P10, Inc. Price & Performance (PX)

The forward looking statements included are made only as of the date hereof. We undertake no obligation to update or otherwise 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, which we believe can be useful in evaluating the company's future performance. A reconciliation of these measures to the most directly comparable GAAP measure is available in our earnings release and our filing with the SEC. I will now turn the call over to Luke. Thank you, Mark. Good morning, everyone, and thank you for joining our fourth quarter and full year 2024 earnings call. We are extremely encouraged by what our team accomplished in 2024 and we are very well positioned to advance our strategy further the quarters ahead. On today's call, I will provide an overview of our financial highlights for the quarter and the year, reflect on our record performance review our five year guidance share our 2025 outlook, update you on the Qualitas Funds acquisition, and discuss ongoing strategic imperatives that will support our growth plan. Amanda will also provide additional detail on our financial performance for the quarter and the year key considerations for the year ahead, In the fourth quarter, P10 made meaningful and demonstrable progress around our strategic initiatives including adding key members to the leadership team to position P10 to drive growth.

We ended the year on a position of strength exceeding the financial and operating guidance we provided in February of twenty twenty four in which we committed to deliver over $2,500,000,000 in gross fundraising, double digit revenue growth, margins in the mid-forty percent range and a reinvigorated M and A process. To put some numbers around our outperformance, for the full year 2024, fee paying AUM increased by 10% revenues increased by 23%, adjusted EBITDA rose by 17% and we generated $3,800,000,000 in gross fundraising. Notably, Bon Accord Capital Partners our GP stake strategy, closed Fund II with a record $1,600,000,000 It is our first fund to attract more than $1,000,000,000 in capital and we believe LP interest speaks to the attractiveness of our differentiated middle market focus. Additionally, fee related revenue grew by 14% excluding the effects of direct and secondary catch up fees while full year FRE margins were 48.8%. [indiscernible] In early twenty twenty four, we committed to reinvigorate our M and A engine and in September, we announced our acquisition of Qualitas Funds, a a leading European private equity fund to funds manager based in Madrid. The firm provides fund to funds, direct co investing NAV financing opportunities in the European lower middle market, to close the transaction the first quarter.

Additionally, at our September twenty twenty four Investor Day, we shared our longer term vision which included our target of more than doubling fee paying AUM over the next five years through 2029. This equates to growth from $23,800,000,000 to $50,000,000,000 of fee paying AUM While we expect the vast majority of growth to be organic, we also expect to execute on value creating M and A that meaningfully advances our strategy and delivers additional fee paying AUM. Turning to margins, there are three key dynamics that are going to impact our FRE margin outlook. First, the key investments we are making in the business. Which are largely focused on human capital, in areas like distribution. We expect these investments to drive accelerating growth and provide a high ROI. Second, the ongoing mix shift within our portfolio of strategies. Some of our newer and faster growing strategies have lower core FRE margins than some of the larger and more established parts of our business. And third, a dynamic that we think is really attractive is the inherent operating leverage in our model. Particularly as we scale assets and revenues over the longer term. The net aggregate effect of these three dynamics excluding any impact from M and A, is that we see FRE margins expanding from our current near and intermediate term target of the mid-40s percent to closer to 50% in the out years.

Looking at our strong momentum in 2025, we remain on track to meet or exceed our five year goals. For 2025, we expect gross fundraising of at least $4,000,000,000 This 2025 guidance reflects a 60% increase over our 2024 guidance dollars 2,500,000,000.0. The guidance excludes the approximately $1,000,000,000 of incremental fee paying assets we expect to receive following the close of the Qualitas Funds transaction. In addition, we plan to have 19 co mingled funds in the market at various times in 2025. This includes [indiscernible] We expect step downs and expirations to be in line with 2024 numbers between 57% of fee paying AUM. As it relates to our revenue outlook, we expect double digit growth excluding direct and secondary catch up fees including revenue contribution from Qualitas funds, once the transaction closes. And finally for 2025, we expect FRE margins to be in line with our Investor Day guidance with core organic FRE margins excluding M and A, the mid-40s percent, The Qualitas funds business will put some modest downward pressure on 2025 margins which is already baked into our mid-40s percent guidance. Our confidence in our future performance and our ability to execute is rooted in a number of compelling factors.

Our platform is composed of elite High quality underlying strategies with long track records of delivering durable alpha we continue to have a vast and growing global LP base with over 3,800 relationships and with the addition of Qualitas funds to our platform, we anticipate that number will increase to approximately 5,000 further expanding our European investor base and high net worth channel. We believe we are well positioned as a world class platform to serve clients while expanding our product set and the ways in which we can engage LPs through our investment offerings. With over two decades in the middle and lower middle market, Heathen is a trusted partner. With a unique competitive advantage from our very robust proprietary data platform, We also have a firm conviction that we are an acquirer of choice and an excellent partner to strategies looking to join a larger platform. Finally, the plan we put in place last year functions as the North Star that guides our actions. I would like to unpack each of these imperatives what we achieved in 2024, and how we are thinking about 2025. First, we committed to optimizing our leadership team and corporate organizational structure. We made tremendous progress in 2024 by hiring key top level corporate professionals, such as RJ Jensen, Head of Strategy and M and A Sereta Jareth, Global Head of Client Solutions, Melody Kraft, General Counsel and Chief Compliance Officer and Mike Goodwin, Chief Information Officer.

We also elevated our governance framework and appointed Tracy Benford as our first lead independent director in June. As we think about 2025, we we are working to strengthen the all important middle layers of our organization and institutionalize our platform enhancing our capabilities and skills across the organization. Second, we are committed to driving increased organic growth We will find ways to accelerate our trajectory and increase the depth and breadth of our services by expanding our existing client franchise and delivering innovative products and solutions. Third, we committed to reaccelerating M and A implementing a robust disciplined and process driven approach to inorganic growth. The Qualitas Funds acquisition demonstrates our commitment to this strategic pillar, and inorganic growth continues to be a key focus in 2025 and beyond. We believe we have built the right team and processes and we will look to execute on strategic value creating transactions with franchises that complement our platform. Fourth, we committed to generating operational efficiencies through incentivizing collaboration, and leveraging data insights. This work is underway in earnest. And we are evaluating a host of attractive opportunities. Our mission remains to operate more as one cohesive enterprise and generate the requisite efficiencies and cost savings that will position our teams for success Our data insights are a key competitive advantage and we plan on leveraging this in the thoughtful appropriate way to the benefit of our clients.

Fifth, we committed to enhancing our shareholder communications with an eye to greater visibility and transparency. In 2024, we made tremendous progress. We established the five strategic pillars held an Investor Day, offered clear financial guidance and disclosed additional KPIs that make it easier for the investment community to draw a comparison to our peers. In 2025, we will build upon our efforts to more broadly communicate P10's capabilities to investors, LPs and others and highlight our aspiration to be the category killer In the middle, lower middle market, Before I hand the call off to Amanda, I want to touch on our capital allocation efforts. We believe our stock represents a compelling entry point for investors are looking for access to a diversified alternatives platform focused on the lower and core middle market. In the fourth quarter, we repurchased 815,327 shares at an average price of $12.72 leaving $3,500,000 available on the current buyback authorization. For the full year of 2024, we repurchased 6,641,827 shares at an average price of $8.88 In total, the 2024 buyback amounted to $59,100,000 We continue to see share repurchases as an important tool for us to return capital to shareholders. With today's announcement, the Board has authorized an additional $40,000,000 for share repurchases bringing the total available for repurchases to approximately $43,500,000 With that, I'll hand the call over to Amanda.

To provide a deeper look at our financials. Thank you, Luke.

During the quarter, fee paying assets in the management were $25,700,000,000 a 10% increase on a year over year basis. In the fourth quarter, dollars $9.00 5,000,000 of fundraising and capital deployment was offset by $152,000,000 in step downs and expiration. I think it's worth reminding everyone our fourth quarter gross fundraising total excludes approximately $300,000,000 of fee paying commitments That closed earlier than expected and were included in our third quarter financials. Fundraising during the fourth quarter was driven by this successful close of Bon Accord two, which added $5.00 $6,000,000 in the quarter, RCP Multistracht two, which raised $75,000,000 and RCP Fund nineteen, which added $51,000,000 As Luke mentioned earlier in the call, for 2025, we expect step downs in exploration to be in the range of 5% to 7% of fee paying assets under management.

In line with our historical numbers. In 2025, we expect about two thirds of the step downs in exploration to occur in the first half of the year. Revenue in the fourth quarter was $85,000,000 a 35% increase over the fourth quarter of twenty twenty three. Year over year, revenue increased from $241,700,000 to $296,400,000 up 23%. Average fee rate in the fourth quarter was 133 basis points in total, with an average fee rate of 105 basis points excluding the impact of secondary and direct catch up fees. For the full year, average fee rate was 120 basis points an average fee rate of 107 basis points excluding the impact of secondary and direct catch up fees, reflecting our expectation for fewer catch up fees in the year. In the fourth quarter, we had 12 commingle funds in the market and saw broad participation across our investment platform. Our private equity strategies raised and deployed $712,000,000 Our venture capital solution raised and deployed $28,000,000 and our private credit strategies added $165,000,000 to fee paying assets under management. The performance of P10 Strategies is reflective of our diverse global investor base comprised of family offices and wealth managers public pensions and endowments and foundations, as well as our seasoned deal teams who continue to execute on best in class investments and generate durable alpha.

In the fourth quarter, catch up fees were $18,900,000 bringing the total for the year to $38,900,000 Touch up fees are driven by the timing of fund closings And in the fourth quarter, the fees were primarily attributable to the final closing of Bon Accord two.

Bon Accord two's outsized catch up fees an extraordinary event that we do not expect to be repeated in the future. In the fourth quarter, direct and secondary catch up fees incrementally increased ANI per share by around $0.07 per share. Operating expenses in the fourth quarter were $62,200,000 an 8% increase over the same period a year ago. For the full year 2024, operating expenses were $235,800,000 a 7% increase over 2023. The increase was primarily driven by compensation expense associated with the successful closing of Bonacour II and placement fees associated with fundraising at other strategies. GAAP net income in the fourth quarter was $5,700,000 an increase compared to a GAAP net loss of $1,900,000 in the prior year quarter. For the full year 2024, GAAP net income was 19,700,000.0 an increase compared to a GAAP net loss of $7,800,000 in 2023. Adjusted EBITDA in the fourth quarter was 42,900,000.0 an increase of 40% from the fourth quarter of twenty twenty three. For the year, adjusted EBITDA grew Was 58.5%. Our margin was higher in the quarter due to the strength of our direct strategies and product for the full year, adjusted EBITDA margin 48.7%. For the fourth quarter, adjusted net income or ANI was $35,300,000 a 39% increase over the fourth quarter of twenty twenty three.

For the full year, ANI increased from 102,000,000 to 120,200,000.0 representing an 18% increase. For the quarter, fully diluted ANI was $0.3 per share an increase of 44%. For the full year, fully diluted ANI was $1 per share. FRR in the quarter was $85,000,000 representing a 37% increase and FRE was $42,700,000 representing a 39% increase. Our FRE margin was 50.2% in the fourth quarter, For the full year, FRR was $291,300,000 FRE was $142,100,000 and the FRE margin was 48.8%. Cash and cash equivalents at the end of the fourth quarter $67,500,000 At quarter end, we had an outstanding debt balance of $325,000,000 and no balance on the revolver. There is $175,000,000 available on the credit facilities. As I reviewed at Investor Day, we plan to begin reporting fully taxed ANI per share in 2025. We believe this metric will further enable the investment community to draw an apples to apples comparison with our peers. We will also continue to pay our quarterly dividend for Class A and Class B common stock. Today, we declared a quarterly cash dividend at $0.035 per share payable on 03/20/2025, the stockholders of record as of the close of business on February 28, 2025.

Finally, as of 12/31/2024, our Class A shares outstanding were 67,614,875 and Class B shares outstanding were 43,461,442 Thank you for your time today. I'll now pass the call over to the operator to begin the Q and A session. Our first question comes from the line of Ken Worthington of JPMorgan. Your line is open, Ken. Hi, good morning. Thanks for taking my question. As we look ahead to the next couple of quarters, where is your sales team focusing? So what are the bigger funds in market? So you mentioned 19 funds I think in market in 2025. Which of those are sort of the biggest and most [indiscernible] to get right to kind of hit your $4,000,000,000 hit or exceed, I'll say that, your $4,000,000,000 target? Ken, it's Luke Sarsfield. Thanks for the question. And as we mentioned, you're right. We think we'll have 19 funds in total in the market at different times in 2025, not necessarily all at the same time, but at different times throughout the year. And in particular, four of those will come from Qualitas and obviously those will be we'll focus on once we close the acquisition. And as we said, we continue to expect to close the acquisition later here in the first quarter.

We're really excited about the product offer offering that we have in market in 2025. At our RCP, strategy, we have a number of funds in the market in including our co investment strategy, including our secondary strategy, including our primary fund of fund strategy, small and emerging managers, we see real momentum across that And I think that's probably reflective of some of the momentum we're seeing generally in the private equity space. Our TruBridge business has a number of strategies in the market that we're really excited about particularly the blockchain and the seed and micro strategy. Five Points is going to be out raising a new credit strategy. We're really excited about that. We'll probably be back out in the market later this year a number of other credit strategies, more news to come on that. And then finally, as we mentioned on Bon Accord, we're excited about the momentum in that business. And I think we'll have some news to announce there as we get later in the year. So we think a lot of really interesting things in the market. Just to remind everybody, we think one of the really compelling things about our platform is the diversity of our business, the diversification of our fundraising, And I think we're really, really excited about the momentum and the outlook for 2025.

Great. You very much.

Thank you. Our next question comes from the line of Ben Butch. Of Barclays.

Your question please, Ben.

Hey, good morning. This is Nick Binoy on the call for Ben this morning.

So I wanted to ask about the progress being made on your goals abroad across new vehicles and different channels and maybe just we should think about the investments that are going to be made in 2025? And I know last quarter you provided some color on SMA fundraising. Maybe just an update on maybe what SMA fundraising was in the quarter and then any updates on progress being made on that kind of vehicle?

Thanks, Nick. And it's Luke again. That's a great question. And as we mentioned at Investor Day, one of our key areas of focus is going to be really about meeting our clients' where they are and being a solution oriented provider to them as as we've always frankly aspired to be. And certainly, a part of that is continuing to have the broadest diversification in terms of product offerings, to meet them where they want to go. But also to have it in the right wrappers. And so you're right, we think about a number of potential alternatives from SMAs that are helping our clients achieve their goals, to different kinds of pooled vehicles we can use. We've looked at in the past and had some various rated feeder funds and we think that that's an exciting place. We think about kind of co mingling some of our different strategies into kind of single point product offerings for clients and that's an opportunity. And so under Sarita's leadership, we are looking at a number of different ways to access that, to access different kinds of clients, whether it's in the RIA channel, whether it's in the high net worth channel, whether it's in the [indiscernible] You're right.

Last quarter, we did talk about some of the momentum we had in the SME parts of the business. I think we're not going to get into necessarily just disclosing kind of by product type every quarter. But one thing we do is when we do have notable progress and notable success, going to make it a point obviously to note that for you so you can see our progress against those initiatives that we laid out at Investor Day. And so my guess is as we get into 2025, you'll hear us talk about our progress very specifically around some of these initiatives, not the least of which will be SMAs.

Great. Thank you. If I could sneak in a follow-up question I also wanted to ask about the M and A pipeline. So obviously with the COVID-nineteen acquisition expect to close here in the quarter, but looking later in the year, in 'twenty five, just kind of like [indiscernible] do you see in terms of pricing? And then how are some of these initiatives under RJ in terms of more recurring M and A starting to come through and come through this year?

Thanks. Thanks, Nick. So maybe what I'll do is I'll start and frame it. Seeing as RJ is sitting here right next to me, I will turn it over to him to give a few thoughts.

I would say, look, one of the things we talked about at Investor Day and I think we've been very successful at prosecuting is building what I would call a disciplined and programmatic approach to M and A, and a key part of that is building out a pipeline that is one that we are consistently monitoring, one that we are consistently executing on, one that we have different potential opportunities in different stages of the funnel. And so I think that that's really important. Think we feel really good about both the state of the pipeline, but also the feedback we're hearing from potential partners around our attractiveness as a place where they want to be, they want to work and they want to partner with. And so with that, RJ, maybe you want to add a few thoughts?

Yes. I would just say thank you, Luke. I would just say that Look, we're working very hard at working an active pipeline we think we have interesting opportunities across the areas and ask classes that we laid out at Investor Day.

Including focusing on private credit, direct lending asset backed, I think those are really important areas for us. I think interestingly, we talked about at Investor Day, the one step, two step we think with Volitas now that opens up interest in Europe with respect to direct lending and asset backed So we're very focused on those things. We think they're interesting things Looking at it, we're optimistic about forward Thank you.

Our next question comes from the line of Chris Kotowski of Oppenheimer and Company. Please go ahead, Chris. Yes.

Good morning. Thank you.

I was just wondering, I think I heard Amanda say you expected an average fee rate of 103 basis points for ex catch up fees, but the last year was $107,000,000 I know it's a little small difference, but just wondering Why it would go down quite by that magnitude? Thank you, Chris, for the question. I'm going to frame my response around catch up fees. First in general. So as a reminder, we view our catch up fees in two distinct categories, We have core fees from our primary funds, occur on a more regular rate basis tend to be smaller in nature given a shorter duration of the We also have direct and secondary fund catch up fees. That are episodic in nature Because they raise bigger funds less frequently, it can be difficult to predict in size and frequency.

So during 2024, our catch up fees were significantly elevated relative to historical levels as a result of the funds that we had in the market particularly our extraordinary results within Bonacor II's fundraise that we do not expect to be repeated in the future, as we said. We We do expect catch up fees to be approximately $4,000,000 to $5,000,000 in 2025 which including our core fee rate, ex secondary catch up fees should remain points for 2025.

And Chris, I think it's just important to note, if you look back over the history of our business, We've been at that pretty consistently at that core fee rate. If you look at the kind of slideshow we put out every quarter, you see 2021, we were at 100 basis points, 2022, we were at 103, 2023, we were at 103. 2024 was a little bit of a higher rate of 107. And so when we look at kind of a guidance in the '20 for 2025 in the 103 level that's very much in line with the historical kind of trajectory of the fee rate in the business and we think reflects the momentum.

Okay. All righty. Thank you.

Thank you.

Our next question comes from the line of Aiden Hall of KBW. Please go ahead, Aiden.

Great. Good morning, everyone. Thanks for taking my question.

I just wanted to follow-up on the FRE margin commentary. Heard the thoughts around remaining in the mid-40s for 25 and also some of the incremental fundraising coming from less [indiscernible] a little bit of a headwind. But at the same time, you guys just closed one of your largest funds or with Bonacord II, which is usually a tailwind to to the margin. So just wanted to hear how you're thinking about maybe the trajectory from here in 2025? Is it [indiscernible] The puts and takes there remain stable? Is it still striving for expansion in 2025 or should we kind of be thinking about it contracting near term before going towards your longer term goals that you laid out at Investor Day? So good question. And I just start by saying, the guidance we gave at Investor Day is unchanged, right? We continue to believe in the near to intermediate term the core kind of FRE margin rate will be in the mid-40s. And given the dynamics we see in our business, we think that will expand closer to 50% in the out year. So that guidance, that thinking, that trajectory, that momentum of margin is absolutely unchanged from what we thought back in September and what we continue to believe here today.

I'd make a few observations. The first is, as you can imagine, Amanda talked about, we have meaningful catch up fees in 2024. Those will tend to come at a higher margin than some of just what I would call regular way FRR management fees. And as a result, they will have some positive accretive impact on margin. And when we get those, it's great. And they will have a transitory benefit of driving margin higher. But when you look at kind of the core of the business, we really think about being in that mid-40s as we said, in the near and intermediate term. And then seeing that accretion from there I'd say two things. One, and you'll see it, we've talked about it, We're still continuing to build out particularly in our client solutions team focused on distribution. We think it will have ROI.

We think it's going to be a really positive growth driver and one momentum creator for our business, but the work is not done there yet, right? Remember, Cerrito only started in September. And so we're still very early days on this. Obviously, we're going to do that in a balanced and prudent way. And so everything is factored into our margin guide. The second thing I would note is, and we've talked about this, it is the It is the impact of the mix shift in our business impacting margin. And so again, we have some strategies that are growing faster that tend to be at lower core margins because of the inherent nature of their businesses. And that will have some impact on margin relative to some of our larger higher margin businesses that tend to grow a little bit slower. And then I would just point out as well, and I think you heard this in my part of the script, we did mention that we factored it into our margin guidance.

We think in 2025, again in that vein of different strategies having different kind of core margin profiles Qualitas, which we're acquiring kind of downward pressure on margin. Factored into our core guidance. Still factored into that guidance of kind of mid-40s right now. But again, that's part of this whole mix shift. Conversation that we're having. Thanks for the color, Luke.

Thank you.

Our next question comes from Michael Cyprys of Morgan Stanley. Your question please, Michael. Hey, good morning. This is Stephanie on for Mike. Just hoping to get an update on call What are some of the lower hanging fruits in terms of integration or synergies And then maybe longer term, what sort of opportunities do you see around cross selling new product development or maybe potentially leveraging additional data sets?

So thank you, Stephanie. Great question. And I think something we are really, really excited about. We actually just spent the last few days at a management off-site and we actually had even though the transaction hasn't officially closed yet, we had the opportunity to have the senior leadership team, the managing partners, Eric and Sergio from Qualitas join us. I will tell you the enthusiasm in the room was just absolutely palpable. As we mentioned, they're already working closely and well known to two of our strategies, right? They've been working with our RCP strategy for years. Their core strategy is a European middle and lower middle market fund to fund strategy. Obviously, RCP has effectively the identical strategy in The U. S. Market. And so when they get together, one is their compelling vision for what we can build on a global basis as a product offering focused on the middle and lower middle market. Second thing we spend a lot of time on is they have a tremendous data set and data attribute that they bring around their analysis of that European market We have something you saw at Investor Day through GP Scout It's very similar in The U. S. And I think the opportunity to combine that rich data set and be able to be a real solution provider for clients now on a global basis or at least North America plus EMEA basis is really, really compelling.

The other thing I think that they bring to us is real know how and how to design products and wrappers in Europe, right? So they've been very successful getting license in different European jurisdictions. They obviously have big throwaway in the private bank channel in Europe. That's one of the things they've sold very successfully on a lot of large private bank platforms. And so that sort of distribution knowledge, that product wrapper knowledge that synergy is really, really compelling. They also do a lot [indiscernible] they've successfully raised first fund in the NAV lending space working closely with our HEART strategy. That's a place we've been at that business for an incredibly long time, one of the pioneers in that business as you know. And so just watching the dynamic that we're seeing there is that is a big, big opportunity in Europe. It's still a big opportunity in The U. S, by the way, but it's much more advanced and mature in The U. S. Than it is in Europe. And so to combine their relationship network, their distribution throwaway. Their relationships with GPs, our core credit underwriting expertise, our knowledge of that NAV lending market, is we think really differentiated.

And we think we're just right now scratching the surface of that opportunity, but a lot more to come on that in quarters and years ahead.

Great. Thanks so much for that. And maybe just a follow-up for me. I know you guys just had a successful close for Bonacort II, but I think the deployment and investment pipeline is has been pretty active. So what can we expect in terms of timing and potential for the successor fund Bonacore III to come back to market faster and scale? Thank you.

Again, another great question. And just stepping back, I think it's really been amazing to watch the momentum that the Bonacore team has in this GP stake space. Clearly, I think from an LP and perspective LP, appetite, there's been enormous focus on where we play, which is the middle and lower middle market The opportunity set there is incredibly robust. The team is seeing so many different opportunities I think the broad acceptance of the product both from a GP perspective and then from an LP perspective looking to invest in the strategy given some of the attributes that the near term yield, long term equity upside with the carry participation is really compelling. So we're seeing a lot of enthusiasm and excitement around that GP stakes broadly written, particular our GP stake strategy, which is middle and lower middle market focused, where we think there's just a massive opportunity and we have a real head start relative to any of the competition. Obviously, we're really proud of what we accomplished with BCP2. It was a fundraising outcome that was very positively unexpected, I would say. And I think highlights the strength and momentum in that business and investor appetite for that business You're absolutely right.

We have there are a lot of really attractive opportunities out there in the world. I think the team has done an extraordinary job of putting capital to work. In a very positive way.

We've had some really, really positive developments of some of our some of the GPs within the portfolio that we're excited about, but I creates momentum for the business. And to your point, I think we're really excited about the prospects of BCP3. And I think as I mentioned we should be in a position to talk about it more here as we roll into 2025.

Okay, great. Thanks for taking my questions. Thank you. I would now like to turn the conference back to Luke Sarsfeld, for closing remarks. Well, thank you, operator, and thanks to everyone for joining our call today. Following a truly transformational 2024 we believe we have the infrastructure in place to accelerate growth and drive operational efficiencies for the benefit of our strategies, and our shareholders in 2025. We very much look forward to updating you on our first quarter twenty twenty five financial results In May.

Have a good morning.

This concludes today's conference call.

Thank you for participating. You may now disconnect. [indiscernible]