Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 316

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 316
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 10)                 
  Balance as of December 31, 2024                                                         227,971  
  Current                                                                                  78,518  
  Non-current                                                                             149,453  

The abovementioned loans payable are initially measured at fair value minus transaction costs and subsequently measured at amortized cost in accordance with IFRS 9 - Financial Instruments.

Covenants

According to the terms of the credit agreements, the Group is committed to being compliant with the following financial covenants, on an annual basis:

(i)To maintain a Total Debt to Fee Related Earnings (“ FRE”) not exceeding 2.5:1.0; and

(ii) To maintain a minimum Assets Under Management (“ AUM”) of $ 20,000

Total debt is comprised of all loan facilities from banks. FRE represents the value described in the Group’s 20F filing for December 31, 2024.

As of December 31, 2024, the entity was compliant with the stipulated financial covenants as stated above. Non-financial covenants in place that are monitored by the Group on a regular basis with no non-compliance to date. The main non-financial covenants include:

• Compliance with environmental laws;

• Providing notice of litigation and other matters;

• Preservation of corporate existence and related matters;

• Maintenance of property, plant and equipment;

• Compliance with laws and governmental approvals;

• Use the proceeds for general investments, working capital, and general corporate purposes of the Borrower and its Subsidiaries, and ensure no part of the proceeds is used for purchasing or carrying margin stock or for any purpose which violates the provisions;

• Comply with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws, and maintain policies and procedures designed to ensure compliance with these laws;

• Filing of 20F on time with the SEC including extensions permitted by the SEC;

• Maintain a system of accounting, and keep books, records and accounts as may be required or as may be necessary to permit the preparation of financial statements; and

• Retaining key management.

  Patria Investments Limited      F-45  

  Table of Contents  

  Notes to the consolidated financial statements                                             
  As of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022  
  (Amounts in thousands of United States dollars - US$, except where otherwise stated)       
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