We continue to seek investments and build businesses in our core sectors of financial services, healthcare services and business/tech services with select 2024 YTD highlights including:

Control equity investment in Medical Review Institute of America ("MRIoA"), a provider of outsourced utilization management and clinical review solutions to health care payers. MRIoA is the 6th payer technology and outsourcing investment completed by Parthenon.

Sale of Institutional Cash Distributors ("ICD"), a provider of software and services to corporate treasurers to facilitate investments in liquid assets, to Tradeweb Markets Inc. (Nasdaq: TW). Parthenon acquired a control stake in ICD in early 2018. During our investment period, ICD more than tripled assets under administration through its innovative treasury management software and superior customer service.

Payroc's pending acquisition of the merchant acquiring division of i3 Verticals (Nasdaq: IIIV) announced on June 26th, will create the 7th largest non-bank U.S. payment merchant acquirer with over $63 billion U.S. card processing volume, 1,350 ISO and ISV partners and +170K customers. This will be the 17th acquisition completed by Payroc since our 2018 initial investment. Payroc is the next generation multi-channel, multi-processor platform with its proprietary front-end omni-commerce gateway and back-end capabilities and the acquiror of choice in SMB payments and POS software.

Cherry Bekaert's ("Cherry") acquisition of Kerr Consulting, a premiere business application and cloud technology provider, thereby making Cherry one of the largest Sage providers in the U.S. Kerr is the 9th acquisition completed since Parthenon's investment in 2022 and reflects continued execution of the strategic plan to build-out Cherry's attestation, tax and consulting practices.

KBRA has continued to drive the expansion of its data and analytics division across its key products: KBRA Credit Profile (CMBS surveillance), Direct Lending Deals (insights/analytics in private credit), KBRA Financial Intelligence (data coverage of North American financial sector), KBRA Premium (unlimited access to ratings, research and analytics tool) and Ratings Feed (subscription-based ratings feed). KBRA's analytics products represent key areas that complement the Company's strength in ratings. Growing the analytics division both through acquisitions (acquired Direct Lending Deals in 2022) and organically continues to be a priority for KBRA.

We have welcomed nine new investment professionals: Riva Trivedi, Efe Karaca and Jeff Potvin in Boston; Vikrant Ragula, Austen Sandoval, Arnav Aggarwal and Juliana Dantas in San Francisco; Kutay Ebik and Shubh Sharma in Austin.

We look forward to working with you and a strong finish to 2024.