P10 Inc (PX) 2025 Q3 法說會逐字稿

(audio in progress) and Chief Executive Officer; and Amanda Coussens, EVP and Chief Financial Officer. Sarita Jairath, EVP and Global Head of Client Solutions; and Arjay Jensen, EVP, Head of Strategy and M&A, are also in the room with us today. Before we begin, I'd like to remind everyone that this conference call as well as the presentation slides may constitute forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current plans, estimates, and expectations, and are inherently uncertain.

（音訊正在播放）執行長；以及執行副總裁兼財務長 Amanda Coussens。客戶解決方案執行副總裁兼全球主管 Sarita Jairath 和策略與併購執行副總裁兼主管 Arjay Jensen 今天也和我們一起在房間裡。在開始之前，我想提醒大家，本次電話會議以及簡報可能構成聯邦證券法（包括 1995 年《私人證券訴訟改革法案》）意義上的前瞻性陳述。前瞻性陳述反映了管理層目前的計劃、估計和預期，但這些陳述本身俱有不確定性。

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.

由於存在許多風險和不確定性，未來期間的實際結果可能與前瞻性聲明中明示或暗示的結果存在重大差異，這些風險和不確定性在我們的盈利報告和不時向美國證券交易委員會提交的定期報告中均有更詳細的描述。本文所包含的前瞻性陳述僅代表截至本文發布之日的資訊。除法律另有規定外，我們不承擔因新資訊或未來事件而更新或修改任何前瞻性陳述的義務。在電話會議中，我們還將討論一些我們認為有助於評估公司績效的非GAAP指標。這些指標與最直接可比較的 GAAP 指標的調節表可在我們的獲利報告和提交給美國證券交易委員會的文件中查閱。

I will now turn the call over to Luke.

現在我將把通話交給盧克。

Thank you, Mark. Good morning, everyone, and thank you for joining our third quarter 2025 earnings call. Our third quarter demonstrates the strength of our diversified platform and the attractive fundamentals of the market segments that are core to our differentiated investment strategies, namely the middle and lower-middle markets.

謝謝你，馬克。各位早安，感謝各位參加我們2025年第三季財報電話會議。第三季業績表明，我們多元化平台實力雄厚，並且我們差異化投資策略的核心市場板塊（即中低端市場）基本面良好。

Before discussing our quarterly financial results, I want to share a few observations around recent headlines regarding private credit and concerns some have raised about the credit market in general. As it relates to P10, private credit represents less than 20% of our fee-paying AUM today.

在討論我們的季度財務業績之前，我想分享一些關於近期有關私人信貸的新聞頭條以及一些人對整個信貸市場提出的擔憂的看法。就 P10 而言，目前私人信貸占我們收費資產管理規模的不到 20%。

We view this as an asset class with a meaningful opportunity set where disciplined managers can consistently deliver strong, stable performance, and attractive risk-adjusted returns. We have stated on previous calls that private credit is an area we would like to further expand.

我們認為這是一個具有重要投資機會的資產類別，紀律嚴明的基金經理人可以持續帶來強勁、穩定的績效和具吸引力的風險調整後收益。我們在先前的電話會議中已經說過，私人信貸是我們希望進一步擴展的領域。

Having said that, in our existing private credit franchise, we continue to see a strong and robust opportunity set in the middle and lower-middle markets, and we are not seeing deterioration in our credit portfolios. Our underlying business remains incredibly strong. We have a time-tested and rigorous underwriting process, and our investment returns reflect this approach.

儘管如此，在我們現有的私人信貸業務中，我們仍然看到中低端市場存在著強勁而穩健的機會，而且我們的信貸組合也沒有惡化的跡象。我們的基礎業務依然非常強勁。我們擁有久經考驗且嚴格的核保流程，我們的投資回報也反映了這種方法。

Now, on to our third quarter results. We raised and deployed $915 million in organic gross new fee-paying assets under management. Investors may recall that we previously mentioned that in the second quarter, we pulled forward approximately $300 million in fundraising from the third quarter.

接下來，我們來看看第三季業績。我們募集並部署了 9.15 億美元的有機新增付費資產管理規模。投資者可能還記得，我們​​之前提到過，在第二季度，我們提前籌集了大約 3 億美元的資金，這些資金原本計劃在第三季度籌集。

Were it not for these accelerated capital commitments, we would have delivered a third consecutive $1 billion gross fundraising quarter. The fundraising and deployment environment continues to be resilient with compelling opportunities across our diverse franchise.

如果不是因為這些加速的資本承諾，我們本來可以連續第三個季度實現 10 億美元的總募資。籌款和資金投入環境依然保持韌性，我們多元化的業務領域蘊藏著許多極具吸引力的機會。

Our expanding business continues to benefit from secular tailwinds in private markets, supporting global demand for difficult-to-access investment opportunities. We believe the market is moving in our direction as clients seek better returns and more exposure to the middle and lower-middle markets.

我們不斷擴張的業務持續受益於私募市場的長期利好因素，從而支撐了全球對難以獲得的投資機會的需求。我們相信，隨著客戶尋求更高的回報和更多投資中低端市場的機會，市場正朝著我們預期的方向發展。

Our distinct business model is a strong foundation upon which to fuel our organic and inorganic growth aspirations. We ended the third quarter with $29.1 billion of total fee-paying assets under management, an increase of 17% year over year.

我們獨特的商業模式為我們實現有機和無機成長目標奠定了堅實的基礎。第三季末，我們管理的收費資產總額為 291 億美元，較去年同期成長 17%。

The momentum in our business is especially noteworthy when comparing fundraising and deployment in the first three quarters of 2025 to the same period in 2024. In the first three quarters of 2025, we raised and deployed $4.3 billion of organic fee-paying assets under management, an increase of 48% when compared to the capital raised in the same period of 2024.

與 2024 年同期相比，2025 年前三個季度的籌款和資金部署尤其值得關注。2025 年前三個季度，我們籌集並部署了 43 億美元的有機收費資產管理規模，與 2024 年同期籌集的資金相比增長了 48%。

Other KPIs demonstrate progress over the same nine-month period. Our fee-related revenue, or FRR, has grown 5% year-to-date. And additionally, our FRR is up 11% year-to-date when excluding direct and secondary catch-up fees. We've exceeded our annual organic gross fundraising guidance of $4 billion for 2025.

其他關鍵績效指標也顯示在同一九個月期間取得了進展。今年迄今為止，我們的手續費收入（FRR）成長了 5%。此外，若不計入直接和二次追趕費用，我們的 FRR 今年迄今已上漲 11%。我們已超額完成了2025年40億美元的年度有機總募款目標。

Consequently, we are raising our full year 2025 organic gross fundraising target and expect to finish the year closer to $5 billion. And we are well on our way to achieving the long-term guidance we provided at our Investor Day in September of 2024.

因此，我們提高了 2025 年全年有機總募款目標，預計年底募款金額將接近 50 億美元。我們正朝著實現我們在 2024 年 9 月投資者日上提出的長期目標穩步前進。

All of the materials from our Investor Day are prominently featured on our Investor Relations website, and we invite you to review those materials to get a better sense of how we are thinking about the opportunities in 2026 and beyond.

我們投資者日的所有資料都已在我們的投資者關係網站上顯著展示，我們邀請您查閱這些資料，以便更好地了解我們對 2026 年及以後機遇的看法。

In the third quarter, we had a number of noteworthy accomplishments that support the ongoing momentum in our business. During the quarter, we had 17 commingled funds in the market. RCP's Secondary Fund V closed at $1.26 billion, exceeding our target of $1 billion. We've seen strong demand for our secondaries products, and this fund was no exception.

第三季度，我們取得了一系列值得關注的成就，這些成就支撐了我們業務的持續發展勢頭。本季度，我們在市場上投放了 17 檔混合基金。RCP 的第五期二級基金最終募集規模為 12.6 億美元，超過了我們 10 億美元的目標。我們看到市場對二級市場產品的需求強勁，這檔基金也不例外。

We closed Secondary Fund V in 13 months. The predecessor, Secondary Fund IV was $797 million and took 25 months to close. The takeaway is that our commingled fund business continues to thrive and has achieved significant momentum. In addition, we launched four funds in the quarter, Bonaccord Fund III, RCP Small and Emerging Manager Fund IV, RCP Multi-Strat III, and Qualitas Funds US I.

我們花了 13 個月的時間完成了第五期二級基金的募集。前身 Secondary Fund IV 規模為 7.97 億美元，耗時 25 個月才完成。由此可見，我們的混合基金業務持續蓬勃發展，並取得了顯著的成長動能。此外，我們本季推出了四支基金，分別是 Bonaccord Fund III、RCP Small and Emerging Manager Fund IV、RCP Multi-Strat III 和 Qualitas Funds US I。

We continue to see LPs expanding their allocations across P10's franchise. We recently saw several wealth managers who were invested across our private credit and venture capital strategies commit to RCP's latest secondaries fund for the first time.

我們持續看到有限合夥人（LP）擴大其在 P10 旗下各品牌的配售規模。我們最近看到幾家投資於我們私募信貸和創投策略的財富管理公司首次承諾投資 RCP 最新的二級市場基金。

Additionally, a large multifamily office that has invested in TrueBridge expanded its venture capital allocation by investing in WTI. Finally, in August, we announced a dual listing on NYSE Texas. Being recognized as a founding member of NYSE Texas provides us with a larger platform upon which to engage with the investment community. The NYSE continues to be an important partner, and we are excited to expand our relationship.

此外，投資了 TrueBridge 的一家大型家族辦公室擴大了其風險投資配置，投資了 WTI。最後，在 8 月份，我們宣佈在紐約證券交易所德州分行進行雙重上市。被公認為紐約證券交易所德州分會的創始成員，為我們提供了一個更大的平台，讓我們能夠與投資界進行交流。紐約證券交易所一直是重要的合作夥伴，我們很高興能夠擴大雙方的合作關係。

Given our continued fundraising momentum, we want shareholders to understand the factors driving our long-term growth. First, we provide access to a specialized part of the market in the middle and lower-middle markets. This part of the market is difficult to navigate without a trusted partner.

鑑於我們持續的融資勢頭，我們希望股東們了解推動我們長期成長的因素。首先，我們為中低端市場的特定細分市場提供進入機會。如果沒有值得信賴的合作夥伴，很難在這個市場領域中立足。

We offered a deep dive on the middle and lower-middle market opportunity in our second quarter earnings deck that demonstrates, through data, the structural advantages of our market focus compared to the larger, more crowded segments.

我們在第二季財報中深入探討了中低階市場機遇，並透過數據證明了我們專注於中低端市場相比於規模更大、競爭更激烈的細分市場所具有的結構性優勢。

Second, our firm is comprised of renowned investment franchises that have delivered durable alpha over decades through good and bad market environments and economic cycles. Returns continue to be strong as indicated in the slides in our earnings deck.

其次，我們公司由著名的投資機構組成，這些機構在幾十年來無論市場環境好壞和經濟週期如何，都取得了持久的超額收益。正如我們在獲利簡報中所展示的那樣，收益依然強勁。

Franchise diversity means we can compete for global mandates and win business in a variety of structures. We expect to drive more non-commingled opportunities over time. Third, we have a large growing LP base with a distinct selection of products and structures.

特許經營多元化意味著我們可以參與全球業務的競爭，並在各種不同的組織結構中贏得業務。我們預計隨著時間的推移，將推動更多非混合型機會。第三，我們擁有龐大且不斷成長的LP客戶群，提供獨特的產品和結構選擇。

We expect to have 19 funds in the market for the remainder of 2025. We are also continuing to engage with larger pools of global capital that want customized solutions.

我們預計到 2025 年剩餘時間裡，市場上將有 19 檔基金。我們也持續與希望獲得客製化解決方案的更廣泛的全球資本池進行接洽。

Fourth, our M&A pipeline is active, and we continue to evaluate attractive situations. We are active in our conversations and diligence. We're going to remain disciplined and on strategy as we consider adding new strategies to the platform. These core components drive our optimism in the forward of our franchise.

第四，我們的併購專案正在積極推進，我們將繼續評估有吸引力的併購機會。我們積極參與對話，並盡職盡責。我們將繼續保持嚴謹的作風和既定的策略，同時考慮為平台增加新的策略。這些核心要素驅動著我們對公司未來發展的樂觀態度。

Before I hand the call off to Amanda, I want to highlight that our share repurchases in the third quarter slowed as we have pulled forward capacity into the second quarter. During the third quarter, we repurchased approximately 110,000 shares at a weighted average price of $11.34 for a total repurchase of $1.25 million.

在將電話交給阿曼達之前，我想強調一下，由於我們將產能提前到了第二季度，因此我們在第三季度的股票回購速度有所放緩。第三季度，我們以每股 11.34 美元的加權平均價格回購了約 11 萬股股票，回購總額為 125 萬美元。

With that, Amanda will discuss the third quarter financials.

接下來，阿曼達將討論第三季的財務狀況。

Thank you, Luke. At the end of the quarter, fee-paying assets under management were $29.1 billion, a 17% increase on a year-over-year basis. In the third quarter, $915 million of organic fundraising and capital deployment was offset by $673 million in step-downs and expirations.

謝謝你，盧克。截至本季末，收費資產管理規模為 291 億美元，年增 17%。第三季度，9.15億美元的有機融資和資本部署被6.73億美元的減資和到期抵銷。

We expect step-downs and expirations for full year 2025 to be slightly above our initial expectation of 5% to 7%. Increased step-downs were driven primarily by early paydowns in our credit business, demonstrating the quality of our loan portfolios and underwriting.

我們預計 2025 年全年的降級和到期情況將略高於我們最初預期的 5% 至 7%。貸款降級增加主要是由於信貸業務中的提前還款，這表明我們的貸款組合和承銷品質良好。

In addition, a portion of the incremental step-downs consists of recyclable capital from our credit businesses that we expect to redeploy and continue charging fees in future periods. Another component of the increased step-downs and expirations was a large separately managed account that we expected to expire in the first half of 2026, which instead expired during 2025 and was replaced with a larger commitment from the LP following the expiration.

此外，部分增量降級措施包括來自我們信貸業務的可回收資本，我們預計在未來期間將重新部署這些資本並繼續收取費用。導致份額縮減和到期增加的另一個因素是，我們原本預計在 2026 年上半年到期的一個大型獨立管理帳戶，該帳戶實際上在 2025 年到期，並在到期後由有限合夥人 (LP) 的更大承諾所取代。

We continue to expect step-downs and expirations to return to our historical average of 5% to 7% during 2026. FRR in the third quarter was $75.9 million, a 4% increase over the third quarter of 2024 and a 13% increase, excluding direct and secondary catch-up fees. The average core fee rate in the third quarter was 103 basis points due to strength throughout our product offerings.

我們繼續預計，2026 年債券減損和到期比例將恢復到 5% 至 7% 的歷史平均值。第三季 FRR 為 7,590 萬美元，比 2024 年第三季成長 4%，如果不包括直接和二級追趕費用，則成長 13%。由於我們所有產品都表現強勁，第三季平均核心費率為 103 個基點。

We continue to expect the core fee rate this year to average 103 basis points. In the third quarter, we had 17 commingled funds in the market. Our private equity strategies raised and deployed $711 million, our venture capital solution raised and deployed $12 million, and our private credit strategies added $192 million to fee-paying assets under management.

我們仍預期今年的核心費率平均為 103 個基點。第三季度，我們在市場上投放了17檔混合基金。我們的私募股權策略募集並投入了 7.11 億美元，我們的創投解決方案募集並投入了 1,200 萬美元，我們的私募信貸策略為收費資產管理規模增加了 1.92 億美元。

Fundraising in the third quarter was driven by robust demand for secondary products as well as LP demand for multi-strategy and co-investment products. Total catch-up fees in the quarter were $370,000. The timing of fund closings drives catch-up fees. And in the third quarter, they were primarily attributable to our primary funds, which only impact our core fee rate.

第三季的籌資活動主要得益於二級市場產品的強勁需求，以及有限合夥人對多策略和共同投資產品的需求。本季追繳費用總額為 37 萬美元。基金關閉的時間決定了追繳費用的產生。第三季度，這些損失主要歸因於我們的主要基金，而這些基金只會影響我們的核心費率。

With many of our commingled funds early in their fundraising lives during 2025, we expect to see catch-up fees expand in 2026 and 2027. Operating expenses in the third quarter were $65.2 million, remaining flat compared to the third quarter of last year.

2025 年，我們許多混合基金的募款活動仍處於早期階段，我們預計 2026 年和 2027 年追繳費用將會增加。第三季營運支出為 6,520 萬美元，與去年第三季持平。

GAAP net income in the third quarter was $3 million, an increase compared to $1.3 million for the prior year's third quarter. For the third quarter, adjusted net income, or ANI, was $28.6 million, representing a decrease of 7% from the third quarter of 2024.

第三季GAAP淨利為300萬美元，較上年同期的130萬美元成長。第三季調整後淨收入（ANI）為 2,860 萬美元，比 2024 年第三季下降了 7%。

The reduction in ANI is primarily attributable to lower cash interest paid in the third quarter of 2024 compared to the third quarter of 2025, as a result of the debt refinancing in early August 2024, which moved cash interest paid into future quarters as well as additional borrowing costs associated with the recent Qualitas acquisition.

ANI 的減少主要歸因於 2024 年第三季度支付的現金利息低於 2025 年第三季度，這是由於 2024 年 8 月初的債務再融資將現金利息支付轉移到了未來幾個季度，以及最近收購 Qualitas 帶來的額外借貸成本。

For the quarter, fully diluted ANI per share was $0.24 compared to $0.26 in the prior year. FRE was $36 million, an increase of 3% year over year. In addition, our FRE margin was 47% in the third quarter. We continue to exercise cost discipline throughout our business to maintain peer-leading FRE margins in the mid-40s.

本季度，完全稀釋後的每股ANI收益為0.24美元，而去年同期為0.26美元。FRE 為 3,600 萬美元，較去年同期成長 3%。此外，我們第三季的 FRE 利潤率為 47%。我們繼續在整個業務中實行成本控制，以保持領先同業的 FRE 利潤率在 40% 以上。

Our Board of Directors approved a quarterly cash dividend of $0.0375 per share payable on December 19, 2025, to stockholders of record as of the close of business on November 28, 2025. Cash and cash equivalents at the end of the third quarter were approximately $40 million.

我們的董事會批准向截至 2025 年 11 月 28 日營業結束時登記在冊的股東派發每股 0.0375 美元的季度現金股息，支付日期為 2025 年 12 月 19 日。第三季末，現金及現金等價物約 4,000 萬美元。

At the end of the quarter, we had an outstanding total debt balance of $398 million, $325 million on the term loan and $73 million drawn on the revolver. Following the end of the third quarter, we paid $11 million down on the revolver.

截至季末，我們的未償債務總額為 3.98 億美元，其中定期貸款 3.25 億美元，循環信貸提取額為 7,300 萬美元。第三季結束後，我們償還了循環貸款的 1,100 萬美元。

As of today, we have roughly $113 million available on our credit facilities. Our strong balance sheet and ample borrowing capacity position us to execute disciplined M&A with confidence. Our AUM, which is calculated similarly to our peers and is the sum of NAV, drawn and undrawn debt, uncalled capital commitments, and capital commitments made to the platform since the NAV record date.

截至今日，我們的信貸額度約為 1.13 億美元。我們強勁的資產負債表和充足的借貸能力使我們能夠自信地執行穩健的併購活動。我們的資產管理規模 (AUM) 的計算方式與同業類似，是資產淨值、已提取和未提取債務、未催繳資本承諾以及自資產淨值記錄日以來向平台作出的資本承諾的總和。

AUM was $42.5 billion across the platform as of September 30, 2025. We believe AUM shows the breadth and scale of our business as a leading multi-asset class private market solutions provider as we continue to execute on our growth plan.

截至 2025 年 9 月 30 日，該平台的資產管理規模為 425 億美元。我們相信，AUM 體現了我們作為領先的多資產類別私募市場解決方案提供商的業務廣度和規模，我們將繼續執行我們的成長計劃。

Thank you for your time today. I'll now pass the call over to the operator to begin the Q&A session.

感謝您今天抽出時間。現在我將把電話轉交給接線員，開始問答環節。

(Operator Instructions) [Ken Worthington], JPMorgan.

（操作說明）[Ken Worthington]，摩根大通。

This is Alex on for Ken. For the first one, I wanted to double-click on the SMA-driven step down. I understand you mentioned it came earlier in '25 rather than expected in '26, but that was also matched with a larger commitment from the same client. When talking about the commitment, does that already appear in the fee-paying AUM? Or is that capital that needs to be deployed? Or are there other considerations there?

這裡是Alex替Ken報道。對於第一個，我想雙擊 SMA 驅動的降壓開關。我了解到您提到該專案在 2025 年提前完成，而不是預期的 2026 年，但這同時也伴隨著同一客戶更大的投入。談到承諾時，這是否已經體現在付費資產管理規模上？或者說，那是需要部署的資金？或是有其他需要考慮的因素嗎？

Thanks, Alex. It's a good question. That does already appear in the fee-paying AUM. So we had a discussion with the client around the structure of our relationship. They added some -- they added a new mandate as part of an SMA, and that is included in the fee-paying AUM.

謝謝你，亞歷克斯。這是個好問題。這部分已經體現在付費資產管理規模上了。因此，我們與客戶討論了我們合作關係的結構。他們增加了一些——他們增加了一項新的授權，作為 SMA 的一部分，而這部分包含在付費 AUM 中。

And then as part of that, the -- one of the previously existing older mandates stepped down and stepped down just probably six months before we had initially expected it to.

然後，作為其中的一部分，之前存在的較早的授權之一終止了，而且可能比我們最初預期的提前了六個月。

And then for the next question, just about your point being more of a global solutions provider, understand Qualitas is helpful there, potentially win the incremental mandates. First part of that question, you mentioned they're launching a US fund. Just want to understand if that's a fund for US investors in their international products or what the deal is there?

至於下一個問題，關於您所說的全球解決方案提供商，我們理解 Qualitas 在這方面很有幫助，有可能贏得更多訂單。問題的第一部分，你提到他們正在啟動一項美國基金。我只是想了解一下，這是否是針對美國投資者投資其國際產品的基金，或者它的具體運作方式是什麼？

And then looking at channel mix, I'm seeing insurance company contributions to fee-paying AUM going up over the past handful of quarters. I wanted to check if that's just noise or variability, or if there may be a concerted effort that's flowing through the P&L of targeting the opportunity set as well.

然後從通路組合來看，我發現過去幾季保險公司對付費資產管理規模的貢獻增加。我想確認一下這只是噪音或波動，還是說，為了把握這些機會，損益表上也出現了某種協同努力的跡象。

So two great questions. So first, on the Qualitas US Fund, it's actually kind of the opposite of how you described it. So effectively what it is, is a fund that will invest primarily in the US and will be marketed primarily -- virtually exclusively, I would say, to European investors.

兩個很好的問題。首先，關於 Qualitas 美國基金，實際上它的情況與你描述的正好相反。所以實際上，這是一隻主要投資於美國，主要（可以說幾乎完全）面向歐洲投資者銷售的基金。

And I think this is a great example actually of synergies across our platform of being able to do things kind of in a pan-strategy way. And here in particular, this involves Qualitas and RCP. So one of the things that happened -- many things happened, but one of the very positive things that happened when we announced the Qualitas RCP deal, and remember, they had -- sorry, the Qualitas P10 deal, and remember, Qualitas and RCP have been working together for a long time, Qualitas got a lot of inbound from many of their existing LPs saying, gosh, we would love to have equivalent lower-middle market and middle market exposure that you afford us in Europe into the US but it needs to be in a wrapper that works from the perspective of retail and ultra-high net worth investors in Europe.

我認為這其實是一個很好的例子，說明了我們平台內部的協同效應，能夠以某種跨策略的方式做事。這裡尤其涉及到 Qualitas 和 RCP。所以，發生了很多事情，其中​​一件非常積極的事情是，當我們宣布與 Qualitas RCP 達成交易時，請記住，他們之前已經達成了——抱歉，是 Qualitas P10 交易，請記住，Qualitas 和 RCP 已經合作了很長時間。 Qualitas 收到了許多現有有限合夥人的來信，他們說，我們非常希望能夠像你們在歐洲那樣，在美國獲得同等的中低端市場和中端市場投資機會，但這需要以一種能夠從歐洲散戶和超高淨值投資者的角度出發的方式來包裝。

And so getting it wrapped in the right format was incredibly important, but obviously, having the right investment mixology was incredibly important. And so the beauty of this was it's really -- think of it as a joint venture product, though it's marketed as a Qualitas product, where Qualitas is really going to handle the structuring, the wrapping and obviously, primarily the distribution and the investor relations, and RCP is going to handle a lot of the portfolio mixology and the investing into the US, obviously, in close coordination and cooperation with Qualitas. And so it's a great example of the synergies that we talk about.

因此，以正確的形式進行包裝非常重要，但顯然，擁有正確的投資組合也非常重要。因此，它的妙處在於——可以把它看作是一個合資產品，儘管它以 Qualitas 產品的形式進行銷售，Qualitas 實際上將負責結構設計、包裝，當然還有主要的分銷和投資者關係，而 RCP 將負責大量的投資組合組合和對美國的投資，顯然，這將與 Qualitas 密切協調與合作。所以，這正是我們所說的綜效的絕佳例證。

So I'm actually really glad you asked the question. And I think we think there's a lot of other things like this we can do across the platform. But I think this is a great example of a synergy that we found, and I'm sure we'll continue to find many more as we continue to work and grow and execute together.

所以，我很高興你問了這個問題。我認為我們還可以在平台上做很多類似的事情。但我認為這是我們發現的一種協同效應的絕佳例子，我相信隨著我們繼續共同努力、成長和執行，我們將發現更多這樣的協同效應。

The second question you asked was on insurance and the growth of insurance assets. And I would say we are not focused exclusively on insurance, but we are focused generally on expanding, as we've talked about with Sarita and team and others.

你提出的第二個問題是關於保險和保險資產的成長。我想說，我們並非只專注於保險業務，而是專注於整體擴張，正如我們和 Sarita 及其團隊以及其他人討論過的那樣。

We are focused on expanding our footprint and deepening our relationships with large pools of capital and large pools of capital allocators. And clearly, insurance is one of those important pools. I wouldn't say it's exclusive to insurance.

我們專注於擴大業務範圍，並加深與大量資本和大量資本配置者的關係。顯然，保險是這些重要資金池之一。我不會說這種情況只發生在保險業。

It includes pensions. It includes sovereign wealth funds and it includes large endowments and foundations. It will include retail platforms and other retail aggregators. But certainly, insurance is a big part of that. And we have some funds in the market, I would say, that I think are particularly useful and appealing to insurance companies as they think about things like their return profile and kind of their broader capital allocation and obviously, doing things that are capital friendly from an NAIC perspective.

其中包括退休金。它包括主權財富基金，也包括大型捐贈基金和基金會。它將包括零售平台和其他零售聚合商。但保險無疑是其中重要的一部分。我認為，我們在市場上有一些基金，對於保險公司來說，這些基金特別有用且有吸引力，因為他們會考慮諸如回報狀況和更廣泛的資本配置等問題，而且顯然，從美國保險監管協會 (NAIC) 的角度來看，這些基金也符合資本友好型原則。

And so I think we've been very lucky and very fortunate as part of this broader push to engage with larger pools of capital to have seen some real success and traction in the insurance channel. We don't think it will be unique and exclusive to the insurance channel, but it's certainly a focus of ours, Alex.

因此，我認為我們非常幸運，也很有幸，作為與更大資本池進行更廣泛接觸的舉措的一部分，我們在保險管道取得了一些真正的成功和進展。我們認為這不會是保險管道獨有的，但這無疑是我們關注的重點，Alex。

And great to see the cross-sell with Qualitas.

很高興看到與 Qualitas 的交叉銷售。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

I appreciate the commentary on the credit trends. I was hoping you could maybe elaborate a little bit on the steps you guys are taking to support accelerated growth across your credit platform, how you envision that contributing over the next couple of years? Which parts of the market do you view as most interesting for P10? And when you look at the capability set in the platform today, where is there scope to lean in via inorganic initiatives versus more organic builds?

我感謝您對信用趨勢的評論。我希望您能詳細說明貴公司為支持信貸平台加速成長而採取的措施，以及您預計這些措施在未來幾年將如何發揮作用？您認為P10最感興趣的市場領域是哪些？縱觀當前平台的功能集，哪些方面可以透過非有機措施來加強，哪些方面可以透過有機增長來實現？

Yes. These are all great questions. Thank you, Michael. Great questions, things we think about every day. So I'll take three parts of it.

是的。這些都是很好的問題。謝謝你，麥可。很好的問題，也是我們每天都在思考的問題。所以我取其中的三部分。

The first is just to underscore our relentless disciplined focus on making sure that we're always doing quality underwriting. And I will tell you, this is not some debt bed conversion we had in the last quarter because of the noise in the broader markets.

首先，我要強調我們始終堅持嚴謹的紀律，確保我們始終進行高品質的核保工作。我可以告訴你們，這並非是上個季度因大盤波動而導致的債務重組。

This is something that we've done in a disciplined and diligent fashion since the very genesis of these platforms. And obviously, we have had -- you look at the returns, we've seen great returns across the cycles, and that's because we really focus on risk-adjusted return. We do a lot of internal work.

自從這些平台誕生之初，我們就一直以嚴謹認真的態度來做這件事。顯然，我們取得了——你看收益，我們在各個週期都獲得了豐厚的回報，這是因為我們真正專注於風險調整後的收益。我們做了很多內部工作。

We also engage with third parties who assist us in evaluating and marking the portfolio. We consistently go back and re-underwrite. If there are loans that are not even necessarily problematic, but not performing to our expectation or our underwriting case, we are engaged for quarters, if not years, on sort of engaging with the underlying portfolio company and making sure that they're doing all the right things to enhance that credit quality.

我們也會與第三方合作，協助我們評估和評分作品集。我們會不斷地重新核保。如果有些貸款本身不一定有問題，但其表現不符合我們的預期或承銷標準，我們會花上幾個季度甚至幾年的時間與相關投資組合公司溝通，確保他們採取一切正確的措施來提高信貸品質。

And so we feel really, really good about our robust disciplined underwriting process. This is not something that we've come to recently. This is something we've been engaged with since the very start of the platform.

因此，我們對我們穩健嚴謹的核保流程感到非常非常滿意。這不是我們最近才形成的觀念。這是我們自平台創立之初就一直在關注的事情。

I would then say, as it relates to our existing platform, we certainly see opportunities in many cases to grow the platform. And so I'll just give you kind of a few examples of things that we're really excited about. We continue to grow and expand our NAV lending franchise. That's through our Hark subsidiary.

那麼，就我們現有的平台而言，我們當然在許多情況下看到了發展平台的機會。所以，我舉幾個例子來說明我們真正感到興奮的事。我們持續發展壯大，不斷拓展我們的淨資產價值貸款業務。這是透過我們的 Hark 子公司實現的。

We've seen a lot of traction in that space. We obviously have a great, by the way, underwriting history in that space. But we've seen a lot of traction, a lot of uptake. It's clearly becoming a more broadly accepted and mainstream product.

我們已經看到該領域取得了巨大的進展。順便一提，我們在這個領域有著非常出色的承保歷史。但我們已經看到了很大的反響，很多人接受了這種產品。它顯然正在成為一種更廣泛接受的主流產品。

We're out marketing our next vintage of the core Hark product. And we just see a lot of engagement generally across NAV lending and what I would call NAV lending adjacent kind of strategies that I think are becoming just a more embedded part of the fund finance ecosystem these days. And so I think we have a lot of optimism around how that strategy plays out.

我們正在積極推廣下一代核心產品 Hark。我們看到，淨值貸款以及我稱之為淨值貸款相關策略的各種參與度普遍很高，我認為這些策略如今正逐漸成為基金融資生態系統中更加根深蒂固的一部分。因此，我認為我們對這項戰略的實施效果非常樂觀。

We also mentioned in Enhanced, which is our impact credit strategy, we're out with an evergreen product. And we see a lot of interest and sort of engagement around that. And I think we're really, really excited for what that looks like.

我們在「增強型」（即我們的影響力信貸策略）中也提到過，我們推出了一款常青產品。我們看到大家對此非常感興趣，也積極參與其中。我認為我們真的非常非常期待它最終會是什麼樣子。

And then obviously, we have our WTI venture debt strategy that continues, I think, to deliver really attractive risk-adjusted returns in certain investor types, particularly those who are engaged in the venture ecosystem, but maybe want some structural protections really like that venture debt solution.

顯然，我們還有 WTI 風險債務策略，我認為該策略繼續為某些類型的投資者帶來極具吸引力的風險調整後收益，特別是那些參與風險投資生態系統但可能想要一些結構性保護的投資者，就像這種風險債務解決方案一樣。

And then finally, obviously, within our Five Points franchise, we do a lot of SBIC lending, and that certainly has appealed to banks and others who are seeking CRA credit as part of their underwriting and investing mandate.

最後，很顯然，在我們的 Five Points 特許經營體系內，我們開展了大量的 SBIC 貸款業務，這無疑吸引了銀行和其他機構，他們正在尋求 CRA 信貸作為其承銷和投資任務的一部分。

I would say more generally, and we've talked about this, we think there are ample opportunities within private credit. We've talked about areas like being much broader in direct lending. We've talked about areas like being much broader in asset-based lending.

更廣泛地說，我們也討論過這個問題，我們認為私募信貸領域有很多機會。我們討論過一些領域，例如大幅擴大直接貸款的範圍。我們討論過諸如擴大資產抵押貸款範圍等領域的問題。

Clearly, there are other places like distressed and opportunistic credit. One of the real benefits that we think we have in our platform, particularly if you took something like direct lending, and this kind of goes back to that discussion we just had around Qualitas and RCP, what are some of the potential synergies across our platform.

顯然，還有其他途徑，例如不良資產信貸和投機性信貸。我們認為我們的平台擁有的真正優勢之一，特別是像直接貸款這樣的業務，這又回到了我們剛才討論的關於 Qualitas 和 RCP 的問題，即我們的平台有哪些潛在的協同效應。

One of the real powerful things in our ecosystem is our relationships with many of the middle market sponsors through RCP in the US, through Qualitas in Europe. We're generally one of the top LPs in some of the best world-beating middle and lower-middle market financial sponsors.

我們生態系統中真正強大的因素之一是我們透過美國的 RCP 和歐洲的 Qualitas 與許多中階市場贊助商建立的關係。我們通常是世界一流的中低階市場金融機構中頂尖的有限合夥人之一。

And as those sponsors do deals, and particularly as they do buyouts and those buyouts generate credit opportunities, we think we would have a really unique and differentiated sourcing engine as it relates to those.

隨著這些贊助商進行交易，特別是進行收購，而這些收購會產生信貸機會，我們認為我們將擁有一個真正獨特且差異化的資源獲取引擎，與這些信貸機會相關。

Obviously, sourcing is both a challenge and an opportunity for many direct lenders. We really have the organic built-in sourcing engine already. And so if we could kind of marry that with the right team that had the right kind of underwriting, risk assessment, disposition, we think that, just as an example, could be a really compelling place to grow the platform.

顯然，對於許多直接貸款機構來說，尋找資金來源既是挑戰也是機會。我們其實已經擁有天然的、內建的採購引擎了。因此，如果我們能將它與擁有合適的承保、風險評估和處置能力的合適團隊結合起來，我們認為，舉個例子來說，這可能是一個發展平台的非常有吸引力的地方。

And then just as a follow-up question, if I could, more bigger picture. When you look at the mid- and lower mid-market focused managers that you're investing capital with, what challenges do you see those GPs facing, whether it's larger GPs just garnering more share of flows or tougher exit route through IPOs for smaller companies or less ability to access private wealth? Just how do you see the sort of broader trends in that part of the market for those GPs? And how do you see the opportunity for P10 to lean in and provide a broader set of solutions to help and support these GPs?

最後，如果可以的話，我想問一個更宏觀的問題。當你檢視那些專注於中低階市場的基金經理人時，你認為這些普通合夥人面臨哪些挑戰？是規模較大的普通合夥人獲得了更多的資金流入份額，還是規模較小的公司透過首次公開發行（IPO）退出的途徑更加艱難，又或是獲取私人財富的能力較弱？您如何看待全科醫生市場這一細分領域的大趨勢？您認為 P10 如何更深入地參與其中，提供更廣泛的解決方案來幫助和支持這些全科醫生？

Look, great, great, great question. And we think about this in so many ways, right? But the first is -- look, this is part of the broader -- this part of the market, the lower-middle market is part of the broader private asset ecosystem. And I would say no part of the broader asset ecosystem has been immune to the macro trends.

你看，這真是個好問題。我們從很多方面思考這個問題，對吧？但首先——你看，這是更廣泛的——市場的這一部分，中低端市場，是更廣泛的私人資產生態系統的一部分。而且我認為，更廣泛的資產生態系統中的任何部分都未能免受宏觀趨勢的影響。

What we did highlight, and I think, hopefully, you saw the slides in our second quarter earnings release, we would say we think we are in a relatively more protected and sheltered part of the market relative to some of the big trends in the upper part of the market.

我們重點強調了一點，而且我想，希望你們已經看到了我們第二季財報中的幻燈片，我們認為，相對於市場上半部分的一些大趨勢而言，我們目前處於市場中相對更安全、更受保護的領域。

And so for all private equity firms engaged in buyout, whether at the upper part of the market or in the middle part of the market, DPI has been down, low these last few years. But it's been down meaningfully less in the lower-middle market than it's been down in the upper part of the market. And so we think there are some real structural advantages.

因此，對於所有從事收購的私募股權公司而言，無論是在市場的高端還是中端，過去幾年的DPI都處於低點。但中低階市場的跌幅明顯小於高階市場的跌幅。因此，我們認為這確實存在一些結構性優勢。

You also mentioned, by the way, the prospect of some of these exits and the prospect of exit via IPO. We think that's another structural advantage in our part of the market. Most of these companies, the vast lion's share of the companies that are in kind of our GPs portfolios don't end up going public, right?

順便一提，您還提到了其中一些退出方式的前景，以及透過 IPO 退出的前景。我們認為這是我們在市場這一領域擁有的另一個結構性優勢。這些公司中的絕大多數，也就是我們普通合夥人投資組合中的絕大多數公司，最終都不會上市，對吧？

They end up getting sold in some sort of transaction, whether it's a trade sale to a strategic or whether it's a sale to, frankly, one of these larger financial sponsors or one of their larger platforms that they own within their portfolio.

它們最終都會透過某種交易出售，無論是出售給策略投資者，還是出售給，坦白說，出售給這些大型金融贊助商或他們投資組合中擁有的大型平台之一。

And so we think that while certainly a robust and vibrant capital market environment, IPO environment is good for everybody, and I suspect it would be good for us and for our GPs. We're kind of a little less sensitive to it than folks playing at the upper end of the market because they obviously had a much more meaningful part of their exit via IPO. And so we continue to like and value our part of the market.

因此，我們認為，雖然一個強勁而充滿活力的資本市場環境，以及IPO環境對每個人都有好處，而且我懷疑這對我們和我們的普通合夥人來說也是有好處的。我們對此的敏感度可能比那些在高端市場投資的人低一些，因為他們顯然透過IPO退出，獲得了更重要的收益。因此，我們依然喜歡並重視我們所處的市場份額。

Then you're asking what do we do for our GPs. And it's a really great question. And I think one of the advantages that we have in really getting folks to want to engage with us is the franchise, the history, the track record, the imprimatur, frankly, we give because of who we are. And a lot of that is informed by our data insights, right?

那你就會問，我們該如何幫助我們的全科醫生呢？這確實是個很好的問題。我認為，我們真正讓人們想要與我們互動的優勢之一，就是我們的特許經營權、歷史、業績記錄和信譽，坦白說，這些都是因為我們是誰而給予的。而這其中很多都得益於我們的數據洞察，對吧？

And so when we work with our GPs, we can obviously give them through our GPScout, through our data solutions, tremendous insights around everything from macro trends in the market, trends in their space, trends in the geography they play in, and even kind of insights on specific deals, how have similar deals done historically, what are the things to watch out for, what has worked, what has not.

因此，當我們與普通合夥人合作時，我們顯然可以透過我們的 GPScout 和資料解決方案，為他們提供關於市場宏觀趨勢、他們所在領域的趨勢、他們所在地區的趨勢，甚至是關於具體交易的見解，例如類似交易的歷史表現、需要注意的事項、哪些做法有效，哪些無效。

And they often come to us in sort of an anonymized way and say, hey, we're looking at a deal that has XYZ parameters, can you help us think through this, what are the benefits, what are the detriments, what are the risks we ought to consider. And so you're not just getting capital from us. You're getting strategic advice. You're getting real insight.

他們經常以某種匿名的方式來找我們，說：“嘿，我們正在考慮一項有 XYZ 參數的交易，你能幫我們分析一下嗎？有哪些好處，有哪些弊端，有哪些我們應該考慮的風險？”所以你不僅僅是從我們這裡獲得資金。你正在獲得戰略建議。你獲得了真知灼見。

And then I think one of the other advantages is given the RCP platform, given the kind of brand and stature that RCP has in the marketplace, and I think very similar with Qualitas in Europe, when somebody -- when other LPs or prospective LPs see an RCP, see a Qualitas in the cap stack, they know that these are high-quality managers, that these are folks that have demonstrated good performance metrics, and that these are people who have been diligenced by kind of the best in the business, so to speak, and we're really proud of that.

我認為另一個優勢在於RCP平台，以及RCP在市場上的品牌和地位，這與歐洲的Qualitas非常相似。當其他有限合夥人或潛在有限合夥人在股權結構中看到RCP或Qualitas時，他們就知道這些都是高品質的管理人，這些管理人已經展現出良好的業績指標，並且經過了業內頂尖人士的盡職調查，我們為此感到非常自豪。

And so those are kind of some of the things I think we're super helpful with in that part of the business. I would also just highlight, and just to knit one other thought together, I think we're building as well a broader ecosystem of capital solutions for GPs.

所以，我認為我們在業務的這一部分非常擅長的就是這些方面。我還要強調一點，並把另一個想法串聯起來，我認為我們也在為普通合夥人建立一個更廣泛的資本解決方案生態系統。

And so for instance, if you're a GP and you want to raise capital for one of your flagship funds, obviously, we can do that. We do that through RCP. We do that through Qualitas. And you can engage with us in that way, and we're very happy to, and we can provide all that information and insight that I talked about.

例如，如果您是一位普通合夥人，想要為您的旗艦基金之一籌集資金，顯然，我們可以做到這一點。我們透過RCP來實現這一點。我們透過 Qualitas 來實現這一點。您可以以這種方式與我們互動，我們非常樂意這樣做，並且我們可以提供我剛才提到的所有資訊和見解。

If you then -- if that fund is now out of its investment period and there's a really attractive bolt-on opportunity and you need more capital through Hark, through being in that ecosystem, we can work with you to provide some sort of NAV loan that will help kind of boost the returns in that portfolio or enable you to do a tack-on deal or what have you.

如果——如果該基金現在已經過了投資期，並且有一個非常有吸引力的附加投資機會，而您需要透過 Hark，透過加入該生態系統獲得更多資金，我們可以與您合作，提供某種淨資產值貸款，這將有助於提高該投資組合的回報，或者使您能夠進行附加交易等等。

And if ultimately then you decide maybe I want more permanent embedded capital in my capital structure, and I want to embark at a GP stake sale, we can obviously engage with you through that via our Bonaccord business. And so I do think that that kind of platform synergy is another really powerful thing as we engage with GPs, Michael.

如果最終您決定希望在我的資本結構中擁有更多永久性的嵌入式資本，並且希望進行普通合夥人股權出售，我們顯然可以透過我們的 Bonaccord 業務與您進行洽談。所以我認為，這種平台協同效應在我們與全科醫生互動時是另一個非常強大的因素，邁克爾。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

Luke, you alluded to what I wanted to ask about a little bit in your prior response about P10 being a little less levered to kind of the broader M&A environment. But I'm just curious, when we listen to a lot of your peers who are much more tethered to that, whether it's through realizations or much bigger exposures to net credit deployment, we do hear more about an excitement that IPOs that M&A is going to pick up meaningfully.

盧克，你在先前的回覆中已經稍微提到了我想問的問題，即 P10 對更廣泛的併購環境的槓桿作用較小。但我很好奇，當我們聽取許多與此聯繫更為緊密的同行的意見時，無論是透過實現還是透過更大的淨信貸部署敞口，我們確實聽到他們對IPO的興奮之情，併購將會顯著提振IPO市場。

So just curious what could that mean for P10? Obviously, your model is less tethered to that, but where do you maybe see opportunities accelerating should the M&A environment pick up as rates are coming down? Where is there potential near-term upside just from that macro perspective?

所以，我很好奇這對P10意味著什麼？顯然，你的模型與此關聯性較小，但隨著利率下降，併購環境好轉，你認為哪些領域的機會可能會加速成長？從宏觀角度來看，近期有哪些潛在的上漲空間？

Well, look, it's a great question. And when I say -- when you say we're less tethered to it, I guess what I would say is, I think we are a little inoculated on the downside is maybe how I would say it, right? But look, let's be clear, a good market is good for all participants regardless of size they play and regardless of segment.

嗯，這是一個很好的問題。我說——你說我們受其影響較小，我想我會說的是，我認為我們在某種程度上已經對它的負面影響免疫了，我可能會這麼說，對吧？但是，我們必須明確一點，一個好的市場對所有參與者都有好處，無論他們的規模大小，也無論他們身處哪個細分市場。

And so if we have a more accommodative backdrop with better M&A volumes, with more capital markets activity, with more financing and origination, that's going to be good for all players in the private asset ecosystem. And by the way, it will be really good for P10.

因此，如果我們擁有一個更寬鬆的環境，併購交易量更大，資本市場活動更活躍，融資和專案發放更多，這對私募資產生態系統中的所有參與者都將是好事。順便說一句，這對 P10 來說真的很有好處。

And I think to the point that you mentioned where people are seeing and talking about more optimism, I think we are seeing more activity as well across our businesses. Generally, you obviously see it kind of manifest itself first in transactions at the kind of GP level and then what does that origination bleed through into credit and then the opportunities for monetizations and so on and so forth.

正如你所提到的，人們開始看到和談論更多的樂觀情緒，我認為我們也看到我們各個業務部門的活動也更加活躍了。一般來說，你顯然首先會在普通合夥人層級的交易中看到這種現象，然後這種現象會滲透到信貸領域，進而影響貨幣化的機會等等。

And I think, like others have observed and opined on the calls that have happened and are going to presumably continue to happen, we see a more benign and accommodative macro environment than we have for probably at least a few years, if not longer. And that will augur well for our business. That will accelerate deployment opportunities in our credit businesses in the short run.

我認為，正如其他人對已經發生和可能將繼續發生的呼籲所觀察和發表的意見一樣，我們看到的宏觀環境比未來至少幾年，甚至更長時間內都要更加溫和和寬鬆。這將對我們的業務大有裨益。短期內，這將加快我們在信貸業務中的部署機會。

That will amplify, I'd say, returns across the private equity ecosystem we're engaging in. And I think as people get more risk on, they really want to lean into places where there's the potential for magnified returns.

我認為，這將提升我們所參與的整個私募股權生態系統的回報。我認為，隨著人們承擔的風險越來越大，他們真的希望投向那些有可能獲得更高回報的地方。

And there's no place like venture, if you want to express a view on magnified returns in a more robust and risk-on growth environment. And so we think a broader positive accommodative macro trend is good for virtually everything across the platform, and we're hopeful and optimistic that we're getting to a better part of the cycle here, and we think it will be really good for P10 then.

如果你想在更強勁、風險更高的成長環境中表達對更高回報的看法，那麼創投就是最佳選擇。因此，我們認為更廣泛的積極寬鬆的宏觀趨勢對整個平台幾乎所有方面都有利，我們充滿希望和樂觀地認為，我們正進入週期的更好階段，我們認為這對 P10 來說將非常有利。

Maybe just one maybe more kind of narrow technical question. You mentioned that some buybacks have been, I think, pulled forward in -- earlier in the year and the absolute number was a little bit lower in Q3. What's the current level of your capacity into Q4? Do you need to sort of re-up your authorization? Just any kind of tactical details around that would be helpful.

或許只是一個比較具體的專業技術問題。你提到一些股票回購計劃，我認為，已經提前到今年早些時候進行，而且第三季的絕對數量略低。你們第四季的產能水準如何？需要重新申請授權嗎？任何相關的戰術細節都會很有幫助。

I'm going to let Amanda take that one, but good question.

我打算讓阿曼達來回答這個問題，但問得好。

Thank you, Ben. So we have $26 million remaining on our buyback authorization. And I will say that while we continue to see share repurchases as an important tool for us to return capital to shareholders, we will continue to repurchase as it makes sense.

謝謝你，本。因此，我們的回購授權還剩下 2,600 萬美元。我還要說，雖然我們仍然將股票回購視為向股東返還資本的重要工具，但我們也會在適當的時候繼續回購。

Our long-term capital allocation priorities are to pay our dividends, which we've grown since -- 25% since instituting it in May of '22, M&A opportunities and share repurchases as it makes sense along with debt paydown.

我們的長期資本配置重點是支付股息（自 2022 年 5 月設立以來，股息增加了 25%）、進行併購、在適當的時候回購股票以及償還債務。

I would now like to turn the conference back to Luke Sarsfield for closing remarks. Sir?

現在我謹將會議交還給盧克·薩斯菲爾德，請他作閉幕致詞。先生？

Thanks, Latif, and thank you all for joining us today and for the great questions. We look forward to reviewing our fourth quarter performance with you in February. On that call, we will review full year 2025, outline an exciting 2026, and provide financial guidance for the year.

謝謝拉蒂夫，也謝謝各位今天蒞臨現場並提出精彩的問題。我們期待在二月與您一起回顧我們第四季度的業績。在這次電話會議上，我們將回顧 2025 年全年情況，展望令人振奮的 2026 年，並提供該年度的財務指導。

We are aligned with you, our fellow shareholders, and remain deeply committed to the long-term interest of our franchise. Thank you, and have a good day.

我們與各位股東的利益一致，並將繼續堅定地致力於我們特許經營權的長期利益。謝謝，祝您今天過得愉快。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。