Core Insights - The focus is on in-depth research of various companies across different sectors, particularly in commodities and technology, with a strong emphasis on metals and mining stocks [1] Group 1: Company Research - The company has over a decade of experience in researching a wide range of industries, including commodities like oil, natural gas, gold, and copper [1] - The company has transitioned from writing a blog to creating a value investing-focused YouTube channel, indicating a shift in content delivery and audience engagement [1] - The company has researched hundreds of different companies, showcasing a broad analytical scope and expertise [1] Group 2: Industry Focus - The primary focus is on metals and mining stocks, but the company is also comfortable analyzing other sectors such as consumer discretionary/staples, REITs, and utilities [1]

Core Viewpoint - The comparison between Patria Investments (PAX) and BlackRock (BLK) indicates that PAX is currently the better option for investors seeking undervalued stocks due to its superior valuation metrics and earnings outlook [1]. Valuation Metrics - PAX has a forward P/E ratio of 9.16, significantly lower than BLK's forward P/E of 19.69, suggesting that PAX is undervalued relative to BLK [5]. - The PEG ratio for PAX is 0.60, while BLK's PEG ratio is 1.32, indicating that PAX offers better value when considering expected earnings growth [5]. - PAX's P/B ratio stands at 1.47, compared to BLK's P/B of 2.94, further supporting the notion that PAX is undervalued [6]. Earnings Outlook - PAX holds a Zacks Rank of 2 (Buy), reflecting an improving earnings outlook, while BLK has a Zacks Rank of 3 (Hold), indicating a less favorable earnings revision trend [3]. - The strong earnings estimate revision trends for PAX suggest a positive trajectory for its financial performance [2]. Value Grades - PAX has received a Value grade of A, while BLK has a Value grade of D, highlighting PAX's stronger position in terms of valuation metrics [6].

Core Viewpoint - The article highlights Patria Investments (PAX) as a promising growth stock, supported by its favorable Growth Score and Zacks Rank, indicating strong potential for outperformance in the market [2][10]. Earnings Growth - Patria Investments has a historical EPS growth rate of 8.8%, but the projected EPS growth for this year is significantly higher at 21.7%, surpassing the industry average of 12.3% [4]. Asset Utilization Ratio - The company has an asset utilization ratio (sales-to-total-assets ratio) of 0.28, indicating it generates $0.28 in sales for every dollar in assets, which is more efficient than the industry average of 0.23 [5]. Sales Growth - Patria Investments is expected to achieve a sales growth of 14.7% this year, compared to the industry average of 7.9%, showcasing its strong sales performance [6]. Earnings Estimate Revisions - The current-year earnings estimates for Patria Investments have been revised upward, with the Zacks Consensus Estimate increasing by 1.6% over the past month, indicating positive momentum [8]. Overall Positioning - With a Growth Score of B and a Zacks Rank of 2, Patria Investments is well-positioned for potential outperformance, making it an attractive option for growth investors [10].

Core Viewpoint - Pomerantz LLP is investigating claims of potential securities fraud and unlawful business practices by Patria Investments Limited and its officers or directors [1] Group 1: Investigation Details - The investigation is initiated on behalf of investors of Patria Investments Limited (NASDAQ: PAX) [1] - Investors are encouraged to contact Pomerantz LLP for more information regarding the investigation [1] Group 2: Allegations and Market Reaction - On January 26, 2026, Snowcap Research published a report alleging that Patria may be overstating its performance and masking losses in its private equity and infrastructure funds [2] - Following the report, Patria's stock price decreased by $0.78 per share, representing a 4.55% decline, closing at $16.37 per share on the same day [2]

Financial Data and Key Metrics Changes - Patria reported organic fundraising of $1.7 billion in Q4 2025 and a record $7.7 billion for the full year, exceeding the revised target of $6.6 billion by over $1 billion [5][34] - Fee-related earnings reached $203 million in 2025, up 19% year-over-year, with distributable earnings per share at $1.27 [6][23] - Total fee-earning AUM rose to $41 billion in Q4 2025, a 5% sequential increase and 24% year-over-year growth [8][17] Business Line Data and Key Metrics Changes - Infrastructure strategies raised approximately $2.3 billion in 2025, significantly up from the previous year, driven by strong global interest [11] - GPMS raised nearly $2 billion in 2025, reflecting strong client support and integration success [12] - The credit platform raised a record $1.8 billion, surpassing the previous year's record of $1.4 billion [12] Market Data and Key Metrics Changes - The Brazilian credit market reached $1.7 trillion in 2024, with an estimated $800 billion addressable market for asset-backed, non-bank private credit [13] - The company is positioned to capitalize on the growing demand for private credit in Brazil, supported by favorable regulations and financial deepening [13][28] Company Strategy and Development Direction - Patria aims to achieve a fee-earning AUM target of $70 billion by year-end 2027, supported by recent acquisitions and strong fundraising momentum [8][10] - The company is expanding its investment strategies, including infrastructure development, private equity, and real estate, to enhance its competitive position [22][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2026 and 2027 fundraising and fee-related earnings targets, citing strong market demand and operational efficiencies [34][41] - The macroeconomic environment is seen as favorable, with increasing allocations to alternatives and robust demand for infrastructure investing [28][30] Other Important Information - The company announced a share buyback program of up to 7 million shares to return capital to shareholders [9] - A transition in the CFO role is planned, with Rafael Denadai set to take over in April 2026 [31][32] Q&A Session Summary Question: Inquiry on private equity valuation process - Management explained that an independent appraiser is used annually to value private assets, employing a discounted cash flow model and comparing results with industry peers [55][56] - The valuation process is standard in the industry, and unrealized performance fees do not impact management fees or employee bonuses [60][62] - Management confirmed that two private equity funds are currently underperforming and do not expect performance fees from these funds [66][68]

Financial Data and Key Metrics Changes - Patria reported organic fundraising of $1.7 billion in Q4 2025 and a record $7.7 billion for the full year, exceeding the revised target of $6.6 billion by over $1 billion [5][34] - Fee-related earnings reached $203 million in 2025, up 19% year-over-year, with distributable earnings per share at $1.27 [6][23] - Total fee revenue for Q4 was $101 million, an increase of 8% year-over-year, while full-year total fee revenue reached $344 million, up 14% [39] Business Line Data and Key Metrics Changes - Infrastructure strategies raised approximately $2.3 billion in 2025, significantly higher than the previous year, driven by strong global interest [11] - The credit platform raised a record $1.8 billion in 2025, surpassing the previous record of $1.4 billion in 2024 [12] - Real estate strategies raised over $520 million in Q4 2025, contributing to Patria becoming the largest manager of REITs in Brazil [14] Market Data and Key Metrics Changes - The Brazilian credit market reached $1.7 trillion in 2024, with an estimated $800 billion addressable market for asset-backed, non-bank private credit [13] - Approximately 90% of Patria's fee-earning AUM is in vehicles with no or limited redemptions, indicating a stable asset base [15][21] Company Strategy and Development Direction - Patria aims to achieve a fee-earning AUM target of $70 billion by year-end 2027, with recent acquisitions expected to enhance capabilities in private credit and real estate [8][10] - The company is expanding its investment strategies, including infrastructure development, private equity buyout, and venture capital, to diversify its performance fee earnings stream [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2026 and 2027 fundraising targets of $7 billion and $8 billion, respectively, due to strong demand for their investment strategies [10][34] - The macroeconomic environment is seen as favorable, with financial deepening and deregulation in Latin America driving increased investor interest [28][30] Other Important Information - Patria announced a share buyback program of up to 7 million shares to return capital to shareholders [9] - The company is undergoing leadership changes, with a new CFO set to take over in April 2026 [31][32] Q&A Session Questions and Answers Question: Can you discuss the private equity valuation process? - The company uses an independent appraiser annually to value funds, employing a discounted cash flow model and comparing results with industry multiples [56][58] Question: How do unrealized performance fees affect your financials? - Unrealized performance fees do not impact revenues as management fees are charged based on invested capital, not valuations [62][64] Question: What is the outlook for fundraising in 2026? - The company is optimistic about exceeding the $7 billion fundraising target for 2026, given the strong performance in 2025 [70]

Financial Data and Key Metrics Changes - The company reported organic fundraising of $1.7 billion in Q4 2025 and a record $7.7 billion for the full year, exceeding the revised target of $6 billion by over $1 billion [4] - Fee-related earnings reached $203 million in 2025, up 19% year-over-year, with distributable earnings per share at $1.27 [5][23] - Total fee-earning AUM rose to $41 billion in Q4 2025, a 5% sequential increase and 24% year-over-year growth [7][17] - Fee-related earnings for Q4 2025 were $64.2 million, representing a 30% sequential and 17% year-over-year growth [21] Business Line Data and Key Metrics Changes - Infrastructure strategies raised approximately $2.3 billion in 2025, significantly up from the previous year [10] - GPMS raised almost $2 billion in 2025, indicating strong client support [11] - The credit platform raised a record $1.8 billion in 2025, surpassing the previous record of $1.4 billion in 2024 [11] - Real estate strategies raised over $520 million in Q4 2025, contributing to the company's position as the largest manager of REITs in Brazil [13] Market Data and Key Metrics Changes - The Brazilian credit market reached $1.7 trillion in 2024, with $800 billion estimated as the addressable market for asset-backed, non-bank private credit [12] - The company noted a 30%+ CAGR for CLOs in Brazil since 2019, highlighting strong growth in this asset management strategy [12] Company Strategy and Development Direction - The company aims to achieve a fee-earning AUM target of $70 billion by year-end 2027, supported by recent acquisitions and strong fundraising momentum [7][9] - The acquisition of Solis and several REITs is expected to enhance capabilities in private credit and real estate, respectively [5][6] - The company is expanding its investment strategies, including infrastructure development, private equity buyout, and venture capital, to diversify its performance fee earnings stream [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2026 and 2027 fundraising targets of $7 billion and $8 billion, respectively, due to strong demand for their investment strategies [9][33] - The macroeconomic environment is seen as favorable, with financial deepening, deregulation, and increased allocations to alternatives driving demand [28][29] - Management remains optimistic about generating future performance fees, particularly from Infrastructure Fund III and other new strategies [25][64] Other Important Information - The company announced a dividend increase to $0.65 per share for 2026, reflecting strong cash generation [51] - A new CFO, Rafael Denadai, will assume the role in April 2026, following Ana Russo's transition to advisory roles [30][31] Q&A Session Summary Question: Can you discuss the private equity valuation process and how valuations are validated by third parties? - The company uses an independent appraiser annually to value private assets, employing a discounted cash flow model and comparing results with industry multiples [56][58] - Valuations are adjusted quarterly based on the cost of capital unless significant changes occur [60] - Unrealized performance fees do not affect management fees or employee bonuses, as performance fees are only recognized when cash is received [62][63] Question: What are the prospects for IPOs and strategic exits in private equity in 2026? - The company noted that while exits to other private equity firms are limited, the strong performance of public equities and declining interest rates in Brazil could benefit private equity realizations [70]

4Q25 Earnings Presentation PATRIA INVESTMENTS (NASDAQ: PAX) February 3, 2026 Disclaimer PAX 4Q25 Earnings Presentation This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by the use of words such as "outlook," "indicator," "believes, "expects," "potential," "continues," "may," "will," "could," "should," "seeks, ...

Core Insights - Patria Investments Limited reported strong financial results for Q4 2025 and the full year, highlighting significant growth in fundraising and fee-related earnings [2][4] Financial Performance - Organic fundraising reached $1.7 billion in Q4 2025 and a record $7.7 billion for the full year 2025 [2] - Fee Related Earnings (FRE) for Q4 2025 were $64.3 million, a 17% increase from $54.8 million in Q4 2024, with an FRE margin of 63.6% [4] - For the full year 2025, FRE was $202.5 million, up 19% from $170.1 million in 2024, with an FRE margin of 58.9% [4] - Net income attributable to Patria was $34.5 million for Q4 2025 and $85.6 million for the full year [4] - Distributable Earnings were $78.5 million for Q4 2025, or $0.50 per share, and $200.9 million for the full year, or $1.27 per share [4] Acquisitions and Growth Strategy - Patria announced three acquisitions since the end of Q3 2025, enhancing its capabilities in key asset classes [3] - Acquired a 51% stake in Solis, adding $3.5 billion of FEAUM, focusing on the Private Credit market in Brazil [3] - Acquired Brazilian REIT manager RBR, adding $1.3 billion of permanent capital, making Patria the largest independent manager of listed REITs in Brazil [3] - Announced a pending acquisition of WP Global Partners, a U.S.-based Lower-Middle-Market Private Equity Solutions Manager, with $1.8 billion of FEAUM [3] Dividends - Patria declared a quarterly dividend of $0.15 per share, payable on March 12, 2026, to record holders as of February 20, 2026 [5] Company Overview - Patria is a global alternative asset management firm focused on mid-market segments, with approximately $53 billion in assets under management [7] - The firm specializes in resilient sectors across Latin America, Europe, and the U.S., with a strong presence in various asset classes including Infrastructure, Credit, Real Estate, Private Equity, Solutions (GPMS), and Public Equities [8][9]

Core Viewpoint - Patria Investments Limited has rescheduled its financial results release for Q4 and full year 2025 to February 3, 2026, from the previously announced date of February 10, 2026, and will conduct a conference call at 9:00 a.m. ET [1] Group 1 - Patria is a global alternative asset management firm focused on the mid-market segment, with a strong presence in Latin America and Europe [3] - The firm manages over $51 billion in assets and has 37 years of experience in delivering attractive returns through long-term investments [3] - Patria specializes in sectors such as Agribusiness, Power & Energy, Healthcare, Logistics & Transportation, Food & Beverage, and Digital & Tech Services [4] Group 2 - The company offers various asset classes including Infrastructure, Credit, Real Estate, Private Equity, Solutions (GPMS), and Public Equities [4] - Investment regions for Patria include Latin America, Europe, and the U.S. [4] - Interested parties can sign up for updates and press releases via email through Patria's website [2]