And it’s something that we’re really focused on. On the other hand, we also think about investing, but we’re going to be very, as I said, disciplined and thoughtful about how we do it. And we’re going to do it in the context of the broader value proposition that we’ve elucidated to investors and the broader economic model that we know that people have thought about when they think about P10. And so I can’t speak to any particular deal and what the impact of any particular deal may or may not be, that will remain to be seen. But in the aggregate, we’re really focused on maintaining the investment characteristics that you’ve come to know and understand about P10.
Mike Brown: Okay. Great. I want to ask about the Bonaccord business. There was a recent headline that Blue Owl will be maybe moving kind of down market and launching a $2 billion middle market GP stakes fund. So could you just talk about the Bonaccord business and touch on the moat around that particular franchise? And are you seeing any increasing competitive pressures in that market? And is there a potential for maybe others to kind of come down market?
Luke Sarsfield: Well, look, I would say the following. First of all, we think our Bonaccord business is an extraordinary platform. They’re the first to market mover in the middle market GP stakes business, and they have built and are continuing to build every day an extraordinary track record and network of relationships and folks in the portfolio. We see nothing changing that. In fact, I would say from our perspective, we actually view this as a very positive development. We think it’s actually quite validating of the size and scope of the opportunity in the middle market. And we will tell you, by our count, we see over 900 firms just in the North American middle market. And so the reality is, when you look at the scale of that opportunity, we welcome another entrant, and obviously we welcome Dyal being part of this market. But we think our investing strategy and our track record can move forward undeterred.
Mike Brown: Okay. Great. Thank you for the thoughts there, Luke.
Operator: Thank you. Our next question comes from the line of Ben Budish of Barclays.
Ben Budish: Hi. Good evening and thanks for taking the question. Luke, you mentioned in your prepared remarks some organic opportunities around both cross-selling and sort of approaching the vast numbers of prospective LPs that are sort of unaware of P10. So sort of you can maybe speak to that latter point a bit. It feels like we’ve sort of heard a little bit about the cross-sell opportunity that’s obviously there with the various platforms. But how do you think about approaching that opportunity of the LPs that sort of haven’t engaged with P10 in the past? Is it a matter of just kind of combing through the roll decks and making more phone calls? Or what would that entail? Would it entail more sales force investment, or how do you think about that part of the opportunity?
Luke Sarsfield: Look, I think there’s a lot of ways to prosecute that opportunity. I think it’s a huge, huge opportunity. And I think even if we only get to it in a cursory way, we will meaningfully address kind of the TAM of the prospective LP base. But I would say the following, right, which is that we think that when you look at our strategies, when we’re in the room, when we have a chance to present our capabilities, when we have a chance to talk about our track record, we win. We win way more than we lose. That’s kind of a testament to the strength of our platform. The problem is, historically, I think in some instances we haven’t been in the room. And so really the art for us, I think unlike some others who are in the room and then may not get selected for whatever reason, the real art for us is getting in more rooms.
And the more rooms we get into, the more shots on goal we have, we think the more successful we’re going to be given the strength of our track records. And so I do think that is no doubt using the Rolodex. I think I have had, because of my background, the privilege to have some relationships in places that maybe previously P10 did not. I also think there’s a real branding component to it, right? I will be frank with you. I think I’ve mentioned this in different forums in the past, when I was called about the P10 opportunity, I didn’t actually know what P10 was. And my guess is many prospective LPs out there probably would have a similar reaction if you asked them about P10. And so we’ve got to find ways in a cost effective way to continue to build our brand, to continue to work through channels, whether it’s media channels, whether it’s social media channels, whether it’s using some of our intellectual capital, our content, our convening power, to really continue to highlight the power of the P10 platform.
And I think if we do that, we are going to get more shots on goal and given our track record, that’s going to translate into more assets under management.
Ben Budish: Great. That’s all very helpful. And then as a follow-up, maybe one for Amanda, you mentioned next year some kind of below the line headwinds turning to tailwinds. All things equal, absent M&A. I think I guess we’ve seen you sort of the levels at which you’ve bought back shares in the past. But I guess here, how are you thinking about or how should we think about sort of your expected pace of debt pay down? And how you’re thinking about prioritizing, again, absent M&A, this sort of buyback versus pay down kind of pace going through the year?
Amanda Coussens: Yes. I think you may see a little bit more on stock buyback in the future or near future than what we had been doing in just sort of the recent past. We still have $18.9 million available on the buyback program. And then otherwise, if not for M&A, we, of course, have our dividend. But if not for M&A, we would use our capital for debt paydown.
