Good afternoon, and welcome to Vinci Compass first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, this call will be recorded. I would now like to turn the conference over to Anna Castro, Investor Relations Manager. Please go ahead, Anna. Thank you, good evening, everyone. Joining us today are Alessandro Horta, Chief Executive Officer, Bruno Zaremba, President of Finance and Operations, and Sergio Passos, Chief Financial Officer. Earlier today, we issued a press release slide presentation in our financial statements for the first quarter of 2026, which are available on our website at ir.vincicompass.com. I'd like to remind you that today's call may include forward-looking statements which are uncertain and outside of the firm's control and may differ from actual results materially. We do not undertake any duty to update these statements. For a discussion of some of the risks that could affect results, please see the Risk Factors section of our 20-F. We will also refer to certain non-GAAP measures, and you'll find reconciliations in the release. Also note that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase an interest in any Vinci Compass fund. On results for thefirst quarter of 2026, Vinci Compass generated Fee Related Earnings of BRL 96.3 million or BRL 1.47 per share, FRE margin of 35.4%, and adjusted distributable earnings of BRL 62.2 million or BRL 0.95 per share. We declare a quarterly dividend of $0.17 per common share, payable on June eighth to shareholders of record as of May 25th. With that, I'll turn the call over to Alessandro. Thank you, Anna. Good evening, everyone. Thank you for joining us today. Before I turn to our quarterly performance, I would like to highlight some meaningful developments that occurred after the end of the quarter. As you know, we are diligently executing on the strategic priorities we outlined during our Investor Day, including expanding our footprint in key Latin American markets and strengthening local distribution capabilities. The start of 2026 already reflects the steady and consistent progress across each of these dimensions. We announced in April a strategic combination with BACS Asset Management to build a skilled asset management platform in Argentina by combining our existing asset management practice with BACS extensive corporate and retail distribution network. Argentina is undergoing a rapid transformation of its financial system market by growing demand for mutual funds, money market products, dollar-based strategies, and alternative investments. We see the country as one of the most attractive growth opportunities for asset management in the region, supported by structural shifts in savings behavior and an increasing need for scale and efficiency. This transaction positions us for accelerated growth in a rapidly consolidating local asset management market. A further strategic achievement has been the integration with Verde, which is progressing extremely well with a strong cultural fit and an impressive degree of complementarity that have already proven to be invaluable. We are seeing tangible benefits from the strong collaboration between the teams. The first product we launched together, Vinci Verde Infra, is gaining traction with increasing client engagement and encouraging feedback from the local investment community. While the collaboration between the teams has only just begun, the power of expanding our solutions set by joining forces has already proven to be even greater than we initially anticipated. Moreover, I would like to highlight a recent development within our infrastructure strategy, which we discussed in greater detail in our 2025 Form 20-F and is expected to have an impact on our results in 2026. As we disclosed in the past, our infrastructure team had reached an agreement in 2025 to acquire an interest in the holding company owned by Changi that held a stake alongside Infraero in the concessionaire of the Rio de Janeiro International Airport, Galeão. Following the outcome of the concession auction in March of this year, in which Aena was declared the winning bidder, the holding company that a fund managed by Vinci Compass had an interest became entitled to receive an indemnification-related amount. Vinci Compass is expected to receive a portion of this indemnification, which we estimate to be of approximately BRL 100 million, already net of taxes and associated expenses. This outcome reflects the team's activities undertaking prior to the auction, including the infrastructure team's involvement in the negotiation and structure the new regulatory model alongside general expenses incurred. We expect this amount to positively impact our distributable earnings during the third or fourth quarter of 2026. In the private equity segment, we are also pleased to share exciting news. Last week, we announced the conclusion of the exit of portfolio company Mundo do Cabeleireiro from the Nordeste III Fund within the VIR strategy. Since the fund's investment in 2018, Mundo do Cabeleireiro has stressed its market presence, becoming a leading player in cosmetics retail in the north and northeast regions and expanding significantly into São Paulo. This represents the fifth exit among six investments from Nordeste III, highlighting the private equity team's proven ability to drive value creation within portfolio companies and execute successful divestments, generating strong DPIs. This accomplishment is instrumental in supporting the success of VIR V, which was recently launched and is currently in its fundraising phase, with the first closing expected in the next few quarters. Shifting to the macro environment, overall sentiment towards Latin America remains very constructive. As investors seek to diversify away from U.S.-centric exposures, Latin America, as a geopolitically neutral and increasingly stable region, is well-positioned to attract meaningful inflows. The region benefits from strong diplomatic ties across the West and East with no significant regional conflicts, which further enhances its appeal as a strategic allocation. Although local elections and oil price fluctuations remain sources of uncertainty, with still limited clarity on how fiscal policies and political leadership may evolve in Brazil, Colombia, and Peru, recent market dynamics have been encouraging. The resiliency of the Brazilian real, for example, has highlighted growing interest from international investors, particularly during the IMF meetings, positioning Brazil as one of the countries better insulated from oil price shocks and supported by an energy surplus. Leveraging this momentum, we held our annual global investment conferences and seminars across Chile, Brazil, Argentina, and Uruguay with more than 1,500 clients and investors, including pension funds, insurance companies, intermediaries, single-family offices, and high-net-worth individuals. The scale and reputation of our platform were further reinforced by the quality of the agenda, with over 20 speakers, including in for a former president of Colombia, a global geopolitical strategist, and leading regional macroeconomic consultants. Translating these trends to our AUM during the first quarter, despite global macroeconomic uncertainty around private credit and a historically quieter quarter for the industry, we experienced strong capital formation across most segments, particularly in our TPD business and credit strategies, with contributions across different countries and products, including private credit in Peru and Brazil, public credit in Argentina, and our LatAm corporate hard currency strategy. We continue to see strong engagement in our proprietary private credit funds from sophisticated investors, and the strategy remains a core pillar of our growth agenda with new fund launches in Chile and Colombia, complementing existing funds currently in fundraising in Brazil and Peru. Turning to a brief snapshot of our financial performance, the quarter benefited from the full consolidation of Verde, which contributed to stronger management fees while we continue to fundraise and exercise cost discipline across the platform. We delivered the highest quarterly FRE in our history, totaling BRL 96 million with an FRE margin of over 35%. The combination of selective inorganic expansion, organic growth, and operating leverage remains central to our ability to compound Fee Related Earnings over the short, medium, and long-term. Our FRE remains the core of our business and is the representation of our growth over the years and the operating leverage we have as we continue to raise capital across all our segments. We truly believe this quarter underlies the power of our platform, especially when looking into FRE numbers. Distributable earnings for us still represents some volatility from quarter- to- quarter as we have impact from performance and IRE mainly besides the recurring FRE base. It's important to highlight and remember that we have BRL 168 million in assets allocated to proprietary long-term funds, which with the exception of a smaller allocation to REITs, are not contributing to cash earnings at this moment. If this amount was yielding close to CDI, we would have additional BRL 21 million in our distributable earnings on a quarterly basis. Our FRE has shown continued growth and reflect the value we have been creating in our business over the years, our balance sheet value is still not fully reflected in our results and by consequence, constitute somewhat of a hidden asset in our business. We expect the balance sheet to start realizing substantial value on distributable earnings in coming years as capital starts to be distributed from IRE commitment funds. In the last 12 months, for instance, our total IRE was BRL 65 million, with BRL 35 million of this total only impacting accounting net earnings. As capital starts flowing back, these unrealized gains will impact distributor earnings in a meaningful way. To conclude, we believe Vinci Compass enters the remainder of 2026 from a position of strength. We are executing against the priorities outlined at our Investor Day by strengthening our regional presence, scaling high growth strategies, and maintaining disciplined capital allocation. At the same time, our broadening footprint, deep local origination capabilities, and rigorous underwriting standards provide a strong foundation to navigate a backdrop of heightening external volatility. With a diversified platform, expanding distribution capabilities and structural tailwinds supporting alternatives in Latin America, we see a compelling opportunity set ahead. More importantly, we believe we have the platform, talent and execution capabilities required to capture it. Thank you again for joining us today. With that, I'll turn the call over to Bruno. Thank you, Alessandro, and good evening, everyone. Against a global backdrop marked by intense headlines and market volatility surrounding the AI revolution, I would like to briefly address how artificial intelligence is reshaping Vinci Compass operations and why we believe this will be a durable source of competitive advantage for the firm. We're leveraging AI decisively from an operational and user perspective. Over the past 12 months, AI adoption across Vinci Compass has accelerated materially on two fronts, individual productivity and collective intelligence. At individual level, more than 70% of our employees now use AI on a daily or weekly basis. Teams have created over 170 custom AI agents tailored to their own workflows. This underscores that AI is no longer experimental. It is embedded in how the firm operates. We have deployed seven enterprise-grade AI platforms, providing our employees with a secure and curated toolkit that ethically supports financial analysis, modeling and process automation, while at the same time taking care of governance and data security. At the firm-wide level, we believe the greatest long-term impact will come from building proprietary institutional intelligence. We have developed a unified data platform named Data Lab, which centralizes KPIs, dashboards and analytics across all of our business units, as well as across many of our portfolio companies. This enables us to systematically transform institutional knowledge into a proprietary asset. We're seeing substantial gains in internal development capabilities with AI first programming within the data science and IT development teams. We have started to roll out systems that have been 100% AI coded, and the productivity gains on this development process has been very significant. In some cases, projects that would have taken several months are now being developed and put into work in weeks, if not days. As we continue to scale these programming initiatives, we should be able to more quickly address business bottlenecks and improve efficiency and productivity. Another significant effort to increase AI first mentality across the platform has been the launch of the AI Ambassadors program, embedding AI expertise directly within business teams. This decentralized model is capital efficient, execution oriented and keeps innovation close to the decision making. This program not only reinforces the cultural message internally, but also fosters accelerated adoption and solution building while centralizing firm-wide library of agents which can be used by other groups across the firm. We are also scaling up the collaboration with companies in our funds with increased integration and sharing of best practices that can be implemented across the portfolio. Finally, our strategic partnership with Ares Management also allows us to have access to what is happening in the U.S. alts industry regarding not only in-house implementation, but also interesting investment themes that can be found across Latam, such as digital infrastructure and power generation, two investment themes at the core of the AI investment cycle. Our people are more innovative than ever, we believe Vinci Compass is exceptionally well positioned for an increasingly AI driven future. Turning now to AUM and fundraising efforts. We ended the first quarter with BRL 347 billion in assets under management. Excluding FX impacts, this represents 22% growth over the last 12 months and 2% growth quarter-over-quarter. In U.S. dollars, our AUM reached $66 billion in the quarter, representing a 25% growth year-over-year and 3% quarter-over-quarter. Over the last 12 months, Vinci Compass generated BRL 52 billion of capital formation and appreciation, including BRL 7 billion in the first quarter. This expansion reflects consistent capital formation across Global IP&S credit and real assets, as well as portfolio appreciation and the acquisition of Verde. Starting with Global IP&S, the business continued to demonstrate the strength of our distribution platform and regional footprint. We remain the largest third-party distributor of offshore mutual funds to Chilean pension funds. Despite global market headwinds, we generated inflows in TPD Liquid and TPD alternative primarily into Asian funds, reflecting investors ongoing diversifications away from U.S.-centric allocations. These inflows were partially offset by capital returns from TPD alternative and the Vinci SPS strategy. Within multi-strategy, we saw early signs of stabilization following several quarters of outflows, with initial inflows from selected clients pointing to improved momentum. While March was challenging for the industry, the Verde flagship fund continued to deliver strong performance, ranking among the top fund across several windows. Client engagement has increased meaningfully, particularly from multifamily offices and retail platforms, which we expect to translate into positive flows over coming quarters. In addition, we believe there is opportunity to raise international capital into our multi-strategy funds. Today, the amount of international capital in this strategy is immaterial, and we have been hosting LP discussions that have strong pro-promise. In equities, we are seeing encouraging traction in our UCITS platform. Both UCITS Brazil and UCITS Latam launched late last year received initial inflows from intermediaries across Latam countries, reflecting the impact of sustained distribution efforts. Turning to one of the platform's most dynamic areas, credit AUM reached BRL 37 billion, supported by BRL 2 billion in capital formation and appreciation during the quarter. We continue to advance both our local to local and cross border strategies. The co-managed credit fund with Verde is attracted increasing demand while Brazilian infrastructure credit continues to draw strong investor interest. In SPS IV, investor interest remains strong. While commitments this quarter were modest, we expect increased momentum closer to the fund's final closing in the second half of the year. Shifting to real assets, we made solid progress across forestry and real estate. Within Lacan IV we structured commitments from European institutional investors, including DFIs, with additional investors currently in due diligence, a clear signal of growing global confidence. This is the first forestry fund raised by Vinci Compass distribution teams and the feedback has been overwhelmingly positive. In real estate, we completed the first close of Yall, our logistic opportunity fund with additional closes expected by the end of the year. We also remain attentive to potential market reopening following Selic cuts which could create supportive backdrop for REIT fundraising. The achievements of the past 12 months provide a strong foundation for the remainder of 2026. Looking ahead in credit, as Alessandro mentioned, we are particularly excited about the strategic combination with BACS expected to close in the second quarter. By bringing together strong money markets and transactional capabilities with value added and longer-term duration investment strategies, the combined platform will offer a highly complementary product suite and is expected to approximately double Vinci Compass asset management business in Argentina, reaching close to $1.6 billion in combined assets under management. Through this transaction, Vinci Compass will gain access to banks and Banco Hipotecario's extensive corporate and retail distribution network, significantly strengthening our local distribution capabilities in Argentina while driving operational efficiencies and broadening the range of solutions available to clients. Beyond Argentina, we continue to advance our robust fundraising agenda across the region. COPCO, CHILPCO II, and MAV IV are currently on roadshow and have been receiving constructive feedback from local investors. We are also launching MAV Farm Tech Fiagro, a strategy designed to invest up to 100% of its net equity in senior shares of Fiagros that anticipate receivables from rural producers originated through pre-authorized dealership channels. Our liquid credit offer in Chile also remains comprehensive with funds such as SM Liquidez, SM Protección, SM Deuda Chilena, and SM Deuda Plus FI, currently in fundraising, spanning different liquidity and duration profiles. These strategies provide clients with diversified exposure across local and foreign debt instruments, sovereign and corporate bonds, and private debt, allowing us to address a wide range of risk return objectives. Rounding out the fundraising pipeline within Global IP&S, our third-party distribution platform remains well-positioned, supported by the depth of our client coverage, the quality of the managers we represent, and the increasing sophistication of Latin American investors. We are also broadening our product suite through the launch of dedicated strategies such as the VC crypto funds focused on digital assets and cryptocurrencies, further expanding the range of investment solutions available to our clients. Overall, we enter 2026 from a position of strength with clear visibility, a robust fundraising pipeline, and multiple growth levers already underway. The combination of an expanded distribution footprint, a comprehensive product platform, and continued operation discipline gives us confidence in our ability to sustain our growth trajectory and continue compounding value over time. With that, I'll hand it over to Sergio to discuss the financial results. Thank you, Bruno, and good evening to everyone. The first quarter, 2026 was another solid period for Vinci Compass. Let me start by walking through our revenues. Management fees totaled BRL 245 million in the first quarter, 2026, up 25% year-over-year. Mostly driven by the full quarter contribution from Verde, combined with continued organic growth across credit and Global IP&S, reflecting our strong fundraising success over the last 12 months. Advisory fees were BRL 16 million, a decrease of 35% compared to the first quarter, 2025. As anticipated, the environment for deal activity remains low, with the high interest rates and elections uncertainty in Brazil contributing to softer results from our corporate advisory segment. In addition, as highlighted in prior calls, upfront fees in our TPD alternative business can vary significantly depending on the timing of commitments. Altogether, fee-related revenues reached BRL 272 million in the first quarter 2026, up 17% year-over-year, and BRL 990 million over the last 12 months, up 44% year-over-year. Turning to Fee Related Earnings. We delivered a record BRL 96 million the quarter, or BRL 1.47 per share, up 47% year-over-year on a nominal basis and 42% per share. Our FRE margin expanded to 35.4% in the quarter. This improvement was driven by Verde's full quarter contribution, operating leverage on revenue growth, and ongoing cost efficiency we began last year. It's also worth noting that the first quarter tends to benefit from lower seasonal costs, such as auditor fees. We expect some fluctuation in margin in future quarters as these seasonal costs materialize. Moving to performance-related earnings or PRE, we recognized BRL 2 million in the first quarter 2026, primarily in equities and Global IP&S. This result is in line with seasonality as our liquid funds generally only recognize performance in the second and fourth quarters, and most of our close end funds have not yet entered their realization cycle. Over the last 12 months, PRE totaled BRL 13 million, down 50% year-over-year, given that the prior period included 50 Vinci Infra Transmissão and one-off strong contributions from opportunistic funds in Argentina and Peru in 2024. In contrast, PRE this period was more normalized and concentrated in Global IP&S, credit and equities. Investment-related earnings or IRE was BRL 4 million in the first quarter 2026, with BRL 6 million realized and an unrealized loss of BRL 3 million, reflecting mark-to-market impacts on unlisted REITs that offset gains in other funds. Over the last 12 months, IRE totaled BRL 65 million, a significant increase year-over-year, reinforcing our long-term thesis and the growth potential from IRE commitments as a value compounded driver for Vinci Compass. Before moving to distributable earnings, I would like to remind you that as we deploy cash into IRE commitments, there is a medium-term negative impact on distributable earnings since it no longer generates short-term financial income after capital calls. At Investor Day, we presented in greater detail a schedule for capital calls over the coming years, with BRL 300 million-BRL 400 million expected to be called by year-end 2026 and the remaining commitments by 2029. So far, we have called about BRL 140 million of this guided range. Additionally, bonus compensation is paid annually in January, further reducing our cash position in the quarter. As a result, realized gains from financial income declined 35% year-over-year and are expected to keep trending lower as we approach the BRL 300 million-BRL 400 million range and funds mature to the realization cycle. Bringing everything together, Vinci Compass generated BRL 62 million or BRL 0.95 per share in adjusted distributable earnings for the quarter. Remain stable year-over-year despite higher FRE due to the decrease in realized financial income and lower PRE and IRE, as previously discussed. For the last 12 months, adjusted distributable earnings totaled BRL 292 million or BRL 4.55 per share, up 16% on a nominal basis and 5% per share year-over-year. This quarter's result underscore Vinci Compass' discipline approach to growth and capital allocation, leaving us well-positioned for continued progress throughout 2026. As we look ahead, the fundamentals of our business remain robust. Healthy fundraising, operational leverage, successful integration of acquisitions and disciplined capital management, all supporting our sustainable growth trajectory. With that, I would like to open the call for questions. Once again, thank you for joining us this evening. Operator, please proceed. We are going to start the questions and answers section for investors and analysts. If you wish to ask a question, please press the button, raise hand. Wait while we pull for questions. Our first question comes from Ricardo Buchpiguel from BTG Pactual. You may speak. Hi, everyone, thank you for the opportunity of making questions. I wanted to ask about two topics here. Can you please provide more details on how the BACS deal should help, should impact your DPI per share right away? How can we expect the contribution to evolve over the following years? Any comment you can give us in terms of low-hanging fruits here and the main challenges for the acquisition will also be very helpful. Another thing I wanted to ask is that we saw good improvement in equity net inflows this quarter. It will also be interesting if you could go over whether this could mark like equity inflows returning to positive territory or if there was anything more specific on this quarter and we should still expect more softer print the rest of the year? Thank you. Okay, Ricardo. This is Bruno speaking. Thank you for being with us today. BACS, the math is the following. We expect the transaction to be probably high single-digit accretive on a local basis. To Vinci as a whole, the impact will be very small. I wouldn't, I wouldn't expect any substantial change because it's a, it's a high single-digit impact on in the Argentina numbers. When you translate that into the whole Vinci numbers, the impact shouldn't be very high. What we are very excited about is going forward, right? We are partnering with a group in Argentina that is a very relevant group. BACS is owned by, at the ultimate level by Banco Hipotecario, which is a very well-known retail banking institution in Argentina. And we believe that there is very strong complementarity on the platforms regarding products, and regarding distribution channels. The idea is that combining our two platforms and the complementarity that we see, it is very likely that we'll be able to achieve stronger growth rates looking forward. The team locally is very excited about this. I would say more on a positioning for medium long-term than any very relevant impact on a company-wide basis in the short-term. In regards to your second point, the inflows in equities, this is a preparation that we started to do late last year. We launched two products in the UCITS, as a UCITS platform products, one in Brazil and one for our Latin American strategy. One for the Brazilian strategy and one for the Latin American strategy. Both of these products are starting to see inflows. This is something that we had mapped in the past with some of our LPs, that there were interest, there was interest to deploy capital in these strategies. The track record of both strategies has been very strong. In Brazil, we continue to do very well and the LatAm fund is actually doing very well. We had a very good year last year in the Chilean part of the portfolio. Those two funds are starting to see inflows. Hopefully this is the, as we discussed in the investor day, this will be the biggest growth driver for the equities platform going forward. We feel that the our market share, the theoretical market share that we should have in these two funds, these two strategies, point to very substantial fundraising potential. It's clearly the biggest bet that we have in growing the equities platform for the next few quarters. Ricardo Buchpiguel, that's Alessandro Horta speaking here. Just complementing what Bruno Zaremba said. As he said, we have a very strong performance in all the majority of our equity strategies. Till now, what we have been seeing in terms of flows, as you know very well, has been foreigners through ETFs. We start to see a lot of interest in more active managed equity mandates in our funds. We are expecting as the markets improve to see more flows for this product moving forward. The local part of this flows didn't start yet, this is more like international allocation for the funds. As soon as we see the market converging for more allocation in equities locally that are in, let's say this allocation today is in the low point historically, we could see even more stronger flows moving forward. That's very clear. Thank you very much. Our next question comes from William Barranjard from Itaú BBA. You may speak. Can you hear me? Testing microphone. Yes, William, go ahead. We can hear you. Thank you. I have two questions here, guys. Thank you for the presentation. I would like to go again back to Argentina, trying to understand, you know, future products. What do you expect to develop there if it's international money going into the region, maybe for infra, credit and, or if it's the opposite flow of local money going outside to the other regions of LatAm. Also now focusing on the corporate advisory, right? You commented that given the elections and the still high Selic rate, things are not doing that well there. It means that you don't expect anything to accelerate there or maybe at some point in the year things should improve. I wanted to get your overall picture for this segment. Thank you, William. I'll get the first question of your question. it's Alessandro here. Talking about Argentina, I think the main, I would say, target in the short-term for our transaction with BACS will be to capture more flows locally. Okay? As you know very well, the market in Argentina is just still very focused on more liquid solutions. Together with BACS that not just brings some intelligence on the asset management side, but also a very strong distribution channel that is very complementary of us. We are more on the institutional side, and they are more on the corporate and retail side. Moving forward, one of the main reasons of this partnership is really attracting money for investing in more alternative type of investments being private credit, equity, real estate, and also infrastructure. In this specific, I would say universe of alternatives, we believe that we'll see both money coming from local investor, but also we'll be able to attract international investors for these opportunities, especially in the more long-term horizon type of investments like infrastructure or private equity and so on. William, as for corporate advisory, at the time being, we continue to see a slow pipeline development in the second quarter. As we go through the second quarter here, numbers continue to be slow. I think there are a few things that we're working on for the rest of the year. There is optimism with the pipeline that we have, which is relevant, that we could have more material revenue contributions still in 2026 at some point in the second half. The second point is that we are working to develop this vertical also outside of Brazil. We are looking at opportunities to deploy this expertise that we have in other markets. I would say mainly at this point in time, in the south part of Latin America. We have been discussing with some of our offices, how to potentially start this project in other countries. Those will be the priorities for our corporate advisory at this point. Continue to work on the pipeline to potentially have a better second half of the year, as the pipeline still looks strong on a total size. Also start looking at opportunities to create opportunities to internationalize the corporate advisory segments to other Latin American markets. Perfect. Thank you, Alessandro and Bruno. Our next question comes from Lindsey Marie Shema from Goldman Sachs. You may proceed. Hi, good evening, and thank you for taking my question. Maybe taking a step back and thinking more broadly, as we get closer to elections in Brazil, could you just kind of talk about potential outcomes and what they would mean? Then my second question is, you know, we've been talking a lot about Argentina, but what other regions are you excited about? What other products are you excited about? Then what other regions and products do you think are maybe more topics for M&A, and you still need to build out your capabilities in? Thank you. Lindsey, that's Alessandro. I could start with the first question regarding the elections in Brazil. I think personally that today is very difficult to have a view about the outcome of the election for sure. It's clear that. We are not really very worried about the outcome of the election. I think if we have a more pro-market, I would say, outcome, probably the market could be a little bit more positive. In any way, we have or the incumbent or someone with a speech more from pro-market so far. We are really not expecting a big movement either, one direction or another, especially if we have the re-election of the incumbent. In a way, we believe that these elections could be an opportunity for the country, but still difficult to say that the reaction of the market, depending on the outcome, since the probability today is very due to the polls, it's very uncertain. I would say that we are not worried about That's the final message with the outcome of the elections. On your second question, and I would like Bruno to jump in also. I think after Argentina, we saw an opportunity to really have a complementary, let's say a addition to our presence there without having to invest money to get this probability. Sorry, this probability of really growing our business there. We have been able to make a deal that's very, very accretive, without in running so much risk. Regarding the rest of Latin America, we continue to believe that private credit is one of the main asset classes to grow both from a global to local dimension, but also local to local still in the early days in countries like Colombia, in countries like Mexico, where we are really advancing in this specific vertical. Also, we are seeing a lot of opportunities in the infrastructure space. One thing that we are looking more and more is the infrastructure opportunity in Latin America as a whole. Of course, Brazil will continue to be the main market, we are seeing a lot of opportunity in other countries too. I think just to complement Alessandro on the second point, in the infra side, I think he touched that in his answer. I think we are starting to prepare to roll out local-to-local products in infra and real estate, which I think are a couple of interesting developments, starting with those two verticals in Chile initially. The other point, just to wrap up the conversation, is the feedback that we have been getting from our global LPs. Interest for LatAm has continued to improve. We mentioned in the prepared remarks the demand for LatAm, for instance, has been very strong from European LPs, I would say mainly. We are seeing interest from U.S. LPs into LatAm Infra. We're seeing interest all around for SPS, which is still fundraising. Also the VIR V pre-close is looking very good. I think most of the LPs are very satisfied with the performance of the fourth fund. A lot of the international ones have indicated to us that they continue to be interested in being engaged in the strategy. I think the overall sentiment towards Latin America continues to improve. That creates an urgency on our side to build these Latin American products. Like Alessandro said, I think infra is a product that we see that there's really a lot of interest. I would say that that's true also for other of our verticals. I think overall, those would be the two adds that I would make to Alessandro's comments. Going ahead, our last question comes from Guilherme Grespan from JPMorgan. Please, you may proceed. Hi, good evening, Alessandro, Bruno. Thank you for the call. My question is actually more straightforward just on taxes. I thought or realized taxes was a little bit higher than usual. To be honest, the implied effective tax rate in my math is something close to 26. You used to run more or less around mid-teens%. Just want to understand what is the moving part of your taxes and what we should expect going forward. Thank you. Okay, Guilherme, thanks for the question. There are a couple of effects this quarter. One is the gain that we had on the movement of the contingency payments, the earn-out payments. This quarter we had a BRL 43 million accounting gain because of the drop of the stock price and the corresponding gain in the reduction of the liability of these accounts. This created an excess income provision this quarter, which was the opposite of what we saw in the fourth quarter, right? The fourth quarter, we saw the opposite impact. We had a loss and this reduced the tax bracket in the fourth quarter. The other impact is the Verde consolidation. Verde in the fourth quarter, we had one month, and now in the first quarter we had the full quarter. Verde is a real tax regime company. The expected run rate of income tax for us, if you normalize for the earn-out effect, you're right, we used to be around 17%-18%. This number now is gonna go in the low 20s. Probably 22%, 21%, 22% is gonna be the expected number on a go forward basis, mainly because of the consolidation of Verde in the results. That's clear, Bruno. Thank you so much. Thank you. The question-and-answer section is now concluded. I would like to turn the floor back to Mr. Alessandro Horta for the closing remarks. Please, Mr. Horta, you can proceed. I'd like to thank you all for your continued support one more time. As we highlighted during this call, we are pretty much optimistic with our platform. We set up a lot of different avenues for growth. Of course, we are seeing the market changing. It's likely in the interest for the region, and that's probably moving forward to help us in terms of fundraising and of course, in a very condition of deploying capital. There is a, I would say, a systematic scarce of capital in the region. We are able to really moving forward to deploy this capital in a very efficient way. Thank you all, and a good evening to everybody. This does conclude today's presentation. We thank you all for participating and wish you have a very good evening.