"The Board is unified in its view that Tracey will provide critical industry expertise, strategic guidance, and prudent stewardship as Lead Independent Director," said Luke Sarsfield, P10 Chairman and Chief Executive Officer. "As P10 executes its growth plan, Tracey's role establishes strong governance policy that will enable effective oversight and support from our experienced, diverse Board." P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry ...

At the Annual Meeting, the Company's stockholders: Elected three Class III Directors to serve on the Board until the 2027 annual meeting of stockholders and until their successors are duly elected and qualified (Proposal 1); Approved an amendment to the P10, Inc. 2021 Incentive Plan to increase the number of shares issuable under the Plan by 11,000,000 shares (Proposal 2); and Ratified the appointment of KPMG LLP as the Company's independent registered public accounting firm to audit the Company's financial ...

Table of Contents As filed with the Securities and Exchange Commission on May 28, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 P10, Inc. (Exact name of registrant as specified in its charter) Delaware 6282 87-2908160 (State or Other Jurisdiction of Incorporation or Organization) Classification Code No.) Dallas, Texas 75205 (214) 865-7998 (Address, including zip code, and telephone number, i ...

Core Insights - P10, Inc. announced the final closing of RCP Fund XVIII, a private equity fund managed by its affiliate RCP Advisors, which focuses on North American small buyout fund managers [1][2] - The fund has attracted a diverse base of limited partners, including family offices, high-net-worth individuals, foundations, public pension plans, and endowments [2] - RCP Advisors aims to leverage its extensive research and analytics to achieve top-quartile performance for its investors, emphasizing the attractiveness of small company buyouts compared to other private equity sectors [3] Company Overview - P10, Inc. is a multi-asset class private markets solutions provider with a global investor base of over 3,600 across 50 states and 60 countries, including major pension funds and financial institutions [5] - RCP Advisors, founded in 2001 and a subsidiary of P10, focuses on providing access to small buyout fund managers and has approximately $14 billion in committed capital with a team of 57 professionals [6] Investment Strategy - RCP Fund XVIII targets investments with buyout fund managers that have less than $1 billion in committed capital, focusing on established small to mid-sized companies with EBITDA between $3 million and $25 million [4]

DALLAS, May 20, 2024 (GLOBE NEWSWIRE) -- P10, Inc. (NYSE: PX), a leading private markets solutions provider, today announced that its affiliated manager, RCP Advisors, a private equity investment firm that provides access to North American small buyout fund managers through primary funds, secondary funds, and co-investment funds, announced the final closing of RCP Fund XVIII ("Fund XVIII" or the "Fund"). "We are thrilled to announce this milestone for RCP Advisors and the P10 platform on the closing of Fund ...

"We want to express our sincere gratitude to our limited partners for their continued faith and confidence in our team and strategy. Small company buyouts continue to provide compelling investment opportunities that we believe are differentiated from and superior to other sectors within the private equity market. We will continue to leverage our industry-leading research, data, and analytics in seeking to realize our goal of generating top- quartile performance for our investors," said Tom Danis, Managing P ...

P10, Inc. (NYSE:PX) Q1 2024 Earnings Conference Call May 8, 2024 5:00 PM ET Company Participants Mark Hood - Executive Vice President of Operations & Investor Relations Luke Sarsfield - Chief Executive Officer Amanda Coussens - Chief Financial Officer Conference Call Participants Alex Bernstein - JPMorgan Benjamin Budish - Barclays Adam Beatty - UBS Stephanie Ma - Morgan Stanley Operator Hello and welcome to the P10 First Quarter 2024 Conference Call. My name is Latif [ph] and I will be coordinating your ca ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) P10, Inc.'s unaudited consolidated financial statements for Q1 2024, detailing balance sheets, operations, equity, cash flows, and notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Details the company's financial position, including assets, liabilities, and equity, as of March 31, 2024, and December 31, 2023 | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Cash and cash equivalents | $28,996 | $30,467 | | Total assets | $832,810 | $834,074 | | Total liabilities | $432,724 | $408,912 | | Debt obligations | $314,036 | $289,844 | | Total equity | $400,086 | $425,162 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Presents the company's revenues, expenses, and net income for the three months ended March 31, 2024, and 2023 | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :----------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Total revenues | $66,115 | $57,253 | | Income from operations | $12,099 | $4,871 | | Net income | $5,243 | $769 | | Net income attributable to P10 | $5,021 | $605 | | Basic earnings per share | $0.04 | $0.01 | | Diluted earnings per share | $0.04 | $0.01 | [Consolidated Statements of Changes in Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Details changes in total equity, including stock repurchases, dividends, net income, and stock-based compensation, for the period - Total equity decreased from **$425,162 thousand** at December 31, 2023, to **$400,086 thousand** at March 31, 2024, primarily due to **stock repurchases ($30,038 thousand)** and **dividends paid ($3,774 thousand)**, partially offset by **net income ($5,243 thousand)** and **stock-based compensation ($6,175 thousand)**[14](index=14&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Presents the company's cash flows from operating, investing, and financing activities for the three months ended March 31, 2024, and 2023 | Cash Flow Activity | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :------------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | | Net cash provided by operating activities | $10,959 | $20,777 | | Net cash used in investing activities | $(260) | $(701) | | Net cash used in financing activities | $(12,725) | $(13,711) | | Net change in cash, cash equivalents and restricted cash | $(2,026) | $6,365 | | Cash, cash equivalents and restricted cash, end of period | $30,031 | $35,857 | [Notes to Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures supporting the unaudited consolidated financial statements [Note 1. Description of Business](index=9&type=section&id=Note%201.%20Description%20of%20Business) Outlines P10, Inc.'s business as a multi-asset class private market solutions provider, detailing key acquisitions and recent corporate updates - P10, Inc. operates as a multi-asset class private market solutions provider in the alternative asset management industry, offering solutions across private equity, venture capital, private credit, and impact investing[23](index=23&type=chunk) - The company completed several key acquisitions, including RCP Advisors, Five Points, TrueBridge, Enhanced Capital Group, Bonaccord, Hark, and WTI, expanding its portfolio of solutions[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk) - The Board approved an additional **$40.0 million** for the share repurchase program on February 27, 2024, bringing the total spent to **$59.5 million** as of March 31, 2024[38](index=38&type=chunk) - Luke A. Sarsfield III was appointed CEO effective October 23, 2023, following an executive transition where former Co-CEOs Mr. Alpert and Mr. Webb transitioned to Executive Chairman and Executive Vice Chairman roles[39](index=39&type=chunk) [Note 2. Significant Accounting Policies](index=10&type=section&id=Note%202.%20Significant%20Accounting%20Policies) Details significant accounting policies, including basis of presentation, consolidation principles, revenue recognition, and recent accounting pronouncements - The company consolidates entities where it has a controlling financial interest, either through a variable interest model (VIEs like P10 Intermediate, RCP, TrueBridge, Hark, Bonaccord, WTI) or a voting interest model (P10 Holdings, Five Points, P10 Advisors, ECG)[46](index=46&type=chunk)[47](index=47&type=chunk) - Revenue is recognized when promised goods or services are transferred to customers, primarily from management and advisory fees based on committed or deployed capital, and other revenue from subscriptions, consulting, and referral fees[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[91](index=91&type=chunk) - The company adopted ASU 2022-03 on January 1, 2024, clarifying that contractual sale restrictions on equity securities are not considered in fair value measurement, with no material impact[106](index=106&type=chunk) - The company is evaluating the effects of ASU 2023-07 (Improvements to Reportable Segment Disclosure, effective 2025) and ASU 2023-09 (Improvements to Income Tax Disclosures, effective 2025)[107](index=107&type=chunk)[110](index=110&type=chunk) [Note 3. Revenue](index=22&type=section&id=Note%203.%20Revenue) Provides a disaggregation of total revenues by product offering for the three months ended March 31, 2024, and 2023 | Revenue Type | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :------------- | :--------------------------------------------- | :--------------------------------------------- | | Management fees | $63,844 | $55,536 | | Advisory fees | $1,278 | $1,051 | | Subscriptions | $169 | $134 | | Other revenue | $824 | $532 | | Total revenues | $66,115 | $57,253 | [Note 4. Strategic Alliance Expense](index=22&type=section&id=Note%204.%20Strategic%20Alliance%20Expense) Details the strategic alliance agreement related to the Bonaccord acquisition, including a third-party investor's share of earnings and equity options - Strategic alliance expense was **$0.6 million** for Q1 2024, up from **$0.4 million** in Q1 2023, due to an agreement with a third-party investor in connection with the Bonaccord acquisition[112](index=112&type=chunk) - The third-party investor has the opportunity to acquire up to **5% equity** in Bonaccord for Fund II and up to **4.9%** for Fund III based on capital commitments, with the maximum commitment for Fund II already met as of March 31, 2024[113](index=113&type=chunk)[114](index=114&type=chunk) [Note 5. Notes Receivable](index=22&type=section&id=Note%205.%20Notes%20Receivable) Describes the company's notes receivable, primarily from BCP Partners Holdings, LP and Bonaccord employees, used to fund general partner commitments - Total notes receivable remained stable at **$5.8 million** as of March 31, 2024, and December 31, 2023[119](index=119&type=chunk) - Notes receivable include an Advance Agreement with BCP for **$5.0 million** (matures Sept 2031, interest at **5.5%** or AFR) and Secured Promissory Notes with Bonaccord employees for **$1.0 million** (matures Oct 2028, interest at **SOFR + 2.10%**)[115](index=115&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) [Note 6. Variable Interest Entities](index=24&type=section&id=Note%206.%20Variable%20Interest%20Entities) Explains the company's consolidation of Variable Interest Entities (VIEs) where it is the primary beneficiary, and its interests in unconsolidated VIEs - The company consolidates VIEs such as P10 Intermediate, Holdco, RCP 2, RCP 3, TrueBridge, Hark, Bonaccord, and WTI, where it is the primary beneficiary[120](index=120&type=chunk) - Assets of consolidated VIEs totaled **$566.6 million** and liabilities **$422.6 million** as of March 31, 2024, with creditors generally having no recourse to P10's assets[120](index=120&type=chunk) [Note 7. Investment in Unconsolidated Subsidiaries](index=24&type=section&id=Note%207.%20Investment%20in%20Unconsolidated%20Subsidiaries) Details the company's equity method investments in unconsolidated subsidiaries, primarily related to ECG's tax credit finance and RCP's investment manager - Investment in unconsolidated subsidiaries increased to **$2.8 million** as of March 31, 2024, from **$1.7 million** at December 31, 2023, primarily due to RCP's investment in a privately held investment manager[123](index=123&type=chunk) - The company uses the equity method for entities where it exercises significant influence and the measurement alternative for others, such as RCP's investment in a privately held investment manager[122](index=122&type=chunk)[123](index=123&type=chunk) [Note 8. Property and Equipment](index=25&type=section&id=Note%208.%20Property%20and%20Equipment) Presents the breakdown of property and equipment, net of accumulated depreciation, as of March 31, 2024, and December 31, 2023 | Asset Category | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :----------------------- | :----------------------------- | :----------------------------- | | Computers and purchased software | $1,611 | $1,528 | | Furniture and fixtures | $1,671 | $1,666 | | Leasehold improvements | $3,058 | $2,894 | | Less: accumulated depreciation | $(2,975) | $(2,763) | | Total property and equipment, net | $3,365 | $3,325 | [Note 9. Goodwill and Intangibles](index=25&type=section&id=Note%209.%20Goodwill%20and%20Intangibles) Details the company's goodwill and intangible assets, including indefinite-lived and finite-lived assets, and their amortization schedules - Goodwill remained constant at **$506,038 thousand** as of March 31, 2024[127](index=127&type=chunk) | Intangible Asset Category | March 31, 2024 (Net Carrying Amount, in thousands) | December 31, 2023 (Net Carrying Amount, in thousands) | | :-------------------------- | :------------------------------------------------- | :------------------------------------------------- | | Indefinite-lived intangible assets | $17,405 | $17,405 | | Finite-lived intangible assets | $99,353 | $105,790 | | Total intangible assets | $116,758 | $123,195 | - Amortization expense for intangibles is projected to be **$19,175 thousand** for 2024, **$21,269 thousand** for 2025, and **$16,640 thousand** for 2026[130](index=130&type=chunk) [Note 10. Fair Value Measurements](index=27&type=section&id=Note%2010.%20Fair%20Value%20Measurements) Discusses fair value measurements of liabilities, including the credit facility and contingent consideration related to acquisitions, using a fair value hierarchy - The credit facility's estimated fair value was **$314.0 million** as of March 31, 2024, using Level 2 inputs[131](index=131&type=chunk) - Contingent consideration for the Bonaccord acquisition, a Level 3 fair value measurement, had an estimated fair value of **$6.5 million** as of March 31, 2024, down from **$6.693 million** at December 31, 2023[132](index=132&type=chunk)[134](index=134&type=chunk) - The Hark contingent consideration of **$5.4 million** was fully paid during 2023, resulting in no expense for Q1 2024[133](index=133&type=chunk) [Note 11. Debt Obligations](index=29&type=section&id=Note%2011.%20Debt%20Obligations) Provides details on the company's debt obligations, including the revolving credit facility, term loan, interest rates, and future principal maturities | Debt Type | March 31, 2024 (Net, in thousands) | December 31, 2023 (Net, in thousands) | | :---------------------- | :--------------------------------- | :--------------------------------- | | Revolver facility, net | $115,585 | $88,852 | | Term loan, net | $198,451 | $200,992 | | Total debt obligations, net | $314,036 | $289,844 | - The company's Credit Agreement includes a **$125 million** Revolver Facility and a **$125 million** Term Loan, with an exercised **$125 million** accordion feature, both with interest rates based on **SOFR plus 2.10%**[142](index=142&type=chunk)[143](index=143&type=chunk) - Future principal maturities of debt are **$7,969 thousand** in 2024 and **$308,450 thousand** in 2025, with the Revolving Credit Facility maturing on December 22, 2025[143](index=143&type=chunk)[145](index=145&type=chunk) [Note 12. Related Party Transactions](index=31&type=section&id=Note%2012.%20Related%20Party%20Transactions) Describes various transactions with related parties, including sublease agreements, receivables from funds, advisory agreements, and employee promissory notes - The company has a sublease agreement with 210 Capital, LLC, a related party, for its corporate headquarters, with rent expense of **$0.1 million** for Q1 2024[146](index=146&type=chunk) - Receivables from funds for reimbursable expenses and management fees totaled **$23.8 million** as of March 31, 2024[147](index=147&type=chunk) - Advisory fees earned from Enhanced PC under an Advisory Agreement were **$4.2 million** for Q1 2024, with **$43.9 million** in remaining performance obligations[148](index=148&type=chunk) - Advisory fees from Crossroads Impact Corp were **$2.2 million** for Q1 2024[152](index=152&type=chunk) [Note 13. Commitments and Contingencies](index=33&type=section&id=Note%2013.%20Commitments%20and%20Contingencies) Outlines the company's operating lease commitments, WTI acquisition earnout payments, revenue share arrangements, and COO severance payment - Operating lease liabilities totaled **$22.5 million** as of March 31, 2024, with a weighted-average remaining lease term of **6.92 years**[157](index=157&type=chunk) - Earnout payments related to the WTI acquisition could reach up to **$70.0 million**, contingent on EBITDA hurdles and continued employment, with **$29.2 million** accrued as of March 31, 2024[159](index=159&type=chunk) - Accrued contingent liabilities for revenue share arrangements with third parties were **$16.2 million** as of March 31, 2024, with corresponding contingent payments to customers assets of **$13.6 million**[161](index=161&type=chunk) - A severance payment of **$1.2 million** is payable to the retiring COO, accrued in Q4 2023[164](index=164&type=chunk) [Note 14. Income Taxes](index=36&type=section&id=Note%2014.%20Income%20Taxes) Discusses the company's income tax provision, effective tax rate, deferred tax assets and liabilities, and valuation allowances - The effective income tax rate was **25.11%** for Q1 2024, compared to a non-meaningful rate in Q1 2023 due to a discrete item, with a rate of **29.44%** excluding discrete items[167](index=167&type=chunk) - A valuation allowance of **$12.8 million** was recorded against deferred tax assets as of March 31, 2024, primarily related to a note impairment[168](index=168&type=chunk) [Note 15. Stockholders' Equity](index=37&type=section&id=Note%2015.%20Stockholders%27%20Equity) Details the company's equity-based compensation plans, including stock options, RSAs, and RSUs, along with associated expenses and vesting schedules - The company has **18,300,000 shares** available for grant under the P10 Holdings, Inc. 2021 Stock Incentive Plan and the 2018 Plan[173](index=173&type=chunk) - Stock option compensation expense was **$2.8 million** for Q1 2024, with **$14.2 million** in unrecognized expense remaining[174](index=174&type=chunk) - RSU compensation includes Bonaccord Units (**$0.4 million** expense in Q1 2024), Executive Transition Units (**$0.6 million** expense in Q1 2024), and Executive Market Units (**$0.7 million** expense in Q1 2024)[178](index=178&type=chunk)[180](index=180&type=chunk)[183](index=183&type=chunk) [Note 16. Earnings Per Share](index=40&type=section&id=Note%2016.%20Earnings%20Per%20Share) Provides a reconciliation of numerators and denominators for basic and diluted earnings per share for Class A and Class B common stock | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :------------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | | Net income attributable to P10 | $5,021 | $605 | | Weighted average shares outstanding, basic | 115,129 | 115,921 | | Denominator for earnings per share assuming dilution | 122,841 | 123,926 | | Basic EPS (Class A/B) | $0.04 | $0.01 | | Diluted EPS (Class A/B) | $0.04 | $0.01 | - **12.0 million** options were excluded from diluted EPS computation for Q1 2024 as they were anti-dilutive[191](index=191&type=chunk) [Note 17. Subsequent Events](index=41&type=section&id=Note%2017.%20Subsequent%20Events) Discloses events after the balance sheet date, including a declared quarterly cash dividend and an amendment to an executive transition agreement - A quarterly cash dividend of **$0.035 per share** of Class A and Class B common stock was declared, payable on June 20, 2024[192](index=192&type=chunk) - An amendment to Robert Alpert's Transition Agreement was executed on May 9, 2024, resigning him as Executive Chairman and Chairman of the Board effective June 14, 2024[192](index=192&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion and analysis of P10, Inc.'s financial condition and results of operations for Q1 2024, including business overview, revenue, segments, market trends, and critical accounting policies [Business Overview](index=42&type=section&id=MD%26A%20-%20Business%20Overview) Provides an overview of P10's business as a multi-asset class private market solutions provider, including leadership changes and share repurchase updates - P10 is a leading multi-asset class private market solutions provider in the alternative asset management industry, aiming to offer differentiated access to investment vehicles across various asset classes and geographies[196](index=196&type=chunk) - Luke A. Sarsfield III was appointed CEO effective October 23, 2023, following the transition of former Co-CEOs Mr. Alpert and Mr. Webb to Executive Chairman and Executive Vice Chairman roles[197](index=197&type=chunk) | Solution Category | FPAUM (as of March 31, 2024, in billions) | | :------------------------ | :---------------------------------------- | | Private Equity Solutions (PES) | $12.5 | | Venture Capital Solutions (VCS) | $6.5 | | Impact Investing Solutions (IIS) | $1.9 | | Private Credit Solutions (PCS) | $2.9 | - The Board authorized an additional **$40.0 million** for the stock repurchase program on February 27, 2024, with **$59.5 million** spent as of March 31, 2024[200](index=200&type=chunk) [Sources of Revenue](index=43&type=section&id=MD%26A%20-%20Sources%20of%20Revenue) Describes the primary sources of revenue, mainly from long-term, fixed-fee management and advisory contracts based on committed capital - The majority of revenues are generated through long-term, fixed-fee management and advisory contracts, typically based on committed capital for ten to fifteen years[202](index=202&type=chunk) | Investment Vehicle | FPAUM (as of March 31, 2024, in billions) | | :-------------------------- | :---------------------------------------- | | Primary Investment Funds | $13.8 | | Direct and Co-Investment Funds | $8.4 | | Secondaries | $1.6 | [Operating Segments](index=44&type=section&id=MD%26A%20-%20Operating%20Segments) Explains that P10 operates as a single operating segment, reflecting how the CEO evaluates financial performance and allocates resources - P10 operates its business as a single operating segment, which is how the CEO evaluates financial performance and allocates resources[206](index=206&type=chunk) [Trends Affecting Our Business](index=44&type=section&id=MD%26A%20-%20Trends%20Affecting%20Our%20Business) Discusses key market trends, including demand for private markets solutions, regulatory changes, growth strategies, and the impact of interest rates - Key trends include accelerating demand for private markets solutions, favorable lower/lower-middle market dynamics, and the need to expand asset class solutions and geographic reach[209](index=209&type=chunk)[211](index=211&type=chunk) - Increasing regulatory requirements are expected to raise compliance costs and potentially restrict business activities[211](index=211&type=chunk) - The company's growth depends on its ability to raise capital for acquisitions and strategic initiatives, with data advantage crucial for competitive positioning[211](index=211&type=chunk) - Counter-cyclical strategies, particularly private credit products with floating rates, benefit from a higher interest rate environment[212](index=212&type=chunk) [Key Financial & Operating Metrics](index=46&type=section&id=MD%26A%20-%20Key%20Financial%20%26%20Operating%20Metrics) Highlights key financial and operating metrics, including revenue sources, compensation expenses, and the nature of FPAUM - Revenues are primarily from long-term, fixed management and advisory fees, typically based on committed capital, with an average fee rate of approximately **1%**[215](index=215&type=chunk)[226](index=226&type=chunk) - Compensation and benefits are the largest expense, expected to rise with headcount growth and competitive compensation needs, with investment professionals retaining carried interests[218](index=218&type=chunk) - FPAUM reflects assets from which management and advisory fees are earned, primarily based on committed capital, making it less susceptible to market fluctuations[223](index=223&type=chunk) [Results of Operations](index=47&type=section&id=MD%26A%20-%20Results%20of%20Operations) Analyzes the company's financial performance for Q1 2024, focusing on total revenues, operating expenses, income from operations, and FPAUM growth | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | $ Change | % Change | | :-------------------------------- | :--------------------------------------------- | :--------------------------------------------- | :------- | :------- | | Total revenues | $66,115 | $57,253 | $8,862 | 15% | | Total operating expenses | $54,016 | $52,382 | $1,634 | 3% | | Income from operations | $12,099 | $4,871 | $7,228 | 148% | | Net income | $5,243 | $769 | $4,474 | 582% | - Total revenues increased by **$8.9 million (15%)** driven by organic FPAUM growth at Bonaccord and TrueBridge, with catch-up fees contributing **$7.7 million** in Q1 2024[226](index=226&type=chunk)[227](index=227&type=chunk) - Operating expenses increased by **$1.6 million (3%)**, primarily due to higher general, administrative, and other expenses (**+25%**) and compensation and benefits (**+4%**), partially offset by lower amortization of intangibles (**-11%**) and contingent consideration expense (**-92%**)[230](index=230&type=chunk)[231](index=231&type=chunk)[232](index=232&type=chunk)[233](index=233&type=chunk)[235](index=235&type=chunk) - FPAUM increased by **$0.6 billion (2.5%)** to **$23.8 billion** as of March 31, 2024, driven by capital raised and deployed from private equity and venture capital solutions[239](index=239&type=chunk)[240](index=240&type=chunk) [Non-GAAP Financial Measures](index=53&type=section&id=MD%26A%20-%20Non-GAAP%20Financial%20Measures) Discusses the use of non-GAAP measures like Fee-Related Revenue, Fee-Related Earnings, Adjusted Net Income, and Adjusted EBITDA to assess performance - Non-GAAP measures like Fee-Related Revenue (FRR), Fee-Related Earnings (FRE), Adjusted Net Income (ANI), and Adjusted EBITDA are used to assess performance, excluding non-cash expenses, financing costs, and acquisition-related expenses[243](index=243&type=chunk)[244](index=244&type=chunk) | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :---------------------- | :--------------------------------------------- | :--------------------------------------------- | | Adjusted EBITDA | $30,825 | $28,406 | | Adjusted Net Income | $25,400 | $25,485 | | Fee-Related Revenue | $65,007 | $56,133 | | Fee-Related Earnings | $30,741 | $28,190 | [Financial Position, Liquidity and Capital Resources](index=54&type=section&id=MD%26A%20-%20Financial%20Position%2C%20Liquidity%20and%20Capital%20Resources) Analyzes the company's financial position, liquidity, and capital resources, including cash, assets, liabilities, debt, and equity changes | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | $ Change | % Change | | :------------------------------------------ | :----------------------------- | :----------------------------- | :------- | :------- | | Cash and cash equivalents (including restricted cash) | $30,031 | $32,057 | $(2,026) | (6)% | | Goodwill and other intangibles | $622,796 | $629,233 | $(6,437) | (1)% | | Total assets | $832,810 | $834,074 | $(1,264) | (0)% | | Debt obligations | $314,036 | $289,844 | $24,192 | 8% | | Equity | $400,086 | $425,162 | $(25,076) | (6)% | - Cash from operating activities decreased by **$9.8 million (47%)** to **$11.0 million** in Q1 2024, primarily due to increased income tax expense, compensation, and general & administrative expenses, and changes in working capital[253](index=253&type=chunk)[254](index=254&type=chunk)[261](index=261&type=chunk) - Debt obligations increased by **$24.2 million** due to revolver activity for common stock repurchases[247](index=247&type=chunk) - The company expects to meet liquidity needs through operating cash flows, existing cash, and external financing, including potential refinancing or equity offerings[257](index=257&type=chunk) [Critical Accounting Policies and Estimates](index=56&type=section&id=MD%26A%20-%20Critical%20Accounting%20Policies%20and%20Estimates) Outlines critical accounting policies and estimates, including basis of presentation, consolidation, revenue recognition, stock-based compensation, and income taxes - Key critical accounting policies include the basis of presentation, principles of consolidation, revenue recognition for management and advisory fees, stock-based compensation expense, and income taxes[260](index=260&type=chunk)[261](index=261&type=chunk)[263](index=263&type=chunk)[268](index=268&type=chunk)[272](index=272&type=chunk)[273](index=273&type=chunk) - Management makes estimates and assumptions that affect reported amounts, and actual results could differ[260](index=260&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Discusses the company's exposure to market risks, including interest rate risk and credit risk, and how these risks are managed - The company is exposed to market risks such as price risk, interest-rate risk, access to financing risk, liquidity risk, and counterparty risk[275](index=275&type=chunk) - Management fees are generally based on commitments or net invested capital, so revenue is not significantly impacted by changes in investment values, but unfavorable changes could affect investor attraction/retention[276](index=276&type=chunk) - A **100-basis point** increase in interest rates would result in an approximately **$2.0 million** increase in interest expense over the next 12 months, given **$316.4 million** in outstanding principal on Term Loans and Revolving Credit Facility[279](index=279&type=chunk)[141](index=141&type=chunk) - Credit risk is managed by limiting counterparties to reputable financial institutions[280](index=280&type=chunk) [Item 4. Controls and Procedures](index=60&type=section&id=Item%204.%20Controls%20and%20Procedures) Assesses the effectiveness of the company's disclosure controls and procedures and reports on any changes in internal controls over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2024, providing reasonable assurance that required information is recorded, processed, summarized, and reported timely[282](index=282&type=chunk) - There have been no material changes in internal control over financial reporting during the quarter ended March 31, 2024[283](index=283&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=61&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 13, "Commitments and Contingencies," for information regarding legal proceedings - Information on legal proceedings is incorporated by reference from "Contingencies" in Note 13 of the consolidated financial statements[285](index=285&type=chunk) [Item 1A. Risk Factors](index=61&type=section&id=Item%201A.%20Risk%20Factors) States no material changes to risk factors from the Form 10-K for the year ended December 31, 2023 - No material changes to risk factors from the Form 10-K for the year ended December 31, 2023[286](index=286&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=61&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Provides information on the company's common stock repurchase activity for Q1 2024 under its Stock Repurchase Program | Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan or Program | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | | :-------------------- | :------------------------------- | :--------------------------- | :--------------------------------------------------------------------------- | :--------------------------------------------------------------------------------------------- | | January 1 - 31, 2024 | — | $ - | — | $10,566,370 | | February 1 - 29, 2024 | — | $ - | — | $50,566,370 | | March 1 - 31, 2024 | 3,683,400 | $8.15 | 3,683,400 | $20,524,759 | | Total | 3,683,400 | $8.15 | 3,683,400 | | - The Board authorized an additional **$40 million** for repurchases under the Stock Repurchase Program on February 27, 2024[287](index=287&type=chunk) [Item 3. Other Information](index=61&type=section&id=Item%203.%20Other%20Information) Confirms no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted or terminated by the company or its officers/directors during the last fiscal quarter - No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted or terminated by the company or its officers/directors during the last fiscal quarter[288](index=288&type=chunk) [Item 4. Exhibits](index=62&type=section&id=Item%204.%20Exhibits) Lists the exhibits filed with the Form 10-Q, including employment agreements, certifications, and XBRL documents - The exhibits include employment agreements (10.1, 10.2, 10.3), CEO/CFO certifications (31.1, 31.2, 32.1, 32.2), and Inline XBRL documents (101.INS, 101.SCH, 104)[289](index=289&type=chunk) [Signatures](index=63&type=section&id=Signatures) Contains the signatures of the Chief Executive Officer and Chief Financial Officer, certifying the report - The report is signed by Luke A. Sarsfield III, Chief Executive Officer and Director, and Amanda Coussens, Chief Financial Officer, on May 9, 2024[291](index=291&type=chunk)

[Introduction & Corporate Information](index=2&type=section&id=Introduction%20%26%20Corporate%20Information) P10, Inc. provides legal disclaimers, forward-looking statement caveats, non-GAAP measure definitions, and introduces key presenters [Legal Disclaimers](index=2&type=section&id=Legal%20Disclaimers) This section provides standard legal disclaimers, clarifying P10, Inc.'s role as a holding company and that investment advisory services are provided by its registered subsidiaries - P10, Inc. acts as a holding company; investment advisory services are provided by its registered investment adviser subsidiaries[2](index=2&type=chunk) - The presentation is for informational purposes only and does not constitute an offer to sell securities or investment advice[2](index=2&type=chunk) [Forward-Looking Statements & Projections](index=2&type=section&id=Forward-Looking%20Statements%20%26%20Projections) The report contains forward-looking statements and financial/operating projections that are inherently uncertain and based on estimates and assumptions - Forward-looking statements discuss management's current expectations and projections, subject to various risks, uncertainties, and assumptions[3](index=3&type=chunk) - Financial and operating projections are speculative and based on estimates, with actual results potentially differing substantially and possibly being materially worse[4](index=4&type=chunk) - The company undertakes no obligation to update or revise any forward-looking statements or projections, except as required by law[3](index=3&type=chunk)[4](index=4&type=chunk) [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and explains the use of non-GAAP financial measures such as Adjusted EBITDA, Adjusted Net Income (ANI), and Fee-Paying Assets Under Management (FPAUM) - Non-GAAP financial measures (Adjusted EBITDA, Adjusted EBITDA Margin, Fee-Related Revenue, Fee-Related Earnings, Fee-Related Earnings Margin, Adjusted Net Income, Fully Diluted ANI EPS, and fee-paying assets under management) are used to provide useful additional information and better comparability of ongoing operating performance[6](index=6&type=chunk) - These non-GAAP measures should not be considered substitutes for net income or cash flows from operating, investing, or financing activities[6](index=6&type=chunk) [Presenters](index=3&type=section&id=Presenters) The presentation features key executives: Luke Sarsfield as CEO & Director, Amanda Coussens as EVP, CFO & CCO, and Mark Hood as EVP & CAO - Key presenters for the First Quarter 2024 Earnings Presentation include Luke Sarsfield (CEO & Director), Amanda Coussens (EVP, CFO & CCO), and Mark Hood (EVP & CAO)[9](index=9&type=chunk) [First Quarter 2024 Highlights](index=4&type=section&id=First%20Quarter%202024%20Highlights) P10, Inc. reports strong Q1 2024 financial performance, driven by FPAUM growth and fundraising, alongside capital market actions and corporate governance updates [Financial Performance Highlights](index=4&type=section&id=Financial%20Performance%20Highlights) P10, Inc. demonstrated strong financial performance in Q1 2024, with significant year-over-year growth in GAAP Net Income and EPS, driven by a 15% increase in revenue Q1 2024 Financial Highlights (YoY) | Financial Metric ($ in Millions) | March 31, 2024 | March 31, 2023 | Q1'24 vs Q1'23 Change | | :----------------------------- | :------------- | :------------- | :-------------------- | | Actual FPAUM ($ Billions) | $23.8 | $21.6 | 10% | | Revenue | $66.1 | $57.3 | 15% | | Operating Expenses | $54.0 | $52.4 | 3% | | GAAP Net Income | $5.2 | $0.8 | 582% | | Fully Diluted GAAP EPS | $0.04 | $0.01 | 300% | | Adjusted EBITDA | $30.8 | $28.4 | 9% | | Adjusted EBITDA Margin | 47% | 50% | N/A | | Adjusted Net Income | $25.4 | $25.5 | 0% | | Fully Diluted ANI EPS | $0.21 | $0.21 | 0% | | Fee-Related Revenue | $65.0 | $56.1 | 16% | | Fee-Related Earnings | $30.7 | $28.2 | 9% | | Fee-Related Earnings Margin | 47% | 50% | N/A | [Key Business Drivers](index=5&type=section&id=Key%20Business%20Drivers) The company's Q1 2024 performance was primarily driven by a 10% increase in Fee-Paying Assets Under Management (FPAUM) to **$23.8 billion** and a 15% year-over-year revenue growth - Fee-paying assets under management (FPAUM) increased by **10% to $23.8 billion** compared to March 31, 2023[13](index=13&type=chunk)[15](index=15&type=chunk) - Year-over-year quarterly revenue growth of **15%** was driven by **$667 million** of fundraising and deployment[15](index=15&type=chunk) - Catch-up fees in the first quarter amounted to **$7.7 million**[15](index=15&type=chunk) [Capital Markets & Shareholder Actions](index=5&type=section&id=Capital%20Markets%20%26%20Shareholder%20Actions) P10, Inc. approved a 7.7% increase in its annual dividend to **$0.14 per share** and declared a quarterly cash dividend of **$0.035 per share** - Approved a **7.7% increase** in the annual dividend by **$0.01 per share to $0.14 per share**, with a quarterly cash dividend of **$0.035 per share** declared[15](index=15&type=chunk) - **3,683,400 shares** were repurchased in the quarter at an average price of **$8.15 per share**, with **$20.5 million** available under the stock buyback program[15](index=15&type=chunk) - Outstanding debt is **$298.3 million**, with **$199.2 million** on the term portion and **$99.1 million** on the revolver, leaving **$63.4 million** available on the credit facility[15](index=15&type=chunk) [Corporate Governance Updates](index=6&type=section&id=Corporate%20Governance%20Updates) P10, Inc. announced several corporate governance changes, including new appointments to its leadership and Board of Directors, and the termination of its stockholder rights plan - Melodie Craft was hired as General Counsel, and Tracey Benford was appointed as an independent Class II director to the Board[16](index=16&type=chunk) - Robert Alpert will step down as Executive Chairman on June 14, 2024, and Luke Sarsfield was appointed as Chairman of the Board, effective the same date[18](index=18&type=chunk) - The Board of Directors voted to terminate the company's stockholder rights plan, effective May 8, 2024[18](index=18&type=chunk) [Investment Team Performance Summary](index=8&type=section&id=Investment%20Team%20Performance%20Summary) This section details the historical investment performance across P10's various advisory firms, including RCP Advisors, TrueBridge, Enhanced Capital, Bonaccord, WTI, Five Points Capital, and Hark Capital [RCP Advisors Performance](index=8&type=section&id=RCP%20Advisors%20Performance) RCP Advisors manages a diverse portfolio of fund-of-funds, secondary funds, co-investment funds, and combination funds, demonstrating strong historical performance RCP Advisors Fund-of-Funds Performance (as of 9/30/23) | Fund | Vintage | Fund Size ($ Millions) | Called Capital | Net IRR | Net ROIC | | :-------- | :------ | :--------------------- | :------------- | :------ | :------- | | Fund I | 2003 | $92 | 105% | 13.6% | 1.8x | | Fund IV | 2007 | $265 | 110% | 14.5% | 2.0x | | Fund VIII | 2012 | $268 | 114% | 20.3% | 2.3x | | Fund X | 2015 | $332 | 112% | 17.6% | 1.9x | | Fund XII | 2018 | $382 | 103% | 17.9% | 1.6x | RCP Advisors Secondary Funds Performance (as of 9/30/23) | Fund | Vintage | Fund Size ($ Millions) | Called Capital | Net IRR | Net ROIC | | :------ | :------ | :--------------------- | :------------- | :------ | :------- | | SOF I | 2009 | $264 | 112% | 21.1% | 1.7x | | SOF III | 2018 | $400 | 102% | 35.8% | 1.7x | RCP Advisors Co-Investment Funds Performance (as of 9/30/23) | Fund | Vintage | Fund Size ($ Millions) | Called Capital | Net IRR | Net ROIC | | :------- | :------ | :--------------------- | :------------- | :------ | :------- | | Direct I | 2010 | $109 | 82% | 42.7% | 2.9x | | Direct II| 2014 | $250 | 88% | 25.9% | 2.5x | [TrueBridge Performance](index=8&type=section&id=TrueBridge%20Performance) TrueBridge manages fund-of-funds, secondary funds, and co-investment funds, primarily focused on venture capital, demonstrating strong returns TrueBridge Fund-of-Funds Performance (as of 12/31/23) | Fund | Vintage | Fund Size ($ Millions) | Called Capital | Net IRR | Net ROIC | | :-------- | :------ | :--------------------- | :------------- | :------ | :------- | | Fund II | 2010 | $342 | 83% | 20.3% | 5.0x | | Fund IV | 2015 | $408 | 91% | 26.1% | 3.4x | | Fund V | 2017 | $460 | 90% | 24.6% | 2.3x | TrueBridge Co-Investment Funds Performance (as of 12/31/23) | Fund | Vintage | Fund Size ($ Millions) | Called Capital | Net IRR | Net ROIC | | :------------ | :------ | :--------------------- | :------------- | :------ | :------- | | Direct Fund I | 2015 | $125 | 96% | 31.4% | 2.9x | [Enhanced Capital Performance](index=8&type=section&id=Enhanced%20Capital%20Performance) Enhanced Capital focuses on Impact Funds, including Impact Credit and Impact Equity, showing robust performance in both categories Enhanced Capital Impact Funds Performance (as of 12/31/23) | Fund | Fund Size ($ Millions) | Net IRR | Net ROIC | | :------------ | :--------------------- | :------ | :------- | | Impact Credit | $1,186 | 7.2% | 1.1x | | Impact Equity | $658 | 20%+ | 1.2x | [Bonaccord Capital Partners Performance](index=8&type=section&id=Bonaccord%20Capital%20Partners%20Performance) Bonaccord Capital Partners specializes in GP Stakes Funds, with Fund I demonstrating strong performance since its 2019 vintage Bonaccord Capital Partners GP Stakes Funds Performance (as of 12/31/23) | Fund | Vintage | Fund Size ($ Millions) | Called Capital | Net IRR | Net ROIC | | :----- | :------ | :--------------------- | :------------- | :------ | :------- | | Fund I | 2019 | $724 | 77% | 16.1% | 1.4x | [WTI Performance](index=9&type=section&id=WTI%20Performance) WTI manages Credit Funds (VLL series) with a long track record of high returns, including exceptional performance from older vintages WTI Credit Funds Performance (as of 12/31/23) | Fund | Vintage | Fund Size ($ Millions) | Called Capital | Net IRR | Net ROIC | | :----- | :------ | :--------------------- | :------------- | :------ | :------- | | VLL I | 1994 | $47 | 100% | 63.3% | 5.9x | | VLL II | 1997 | $110 | 100% | 61.4% | 2.7x | | VLL IV | 2004 | $250 | 100% | 15.9% | 2.2x | | VLL IX | 2018 | $460 | 100% | 11.5% | 1.4x | | WTI X | 2021 | $500 | 61% | 11.1% | 1.1x | [Five Points Capital Performance](index=9&type=section&id=Five%20Points%20Capital%20Performance) Five Points Capital manages both Equity and Credit Funds, with both categories showing strong performance across their respective vintages Five Points Capital Equity Funds Performance (as of 12/31/23) | Fund | Vintage | Fund Size ($ Millions) | Called Capital | Net IRR | Net ROIC | | :------- | :------ | :--------------------- | :------------- | :------ | :------- | | Fund III | 2013 | $230 | 94% | 25.3% | 2.6x | Five Points Capital Credit Funds Performance (as of 12/31/23) | Fund | Vintage | Fund Size ($ Millions) | Called Capital | Net IRR | Net ROIC | | :------- | :------ | :--------------------- | :------------- | :------------- | :------- | | Fund III | 2016 | $289 | 74% | 25.9% | 2.8x | [Hark Capital Performance](index=9&type=section&id=Hark%20Capital%20Performance) Hark Capital specializes in NAV Lending Funds, with Fund III demonstrating consistent performance in this asset class Hark Capital NAV Lending Funds Performance (as of 12/31/23) | Fund | Vintage | Fund Size ($ Millions) | Called Capital | Net IRR | Net ROIC | | :------- | :------ | :--------------------- | :------------- | :------ | :------- | | Fund III | 2021 | $400 | 77% | 12.2% | 1.2x | [Business Model & Market Strategy](index=10&type=section&id=Business%20Model%20%26%20Market%20Strategy) P10's strategy focuses on specialized private markets, leveraging proprietary data, a diversified platform, and a broad investor base to offer multi-asset solutions [Market Opportunity & Positioning](index=10&type=section&id=Market%20Opportunity%20%26%20Positioning) P10 is strategically positioned in attractive, specialized, and growing private markets, particularly the lower middle market, offering compelling investment opportunities - The lower middle market benefits from a large pool of opportunities (**111,371 companies** with revenues between **$10 million and $250 million**), favorable purchase price valuations, and limited alternatives for capital[31](index=31&type=chunk) - **$774 billion** of capital is available to PE Funds, with **$141 billion** specifically for funds between **$10 million and $250 million**[31](index=31&type=chunk) [Data & Analytics Advantage](index=11&type=section&id=Data%20%26%20Analytics%20Advantage) P10 leverages a unique and extensive proprietary analytics database as a competitive differentiator, supporting data-driven underwriting and robust monitoring processes - P10 possesses an extensive proprietary analytics database with over **47,000 private companies**, **1,000 investment firms**, and **317,000 individual investment transactions**[34](index=34&type=chunk) - Data capabilities provide a competitive edge for systematic sourcing, diligence, and monitoring, supported by **20+ years** of granular data and unique analytical tools[35](index=35&type=chunk) [Diversified Investment Platform & Investor Base](index=12&type=section&id=Diversified%20Investment%20Platform%20%26%20Investor%20Base) P10 operates a highly diversified, multi-asset investment platform with a broad investor base spanning 60 states and 6 continents - P10 has a diversified investor base across **60 states and 6 continents**[37](index=37&type=chunk) Investor Base by Channel (As of Q1 '24) | Investor Channel | FPAUM Percentage | | :--------------------------- | :--------------- | | Family Offices / Wealth Managers | 25% | | Public Pensions | 21% | | Financial Institutions | 17% | | Endowments / Foundations | 16% | | Corporate Pensions | 8% | | Insurance Companies | 7% | | Other | 6% | [Private Markets Ecosystem & Solutions Overview](index=16&type=section&id=Private%20Markets%20Ecosystem%20%26%20Solutions%20Overview) P10 positions itself as a premier private markets solutions provider, connecting Limited Partners (LPs) with high-performing fund managers through a unified network of **270+ General Partners (GPs)** - P10 is a specialized private markets solutions provider, strengthening relationships with high-performing fund managers and attracting new LPs[49](index=49&type=chunk) - The company has a global LP base of **3,600+ institutional and HNW investors** and a unified private markets solutions network of **270+ GPs**[50](index=50&type=chunk) FPAUM by Solution Type (As of Q1'24) | Solution Type | FPAUM (Billions) | FPAUM Composition | Organic FPAUM CAGR (Q4'20 PF - Q1'24) | | :---------------------- | :--------------- | :---------------- | :------------------------------------ | | Primary Solutions | $13.8 | 58% | 17% | | Direct & Co-Investments | $8.4 | 35% | 15% | | Secondary Investments | $1.6 | 7% | 22% | | **Total FPAUM** | **$23.8** | **100%** | | [Fee Paying Assets Under Management (FPAUM) Analysis](index=13&type=section&id=Fee%20Paying%20Assets%20Under%20Management%20%28FPAUM%29%20Analysis) Analysis of P10's FPAUM growth, average fee rates, and the drivers behind its highly sticky, long-term capital base [FPAUM Growth & Average Fee Rate](index=14&type=section&id=FPAUM%20Growth%20%26%20Average%20Fee%20Rate) P10 demonstrates robust organic FPAUM growth, reaching **$23.8 billion** in Q1 2024, with a stable and attractive average fee rate of **110 basis points** - Organic FPAUM grew to **$23.8 billion** in Q1 2024, achieving a **15% CAGR** from 2018PF to Q1 2024PF[43](index=43&type=chunk) - The average fee rate for Q1 2024 was **110 basis points**, indicating stable and attractive fee generation[43](index=43&type=chunk) [Organic FPAUM Roll Forward & Flow Breakdown](index=15&type=section&id=Organic%20FPAUM%20Roll%20Forward%20%26%20Flow%20Breakdown) P10's FPAUM growth is driven by new capital raised and deployed, which are long-term and contractually locked-up, ensuring a highly sticky FPAUM base - FPAUM increased from **$23.3 billion** (Dec-23 PF) to **$23.8 billion** (Mar-24 PF) in Q1 2024[47](index=47&type=chunk) - Q1 2024 FPAUM flows included **$0.9 billion** in capital raised and **$0.4 billion** in capital deployed, with **$0.1 billion** in stepdowns and expirations[47](index=47&type=chunk) - The FPAUM base is highly sticky due to long-term, contractually locked-up funds, with fees primarily based on committed capital[46](index=46&type=chunk)[47](index=47&type=chunk) [Consolidated Financial Statements](index=19&type=section&id=Consolidated%20Financial%20Statements) Overview of P10's Q1 2024 unaudited financial statements, including statements of operations, non-GAAP adjustments, balance sheets, and cash flows [Statements of Operations (Unaudited)](index=20&type=section&id=Statements%20of%20Operations%20%28Unaudited%29) P10, Inc. reported a significant increase in net income for Q1 2024, reaching **$5.2 million**, up **582%** from Q1 2023, driven by a **12%** growth in total revenues Consolidated Statements of Operations (Unaudited) - Q1 2024 vs Q1 2023 | Metric ($ in thousands) | March 31, 2024 | March 31, 2023 | % Change | | :------------------------------ | :------------- | :------------- | :------- | | Management and advisory fees | $65,122 | $56,587 | 15% | | Other revenue | $993 | $666 | 49% | | **Total revenues** | **$66,115** | **$57,253** | **12%** | | Total operating expenses | $54,016 | $52,382 | 3% | | **Income From Operations** | **$12,099** | **$4,871** | **148%** | | Net Income | $5,243 | $769 | 582% | | Net Income Attributable to P10 | $5,021 | $605 | 730% | | Basic earnings per share | $0.04 | $0.01 | 300% | | Diluted earnings per share | $0.04 | $0.01 | 300% | | Dividends paid per share | $0.03 | $0.03 | 8% | [Non-GAAP Financial Measures & Adjustments (Unaudited)](index=21&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Adjustments%20%28Unaudited%29) P10's Adjusted EBITDA increased by **9% to $30.8 million** in Q1 2024, while Adjusted Net Income (ANI) remained stable at **$25.4 million** Adjustments to EBITDA (Unaudited) - Q1 2024 | Metric ($ in thousands) | March 31, 2024 (GAAP) | Adjustments to EBITDA | Adjusted Line Item | | :---------------------------------- | :-------------------- | :-------------------- | :----------------- | | Management and advisory fees | $65,122 | $410 | $65,532 | | Total revenues | $66,115 | | $66,525 | | Compensation and benefits (excl. non-cash stock) | $30,393 | ($3,558) | $26,835 | | Non-cash stock based compensation | $6,716 | ($6,716) | $0 | | Professional fees | $3,768 | ($611) | $3,157 | | Depreciation | $236 | ($236) | $0 | | Contingent consideration expense | $30 | ($30) | $0 | | Amortization of intangibles | $6,437 | ($6,437) | $0 | | Total operating expenses | $54,016 | | $36,378 | | Income From Operations | $12,099 | | $30,147 | | Interest expense, net | ($5,776) | $5,776 | $0 | | **Adjusted EBITDA** | | | **$30,825** | Non-GAAP Financial Measures (Unaudited) - Q1 2024 vs Q1 2023 | Metric ($ in thousands) | March 31, 2024 | March 31, 2023 | % Change | | :-------------------------- | :------------- | :------------- | :------- | | Adjusted EBITDA | $30,825 | $28,406 | 9% | | Adjusted Net Income | $25,400 | $25,485 | 0% | | Fully diluted ANI per share | $0.21 | $0.21 | 0% | | Adjusted EBITDA Margin | 47% | 50% | N/A | | Fee-Related Revenue | $65,007 | $56,133 | 16% | | Fee-Related Earnings | $30,741 | $28,190 | 9% | | Fee-Related Earnings Margin | 47% | 50% | N/A | [Balance Sheets (Unaudited)](index=23&type=section&id=Balance%20Sheets%20%28Unaudited%29) As of March 31, 2024, P10 reported total assets of **$832.8 million**, a slight decrease from **$834.1 million** at December 31, 2023, with total liabilities increasing to **$432.7 million** Consolidated Balance Sheets (Unaudited) - March 31, 2024 vs December 31, 2023 | Metric ($ in thousands) | March 31, 2024 | December 31, 2023 | | :------------------------------ | :------------- | :---------------- | | Cash and cash equivalents | $28,996 | $30,467 | | Accounts receivable | $23,293 | $20,620 | | Intangibles, net | $116,758 | $123,195 | | Goodwill | $506,038 | $506,038 | | **Total assets** | **$832,810** | **$834,074** | | Accounts payable and accrued expenses | $14,313 | $15,054 | | Debt obligations | $314,036 | $289,844 | | **Total liabilities** | **$432,724** | **$408,912** | | Total equity | $400,086 | $425,162 | [Statements of Cash Flows (Unaudited)](index=24&type=section&id=Statements%20of%20Cash%20Flows%20%28Unaudited%29) Net cash provided by operating activities decreased significantly to **$10.9 million** in Q1 2024 from **$20.8 million** in Q1 2023 Consolidated Statements of Cash Flows (Unaudited) - Q1 2024 vs Q1 2023 | Metric ($ in thousands) | March 31, 2024 | March 31, 2023 | | :------------------------------------------ | :------------- | :------------- | | Net cash provided by operating activities | $10,959 | $20,777 | | Net cash used in investing activities | ($260) | ($701) | | Net cash used in financing activities | ($12,725) | ($13,711) | | Net change in cash, cash equivalents and restricted cash | ($2,026) | $6,365 | | Cash And Cash Equivalents And Restricted Cash, End of Period | $30,031 | $35,857 | - Borrowings on debt obligations increased to **$47.5 million** in Q1 2024 from **$16.0 million** in Q1 2023[67](index=67&type=chunk) - The company repurchased **$30.0 million** of Class A common stock in Q1 2024[67](index=67&type=chunk) [Strategic Financials & Value Proposition](index=25&type=section&id=Strategic%20Financials%20%26%20Value%20Proposition) P10's strategic financial advantages, including significant tax assets and a compelling value proposition as a premier private markets solutions provider [Tax Assets & Long-Term Benefits](index=25&type=section&id=Tax%20Assets%20%26%20Long-Term%20Benefits) P10 possesses significant tax assets totaling **$504 million**, primarily composed of **$356 million** in goodwill and intangibles and **$148 million** in federal Net Operating Losses (NOLs) - Total tax assets are **$504 million**, comprising **$356 million** in goodwill and intangibles and **$148 million** in federal NOLs[70](index=70&type=chunk) - Tax basis intangible assets and tax-deductible goodwill are available to reduce federal income tax ratably over fifteen years[70](index=70&type=chunk) - The company anticipates federal taxable income at **$0** for several years due to annual tax amortization and NOL utilization[70](index=70&type=chunk) [Highly Compelling Value Proposition](index=26&type=section&id=Highly%20Compelling%20Value%20Proposition) P10 presents a compelling value proposition characterized by its position as a premier private markets solutions provider, highly recurring revenue, and superior investment performance - P10 is a premier, specialized private markets solutions provider operating in large and growing markets with increasing investor allocations[73](index=73&type=chunk) - The company benefits from highly recurring revenue, almost entirely composed of management and advisory fees earned primarily on committed capital from long-term, contractually locked-up funds[74](index=74&type=chunk) - P10 boasts an attractive and growing revenue base with strong margins, supported by an experienced management team and superior investment performance driven by a data advantage[75](index=75&type=chunk)[76](index=76&type=chunk) [Supplemental Information & Disclosures](index=27&type=section&id=Supplemental%20Information%20%26%20Disclosures) This section provides definitions for key financial terms and extensive disclaimers regarding historical investment performance data [Key Terms & Non-GAAP Definitions](index=27&type=section&id=Key%20Terms%20%26%20Non-GAAP%20Definitions) This section provides definitions for key financial and operational terms used in the presentation, including FPAUM, Adjusted EBITDA, ANI, and various performance metrics - FPAUM reflects assets from which management and advisory fees are earned, typically based on committed capital and not affected by market appreciation or depreciation[78](index=78&type=chunk) - Adjusted EBITDA and Adjusted Net Income (ANI) are non-GAAP measures used to assess performance, with ANI reflecting actual cash flows generated by core operations[81](index=81&type=chunk) - Fee-Related Revenues excludes incentive fees, and Fee-Related Earnings monitors baseline earnings excluding incentive fee revenue and related expenses[82](index=82&type=chunk) [Performance Disclaimers](index=28&type=section&id=Performance%20Disclaimers) This section provides extensive disclaimers regarding historical performance data, emphasizing that past results are not indicative of future performance - The historical performance of investments should not be considered indicative of future results, as past performance is not a guarantee[87](index=87&type=chunk)[89](index=89&type=chunk) - Performance calculations often include unrealized gains, which may never be realized, and are subject to various factors like market conditions and fund-specific fees[89](index=89&type=chunk)[92](index=92&type=chunk)[95](index=95&type=chunk)[99](index=99&type=chunk) - The use of subscription-based credit facilities can impact IRR calculations by delaying capital calls, potentially increasing reported IRRs[94](index=94&type=chunk)[99](index=99&type=chunk)[101](index=101&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission File Number: 001-40937 P10, Inc. (Exact Name of Registrant as Specified in its Charter) | Delaware | | 87-290 ...