Fundraising and Assets Under Management - As of September 30, 2025, the Company has raised a total of $24.2 billion in assets under management (AUM) for Private Equity Solutions, with $17.2 billion classified as Fee-Paying Assets Under Management (FPAUM) [258] - Venture Capital Solutions has raised a total of $10.8 billion in AUM, with $6.6 billion in FPAUM as of September 30, 2025 [258] - Private Credit Solutions has raised a total of $7.5 billion in AUM, with $5.3 billion in FPAUM, and impact assets represent $4.5 billion supporting over 1,000 projects across 40 states, Washington DC, and Puerto Rico [259] - Primary Investment Funds comprise approximately $15.5 billion of FPAUM, while Direct and Co-Investment Funds account for approximately $10.7 billion, and Secondary Investment Funds represent approximately $2.9 billion of FPAUM as of September 30, 2025 [263] - The Company has a network of over 4,500 investors, 310+ fund managers, and 690+ private market funds, enhancing its investment opportunities and data sourcing capabilities [258] Company Operations and Market Position - The Company operates a single operating segment, focusing on private market solutions across various investment strategies [262] - The investment team consists of 72 professionals in Private Equity Solutions, 16 in Venture Capital Solutions, and 52 in Private Credit Solutions, with an average experience of over 25 years [258][259] - The Company is experiencing accelerating demand for private market solutions, driven by a shift in public market dynamics and increasing allocations towards private market asset classes [266] - The Company has a leading presence in North America and has expanded into Europe through the acquisition of Qualitas, positioning itself for significant growth in international markets [266] Financial Performance - Total revenues for the three months ended September 30, 2025, were $75.9 million, reflecting a $1.7 million increase or 2% compared to the same period in 2024 [282] - For the nine months ended September 30, 2025, total revenues increased by $4.9 million, or 2%, to $216.3 million compared to the same period in 2024 [282] - Net income for the three months ended September 30, 2025, was $3.0 million, a significant increase of $1.7 million, or 128%, compared to the same period in 2024 [282] - Net income for the nine months ended September 30, 2025, was $11.929 million, down from $13.966 million in 2024 [317] Expenses and Profitability - Management and advisory fees increased by $1.7 million, or 2%, to $74.3 million for the three months ended September 30, 2025, driven by successful fundraising and the Qualitas acquisition [284] - Compensation and benefits expenses were $42.3 million for the three months ended September 30, 2025, showing a slight decrease of $0.2 million compared to the previous year [282] - Professional fees decreased by $2.7 million, or 29%, to $6.5 million for the three months ended September 30, 2025, reflecting reduced strategic development costs [282] - Total operating expenses decreased by $0.2 million, or 0%, to $65.2 million for the three months ended September 30, 2025 compared to the same period in 2024 [289] Cash Flow and Debt - Cash and cash equivalents decreased by $27.292 million to $40.823 million as of September 30, 2025, representing a 40% decline compared to December 31, 2024 [319] - Cash provided by operating activities dropped significantly by $73.204 million to $0.054 million for the nine months ended September 30, 2025, compared to the same period in 2024 [325] - As of September 30, 2025, the company had a total debt obligation of $393.394 million, an increase of 23% from $319.783 million as of December 31, 2024 [319] - The company has incurred $19.1 million in interest expense for the nine months ended September 30, 2025 [324] Acquisitions and Related Expenses - The Company has recognized a liability for contingent payments to customers associated with revenue-sharing agreements, which will be amortized against revenue [346] - The Company estimates that the acquisition-related earnout for WTI could reach up to $70.0 million, contingent on achieving specific EBITDA milestones of $20.0 million, $22.5 million, and $25.0 million [345] - Goodwill and other intangibles increased by $68.631 million to $672.258 million due to the Qualitas acquisition [319] Regulatory and Market Risks - Political uncertainty and regulatory changes may impact the Company's profitability and operational capabilities, necessitating careful navigation of the complex regulatory environment [267] - The Company manages exposure to exchange rate risks through regular operating activities, estimating that a hypothetical 10% decline in the Euro against the U.S. dollar would not materially impact management fees or investments [356]

Core Viewpoint - P10, Inc. (PX) shows potential for significant upside, with a mean price target of $15.5 indicating a 46.5% increase from the current price of $10.58 [1] Price Targets and Estimates - The mean estimate consists of four short-term price targets with a standard deviation of $3.79, indicating variability among analysts [2] - The lowest estimate of $13.00 suggests a 22.9% increase, while the highest estimate of $21.00 indicates a potential surge of 98.5% [2] - Analysts' price targets can often mislead investors, as empirical research shows they rarely indicate actual price movements [7][10] Analyst Sentiment and Earnings Estimates - Analysts have shown increasing optimism regarding PX's earnings, with a strong consensus on higher EPS estimates, which correlates with potential stock price increases [11] - The Zacks Consensus Estimate for the current year has risen by 0.7% over the past month, with no negative revisions [12] - PX holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] Conclusion on Price Movement - While consensus price targets may not be reliable for predicting the extent of PX's gains, they can provide a useful guide for the direction of price movement [14]

Financial Data and Key Metrics Changes - Total fee-paying assets under management (AUM) reached $29.1 billion, a 17% increase year-over-year [6][13] - Fee-related revenue (FRR) for the third quarter was $75.9 million, a 4% increase compared to the same quarter in 2024 [15] - Adjusted net income (ANI) was $28.6 million, a decrease of 7% from the third quarter of 2024 [17] - Fully diluted ANI per share was $0.24 compared to $0.26 in the prior year [17] - Operating expenses remained flat at $65.2 million compared to the third quarter of last year [16] Business Line Data and Key Metrics Changes - Private equity strategies raised and deployed $711 million, while venture capital solutions raised and deployed $12 million [16] - Private credit strategies added $192 million to fee-paying AUM [16] - The company raised and deployed $915 million in organic gross new fee-paying AUM during the third quarter [5][13] Market Data and Key Metrics Changes - The company raised and deployed $4.3 billion of organic fee-paying AUM in the first three quarters of 2025, a 48% increase compared to the same period in 2024 [6][8] - The fundraising environment remains resilient, with strong demand for secondary products and multi-strategy offerings [16] Company Strategy and Development Direction - The company aims to expand its private credit franchise, which currently represents less than 20% of fee-paying AUM [4][5] - The focus is on the middle and lower middle markets, which are seen as having significant growth opportunities [6][10] - The company plans to continue engaging with larger pools of global capital and expanding its product offerings [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the underlying business and the quality of credit portfolios [5][12] - The company anticipates a return to historical averages for step-downs and expirations in 2026 [14] - Management is optimistic about the macroeconomic environment improving, which could enhance deployment opportunities and returns across the platform [48][49] Other Important Information - The company repurchased approximately 110,000 shares at a weighted average price of $11.34, totaling $1.25 million [12] - A quarterly cash dividend of $0.033 per share was approved, payable on December 19, 2025 [18] - The company has $26 million remaining on its buyback authorization [52] Q&A Session Summary Question: Clarification on estimate-driven step-down and client commitment - Management confirmed that the new client commitment is included in fee-paying AUM and was part of a structured relationship [22] Question: Details on Qualitas US fund and insurance company contributions - The Qualitas US fund will primarily invest in the US and be marketed to European investors, showcasing platform synergies [24][26] - Management noted a focus on expanding relationships with large capital allocators, including insurance companies [27][28] Question: Steps to support accelerated growth in the credit platform - Management emphasized disciplined underwriting and identified growth opportunities in NAV lending and impact credit strategies [33][35] Question: Challenges faced by mid and lower mid-market-focused managers - Management highlighted structural advantages in the lower middle market and the importance of strategic insights provided to GPs [40][42] Question: Impact of M&A environment on the company - Management indicated that a more accommodative macro environment would benefit all players, including P10, by enhancing deployment opportunities [48][49] Question: Current buyback capacity and authorization - Management stated there is $26 million remaining on the buyback authorization and reiterated the importance of share repurchases as a capital return tool [52]

Core Insights - P10, Inc. reported quarterly earnings of $0.24 per share, exceeding the Zacks Consensus Estimate of $0.23 per share, but down from $0.26 per share a year ago, resulting in an earnings surprise of +4.35% [1] - The company posted revenues of $75.93 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 2.62%, compared to $74.24 million in the same quarter last year [2] - P10 shares have declined approximately 16.1% year-to-date, contrasting with the S&P 500's gain of 15.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.25 on revenues of $82.45 million, and for the current fiscal year, it is $0.91 on revenues of $301.04 million [7] - The estimate revisions trend for P10 was favorable prior to the earnings release, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Financial - Miscellaneous Services industry, to which P10 belongs, is currently ranked in the top 35% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Third Quarter 2025 Results Earnings Presentation Important Disclosures IMPORTANT NOTICES The inclusion of references to P10, Inc. ("P10" or the "Company") in this presentation is for information purposes only as the holding company of various subsidiaries. P10 does not offer investment advisory services and this presentation is neither an offer of any investment products nor an offer of advisory services by P10. By accepting this presentation, you acknowledge that P10 is not offering investment advisory ser ...

Financial Performance - Fee-paying assets under management (FPAUM) reached $29.1 billion, a 17% increase from the prior year[13] - Fee-Related Revenue was $75.9 million, representing a 4% year-over-year growth[13] - Fee-Related Earnings amounted to $36.0 million, reflecting a 3% year-over-year growth[13] - Adjusted Net Income (ANI) was $28.6 million, a 7% decrease year-over-year[13] - Fully Diluted ANI per share was $0.24, a decrease of $0.02 year-over-year[13] - Total revenues for Q3 2025 were $75.9 million, a 2% increase compared to $74.2 million in Q3 2024[30] - Management and advisory fees increased by 2% year-over-year to $74.3 million in Q3 2025, up from $72.6 million in Q3 2024[30] - Net income attributable to P10 for Q3 2025 was $2.1 million, representing a 53% increase from $1.4 million in Q3 2024[30] - Adjusted net income for the nine months ended September 30, 2025, was $78.8 million, a 7% decrease from $84.9 million in the same period of 2024[32] - Fee-related earnings for Q3 2025 were $36.0 million, a 3% increase compared to $35.1 million in Q3 2024[32] - The company reported a 4% increase in fee-related revenue for the nine months ended September 30, 2025, totaling $216.3 million compared to $206.2 million in 2024[32] - Basic earnings per share for Q3 2025 were $0.02, a 55% increase from $0.01 in Q3 2024[30] Debt and Equity - As of September 30, 2025, the company had $387 million in outstanding debt, with $113 million available on credit facilities[15] - The company repurchased 110,032 shares at a weighted average price of $11.34, totaling over $1 million[15] - Total liabilities rose to $539,220,000 as of September 30, 2025, compared to $482,385,000 at the end of 2024, marking an increase of about 11.8%[34] - Debt obligations increased to $393,394,000 from $319,783,000, an increase of approximately 23%[34] - The company’s total equity increased to $396,790,000 from $386,890,000, reflecting a growth of about 2.3%[34] Cash Flow and Investments - Cash and cash equivalents decreased to $39,991,000 from $67,455,000, a decline of about 40.7%[34] - Net income for the nine months ended September 30, 2025, was $11,929,000, down from $13,966,000 for the same period in 2024, reflecting a decrease of approximately 14.7%[35] - Net cash provided by operating activities significantly dropped to $54,000 from $73,258,000 year-over-year[35] - The company reported a net cash used in investing activities of $41,061,000 for the nine months ended September 30, 2025, compared to $3,358,000 in the same period of 2024[35] - Borrowings on debt obligations amounted to $93,000,000, while repayments totaled $20,500,000, indicating a net increase in debt financing[35] Fund Performance and Strategy - Fund VI, launched in 2023, has a size of €250 million with 35% called capital and a net IRR of 15.6%[50] - Fund III, established in 2019, has a size of €130 million, 100% called capital, and a net IRR of 13.8%[50] - VLL I, initiated in 1994, has a size of $47 million with 100% called capital and a net IRR of 63.3%[52] - VLL IV, launched in 2004, has a size of $250 million with 100% called capital and a net IRR of 15.9%[52] - Fund III from Five Points Capital, established in 2013, has a size of $230 million with 97% called capital and a net IRR of 25.2%[53] - Hark Capital's Fund IV, initiated in 2022, has a size of $646 million with 57% called capital and a net IRR of 11.6%[55] - Enhanced Capital's Project Finance fund, launched in 2021, has a size of $386 million with 100% called capital and a net IRR of 9.8%[56] - TrueBridge's Fund II, established in 2010, has a size of $342 million with 83% called capital and a net IRR of 20.2%[58] Operational Insights - The company has a unique and extensive proprietary analytics database that provides a competitive edge for systematic sourcing, diligence, and monitoring processes, enabling more informed investment decisions[74] - The company manages over 52,000 investment transactions and 1,600 individual firms, reflecting extensive data collection capabilities[71] - The company emphasizes disciplined growth through acquisitions, which can create additional intangibles and goodwill amortization[75] - The company utilizes Adjusted Net Income (ANI) to assess profitability, which reflects cash flows generated by core operations[82] - The company’s performance measures, such as Net IRR and Net ROIC, are calculated net of fees and expenses, providing a clearer picture of investment returns[84] Risks and Considerations - RCP's investment strategy is subject to significant risks, and past performance is not indicative of future results[94] - All investments bear the risk of loss, including the risk of non-payment of loans by borrowers[93] - The performance data represents past performance only and is not a guarantee of future results, with all investments involving risks including loss of principal[102] - Future realizations of investments may vary materially from current estimates, affecting final returns[103]

Core Insights - P10, Inc. reported strong financial results for Q3 2025, highlighting a diversified platform and solid fundamentals in the middle and lower middle markets, with an expectation to exceed $5 billion in organic gross fundraising for the year [2][4]. Financial Performance - Revenue for Q3 2025 reached $75.9 million, marking a 2% increase year over year [11]. - Fee-Related Revenue also increased by 4% year over year to $75.9 million [11]. - Fee-Paying Assets Under Management (AUM) grew by 17% year over year, totaling $29.1 billion [11]. - GAAP Net Income was reported at $3.0 million, a significant increase from $1.3 million in the prior year, reflecting a 128% growth [11][17]. - Adjusted Net Income decreased to $28.6 million from $30.8 million in the previous year, representing a 7% decline [11][17]. Shareholder Returns - The Company repurchased 110,032 shares at an average price of $11.34 per share, with approximately $26 million remaining under the share repurchase authorization [5]. - A quarterly cash dividend of $0.0375 per share has been declared, payable on December 19, 2025 [6]. Market Position - As of September 30, 2025, P10 managed over $40 billion in assets, focusing on Private Equity, Private Credit, and Venture Capital in access-constrained strategies [9].

Core Points - Pelangio Exploration Inc. has completed the final tranche of a non-brokered private placement, raising a total of $4,500,000 [2] - The first tranche raised $3,462,600 from 19,236,668 units at a price of $0.18 per unit, while the final tranche raised $1,037,399.76 from 5,763,332 units at the same price [2][3] Summary by Sections Private Placement Details - The final tranche consisted of units that included one common share and one half of a common share purchase warrant, with each whole warrant allowing the purchase of one common share at $0.31 until October 9, 2027 [3] - Finder's fees paid to securities dealers totaled $453,396.32 in cash, along with non-transferable finder's warrants for the purchase of 2,371,130 common shares at $0.18 per share until October 9, 2027 [4] Insider Participation - Certain insiders purchased 702,832 units in the final tranche, qualifying as a related party transaction, but the company was exempt from formal valuation and minority approval requirements [5] Company Overview - Pelangio Exploration focuses on acquiring and exploring gold properties in Ghana and Canada, with significant properties including the Manfo property and the Obuasi property adjacent to a major mine [7]

Core Insights - P10, Inc. will release its third quarter 2025 results on November 6, 2025, before U.S. markets open [1] - A conference call and live webcast will be held at 8:30 a.m. Eastern Time on the same day [1] - A replay of the call will be available on P10's investor relations page for those unable to participate live [2] Company Overview - P10 is a leading private markets solutions provider with over $40 billion in assets under management as of June 30, 2025 [3] - The company invests across Private Equity, Private Credit, and Venture Capital, focusing on access-constrained strategies in the middle and lower-middle market [3] - P10 aims to deliver compelling risk-adjusted returns to a global investor base [3]

Core Viewpoint - Pelangio Exploration Inc. has successfully closed the first tranche of its upsized non-brokered private placement, raising gross proceeds of approximately $3,462,600 through the issuance of common shares at a price of $0.18 per share [1][2]. Group 1: Private Placement Details - The company issued a total of 19,236,668 common shares as part of the offering [2]. - The private placement was increased from an initial target of $4,000,000 to $4,500,000 [3]. - Each unit in the offering consists of one common share and one half of a common share purchase warrant, with each whole warrant allowing the purchase of one common share at a price of $0.31 for two years [3]. Group 2: Finder's Fees and Compliance - In connection with the closing, the company paid finder's fees totaling $183,402 in cash and issued 1,018,901 non-transferrable warrants to finders [4]. - Each Finder Warrant allows the purchase of one common share at a price of $0.18 for a period of twenty-four months from the initial closing date [4]. - The private placement remains subject to final approval from the TSX Venture Exchange [4]. Group 3: Company Overview - Pelangio Exploration focuses on acquiring and exploring land packages in gold-rich regions, particularly in Ghana and Canada [6]. - The company owns two significant properties in Ghana: the 100 km² Manfo property, which has eight near-surface gold discoveries, and the 284 km² Obuasi property, adjacent to AngloGold Ashanti's high-grade Obuasi Mine [6].