動，但新的利率環境尚未出現。為因應該業務部分的挑戰，我們近期已任命價值創造團隊的負責人主要聚焦於資產處分（divestments），而現任私募股權垂直領域負責人將專注於投資我們的併購基金第 7 號（buyout Fund number 7）以及各項 SMA 與共同投資機會。

Meanwhile, buyout Fund number 6 and buyout Fund number 7 portfolio companies are performing well, having generated an average EBITDA growth of approximately 17% last year. Performance has also been strong for our growth equity and venture capital strategies, with flagship funds generating a net IRR in US dollars of 13% and 17%, respectively.

同時，第6號收購基金與第7號收購基金的投資組合公司表現良好，去年平均EBITDA成長約17%。我們的成長型股權與創投策略表現亦強勁，旗艦基金分別以美元計產生13%與17%的淨IRR。

Now with respect to GPMS, first quarter fundraising totaled around $265 million, and we anticipate that 2026 should be a good year for several reasons. First, we note that this quarter's fundraising includes a $139 million first close for our inaugural commingled co-investment vehicle, the Patria Co-investment Partnership Fund. This highlights our ability to develop new products on top of acquired platforms.

接著談到GPMS，第一季募資總額約為2.65億美元，我們預期2026年將會是表現不錯的一年，原因有幾點。首先，我們注意到本季募資包含我們首支混合型共同投資工具（commingled co-investment vehicle）——Patria共同投資合夥基金（Patria Co-investment Partnership Fund）——1.39億美元的首次關帳。這凸顯我們有能力在併購平台之上開發新產品。

Second, we expect to complete the fundraise for our Secondaries Opportunity Fund V or SOF V in the coming months. We can share that SOF V has already received commitments in excess of its initial target of $500 million and that we believe the fund could reach close to $600 million by its final close, which would make it approximately 50% larger than its predecessor. This highlights our ability to enhance the commercial performance of existing products within acquired platforms.

第二，我們預期將在未來幾個月完成第二市場機會基金V（Secondaries Opportunity Fund V，或SOF V）的募資。我們可以分享的是，SOF V已獲得超過其5億美元初始目標的承諾出資，我們相信該基金在最終關帳時可接近6億美元，將使其規模較前一代約大50%。這凸顯我們有能力提升併購平台內既有產品的商業表現。

And finally, we are particularly pleased to see that our European program is seeing increased interest from a broad range of institutional investors, including local institutional clients in Latin America as well as North American and Asian investors who are already part of Patria's global client base.

最後，我們特別高興看到，我們的歐洲方案正獲得更廣泛機構投資人的興趣提升，其中包括拉丁美洲的在地機構客戶，以及已屬於Patria全球客戶基礎的北美與亞洲投資人。

This is an important development I want to highlight. The incremental demand from existing investors who have partnered with us in Latin America and are now expanding their engagement with us into new strategies and most notably into new regions.

這是一項我想特別強調的重要發展：既有投資人帶來的新增需求——這些投資人先前在拉丁美洲與我們合作，如今正將與我們的合作擴展至新策略，尤其是新地區。

Furthermore, the WP Global Partners acquisition, which closed on April 1, further strengthens our position in the US lower middle market, adding a local institutional presence and origination network in a segment where track record and relationships are the primary competitive differentiators.

此外，WP Global Partners的收購案已於4月1日完成交割，進一步強化我們在美國下中型市場（lower middle market）的地位，新增在地機構據點與案源開發網絡；在該細分市場中，往績與關係是主要的競爭差異化因素。

Real estate fundraising outlook remains strong. Take two of our largest Brazilian REITs in logistics and urban retail, for example. They have over $160 million of capital already contracted, which should flow into fee-earning AUM in the coming quarters, highlighting what we believe to be one of our structural competitive advantages.

不動產募資展望仍然強勁。以我們兩檔最大的巴西REIT（物流與都會零售）為例，已簽約資金超過1.6億美元，預期將在未來幾季轉入可收取費用的AUM，凸顯我們認為的一項結構性競爭優勢。

The scale of our listed vehicles allows us to execute on our asset exchange model through which property owners transfer illiquid assets in exchange for shares of our large liquid listed funds as a way to monetize their portfolios. This asset exchange program is generating an attractive fundraising pipeline that we believe is not only less dependent on the interest rate environment than traditional fundraising, but also potentially less costly to originate as well.

我們上市工具的規模，使我們得以執行資產交換模式：不動產持有人以非流動性資產交換我們大型、具流動性的上市基金份額，藉此將其投資組合變現。此資產交換計畫正在形成具吸引力的募資管線；我們認為其不僅較傳統募資更不依賴利率環境，且在案源取得成本上也可能更低。

The RBR acquisition further enhanced our scale and structural advantage as we expect real estate, which is currently over 90% in permanent capital vehicles to be a strong contributor to fundraising over the balance of the year. Reflecting on the growth and fundraising that we are experiencing across our platform, it is clear to us that we have significantly diversified our firm's investment and distribution capabilities, both organically and inorganically.

RBR的收購進一步提升了我們的規模與結構性優勢；我們預期不動產（目前超過90%位於永久資本工具中）將在今年剩餘期間成為募資的重要貢獻來源。回顧我們在整個平台所經歷的成長與募資動能，我們清楚看到，無論透過內生成長或外部併購，我們已大幅多元化本公司的投資與銷售通路能力。

We believe we now have at least 10 investment strategies with flagship funds with the potential to raise more than $1 billion each per fund, up from just two flagship funds at the time of our IPO. All of our fundraising initiatives reinforce and support the high quality of our asset base as over 85% of our fee-earning AUM is in vehicles with no or limited redemptions, and our permanent capital base now stands at approximately $10.7 billion or roughly 23% of total fee-earning AUM.

我們相信，目前至少有10項投資策略擁有旗艦基金，且每檔基金皆具備募資超過10億美元的潛力；相較於我們IPO時僅有兩檔旗艦基金，已大幅提升。我們所有募資舉措都在強化並支持我們資產基礎的高品質：超過85%的可收費AUM位於無或有限贖回的工具中，而我們的永久資本基礎目前約為107億美元，約占可收費AUM總額的23%。

In addition, pending fee-earning AUM, capital committed that would earn fees as deployed increased about 17% to approximately $3.3 billion in the quarter, providing additional visibility into future management fee revenues. At our December 2024 Investor Day, we set a three-year cumulative performance-related earnings, or PRE, target of $120 million to $140 million for the period from fourth quarter 2024 through year-end 2027, having generated approximately $62 million through the first quarter of 2026.

此外，待轉為可收費AUM（即已承諾、在投入運用後將產生費用的資本）於本季增加約17%，至約33億美元，為未來管理費收入提供更多能見度。在我們2024年12月的投資人日，我們為2024年第四季至2027年底期間設定三年累計績效相關收益（performance-related earnings，或PRE）目標為1.2億至1.4億美元；截至2026年第一季已產生約6,200萬美元。

Infrastructure Fund III continues to support this progress with about $19 million of net accrued carry well positioned for monetization this year. As we approach the midterm of our guidance period and gain greater visibility into Private Equity Fund VI, which has $237 million of net accrued carry, we now expect PRE realization to take longer, making contributions more likely beyond 2027 rather than within our original time frame. Importantly, this is a timing issue, not a value one and private equity buyout Fund VI is well positioned to be a significant PRE contributor in 2028 and beyond.

基礎建設基金III持續支持此一進展，約有1,900萬美元的淨應計carry，且今年具備良好的變現條件。隨著我們接近指引期間的中段，並對私募股權基金VI（其淨應計carry為2.37億美元）取得更高能見度，我們目前預期PRE的實現將需要更長時間，使其貢獻更可能落在2027年之後，而非原先的時間框架內。重要的是，這是時點問題，而非價值問題；私募股權收購基金VI在2028年及之後有望成為重要的PRE貢獻來源。

Meanwhile, we are encouraged by the expansion of our PRE sources across growth, venture, real estate and credit, which together has about $13 million of growing net accrued carry, some of which could generate PRE in 2027. Taking it all together, we believe cumulative PRE for the fourth quarter 2024 through the fourth quarter 2027 period can reach $80 million to $100 million with upside potential if markets improve and divestment activity accelerates.

同時，我們也對PRE來源在成長、創投、不動產與信貸等領域的擴張感到鼓舞；上述合計約有1,300萬美元且持續成長的淨應計carry，其中部分可能在2027年產生PRE。綜合而言，我們認為2024年第四季至2027年第四季期間的累計PRE可達8,000萬至1億美元；若市場改善且退出活動加速，仍有上行空間。

Now let me share a brief perspective on the operating macro environment. Having invested across Latin America through multiple cycles for nearly 40 years, we bring long-term standing perspective, deep local knowledge and resilience that few can match. We continue to believe the region's exposure to commodities, its evolving renewable energy mix and its significant infrastructure needs make it an area of sustained structural interest for global capital well beyond short-term market dynamics.

接下來我簡要分享對營運宏觀環境的看法。我們在拉丁美洲跨越多個景氣循環投資近40年，具備長期視角、深厚在地知識與韌性，少有同業能比擬。我們仍相信，該地區對大宗商品的曝險、逐步演進的再生能源組合，以及龐大的基礎建設需求，使其在短期市場波動之外，仍將長期成為全球資本結構性關注的重點。

Given the recent geopolitical developments you are well aware of, we are seeing growing engagement from global investors with institutional allocators across Asia and Europe increasingly turning their attention to Latin America and engaging with us across a broader and more diversified set of strategies that has historically been the case.

鑑於近期您所熟知的地緣政治發展，我們看到全球投資人參與度提升；亞洲與歐洲的機構配置者正日益將注意力轉向拉丁美洲，並以較以往更廣泛且更多元的策略組合與我們合作。

This reflects not just interest in the region, but confidence in our integrated platform, scale and execution capabilities. We are continuing to invest in our ability to meet this demand, and we believe we are uniquely positioned to capture these opportunities. In summary, we are executing consistently across the business. Fundraising is on track. Our asset base is predominantly long duration and nonredeemable. Our investment performance is solid, and we remain confident in our ability to achieve our full year objectives.

這不僅反映對該地區的興趣，也反映對我們整合式平台、規模與執行能力的信心。我們持續投資以提升滿足此需求的能力，並相信我們具備獨特優勢以掌握這些機會。總結而言，我們在各項業務上持續穩健執行。募資進度符合預期。我們的資產基礎以長久期、不可贖回為主。我們的投資績效穩健，且我們仍有信心達成全年目標。

With that, I will hand the call to Raphael. Thank you.

接下來我把電話交給Raphael。謝謝。

Thank you, Alex. Good morning, everyone. I'm pleased to be here for my first earnings call as CFO. I have been deeply involved with Patria since 2023, and I aim to bring to this role continued transparency, a focus on the quality of our earnings and over time, improvements in the clarity of our financial disclosures.

謝謝你，Alex。各位早安。我很高興以財務長（CFO）的身分參與我的第一場法說會。我自2023年起便深度參與Patria的業務，我希望在此職務上持續提升透明度，聚焦於我們盈餘的品質，並隨時間推進，改善我們財務揭露的清晰度。

Now let me take you through the first quarter results. Total fee revenues for the first quarter was approximately $92.6 million, up 20% year-over-year from $77.3 million in first quarter 2025 and up 3% sequentially from fourth quarter 2025, excluding the incentive fees that typically crystallize in the fourth quarter.

接下來我帶各位回顧第一季業績。第一季總費用收入約為9,260萬美元，較2025年第一季的7,730萬美元年增20%，且在排除通常於第四季確認的激勵費用後，較2025年第四季季增3%。

The year-over-year growth reflects the full quarter contribution of Solis and the Brazilian REITs acquired through 2025, two months of RBR, organic fee AUM growth and the net FX and performance effect. Our last 12-month management fee rate was approximately 87 basis points in the quarter, reflecting the full quarter impact of Solis in first quarter as well as stronger growth in credit, real estate, GPMS and various co-investments in SMAs over the recent quarters.

年增成長反映：Solis與於2025年收購的巴西REIT在本季的完整季度貢獻、RBR兩個月的貢獻、可收費AUM的內生成長，以及匯率與績效的淨影響。我們過去12個月的管理費率在本季約為87個基點，反映Solis於第一季的完整季度影響，以及近幾季信貸、不動產、GPMS與各類SMA中的共同投資更強勁的成長。

Independently of fluctuations in average fee rates and as evidenced by our margin outlook to be discussed in a few moments, the economics of these products remain very attractive given their often high incremental margin and the sticky and long duration structure of the mandate, which can include permanent capital vehicles.

不論平均費率的波動如何，且如稍後將討論的利潤率展望所示，這些產品的經濟性仍非常具吸引力，原因在於其通常具備較高的增量利潤率，以及委託結構黏著度高且期限長，並可能包含永久資本工具。

Regarding expenses, total compensation and operating expenses for the quarter were approximately $42 million, up 14% sequentially from fourth quarter 2025. The increase reflects integration of recent acquisitions, planned investments and distribution and investment capabilities and the seasonal reset of compensation programs at the start of the year.

費用方面，本季總薪酬與營運費用約為4,200萬美元，較2025年第四季季增14%。增加主要反映近期收購案的整合、對銷售通路與投資能力的計畫性投入，以及年初薪酬方案的季節性重設。

Fee-related earnings for the quarter were approximately $50.5 million, up 19% year-over-year, showing an FRE margin of 54.6%. The margin reflects the contribution of the acquisitions closed in the quarter, platform investments and seasonal compensation timing, all consistent with our prior guidance on quarterly phasing. We expect the margin to improve progressively through the year as management fee growth, integration work evolves and expense growth moderates.

本季費用相關收益（FRE）約為5,050萬美元，年增19%，FRE利潤率為54.6%。該利潤率反映本季完成交割之收購案的貢獻、平台投資，以及薪酬時點的季節性因素，皆與我們先前對季度分布的指引一致。我們預期隨著管理費成長、整合工作推進以及費用成長趨緩，利潤率將在全年逐步改善。

We remain comfortable with our long-term FRE margin guidance of 58% to 60%. Overall, we are reaffirming full year 2026 FRE guidance of $225 million to $245 million or $1.42 to $1.54 per share. Approximately 15% to 16% growth from last year's $202.5 million. We are also maintaining our 2027 FRE target of $260 million to $290 million. Total distributable earnings for the quarter were $42.4 million or $0.27 per share, up 14% year-over-year on a per share basis.

我們仍對長期FRE利潤率指引58%至60%感到有信心。整體而言，我們重申2026全年FRE指引為2.25億至2.45億美元，或每股1.42至1.54美元，較去年2.025億美元約成長15%至16%。我們也維持2027年FRE目標為2.60億至2.90億美元。本季可分配盈餘總額為4,240萬美元或每股0.27美元，以每股計算年增14%。

Growth was driven primarily by FRE. Alex has updated you on our PRE expectations. So let me turn to stock-based compensation. Stock-based compensation in the quarter was $10.1 million. Based on current programs, we expect full year 2026 and 2027 stock-based compensation to represent between 11% to 12% and 10% to 11% of total fee revenues, respectively.

成長主要由FRE帶動。Alex已向各位更新我們對PRE的預期。接著我談談以股票為基礎的薪酬。本季以股票為基礎的薪酬為1,010萬美元。依據目前的方案，我們預期2026與2027全年以股票為基礎的薪酬，分別將占總費用收入的11%至12%與10%至11%。

The expected nominal increase reflects an intentional expansion of equity ownership deeper into the organization and a higher proportion of total compensation delivered in equity for key employees. When benchmarked against listed alternative manager peers, we believe our stock-based compensation profile is consistent with the group.

預期名目增加反映我們有意將股權持有擴展至組織更深層，並提高關鍵員工以股權形式發放之總薪酬占比。與上市的另類資產管理同業相比，我們認為我們的以股票為基礎的薪酬結構與同業一致。

Finally, we believe that over the long term, our stock-based compensation will moderate as a percent of the net revenues as our business scales. Now a brief note on taxes. The first quarter effective rate was approximately 0.3%, reflecting our evolving business mix and consistent with our guidance. This is driven by country mix as we engage in acquisitions with higher tax burden, which increased the total tax expense.

最後，我們相信長期而言，隨著業務規模擴大，我們的以股票為基礎的薪酬占淨收入的比例將會下降。接著簡要談稅務。第一季有效稅率約為0.3%，反映我們不斷演變的業務組合，並與我們的指引一致。這主要由國別組合所致，因我們進行稅負較高的收購，進而提高了總稅費。

Regarding the balance sheet, I want to make the opportunity to help you understand Patria's updated liquidity profile following the completion of our debt private placement, which, as Alex noted, extends our maturity profile, eliminates reliance on revolving credit facilities and provides fixed rate capital for future business development.

關於資產負債表，我想把握機會協助各位了解Patria在完成我們的私募債務發行後更新的流動性概況；如Alex所提，該交易延長了我們的到期結構、消除了對循環信貸額度的依賴，並為未來業務發展提供固定利率資金。

To facilitate this discussion, we have added a specific slide to reconciliations and disclosures section of our earnings presentation available on our website. Between proceeds from the debt offering and expected cash generation, we expect to have ample capacity to meet all of our obligations, pay out dividends, reinvest in the business and buy back shares while maintaining a conservatively structured balance sheet.

為了便於討論，我們在網站上的財報簡報之「對帳與揭露」章節新增了一張專門的投影片。結合債券發行所得與預期的現金創造能力，我們預期將有充足的能力履行所有義務、發放股利、再投資於業務並回購股份，同時維持保守結構的資產負債表。

In this context, share count for the quarter was 159.1 million shares, inclusive of 893,000 shares repurchased directly in the market for $12.7 million and the initial implementation of a new total return swap or TRS of an additional 840,000 shares. It remains our goal to maintain the share count in the 158 million to 160 million range.

在此背景下，本季股數為1.591億股，其中包含在市場上直接回購的89.3萬股、金額1,270萬美元，以及新設立的總報酬交換（TRS）初次執行所涵蓋的額外84.0萬股。我們的目標仍是將股數維持在1.58億至1.60億股的區間。

So to summarize, our financial picture is straightforward. We have a business generating growing, sticky cash flows from a highly diversified and predominantly long duration and no redeemable asset base. Our fundraising momentum continues and fee-related earnings are growing, giving us confidence that we are on track to meet our objectives. In addition, the balance sheet remains strong and positioned to support future growth initiatives. We look forward to your questions.

總結而言，我們的財務狀況相當清晰。我們的業務能從高度多元化、以長久期為主且沒有可贖回資產的資產基礎中，產生持續成長且黏著度高的現金流。我們的募資動能持續，費用相關盈餘也在成長，使我們有信心正按計畫達成目標。此外，資產負債表依然強健，並已就位以支持未來成長計畫。我們期待各位的提問。

(Operator Instructions)

（接線員指示）

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

So you have a big election coming up in Brazil. I was wondering if you could talk about what the outcomes could mean for the asset management industry in Brazil and Patria, even though I know Brazil has been a shrinking part of your overall business given your diversification?

巴西即將迎來一場重要選舉。我想請你談談不同結果可能對巴西資產管理產業以及Patria意味著什麼，儘管我知道由於你們的多元化，巴西在你們整體業務中的占比一直在下降？

Yes, of course. Well, as you know, it's pretty tied between the two runner-ups, right, the current President Lula and the son of Mr. Bolsonaro, the ex-President under the name of Flavio, right? And so it's very hard to say which way it's going to go. But the scenario of having a fourth mandate of Mr. Lula is more of the same.

是的，當然。如你所知，兩位主要候選人目前勢均力敵，對吧？現任總統Lula，以及前總統Bolsonaro之子、名為Flavio的那位，對吧？因此很難說結果會往哪個方向走。但若是Lula先生取得第四個任期，基本上會是延續現狀。

And I think what we can see will be, in our take here, an environment with higher inflation and therefore, higher interest rates, driven by a fiscal indiscipline that is currently kind of the trademark of the Mr. Lula's government. So I think the main difference for the asset management industry, Craig, is a higher inflation, higher interest rate environment under Mr. Lula's government's fourth mandate and a lower inflation, lower interest rates under Mr. Bolsonaro's, Jair Bolsonaro's government.

我認為我們會看到的是——以我們的觀點——在目前可說是Lula政府標誌性的財政紀律鬆散所驅動下，通膨較高、因此利率也較高的環境。所以對資產管理產業而言，Craig，主要差異在於：在Lula政府第四任期下將是高通膨、高利率環境；而在Bolsonaro先生、Jair Bolsonaro政府之下，則是較低通膨、較低利率。

Even though I think in the first moment it's going to be hard for Mr. Bolsonaro to reduce the deficits from Monday to Tuesday, but the projections will show that he will work on that deficit. The yield curve will start showing a decline in interest rates during his fourth four-year mandate, therefore, I think the environment will be less benign versus Mr. Lula's is gonna be more, I think, with a higher interest rate environment.

雖然我認為一開始Bolsonaro先生也不可能立刻在一夕之間降低赤字，但市場預期會顯示他將著手處理赤字問題。殖利率曲線將開始反映在其四年任期內利率下行，因此我認為相較之下環境會較為有利；而Lula先生的情境則會是更偏向高利率環境。

So where do we -- does Patria then actually act on that, and where do we stand? Our, you know, credit business will continue to perform extremely well as it is right now. As you saw, fundraising over the last years and the last quarter, record fundraising for our credit products. We're expanding our credit portfolio, mainly in Brazil with the acquisition of Solis. I think that the non-bank financing in Brazil is a huge opportunity.

那麼Patria會如何因應？我們目前的狀況如何？我們的信貸業務將持續表現非常出色，就像現在一樣。如各位所見，過去幾年以及上一季，我們的信貸產品募資創下紀錄。我們正透過收購Solis，主要在巴西擴大我們的信貸投資組合。我認為巴西的非銀行融資是一個巨大的機會。

As I say in my earnings call here, I think it's a multi-year, very important opportunity for us. We want to place Patria the same way that we placed Patria in the REITs business in Brazil, the Real Estate Investment Trust. There we are the number one, the leader of a BRL250 billion reais plus industry that is growing at a double digits. Same in credit. The non-bank financing in Brazil is expanding tremendously.

正如我在本次財報電話會議所說，我認為這對我們而言是一個多年期、非常重要的機會。我們希望以我們在巴西REITs業務（不動產投資信託）中建立Patria地位的方式來布局Patria。在那裡，我們是規模超過2,500億巴西雷亞爾且以雙位數成長的產業之第一名、領導者。信貸也是如此。巴西的非銀行融資正在大幅擴張。

And 2025 was the first year that capital markets non-bank financing surpassed financing for corporations in Brazil. Banks, because of the regulation and Basel and et cetera, and restrictions are lending less. Capital markets was for the first year actually surpassed banks again in lending in Brazil. For individuals, the same thing is gonna happen.

而2025年是資本市場的非銀行融資首次超越巴西企業融資的一年。由於監管、巴塞爾協定等等限制，銀行放款減少。資本市場在巴西放款方面首次再次超越銀行。對個人而言，同樣的情況也將會發生。

The right structure to do this is through Solis, through our FIIs, which is the real estate investment trusts that focuses on real estate credit. The opportunity there, you know, the numbers there, Craig, are just immense. Positioning ourselves there to continue to expanding our credit business and our real estate business that as it relates to credit, we have a very large real estate credit business as well within our real estate investment trusts.

要做到這件事的正確架構是透過Solis、透過我們的FII（即不動產投資信託），其聚焦於不動產信貸。那裡的機會——那些數字，Craig——非常龐大。我們在那裡進行布局，以持續擴張我們的信貸業務與不動產業務；就信貸而言，我們在不動產投資信託內也擁有非常龐大的不動產信貸業務。

And I think on the other side of the equation with Lula, for equities might continue to suffer given what the high interest rates environment, right. Now with Mr. Bolsonaro, I think again, we're gonna see, you know, credit continue to be a major source of income for us because I think it will take some time for Mr. Bolsonaro to be able to reduce inflation, and therefore interest rates in Brazil. The yield curve already projecting a decrease. Other, you know, products that are more real estate dependent, like, you know, the brick-and-mortar real estate side of the business, not the credit side of the business, and equities will favor under Mr. Bolsonaro.

我認為在另一端、也就是Lula的情境下，股票可能會持續承壓，因為高利率環境，對吧？而在Bolsonaro先生的情境下，我同樣認為信貸仍將是我們的重要收入來源，因為Bolsonaro先生要降低巴西通膨、進而降低利率，仍需要一些時間。殖利率曲線已在預測利率下降。其他更依賴不動產的產品，例如偏向實體不動產（而非信貸）的業務，以及股票，將在Bolsonaro先生之下更有利。

What we're trying to do is actually, you know, given our, you know, 40-year experience in doing business in Brazil, is actually having a broad spectrum of products. And, you know, betting a lot on the credit side, private credit, non-bank financing that actually can be, you know, the engine of our growth, followed by, you know, real estate. Of course, we don't have GPMS here, which is growing a lot outside LatAm for us, followed by infrastructure, which is, you know, inflation-hedged, with a higher inflation environment that also should benefit under Mr. Lula's government.

我們實際上想做的是——基於我們在巴西經營40年的經驗——提供廣泛的產品光譜，並在信貸端大力布局：私募信貸、非銀行融資，這些可以成為我們成長的引擎；其次是房地產。當然，我們還有GPMS，這項業務在拉丁美洲以外對我們成長很快；再來是基礎建設，其具備通膨避險特性，在較高通膨環境下也應會在Lula政府之下受益。

Mr. Lula, during his three terms, did promote once, one of the, you know, largest concession programs in the world, toll roads, water sanitation, et cetera, et cetera, et cetera. We are benefiting a lot from that through our infrastructure division and vertical here.

Lula先生在其三個任期中，曾推動一次全球規模最大的特許經營計畫之一，包括收費公路、供水與衛生等，等等，等等。我們透過我們的基礎建設部門與垂直領域，正從中獲益良多。

As it is inflation protected because, you know, most of the revenues are contracted and the revenues are, you know, adjusted by inflation. That's another product that we see favoring under Mr. Lula's government because of his willingness to do concessions and his, in our view, higher interest rate environment. I hope I answered your question there, Craig.

由於它具備抗通膨保護，因為你知道，大部分收入都是簽約鎖定的，而且收入也會，嗯，依通膨調整。這是我們看到在魯拉先生政府之下更受青睞的另一項產品，原因在於他願意推動特許經營（concessions），以及在我們看來更高利率的環境。Craig，希望我有回答到你的問題。

No, Alexandre, great. Very comprehensive. Just for my follow-up, Brazilian public equities have been very strong over the last 12-plus months. So I'm curious on how this impacted your realization outlook, which should make IPO exits easier. And I'm especially looking at some of your older vintage private equity funds like Fund IV and V.

沒有，Alexandre，很好。非常全面。就我追問一下，巴西公開市場股票在過去 12 個月以上表現非常強勁。所以我想了解這對你們的變現展望有何影響，這應該會讓 IPO 退出更容易。我特別關注你們一些較早期的私募股權基金，例如 Fund IV 和 V。

Yeah. We are, yes, all true that you said. I think the, you know, the more liquid, listed securities, of course, looking into, you know, a change in geopolitics, you know, favoring Latin America, a lot of flows coming to the region. Independent of Mr. Lula's fiscal imbalance, we saw a huge flow coming into the region benefiting, of course, our stock exchange and other listed securities, appreciating the value of those assets.

是的。我們——是的，你說的都對。我認為，嗯，更具流動性的上市證券，當然，隨著你知道的地緣政治變化，嗯，對拉丁美洲更有利，很多資金流入該地區。不論魯拉先生的財政失衡如何，我們都看到大量資金流入該地區，當然也帶動了我們的證券交易所和其他上市證券，推升了這些資產的價值。

Of course, you know, you see some of the, you know, the returns of some of our funds are just amazing. Last year, our public equities funds had returned from 40%-60% in US dollars and in reais, and then even more so in US dollars. And our credit funds that also have no listed securities.

當然，你知道，你會看到我們部分基金的回報非常驚人。去年，我們的公開股票基金以美元與以雷亞爾計算的報酬率約在 40%–60%，而且以美元計算甚至更高。還有我們的信貸基金，也同樣——雖然沒有上市證券。

The market value of these securities went up with everything that you just said. We are also seeing some that -- flow into the private markets. It takes a little longer. I think last year we saw listed securities being benefited from this flow first, of course, comes into that benefit kind of flows into the private side of the world. It takes some time for that to ripple down, that ripple down effect.

這些證券的市值隨著你剛才提到的一切而上升。我們也看到部分資金——流向私募市場。不過這需要更長時間。我認為去年資金流先讓上市證券受惠；當然，之後這種受惠的資金流才會傳導到私募領域。這需要一些時間才會產生那種向下擴散、傳導的效果。

However, we are now exiting most of our companies in our Private Equity Fund IV, Private Equity Fund V, Infrastructure Fund II, Infrastructure Fund III, and using this momentum to exit. Even with the exits that we are actually under execution, we will not generate performance fees for Private Equity Fund IV in our view. Private Equity Fund V might generate performance fee, but Private Equity Fund IV will not.

不過，我們現在正退出我們私募股權 Fund IV、私募股權 Fund V、基礎建設 Fund II、基礎建設 Fund III 中的大多數公司，並利用這股動能來退出。即使就我們目前正在執行的退出而言，在我們看來，私募股權 Fund IV 不會產生績效費。私募股權 Fund V 可能會產生績效費，但私募股權 Fund IV 不會。

Infrastructure Fund II will not generate performance fees, but Infrastructure Fund III, yes, and it's a great fund which has, you know, been paying performance fees over the last years, and we see that we will continue to pay performance fees in 2026. Yes, we are using this momentum to sell a lot of the companies in the funds and clean our portfolio, send money back to investors. Private Equity Fund IV, Craig, not enough for it to generate performance fees.

基礎建設 Fund II 不會產生績效費，但基礎建設 Fund III 會，而且那是一支很棒的基金，過去幾年一直在支付績效費，我們也預期 2026 年仍會持續支付績效費。是的，我們正在利用這股動能出售基金中的許多公司、清理投資組合，把資金返還給投資人。Craig，私募股權 Fund IV 的金額不足以產生績效費。

Lindsey Shema, Goldman Sachs.

Lindsey Shema，高盛。

Welcome Raphael. Look forward to working with you. Maybe just kind of following up on the private equity outlook and performance fees. I know last call you had mentioned that the not official accrued, but Private Equity Fund V performance fees were running around $40 million. Is that still the case? What kind of has changed since then to take it out of carry?

歡迎 Raphael。期待與你合作。也許延續一下私募股權展望與績效費的話題。我記得上次電話會議你提到，雖然不是正式入帳的應計，但私募股權 Fund V 的績效費大約在 4,000 萬美元左右。現在仍是如此嗎？自那之後有什麼變化，讓它從 carry（績效分成）中移除？

I know it's very volatile, but maybe just kind of updates on the outlook specifically there. Then more broadly, what do you really need to see? I know rates is a factor, and you mentioned you're starting to get some momentum from the inflows into Brazil, but I mean, you now have a person entirely, it seems like, in charge of focusing on divestment. Is the upside really just on rates? Is it maybe this momentum's a little bit better? Just kind of understanding the factors that led to revising down guidance and what could kind of, you know, be upside there.

我知道這非常波動，但想請你更新一下那部分的展望。再更廣泛地說，你們真正需要看到什麼？我知道利率是一個因素，而且你提到資金流入巴西開始帶來一些動能，但我的意思是，你們現在似乎有一位專責、完全聚焦在資產處分的人。上行空間真的只取決於利率嗎？還是說這股動能可能更好一些？想了解導致你們下修指引的因素，以及可能帶來上行的因素。

Thank you. Thank you, Lindsey. I think as mentioned to Craig and to you all, I think the outlook for performance fees coming from Private Equity Fund IV is not positive. We do not expect performance fees coming from Private Equity Fund IV, even though we are selling companies from Private Equity Fund IV. It will, you know, generate DPI for investors, but not enough. Not enough, no. Not even close to enough. Okay.

謝謝。謝謝你，Lindsey。如同我對 Craig 以及各位提到的，我認為來自私募股權 Fund IV 的績效費展望並不正面。我們不預期私募股權 Fund IV 會有績效費，儘管我們正在出售私募股權 Fund IV 的公司。它會，嗯，為投資人帶來 DPI，但不夠。不夠，沒有。甚至差得遠。好的。

For Private Equity Fund V, I think we conservatively value the companies at very conservative valuations in our view, in, you know, all of the companies of Private Equity Fund V. The upside there, Lindsey, is like if we can sell companies with a, you know, valuation higher than our current marks, then it will generate performance fees.

至於私募股權 Fund V，我認為我們對 Fund V 的所有公司都以非常保守的估值來評價，在我們看來是非常保守的。Lindsey，那裡的上行在於：如果我們能以高於目前帳面估值（marks）的估值出售公司，那就會產生績效費。

Under this scenario, I prefer to be conservative and as of today, not have any expectations of performance fees coming from Private Equity Fund V as well. Private Equity Fund IV, pretty sure about that. Private Equity Fund V, I'm being conservative about it, but I think that's the scenario. We're using a more conservative scenario in order not to generate expectations.

在這種情境下，我傾向保持保守，因此截至今天，我也不對私募股權 Fund V 的績效費抱有任何期待。私募股權 Fund IV 我相當確定不會；私募股權 Fund V 我是保守看待，但我認為情境就是如此。我們採用更保守的情境，以避免產生期待。

There's an upside potential for Private Equity Fund V, but there's no upside for Private Equity Fund IV. Private Equity Fund VI, you can see that, you know, no great performance fee there, over $230 million. Private Equity Fund VII is too early to say, but the companies in the portfolio is performing very well. In addition, our growth equity funds, as you see, are performing very well.

私募股權 Fund V 有上行潛力，但私募股權 Fund IV 沒有上行。私募股權 Fund VI，你可以看到，嗯，那裡沒有很大的績效費，超過 2.3 億美元。私募股權 Fund VII 還太早下定論，但投資組合中的公司表現非常好。此外，我們的成長股權基金，如你所見，也表現非常好。

We have a large asset in our growth equity fund, which is an online pet business that is, you know, a sizable investment that can generate sizable performance fees. We don't see it within the range of 2027. An upside could be 2027. That's why we reduced the expectations for the 2027 period.

我們在成長股權基金中有一項大型資產，是一家線上寵物業務，嗯，是一筆相當可觀的投資，可能產生可觀的績效費。我們不認為它會落在 2027 年的區間內。上行的可能性會是在 2027 年。這也是我們下調 2027 年期間預期的原因。

I think there's sizable performance fees coming from that business, which is called Petlove. It's a market leader in Brazil. Patria Growth Equity Fund II, you know, the portfolio's shaping extremely well. Venture also, you know, portfolio's shaping extremely well. DPI is very high for our, you know, Venture Funds. You know, our Venture Fund II over 1 time DPI. Our Venture Fund III already 0.3 times DPI.

我認為那家業務會帶來可觀的績效費，名為 Petlove。它是巴西的市場領導者。Patria 成長股權 Fund II，嗯，投資組合成形得非常好。創投方面，嗯，投資組合也成形得非常好。我們創投基金的 DPI 非常高。你知道，我們的創投 Fund II DPI 已超過 1 倍。我們的創投 Fund III 已經達到 0.3 倍 DPI。

We're after one that company, it will go to close to 1 time DPI, 0.9 times DPI for the Venture III. Venture IV is pretty new. Very, you know, good news coming from that side of the business. Plus performance fees that can come from other asset classes like real estate, like credit, et cetera.

我們再退出一家公司之後，創投 Fund III 的 DPI 會接近 1 倍，約 0.9 倍 DPI。創投 Fund IV 還很新。那一塊業務傳來非常，嗯，好的消息。再加上也可能來自其他資產類別的績效費，例如不動產、信貸等等。

But lastly, what I would like to emphasize, Lindsey, is like, you know, let's say that, you know, we do generate $80 million-$100 million of performance fees versus the $120 million, $140 million. The difference, you know, between one scenario and the other is around, you know, $40 million to $60 million. If we divide that by 3, you know, because it's a three-year period guidance. 40 divided by 3, around, whatever, $13 million, and 60 divided by 3, around $20 million. It will be an additional $13 million to $20 million that we'll add to our DE.

但最後我想強調的是，Lindsey，假設我們產生 8,000 萬到 1 億美元的績效費，而不是 1.2 億到 1.4 億美元。兩種情境之間的差異大約是 4,000 萬到 6,000 萬美元。如果我們把它除以 3，因為指引是三年期間。40 除以 3，大約，嗯，1,300 萬；60 除以 3，大約 2,000 萬。這會是我們加到 DE 的額外 1,300 萬到 2,000 萬美元。

Given our, you know, projections that we're going to generate $225 million to $245 million of FRE this year, $260 million to $290 million of FRE next year, an additional $13 million to $20 million, of course, I prefer more $13 million to $20 million than less $13 million to $20 million. Percentage-wise, it's pretty small. It doesn't actually move tremendously the needle.

考量到我們的，嗯，預測是今年將產生 2.25 億到 2.45 億美元的 FRE，明年 2.6 億到 2.9 億美元的 FRE，額外的 1,300 萬到 2,000 萬美元——當然，我更希望多 1,300 萬到 2,000 萬，而不是少 1,300 萬到 2,000 萬。以百分比來看其實很小，並不會真正大幅改變結果。

Our performance fees, because, as you know, are becoming less relevant to our business and our results, we moved Patria into more NAV and market-oriented funds. Listed funds where we charge fees on the market value of these funds, like REITs, like the public equities, like credit, et cetera. 70%, so the 7-0% of our fee-earning AUM come from funds that actually do charge fees on the market value of the assets, like credit, like public equities, like real estate, like GPMS.

我們的績效費，因為如你所知，正變得與我們的業務和業績關聯度更低；我們已將 Patria 轉向更多以 NAV 與市場為導向的基金——上市基金，我們是按這些基金的市值收取費用，例如 REITs、公開股票、信貸等等。70%，也就是 7-0% 的可收費 AUM 來自那些確實按資產市值收費的基金，例如信貸、公開股票、不動產、以及 GPMS。

30% are the drawdown nature funds that has the performance fees. That's already now in 2026, 2027. Looking into 2030, by the end of the year, first week of December, we're gonna give out our 2030 vision. Even more so, this path continues for us to expand the business on the asset classes that I just mentioned, permanent capital vehicle, listed funds, whatever, that charge fees on the market value of the assets.

其中 30% 是具備績效費的提領型（drawdown nature）基金。這在 2026、2027 年就已經是如此。展望 2030 年，到年底、12 月第一週，我們會公布我們的 2030 願景。更重要的是，這條路徑也讓我們持續擴張我剛提到的資產類別業務——永久資本載體、上市基金等等——這些產品是按資產市值收取費用的。

The performance fees are gonna become even less relevant as we move into the future. That's not by chance. It's by strategy. Of course, we wanted to guide the company because it becomes more predictable, more visible, as performance fees have this kind of volatility.

隨著我們走向未來，績效費的重要性會變得更低。這不是偶然，而是策略使然。當然，我們希望引導公司往更可預測、更可見的方向發展，因為績效費具有這種波動性。

Sometimes, you know, we are, you know, doing an M&A, and I joke that M&A stands not only for mergers and acquisitions, but it also stands for misery and anguish. You're there signing a deal, someone, you know, doesn't wanna sign the deal, whatever, it goes to the next quarter. We're moving the business to be allocated to asset classes and fund strategies that give us a lot more predictability. That's what the bond investors actually saw. I think the rating agency, the investors that came into our bond, of course, they have a look into the credit quality. They want to, you know, of course, get their debt paid.

有時候，你知道，我們在做併購（M&A），我開玩笑說 M&A 不只代表 mergers and acquisitions（合併與收購），也代表 misery and anguish（痛苦與煎熬）。你在那裡簽交易，有人不想簽，諸如此類，結果就延到下一季。我們正把業務配置到能帶來更高可預測性的資產類別與基金策略上。這正是債券投資人實際看到的。我認為評級機構、買我們債券的投資人，當然會看信用品質；他們想要的就是，當然，確保債務能被償還。

They don't want much upside on that sense. They want predictability. Even though, you know, the performance fees can add that extra $15 million-$20 million in my example here, you know, they saw this very predictable business of Patria. That's why we managed to raise a, you know, seven-year, ten-year notes with these kind of terms that we just went over here. I hope I answered your question, Lindsey.

他們在這個意義上不需要太多上行空間；他們要的是可預測性。即便如你在我這個例子裡看到的，績效費可能額外增加 1,500 萬到 2,000 萬美元，他們看到的是 Patria 這個非常可預測的業務。這也是為什麼我們能以剛才談到的條件，成功發行 7 年期、10 年期票據。我希望我回答了你的問題，Lindsey。

Yes, that was great. I definitely heard on the strategy moving more towards market valued assets. And then I do have one more question, maybe a little bit more specific on this year. On the expense growth in the quarter, if you could just break down maybe by magnitude, how much was acquisition related, how much was investment, how much was comp resetting?

是的，那很棒。我確實聽到你們的策略正更多轉向以市值計價的資產。然後我還有一個問題，可能更聚焦在今年：關於本季費用成長，如果可以的話，能否按影響幅度拆解一下——有多少是併購相關、有多少是投資、有多少是薪酬重置？

How much was FX? Just trying to get a sense of what each impact was and how much margin can expand throughout the year? Could you reach your longer-term FRE margin target this year? Or is that more of a topic for 2027?

外匯（FX）影響有多少？我只是想了解各項影響分別是多少，以及全年利潤率能擴張多少？你們今年能達到較長期的 FRE 利潤率目標嗎？還是這更可能是 2027 年的議題？

Yes. I'll go for the short answer, and then I'll pass on to Raphael. Yes, we can reach the 58%, 60% FRE margin for this year. And I'll pass on to Raphael to give you this breakdown.

是的。我先給一個簡短回答，然後交給 Raphael。是的，我們今年可以達到 58%、60% 的 FRE 利潤率。接著我請 Raphael 來為你做拆解。

Yes, I would say -- hello, Lindsay. First, thank you for your question. We have three temporary factors that explain the first quarter margin. The first one is integration costs from the Solis and RBR closings. The second one is the seasonal compensation reset at the start of the year. The third one is the platform investment that were front-loaded. Okay. The path, as Alexandre said, to 58%-60% margin is supported by simple math.

是的，我會說——你好，Lindsay。首先謝謝你的問題。我們有三個暫時性因素解釋第一季的利潤率。第一是 Solis 與 RBR 交割後的整合成本。第二是年初的季節性薪酬重置。第三是平台投資在前期集中投入。好的。如 Alexandre 所說，通往 58%–60% 利潤率的路徑是由簡單的數學所支撐。

So moving the margin from 54.6% to 58% on our $45.8 billion Fee-Earning AUM base generates approximately $50 million of additional FRE before any new fundraising contribution. On top of that, our $3.3 billion of Pending Fee-Earning AUM converts to fee-paying status through the year. We expect $10 million to $15 million of seasonal incentive fees in the fourth quarter.

也就是說，在我們 458 億美元的可收費 AUM（Fee-Earning AUM）基礎上，把利潤率從 54.6% 提升到 58%，在不考慮任何新增募資貢獻之前，約可額外產生 5,000 萬美元的 FRE。除此之外，我們還有 33 億美元的待轉為可收費 AUM（Pending Fee-Earning AUM）會在今年逐步轉為開始收費的狀態。我們預期第四季會有 1,000 萬到 1,500 萬美元的季節性激勵費（incentive fees）。

Annualizing first quarter FRE plus those incentive fees gets us to roughly $250 million, and the margin expansion plus organic growth reaches the rest. We are reaffirming the 58%-60% range. Just to give you some more perspective on the costs, we have, that's your question. We have an FX impact that is pretty much important in the first quarter of the year.

把第一季的 FRE 年化，再加上這些激勵費，約可達到 2.5 億美元，而利潤率擴張加上有機成長則補足其餘部分。我們重申 58%–60% 的區間。再補充一些成本面的視角，這也是你問的：第一季外匯（FX）影響相當重要。

We have to keep in mind that we also have a positive impact on revenues, okay? When we look, the expenses, separately, we can see this impact, but when we look it all together, it goes to the bridge that I just mentioned to you.

我們也要記得，營收端同樣有正面影響，好嗎？當我們單獨看費用時會看到這個影響，但當我們把所有項目合在一起看時，就會回到我剛才提到的那個橋接（bridge）。

Perfect. And just confirming the $3.3 billion of pending fee AUM, is that all to be deployed this year or only part?

很好。再確認一下那 33 億美元的待轉可收費 AUM，是今年會全部部署，還是只部署一部分？

No, I would -- no. Of course, the plan is to deploy within the year because it's -- and if you do a ROA of 90 basis, which is our ROA, you can see where $25 million coming from here. But yes, within the next quarters. And I think our expectation and also investors' expectation and they want to see the money on the ground being deployed.

不，我會——不。當然，計畫是在今年內部署，因為——如果你用 90 個基點的 ROA（這是我們的 ROA）來算，你就能看出這裡約 2,500 萬美元是怎麼來的。但對，是在接下來幾個季度內。我想我們的預期、投資人的預期也一樣，他們希望看到資金落地並被部署。

Guilherme Grespan, JPMorgan.

Guilherme Grespan，摩根大通（JPMorgan）。

So my first question was actually answered was on the pending AUM. But the second one is just on the average management fee rate, Alex. I know that when you look at the consolidated view, there was a step down, I think, mostly related to mix. But whenever we try to do the per-segment here basis that you disclosed the management fee per segment, we saw a small step down on private equity and infra that there was no M&A.

我第一個問題其實已經被回答了，就是關於待轉 AUM。第二個問題是關於平均管理費率，Alex。我知道從合併口徑來看，管理費率有一個下滑，我想主要與組合（mix）有關。但當我們嘗試用你們披露的分部管理費、按分部來看時，我們看到私募股權和基礎設施有小幅下滑，而那裡並沒有併購（M&A）。

So I just want to confirm, sometimes those movements are average balance calculation that impacts the average management fee. But I just want to confirm there was no step down or any change to the fee schedule of PE and Infra.

所以我想確認一下，有時這些變動是平均餘額計算方式影響了平均管理費；但我想確認私募股權與基礎設施的費率表（fee schedule）沒有下調或任何變更。

No, Guilherme, thank you for your question, a great question, because it's, I think it's important for us to emphasize. The short answer, then I'll go through the explanation. No fee pressure, okay? Within private equity and infrastructure. What happens, when we raise a flagship fund, which is not the case of this year and this quarter, the flagship funds do actually post a higher fee rate.

沒有，Guilherme，謝謝你的問題，這是個很好的問題，因為我認為我們需要強調。簡短答案，然後我再解釋：沒有費率壓力（fee pressure），好嗎？在私募股權與基礎設施內都沒有。發生的情況是，當我們募集旗艦基金（flagship fund）時——今年與本季不是這種情況——旗艦基金的費率確實更高。

You know? Private Equity 1.17 and 20, 1 -- 1.75 for our management fees and 20% performance fees. Infrastructure, 1.5, 1.6 management fees and 15% performance fees, okay? The flagship funds, which we are not raising this year.

你知道嗎？私募股權是 1.17 和 20，1——我們的管理費是 1.75，績效費是 20%。基礎設施是 1.5、1.6 的管理費，以及 15% 的績效費，好嗎？旗艦基金——我們今年不募集。

When we actually raise the SMAs which we mentioned. The SMA that was actually even used as an example in our earnings call, the data center SMA, with ByteDance or the toll road SMA that we did with PIF, the Saudi sovereign fund, and also with GIC, the Singaporean sovereign fund. Those SMAs are more on the 1 and 10 basis, 1% management fees and 10% performance fees. It is a way, so that's all.

當我們募集我們提到的 SMA（單一委託帳戶）時——我們在財報電話會議中甚至用過作為例子：與 ByteDance 的資料中心 SMA，或我們與 PIF（沙烏地主權基金）以及 GIC（新加坡主權基金）合作的收費公路 SMA。這些 SMA 的費率更接近 1 和 10，也就是 1% 管理費與 10% 績效費。這就是原因，就這樣。

As we raise these SMAs during 2026, and we are not raising a flagship fund, you see some of this margin movements or lower movements that you just mentioned for private equity and infrastructure. Private equity, we did raise an SMA. We did sign, not yet closed, a large healthcare deal in Colombia and in Chile. You probably, you probably know, recall that UnitedHealthcare owns three large assets in the region in South America, one in Brazil, Amil, that it sold last year.

隨著我們在 2026 年募集這些 SMA，而我們又不募集旗艦基金，你就會看到你剛提到的私募股權與基礎設施出現一些利潤率變動或下移。私募股權方面，我們確實募集了一個 SMA。我們也簽署了——尚未完成交割——一筆在哥倫比亞與智利的大型醫療保健交易。你可能知道、也可能記得，UnitedHealthcare 在南美地區擁有三項大型資產，其中一項在巴西的 Amil，已在去年出售。

And then, UnitedHealthcare, which is facing now their issues of their own, decided to sell the Colombian asset and the Chilean asset. We did actually raise an SMA of over $500 million there with now 200 is already there in our first quarter. We will have another 200 to come in the second quarter for private equity to buy these two assets in Colombia and in Chile.

接著，UnitedHealthcare——目前也面臨他們自身的問題——決定出售哥倫比亞資產與智利資產。我們確實為此募集了一個超過 5 億美元的 SMA，其中目前已有 2 億美元在第一季到位。我們第二季還會再有 2 億美元進來，供私募股權用於收購哥倫比亞與智利的這兩項資產。

Again, now raising an SMA for private equity is 1 in 10, is not 1.75 and 20. Actually it's 1 in 15 in this case of private equity. During the year, you're gonna see this, the years that we are not raising flagship funds, but no fee pressure.

再說一次，現在為私募股權募集 SMA 的費率是 1 和 10，不是 1.75 和 20。其實在這個私募股權案例中是 1 和 15。全年你會看到這種情況：在我們不募集旗艦基金的年份會如此，但沒有費率壓力。

Needless to say, you know, some of the investors that do put money in the fund, in the main fund and are paying 1.75 and 20 in the case of private equity at 1.5%, 1.6% management fees and 15 in the case of infrastructure, they do require that we do give them opportunities to co-invest, where in the co-investment vehicles, they pay a fee of 1 in 10. It's a way of giving them a discount, Guilherme, right? It's not in the main fund because it would spoil the whole economics that other investors are now getting into the fund. They want most favored nations clause, whatever.

不用說，有些投資人把錢投進基金、投進主基金，在私募股權的情況下支付 1.75 和 20；在基礎設施的情況下支付 1.5%、1.6% 的管理費以及 15 的績效費——他們也會要求我們提供共同投資（co-invest）的機會，而在共同投資載體中，他們支付 1 和 10 的費率。這是一種給他們折扣的方式，Guilherme，對吧？不是在主基金裡降費，因為那會破壞其他投資人現在進入基金所獲得的整體經濟性；他們會要求最惠國條款（most favored nations clause）之類的安排。

We don't reduce the funds that the fees for the main flagship funds. We do give them the opportunities to co-invest. In the co-investment vehicles, we have this lower fee combination. Which is now the way that the industry operates. It's not a 2025 or 2026 phenomenon. For the last 20 years, we've been doing this, and it's the same, the same mechanics.

我們不會降低主要旗艦基金所收取的費用。我們確實會給他們共同投資的機會。在共同投資載體中，我們採用較低費率的組合。這就是目前業界的運作方式。這不是 2025 或 2026 才出現的現象。過去 20 年我們一直這麼做，機制相同、運作方式也相同。

A very large investor gets into the fund, pays full fees, but then asks to co-invest and pay a lower fee in the co-investment vehicle. That is a 20-year phenomenon. It's not a 2025, 2026 phenomenon. We're not getting any fee pressure going back to the beginning of my answer here. Hope I answered your question.

一位非常大型的投資人進入基金、支付全額費用，但接著要求共同投資，並在共同投資載體中支付較低費用。這是 20 年來的現象，不是 2025、2026 的現象。回到我一開始回答的重點，我們沒有承受任何費用壓力。希望我回答了你的問題。

Nicholas Vaysselier, BNP Paribas.

Nicholas Vaysselier，法國巴黎銀行（BNP Paribas）。

Hope you can hear me. I have two questions on my side. The first one would be a bit of a follow-up on the previous one. But I was wondering on the co-invest in infrastructure and private equity, do you manage to charge anything at all in terms of fees, or is it purely at zero? And I do understand that it's necessary for doing the business in that industry, but just wondering if there's any revenue impact?

希望你聽得到。我這邊有兩個問題。第一個算是對前一題的延伸。我想請教在基礎建設與私募股權的共同投資上，你們是否仍能收取任何形式的費用，還是完全為零？我理解在那個產業做生意這是必要的，但想確認是否會對營收造成影響？

And second question, your last acquisition this year in mid-market secondaries, developed mid-market secondaries. I was wondering if any other deal you might be doing in the near future would still be looking at developed market capacities. I know you've been talking about the US quite a bit on recent calls. So I was wondering if this is going to be something you're going to focus on more in the near future?

第二個問題是，你們今年在中型市場次級市場（mid-market secondaries）完成了最新一筆收購、也就是已開發市場的中型市場次級業務。我想請教，近期若還有其他交易，是否仍會著眼於已開發市場的能力布局？我知道你們在最近幾次電話會議中談了不少美國，所以想了解這是否會成為你們短期內更聚焦的方向？

Nicholas, thank you very much for your question, and thanks for participating on. We do charge fees on the co-investment vehicles. How does that work? I don't wanna, you know, bog you guys into much detail, but very big institutional investors, normally, they require that the first dollar that they invest that matches the dollar that they put in the fund is no fee, no carry.

Nicholas，非常感謝你的提問，也謝謝你參與。我們在共同投資載體上確實會收取費用。怎麼運作呢？我不想讓各位陷入太多細節，但通常非常大型的機構投資人會要求：他們投入的第一筆、與其在基金中投入金額相匹配的共同投資部分，免管理費、免績效分成（carry）。

Let me give you an example. If a very large investor decides to invest $300 million in one of our flagship funds, they require that the first $300 million of co-investments do not pay any fee and carry, the management fees and carry. In the end, it's a 50% discount. Of course, it's their option to do the co-investment.

我舉個例子：如果一位非常大型的投資人決定在我們某一檔旗艦基金投資 3 億美元，他們會要求前 3 億美元的共同投資不支付任何管理費與績效分成。最後等同於 50% 的折扣。當然，共同投資是他們可選擇是否參與的。

After that, Nicolas, we charge the 1 in 10 that I mentioned when I was answering Guilherme's question. 1 to 1, yes, for the large guys, no fee, no carry. After 1 to 1, we do charge, normally we charge 1 in 10. If it's an investor that is not an investor in the fund, he already goes into the 1 in 10. Okay? In the case of infrastructure.

在那之後，Nicolas，我們會收取我在回答 Guilherme 問題時提到的「1 和 10」。1 對 1 的部分，對大型投資人而言是免費、免 carry。超過 1 對 1 之後，我們會收費，通常是收 1 和 10。若是本來就不是基金投資人的投資人，他一開始就適用 1 和 10。好嗎？以基礎建設而言。

In the case of private equity is 1 in 15. They pay a higher performance fee for the SMEs, for, you know, private equity. In private equity, it works the same. The first dollar for dollar, no fee, no carry. After that, they pay fee and carry. I'm generalizing, of course, there's no, if we go into the, you know, detail of some of the relationships, there might be a little twist here or there. In general terms, I think this is, I think gives you a good view of how it works.

以私募股權而言是 1 和 15。他們在中小企業（SMEs）這類私募股權上支付較高的績效費。在私募股權中，運作方式相同：第一筆按美元對美元（dollar for dollar）免管理費、免 carry；之後就支付管理費與 carry。我是在概括說明，當然，如果深入到某些關係的細節，可能會有一些小變化。但就一般而言，我想這能讓你清楚了解其運作方式。

Again, it's not a Patria thing, it's not just for Patria, it's an industry thing. It's an industry kind of phenomenon, an industry characteristics of our industry, the one to one, and over one to one people do pay fees for co-investments. Okay? On the USA and the WP acquisition. The WP acquisition was -- let me start with a short answer. No, we do not intend to expand in the US in a big way.

再次強調，這不是 Patria 特有的，也不只是 Patria；這是整個產業的現象，是我們這個產業的特性：1 對 1 免費，超過 1 對 1 的共同投資會支付費用。好嗎？至於美國與 WP 收購案。WP 收購案——我先給一個簡短答案：不，我們不打算大規模擴張美國市場。

Let me give you then some more detail. The WP acquisition was targeted to enhance our capabilities through the GPMS team. The GPMS does, as you know, private equity primaries, secondaries, and co-invest, and is mainly in Europe. Two-thirds of our portfolio is a, you know, European focused portfolio.

我再補充一些細節。WP 收購案的目的，是透過 GPMS 團隊強化我們的能力。你也知道，GPMS 涵蓋私募股權的初級（primaries）、次級（secondaries）以及共同投資（co-invest），且主要在歐洲。我們投資組合中有三分之二是以歐洲為重點的組合。

Our investors that ask us to have more of a global approach to, you know, private equity primaries, secondaries, and co-invest mid-market focus. That means, you know, having a larger US presence and competence. The WP acquisition comes to fulfill and enhance and strengthen the part of the strategy of our GPMS business.

我們的投資人希望我們在私募股權初級、次級與共同投資的中型市場策略上，採取更全球化的布局。這意味著需要更大的美國在地據點與專業能力。WP 收購案正是用來滿足、並提升與強化我們 GPMS 業務策略中的這一部分。

So besides that, which is, you know, enhancing something that we have already purchased in Europe, which is a GPMS business from abrdn, we don't see any other short-term opportunities to get into the US Our focus is to, you know, LatAm and, you know, we're not really in big time in Mexico. We're growing in Colombia, as you know. UK is a main focus. UK is the second-largest alternative asset market in the world. I think the second technically is China, so US, China, and the UK

因此，除了這件事——也就是強化我們已在歐洲收購的業務（我們從 abrdn 收購的 GPMS 業務）之外，我們短期內看不到其他進入美國的機會。我們的重點在拉丁美洲（LatAm），而且我們在墨西哥其實並沒有大規模布局；如你所知，我們正在哥倫比亞成長。英國是主要重點。英國是全球第二大的另類資產市場。我想技術上第二大是中國，所以是美國、中國、英國。

For us, UK is, as it's harder for us to approach the Chinese market. The UK for us is the second-largest alternative market in the world. Very fragmented, contrary to the American market, which is, you know, went through a consolidation.

對我們而言，由於較難切入中國市場，英國就是全球第二大的另類資產市場。英國市場非常分散，與已經歷整併的美國市場相反。

We actually can see ourselves through organic growth and acquisitions becoming one of the top three to five alternative managers in the UK and therefore in Europe, in credit, in GPMS, in real estate, in these asset classes. Our focus is to continue expanding where we already are in the UK or Europe, continental Europe, LatAm, but not in the US besides the GPMS that I just mentioned. I hope I answered your question, Nicholas.

我們確實可以想像，透過有機成長與併購，我們能成為英國前三到前五大的另類資產管理人，進而在歐洲也名列前茅，涵蓋信貸、GPMS、不動產等資產類別。我們的重點是持續在我們已經布局的英國或歐洲（歐陸）、拉丁美洲擴張；除了我剛提到的 GPMS 之外，不會在美國擴張。希望我回答了你的問題，Nicholas。

I am showing no further questions at this time. This concludes our Q&A, and I would like to turn it back to Alex Saigh for closing remarks.

目前我這邊沒有看到其他提問。問答環節到此結束，我想把時間交回給 Alex Saigh 做結語。

Well, thank you very much for your participation. Again, I think a great quarter for us. A strong performance, starting with performance of our funds, then, you know, rippling down to fundraising, great fundraising of $2.1 billion for the quarter. We know there's an upside there on our $7 billion guidance, and even, I think, beating the $7.7 billion record fundraising that we had in 2025.

非常感謝各位的參與。再次強調，這對我們而言是非常出色的一季。表現強勁，從基金績效開始，接著帶動募資；本季募資達 21 億美元，表現非常好。我們知道相較於我們 70 億美元的指引仍有上行空間，甚至我認為有機會超越我們在 2025 年創下的 77 億美元募資紀錄。

You know, very strong FRE growth for us, confirming the $225 million to $245 million FRE for 2026. And a 58% to 60% FRE margin. We also, you know, would like to thank you for your participation. Hope to see you in person soon, and have a very, very good day. Thank you.

我們的 FRE 成長也非常強勁，確認 2026 年 FRE 將達 2.25 億至 2.45 億美元，且 FRE 利潤率為 58% 至 60%。我們也想再次感謝各位的參與。希望很快能與各位面對面見面，祝各位有美好的一天。謝謝。

Thank you all for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的會議。節目到此結束。各位現在可以斷線。