UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 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 87-29081 ...

Financial Data and Key Metrics Changes - Gross fee paying assets under management increased by $1.2 billion, ending the quarter at $18.5 billion, representing a 30% year-over-year increase [9] - Revenue increased by 38% year-over-year, reaching $46.7 million [30] - GAAP net income increased by 351% to $11.2 million [33] - Adjusted EBITDA rose by 52% to $25.7 million, with an adjusted EBITDA margin of 55% [34] - Adjusted net income nearly doubled to $23.2 million, a 99% increase [35] Business Line Data and Key Metrics Changes - Organic fee paying assets under management grew by $3.4 million, or 22% year-over-year [10] - Significant contributors to fee-paying assets included Bonaccord Fund II with a first close at $367 million and RCPDirect IV with a final close at $645 million [18] Market Data and Key Metrics Changes - The company noted strong deal flow in quality assets, particularly in credit and NAV loans as private equity exits slowed [19] - The impact investing segment, Enhanced Capital, is positioned to leverage a permanent capital vehicle with Crossroads Impact Corporation, potentially providing nearly $500 million in dry powder [25] Company Strategy and Development Direction - The company focuses on a diverse range of strategies and does not rely on any single fund for growth, which allows for resilience in various market conditions [17] - The company is evaluating acquisition opportunities while maintaining a disciplined approach to partnerships [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial model, which is designed to perform well in volatile markets [22] - The company aims to raise approximately $5 billion over 2022 and 2023, supported by strong fundraising momentum [11] Other Important Information - The Board of Directors declared a $0.03 per share dividend payable on September 20, 2022 [12] - Cash and cash equivalents at the end of the quarter were $23.6 million, with plans to use available cash for debt repayment, dividends, and potential acquisitions [38] Q&A Session Summary Question: Thoughts on stock buyback program - Management indicated they were in a quiet period and had orders that were not filled, emphasizing the importance of returning capital to shareholders when appropriate [42][45] Question: Momentum in separate account side of the business - Management highlighted a diverse ecosystem with multiple strategies raising capital, indicating strong momentum across various funds [48][50] Question: Details on Crossroads partnership - The partnership with Crossroads provides a publicly-traded permanent capital vehicle, allowing for impact investments and fee generation [56][58] Question: Retail product initiatives - Management discussed early-stage efforts in retail channels, including partnerships and product placements, indicating a long-term growth strategy [60][64] Question: Fundraising and cross-selling statistics - Management noted initial successes in cross-selling across different platforms, particularly in Europe, and emphasized the importance of building relationships over time [70][73] Question: Impact of VC market pressures on fundraising - Management reported no near-term slowdown in venture capital fundraising, despite market volatility, and expressed confidence in their ability to access premier venture capitalists [74] Question: Update on dry powder and deployment - Management indicated that the Crossroads relationship represents a significant dry powder opportunity, with capital deployment expected to be gradual [77] Question: Dynamics of Bonaccord Fund II - Management confirmed that Bonaccord Fund I is fully committed but only partially drawn down, and fees for Fund II have already turned on [81][82]

Second Quarter 2022 Results Earnings Presentation Legal Disclaimer IMPORTANT NOTICES The inclusion of references to P10, Inc. (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 services. All in ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section presents P10, Inc.'s unaudited financial statements, management's discussion, market risks, and internal controls [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 2022, including balance sheets, operations, cash flows, and notes, are presented [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) P10, Inc.'s financial position, including assets, liabilities, and stockholders' equity, as of March 31, 2022, is detailed Consolidated Balance Sheets (in thousands) | ASSETS (in thousands) | March 31, 2022 | December 31, 2021 | Change ($) | Change (%) | | :---------------------- | :------------- | :---------------- | :--------- | :--------- | | Cash and cash equivalents | $23,655 | $40,916 | $(17,261) | (42.19)% | | Restricted cash | $2,017 | $2,566 | $(549) | (21.39)% | | Accounts receivable | $2,602 | $2,087 | $515 | 24.68% | | Due from related parties| $18,871 | $13,124 | $5,747 | 43.79% | | Total assets | $655,528 | $676,217 | $(20,689) | (3.06)% | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | | | Accounts payable | $742 | $401 | $341 | 85.04% | | Accrued expenses | $10,714 | $12,474 | $(1,760) | (14.11)% | | Other liabilities | $13,727 | $1,808 | $11,919 | 659.24% | | Debt obligations | $187,690 | $212,496 | $(24,806) | (11.67)% | | Total liabilities | $263,593 | $281,053 | $(17,460) | (6.21)% | | Total stockholders' equity| $391,935 | $395,164 | $(3,229) | (0.82)% | | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $655,528 | $676,217 | $(20,689) | (3.06)% | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) P10, Inc.'s revenues, operating expenses, and net income for the three months ended March 31, 2022, are presented Consolidated Statements of Operations (in thousands, except per share amounts) | (in thousands, except per share amounts) | For the Three Months Ended March 31, 2022 | For the Three Months Ended March 31, 2021 | Change ($) | Change (%) | | :--------------------------------------- | :---------------------------------------- | :---------------------------------------- | :--------- | :--------- | | **REVENUES** | | | | | | Management and advisory fees | $43,027 | $32,573 | $10,454 | 32.09% | | Other revenue | $254 | $195 | $59 | 30.26% | | **Total revenues** | **$43,281** | **$32,768** | **$10,513**| **32.09%** | | **OPERATING EXPENSES** | | | | | | Compensation and benefits | $18,494 | $11,936 | $6,558 | 54.94% | | Professional fees | $2,612 | $2,731 | $(119) | (4.36)% | | General, administrative and other | $4,112 | $2,037 | $2,075 | 101.87% | | Contingent consideration expense | $127 | $28 | $99 | 353.57% | | Amortization of intangibles | $6,181 | $7,484 | $(1,303) | (17.41)% | | Strategic alliance expense | $152 | — | $152 | N/A | | **Total operating expenses** | **$31,678** | **$24,216** | **$7,462** | **30.81%** | | **INCOME FROM OPERATIONS** | **$11,603** | **$8,552** | **$3,051** | **35.67%** | | **OTHER (EXPENSE)/INCOME** | | | | | | Interest expense, net | $(1,385) | $(5,255) | $3,870 | (73.65)% | | **Net income before income taxes** | **$10,547** | **$3,370** | **$7,177** | **213.00%**| | Income tax expense | $(2,755) | $(661) | $(2,094) | 316.79% | | **NET INCOME** | **$7,792** | **$2,709** | **$5,083** | **187.63%**| | NET INCOME ATTRIBUTABLE TO P10 | $7,792 | $2,215 | $5,577 | 251.78% | | **Earnings per share** | | | | | | Basic earnings per share | $0.07 | $0.03 | $0.04 | 133.33% | | Diluted earnings per share | $0.06 | $0.02 | $0.04 | 200.00% | [Consolidated Statements of Changes in Stockholders' Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Changes in P10, Inc.'s stockholders' equity, reflecting net income, stock-based compensation, and option settlements, are outlined - Total stockholders' equity **decreased from $395,164 thousand** at December 31, 2021, to **$391,935 thousand** at March 31, 2022. Key changes include a net income attributable to P10 of **$7,792 thousand**, stock-based compensation of **$1,515 thousand**, and a significant reduction of **$12,466 thousand** due to the settlement of stock options[13](index=13&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) P10, Inc.'s cash flows from operating, investing, and financing activities for Q1 2022 are detailed Consolidated Statements of Cash Flows (in thousands) | (in thousands) | For the Three Months Ended March 31, 2022 | For the Three Months Ended March 31, 2021 | Change ($) | Change (%) | | :----------------------------- | :---------------------------------------- | :---------------------------------------- | :--------- | :--------- | | Net cash provided by operating activities | $7,622 | $9,476 | $(1,854) | (19.56)% | | Net cash used in investing activities | $(424) | $(1,183) | $759 | (64.16)% | | Net cash used in financing activities | $(25,008) | $(7,699) | $(17,309) | 224.82% | | Net change in cash, cash equivalents and restricted cash | $(17,810) | $594 | $(18,404) | (3098.32)% | | Cash, cash equivalents and restricted cash, end of period | $25,672 | $13,377 | $12,295 | 91.91% | - Cash paid for interest significantly **decreased from $4,624 thousand in Q1 2021 to $398 thousand in Q1 2022**[19](index=19&type=chunk) - The company also recorded a non-cash accrual for settlement of stock options of **$12,466 thousand in Q1 2022**[19](index=19&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Detailed disclosures on P10, Inc.'s accounting policies, acquisitions, debt, and other financial information are provided [Note 1. Description of Business](index=8&type=section&id=Note%201.%20Description%20of%20Business) P10, Inc.'s business as a multi-asset class private market solutions provider and its strategic acquisitions are described - 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[22](index=22&type=chunk)[23](index=23&type=chunk) - The company underwent a reorganization and IPO on **October 20, 2021**, becoming the parent company with Class A and Class B common stock, where Class B carries ten votes per share[24](index=24&type=chunk) - P10 has expanded its portfolio through several acquisitions, including RCP Advisors (2017-2018), Five Points (2020), TrueBridge (2020), Enhanced Capital Group (2020), Bonaccord (2021), and Hark (2021), diversifying its investment strategies and asset classes[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) [Note 2. Significant Accounting Policies](index=9&type=section&id=Note%202.%20Significant%20Accounting%20Policies) P10, Inc.'s key accounting principles, including consolidation, revenue recognition, and fair value measurements, are outlined - The financial statements are prepared in accordance with U.S. GAAP, consolidating wholly-owned or majority-owned subsidiaries and Variable Interest Entities (VIEs) where P10 is the primary beneficiary[34](index=34&type=chunk)[39](index=39&type=chunk)[42](index=42&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk)[49](index=49&type=chunk)[52](index=52&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[60](index=60&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[67](index=67&type=chunk)[71](index=71&type=chunk)[75](index=75&type=chunk)[77](index=77&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk) - The company adopted ASU No. 2019-12 on Income Taxes on **January 1, 2021**, with no material impact[86](index=86&type=chunk) - Future pronouncements not yet adopted include ASU No. 2016-13 (CECL model, effective **January 1, 2023**) and ASU 2021-08 (business combinations, effective after **December 15, 2022**)[87](index=87&type=chunk)[88](index=88&type=chunk) [Note 3. Acquisitions](index=16&type=section&id=Note%203.%20Acquisitions) P10, Inc.'s acquisitions of Bonaccord and Hark, including purchase prices, financing, and pro forma results, are detailed - On **September 30, 2021**, P10 acquired Bonaccord for **$56.4 million**, including **$38.9 million cash** and **$17.4 million contingent consideration**[90](index=90&type=chunk)[91](index=91&type=chunk) - The acquisition was financed partly by a **$35.0 million amendment** to the term loan[92](index=92&type=chunk) - Goodwill of **$42.9 million** was recorded, expected to be tax-deductible[93](index=93&type=chunk)[100](index=100&type=chunk) - Also on **September 30, 2021**, Hark was acquired for **$7.2 million**, comprising **$5.0 million cash** and **$2.2 million estimated contingent consideration**, resulting in **$4.7 million in goodwill**[101](index=101&type=chunk)[102](index=102&type=chunk) - Both acquisitions included Restricted Stock Units (RSUs) for employees, contingent on performance metrics[102](index=102&type=chunk) Unaudited Pro Forma Condensed Consolidated Results (Bonaccord acquisition as of Jan 1, 2021) (in thousands) | For the Three Months Ended March 31, | 2022 | 2021 | | :----------------------------------- | :---------- | :---------- | | Revenue | $43,281 | $36,455 | | Net income attributable to P10 | $7,792 | $3,248 | [Note 4. Revenue](index=18&type=section&id=Note%204.%20Revenue) P10, Inc.'s revenue is disaggregated by product offering, primarily management and advisory fees Revenues Disaggregated by Product Offering (in thousands) | Product Offering | For the Three Months Ended March 31, 2022 | For the Three Months Ended March 31, 2021 | | :------------------------ | :---------------------------------------- | :---------------------------------------- | | Management and advisory fees | $43,027 | $32,573 | | Subscriptions | $162 | $177 | | Other revenue | $92 | $18 | | **Total revenues** | **$43,281** | **$32,768** | [Note 5. Strategic Alliance Expense](index=18&type=section&id=Note%205.%20Strategic%20Alliance%20Expense) Strategic alliance agreements assumed with the Bonaccord acquisition and related expenses are explained - In connection with the Bonaccord acquisition, a Strategic Alliance Agreement (SAA) was assumed, granting a third-party **15% of net management fee earnings** for Bonaccord Fund I[110](index=110&type=chunk) - An additional agreement provides another third-party with **5% of net management fee revenues** for Fund I[111](index=111&type=chunk) - Strategic alliance expense for the three months ended March 31, 2022, was **$0.2 million**, with no comparable expense in 2021[111](index=111&type=chunk) [Note 6. Note Receivable](index=19&type=section&id=Note%206.%20Note%20Receivable) The note receivable from BCP Partners Holdings, LP, including its balance, maturity, and interest income, is detailed - The company has a note receivable from BCP Partners Holdings, LP, for **$5.0 million**, with **$2.8 million drawn** as of March 31, 2022[112](index=112&type=chunk) - The note matures on **September 30, 2031**, and accrues interest at the greater of the applicable federal rate or **5.5%**[112](index=112&type=chunk) - Interest income of **$0.1 million** was recognized for the three months ended March 31, 2022[112](index=112&type=chunk) [Note 7. Variable Interest Entities](index=19&type=section&id=Note%207.%20Variable%20Interest%20Entities) P10, Inc.'s consolidation of Variable Interest Entities (VIEs) and exposure to unconsolidated VIEs are described - P10 consolidates certain Variable Interest Entities (VIEs) where it is the primary beneficiary, including Holdco, RCP 2, RCP 3, TrueBridge, Hark, and Bonaccord[113](index=113&type=chunk) - As of March 31, 2022, consolidated VIE assets totaled **$398.6 million** and liabilities totaled **$47.2 million**[114](index=114&type=chunk) - The company also holds variable interests in unconsolidated VIEs through its subsidiary ECG, with maximum exposure to loss limited to recognized assets[114](index=114&type=chunk) [Note 8. Investment in Unconsolidated Subsidiaries](index=19&type=section&id=Note%208.%20Investment%20in%20Unconsolidated%20Subsidiaries) P10, Inc.'s investments in unconsolidated subsidiaries, primarily related to ECG's tax credit finance activities, are detailed - Investments in unconsolidated subsidiaries, primarily related to ECG's tax credit finance and asset management activities, totaled **$2.0 million** as of March 31, 2022, up from **$1.8 million** at December 31, 2021[115](index=115&type=chunk)[116](index=116&type=chunk) - ECG recognized **$0.3 million** in income from asset management for the three months ended March 31, 2022[118](index=118&type=chunk) [Note 9. Property and Equipment](index=20&type=section&id=Note%209.%20Property%20and%20Equipment) A breakdown of P10, Inc.'s property and equipment, net of accumulated depreciation, is provided Property and Equipment, Net (in thousands) | Category | As of March 31, 2022 | As of December 31, 2021 | | :--------------------------- | :------------------- | :---------------------- | | Computers and purchased software | $471 | $387 | | Furniture and fixtures | $633 | $461 | | Leasehold improvements | $576 | $601 | | Other | $3 | $3 | | **Total gross property and equipment** | **$1,683** | **$1,452** | | Less: accumulated depreciation | $(534) | $(471) | | **Total property and equipment, net** | **$1,149** | **$981** | [Note 10. Goodwill and Intangibles](index=20&type=section&id=Note%2010.%20Goodwill%20and%20Intangibles) P10, Inc.'s goodwill and intangible assets, including amortization schedules, are detailed Goodwill (in thousands) | Item | Amount | | :------------------------- | :---------- | | Balance at December 31, 2021 | $418,701 | | Purchase price adjustment | $(11) | | Balance at March 31, 2022 | $418,690 | Intangible Assets, Net (in thousands) | Category | As of March 31, 2022 | As of December 31, 2021 | | :----------------------------- | :------------------- | :---------------------- | | Indefinite-lived intangible assets | $17,380 | $17,380 | | Finite-lived intangible assets | $105,262 | $111,408 | | **Total intangible assets** | **$122,642** | **$128,788** | Amortization Expense for Intangible Assets (in thousands) | Period | Amount | | :---------------- | :---------- | | Remainder of 2022 | $18,479 | | 2023 | $21,155 | | 2024 | $17,590 | | 2025 | $13,807 | | 2026 | $10,878 | | Thereafter | $23,353 | | **Total amortization** | **$105,262**| [Note 11. Fair Value Measurements](index=21&type=section&id=Note%2011.%20Fair%20Value%20Measurements) P10, Inc.'s fair value measurements, focusing on the contingent consideration liability, are described Contingent Consideration Liability (in thousands) | Item | For the Three Months Ended March 31, 2022 | For the Year Ended December 31, 2021 | | :------------------------- | :---------------------------------------- | :----------------------------------- | | Balance, beginning of period | $22,963 | $593 | | Additions | — | $19,625 | | Change in fair value | $127 | $3,472 |\n| Settlements | — | $(727) |\n| **Balance, end of period** | **$23,090** | **$22,963** | - The contingent consideration liability, primarily related to the Hark and Bonaccord acquisitions, is measured at fair value using unobservable (Level III) inputs and **increased by $127 thousand** due to remeasurement during Q1 2022[124](index=124&type=chunk)[127](index=127&type=chunk) [Note 12. Debt Obligations](index=22&type=section&id=Note%2012.%20Debt%20Obligations) P10, Inc.'s debt obligations, including its new credit facility and principal maturities, are detailed Debt Obligations, Net (in thousands) | Category | As of March 31, 2022 | As of December 31, 2021 | | :------------------------------------- | :------------------- | :---------------------- | | Revolving credit facility state tax credits, net | $(4) | $(8) | | Revolver facility, net | $63,098 | $87,737 | | Term loan, net | $124,596 | $124,767 | | **Total debt obligations** | **$187,690** | **$212,496** | - P10 refinanced its debt on **December 22, 2021**, extinguishing the HPS facility and entering a new credit agreement with JP Morgan for a **$125 million Revolver Facility** and a **$125 million Term Loan**, with an additional **$125 million accordion feature**[129](index=129&type=chunk)[140](index=140&type=chunk) - The new facilities bear interest based on the Adjusted Term SOFR Rate (SOFR + **0.10%**)[141](index=141&type=chunk) - In **February 2022**, the company repaid **$25 million** of the Revolver Facility principal, reducing the outstanding balance to **$65.9 million** as of March 31, 2022[144](index=144&type=chunk) - Total debt obligations **decreased by $24.8 million** from December 31, 2021[241](index=241&type=chunk) Future Principal Maturities of Debt (in thousands) | Year | Amount | | :--- | :---------- | | 2022 | $0 | | 2023 | $6,250 | | 2024 | $6,250 | | 2025 | $178,400 | | **Total** | **$190,900**| [Note 13. Related Party Transactions](index=24&type=section&id=Note%2013.%20Related%20Party%20Transactions) P10, Inc.'s related party transactions, including subleases, advisory fees, and administrative services, are outlined - P10 has various related party transactions, including a sublease with 210 Capital, LLC (**$0.1 million rent paid in Q1 2022**), and advisory fees from Enhanced PC (**$4.3 million recognized in Q1 2022**)[148](index=148&type=chunk)[150](index=150&type=chunk) - Receivables from Funds for management fees and reimbursable expenses totaled **$3.1 million** as of March 31, 2022[153](index=153&type=chunk) - The company paid **$2.2 million** to Enhanced Capital Holdings, Inc. for administrative services in Q1 2022[154](index=154&type=chunk) - P10 recognized **$0.4 million** in management and advisory fees from a strategic partnership with Crossroads Systems, Inc. in Q1 2022[155](index=155&type=chunk) [Note 14. Commitments and Contingencies](index=25&type=section&id=Note%2014.%20Commitments%20and%20Contingencies) P10, Inc.'s operating lease obligations and involvement in legal claims and proceedings are detailed - Operating lease expenses were approximately **$0.8 million** for the three months ended March 31, 2022[157](index=157&type=chunk) - As of March 31, 2022, operating lease right-of-use assets were **$14.2 million**, and operating lease liabilities were **$15.3 million**, with a weighted-average remaining lease term of **7.54 years**[158](index=158&type=chunk) Future Contractual Lease Payments (in thousands) | Period | Amount | | :---------------- | :---------- | | Remainder of 2022 | $1,599 | | 2023 | $2,937 | | 2024 | $3,184 | | 2025 | $2,028 | | 2026 | $1,690 | | Thereafter | $8,061 | | **Total undiscounted lease payments** | **$19,499** | - The company is involved in various claims and proceedings in the ordinary course of business but does not believe any will result in losses materially in excess of amounts already recognized[161](index=161&type=chunk) [Note 15. Income Taxes](index=26&type=section&id=Note%2015.%20Income%20Taxes) P10, Inc.'s effective income tax rate and valuation allowance against deferred tax assets are explained - The effective income tax rate for the three months ended March 31, 2022, was **25.82%**, up from **22.98%** in the prior year, primarily due to state and local income taxes[163](index=163&type=chunk) - A valuation allowance of **$12.8 million** was recorded against deferred tax assets as of March 31, 2022[164](index=164&type=chunk) [Note 16. Stockholders' Equity](index=26&type=section&id=Note%2016.%20Stockholders'%20Equity) P10, Inc.'s stock incentive plan, stock option activity, and stock-based compensation expense are detailed - The P10 Holdings, Inc. 2021 Stock Incentive Plan provides for **9,300,000 shares** available for grant[166](index=166&type=chunk) - On **March 15, 2022**, the Board approved the settlement of **1.1 million stock options** for **$12.5 million**[168](index=168&type=chunk) Stock Option Activity Summary (in thousands) | Item | Number of Shares | Weighted Average Exercise Price | | :--------------------------------- | :--------------- | :------------------------------ | | Outstanding as of December 31, 2021 | 7,095,936 | $3.71 | | Granted | 1,323,733 | $12.28 | | Settled | (1,120,000) | $0.41 | | Outstanding as of March 31, 2022 | 7,299,669 | $5.95 | - Stock-based compensation expense was **$1.5 million** for the three months ended March 31, 2022, compared to **$0.4 million** in the prior year[173](index=173&type=chunk) - Unrecognized stock-based compensation expense related to outstanding unvested stock options was **$7.5 million**, to be recognized over a weighted average period of **3.05 years**[173](index=173&type=chunk) [Note 17. Earnings Per Share](index=28&type=section&id=Note%2017.%20Earnings%20Per%20Share) A reconciliation of P10, Inc.'s basic and diluted earnings per share calculations is provided Basic and Diluted EPS Reconciliation (in thousands, except per share amounts) | Item | For the Three Months Ended March 31, 2022 | For the Three Months Ended March 31, 2021 | | :----------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Numerator for earnings per share assuming dilution | $7,792 | $1,643 | | Denominator for basic calculation—Weighted average shares | 117,193 | 62,465 | | Denominator for earnings per share assuming dilution | 121,537 | 66,577 | | **Earnings per share—basic** | **$0.07** | **$0.03** | | **Earnings per share—diluted** | **$0.06** | **$0.02** | [Note 18. Redeemable Noncontrolling Interest](index=28&type=section&id=Note%2018.%20Redeemable%20Noncontrolling%20Interest) The elimination of P10, Inc.'s redeemable noncontrolling interest following its IPO is explained - Prior to the IPO on **October 20, 2021**, P10 Intermediate had redeemable convertible preferred shares representing a noncontrolling interest[176](index=176&type=chunk) - In connection with the IPO, all preferred shares were contractually converted to Class B common shares, eliminating the redeemable noncontrolling interest[176](index=176&type=chunk) [Note 19. Subsequent Events](index=29&type=section&id=Note%2019.%20Subsequent%20Events) Significant events after the reporting period, including dividend declarations and a stock buyback program, are disclosed - On **April 4, 2022**, the company made a cash payment to settle stock option liability[179](index=179&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.03 per share** for Class A and Class B common stock, payable on **June 20, 2022**[180](index=180&type=chunk) - A stock buyback program of up to **$20 million** of Class A Common Stock was authorized[180](index=180&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes P10's financial condition and results for Q1 2022, covering business, revenue, market trends, and liquidity [Business Overview](index=30&type=section&id=Business%20Overview) An overview of P10's multi-asset class private market solutions, acquisitions, and capital structure post-IPO is provided - P10 is a multi-asset class private market solutions provider, expanding its offerings through acquisitions like Five Points (Private Credit), TrueBridge (Venture Capital), Enhanced Capital Group (Impact Investing), Hark, and Bonaccord (Private Equity)[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk) - Following its **October 2021 IPO** and reorganization, P10 has Class A and Class B common stock, with Class B carrying ten votes per share[187](index=187&type=chunk) - IPO proceeds were used to pay down debt and settle option awards[188](index=188&type=chunk) - In **December 2021**, P10 secured a new **$250 million credit agreement** with JP Morgan, comprising a **$125 million Term Loan** and a **$125 million Revolver Facility**, plus a **$125 million accordion feature**[189](index=189&type=chunk) - **$25 million** of the Revolver Facility was repaid in Q1 2022[189](index=189&type=chunk) FPAUM by Solution as of March 31, 2022 (in billions) | Solution | FPAUM | | :----------------------- | :---------- | | Private Equity Solutions (PES) | $10.0 | | Venture Capital Solutions (VCS) | $4.6 | | Impact Investing Solutions (IIS) | $1.7 | | Private Credit Solutions (PCS) | $1.3 | [Sources of Revenue](index=32&type=section&id=Sources%20of%20Revenue) P10's primary revenue sources, mainly long-term, fixed-fee management and advisory contracts, are described - P10's revenue primarily comes from long-term, fixed-fee management and advisory contracts, typically based on committed capital or deployed capital, with fee schedules generally fixed for **10-15 years** and often decreasing over the fund's life[192](index=192&type=chunk)[196](index=196&type=chunk)[202](index=202&type=chunk) - Other revenue sources include subscriptions, consulting agreements, and referral fees[203](index=203&type=chunk) [Operating Segments](index=32&type=section&id=Operating%20Segments) P10 operates as a single segment, with financial performance evaluated by its Co-Chief Executive Officers - The company operates as a single operating segment, with financial performance evaluated by its Co-Chief Executive Officers[193](index=193&type=chunk) [Trends Affecting Our Business](index=32&type=section&id=Trends%20Affecting%20Our%20Business) Key market trends influencing P10's business, including demand for private markets and regulatory changes, are discussed - Key trends influencing P10's business include accelerating demand for private markets solutions, favorable lower and lower-middle market dynamics, the ability to expand asset class solutions and geographic reach, increasing regulatory requirements and political uncertainty, the ability to raise capital for acquisitions, and increased competition for top private equity fund managers[195](index=195&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk) - The company leverages its proprietary databases and analytical capabilities to maintain a data advantage, driving performance and offering customized solutions to clients[198](index=198&type=chunk)[199](index=199&type=chunk) [Key Financial & Operating Metrics](index=34&type=section&id=Key%20Financial%20%26%20Operating%20Metrics) P10's revenue, operating expenses, and FPAUM performance for the three months ended March 31, 2022, are analyzed Revenue Performance (in thousands) | Category | Q1 2022 | Q1 2021 | Change ($) | Change (%) | | :--------------------------- | :---------- | :---------- | :--------- | :--------- | | Management and advisory fees | $43,027 | $32,573 | $10,454 | 32% | | Other revenue | $254 | $195 | $59 | 30% | | **Total revenues** | **$43,281** | **$32,768** | **$10,513**| **32%** | - Total revenues **increased by $10.5 million (32%)** in Q1 2022, driven by **$6.7 million in organic growth** from RCP, TrueBridge, and Five Points, and **$3.8 million** from the acquisitions of Hark and Bonaccord[213](index=213&type=chunk)[214](index=214&type=chunk) Operating Expenses Performance (in thousands) | Category | Q1 2022 | Q1 2021 | Change ($) | Change (%) | | :------------------------------- | :---------- | :---------- | :--------- | :--------- | | Compensation and benefits | $18,494 | $11,936 | $6,558 | 55% | | Professional fees | $2,612 | $2,731 | $(119) | (4)% | | General, administrative and other| $4,112 | $2,037 | $2,075 | 102% | | Contingent consideration expense | $127 | $28 | $99 | 354% | | Amortization of intangibles | $6,181 | $7,484 | $(1,303) | (17)% | | Strategic alliance expense | $152 | — | $152 | 100% | | **Total operating expenses** | **$31,678** | **$24,216** | **$7,462** | **31%** | - Total operating expenses **increased by $7.5 million (31%)** in Q1 2022, primarily due to a **$6.6 million increase in compensation and benefits** (driven by acquisitions, a one-time payment, stock compensation, and headcount increase) and a **$2.1 million increase in general, administrative, and other expenses** (D&O insurance, acquisitions, rent)[217](index=217&type=chunk)[218](index=218&type=chunk)[220](index=220&type=chunk) - Amortization of intangibles **decreased by $1.3 million**[223](index=223&type=chunk) - Other expenses **decreased by $4.1 million (80%)** in Q1 2022, mainly due to lower interest rates and a reduced principal balance on debt following the **December 2021** refinancing[224](index=224&type=chunk) - Income tax expense **increased by $2.1 million** in Q1 2022, driven by higher pre-tax income[225](index=225&type=chunk) FPAUM Roll-Forward (Pro Forma, in millions) | Item | Q1 2022 | Q1 2021 | | :--------------------------- | :---------- | :---------- | | Balance, Beginning of Period | $17,263 | $13,351 | | Add: Capital raised | $496 | $476 | | Add: Capital deployed | $224 | $81 | | Add: Net Asset Value Change | $4 | $4 | | Less: Scheduled fee base stepdowns | $(79) | $(32) |\n| Less: Expiration of fee period | $(316) | $(12) |\n| **Balance, End of period** | **$17,592** | **$13,868** | - FPAUM **increased by $0.3 billion (1.9%) to $17.6 billion** in Q1 2022 (pro forma and actual), primarily due to **$720 million** in capital raised and deployed from private equity and venture capital solutions, offset by **$395 million** in step-downs and expirations[231](index=231&type=chunk) [Non-GAAP Financial Measures](index=38&type=section&id=Non-GAAP%20Financial%20Measures) P10's non-GAAP financial measures, Adjusted Net Income (ANI) and Adjusted EBITDA, are defined and reconciled - P10 uses Adjusted Net Income (ANI) and Adjusted EBITDA as non-GAAP measures to assess profitability and performance[235](index=235&type=chunk) - Adjusted EBITDA is calculated by adjusting GAAP net income for non-cash expenses (depreciation, amortization, stock-based compensation), financing costs, debt extinguishment losses, acquisition-related expenses, registration-related expenses, and income tax effects[236](index=236&type=chunk) Adjusted EBITDA and Adjusted Net Income (in thousands) | Item | Q1 2022 | Q1 2021 | | :--------------------------- | :---------- | :---------- | | Net income | $7,792 | $2,215 | | Add back (subtract): | | | | Depreciation & amortization | $6,276 | $7,551 | | Interest expense, net | $1,385 | $5,470 | | Income tax expense | $2,755 | $661 | | Non-recurring expenses | $2,730 | $798 | | Non-cash stock based compensation | $1,515 | $424 | | **Adjusted EBITDA** | **$22,453** | **$17,119** | | Less: Cash interest expense | $(398) | $(4,624) |\n| Less: Cash income taxes, net of taxes related to acquisitions | $236 | $(407) |\n| **Adjusted Net Income** | **$22,291** | **$12,088** | [Financial Position, Liquidity and Capital Resources](index=39&type=section&id=Financial%20Position,%20Liquidity%20and%20Capital%20Resources) P10's financial position, liquidity, and capital resources, including cash, debt, and cash flow activities, are discussed Selected Statements of Financial Position (in thousands) | Item | March 31, 2022 | December 31, 2021 | Change ($) | Change (%) | | :--------------------------- | :------------- | :---------------- | :--------- | :--------- | | Cash and cash equivalents | $23,655 | $40,916 | $(17,261) | (42)% | | Goodwill and other intangibles | $541,332 | $547,489 | $(6,157) | (1)% | | Total assets | $655,528 | $676,217 | $(20,689) | (3)% | | Debt obligations | $187,690 | $212,496 | $(24,806) | (12)% | | Stockholders' equity | $391,935 | $395,164 | $(3,229) | (1)% | - Cash and cash equivalents **decreased by $17.3 million** in Q1 2022, primarily due to a **$25 million paydown** on the revolving credit facility[241](index=241&type=chunk) - Debt obligations **declined by $24.8 million**[241](index=241&type=chunk) - P10 relies on management and advisory fee revenues for operations and debt/equity raises for growth[242](index=242&type=chunk) - The new **$250 million credit facility** with JP Morgan provides financing for acquisition activity and working capital[243](index=243&type=chunk) Cash Flows (in thousands) | Activity | Q1 2022 | Q1 2021 | Change ($) | Change (%) | | :--------------------------- | :---------- | :---------- | :--------- | :--------- | | Net cash provided by operating activities | $7,622 | $9,476 | $(1,855) | (20)% | | Net cash used in investing activities | $(424) | $(1,183) | $759 | (64)% | | Net cash used in financing activities | $(25,008) | $(7,699) | $(17,309) | 225% | - Operating cash flows **decreased by $1.9 million (20%)** in Q1 2022, mainly due to changes in operating assets and liabilities, despite an increase in net income[247](index=247&type=chunk) - Investing cash used **decreased by $0.8 million (64%)** due to less acquisition activity[248](index=248&type=chunk) - Financing cash used **increased by $17.3 million (225%)** due to the **$25 million debt principal paydown**[249](index=249&type=chunk) Contractual Obligations as of March 31, 2022 (in thousands) | Obligation | Total | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | | :-------------------------- | :---------- | :---------- | :---------- | :---------- | :---------- | :---------- | :---------- | | Operating lease obligations | $19,499 | $1,599 | $2,937 | $3,184 | $2,028 | $1,690 | $8,061 | | Debt obligations | $190,900 | — | $6,250 | $6,250 | $178,400 | — | — | | **Total** | **$210,399**| **$1,599** | **$9,187** | **$9,434** | **$180,428**| **$1,690** | **$8,061** | [Critical Accounting Policies and Estimates](index=41&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) P10's critical accounting policies and estimates, including consolidation, revenue recognition, and income taxes, are outlined - Key accounting policies and estimates include the basis of presentation (U.S. GAAP, consolidation of subsidiaries and VIEs), principles of consolidation (variable interest and voting interest models), revenue recognition for management and advisory fees (over time as services are rendered), and income taxes (deferred tax assets/liabilities, valuation allowances)[255](index=255&type=chunk)[256](index=256&type=chunk)[258](index=258&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk)[263](index=263&type=chunk)[266](index=266&type=chunk)[267](index=267&type=chunk)[268](index=268&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) P10's exposure to market risks, including price, interest-rate, financing, liquidity, and counterparty risks, is detailed - P10 is exposed to market risks such as price, interest-rate, financing, liquidity, and counterparty risks[270](index=270&type=chunk) - While management fees are not significantly impacted by investment value changes, unfavorable asset value changes could affect investor attraction and retention[271](index=271&type=chunk) - With **$190.9 million** in outstanding principal on its Term Loan and Revolving Credit Facility (interest rate of **2.1% + SOFR** as of March 31, 2022), a **100-basis point increase** in interest rates would result in an estimated **$1.4 million increase** in interest expense over the next **12 months**[273](index=273&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) The effectiveness of P10's disclosure controls and procedures is confirmed, with no material changes in internal control reported - P10's management, including Co-Chief Executive Officers and Chief Financial Officer, concluded that disclosure controls and procedures were effective as of **March 31, 2022**, providing reasonable assurance that required information is recorded, processed, summarized, and reported timely[275](index=275&type=chunk)[276](index=276&type=chunk) - There have been no material changes in internal control over financial reporting during the quarter ended **March 31, 2022**[277](index=277&type=chunk) [PART II - OTHER INFORMATION](index=45&type=section&id=PART%20II%20OTHER%20INFORMATION) This section provides additional information, including legal proceedings, risk factors, equity sales, and exhibits [Item 1. Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings are referenced from the 'Contingencies' note, indicating no material losses beyond recognized amounts - Information on legal proceedings is incorporated by reference from Note 14, 'Commitments and Contingencies,' which states that the company does not believe any ongoing matters will result in losses materially in excess of amounts already recognized[279](index=279&type=chunk) [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the annual report on Form 10-K are confirmed - No material changes have occurred from the risk factors previously disclosed in the annual report on Form 10-K for the year ended **December 31, 2021**[280](index=280&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable, indicating no unregistered equity sales or specific use of proceeds to report - This item is not applicable[281](index=281&type=chunk) [Item 3. Defaults Upon Senior Securities](index=45&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable, indicating no defaults upon senior securities to report - This item is not applicable[282](index=282&type=chunk) [Item 4. Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable, indicating no mine safety disclosures to report - This item is not applicable[283](index=283&type=chunk) [Item 5. Other Information](index=45&type=section&id=Item%205.%20Other%20Information) This item is not applicable, indicating no other information required to be disclosed - This item is not applicable[284](index=284&type=chunk) [Item 6. Exhibits](index=46&type=section&id=Item%206.%20Exhibits) All exhibits filed with the Form 10-Q, including organizational documents, rights agreements, and certifications, are listed - Exhibits include the Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws, Rights Agreement, various certifications (Co-Chief Executive Officer, Chief Financial Officer), and Inline XBRL documents[285](index=285&type=chunk) [Signatures](index=47&type=section&id=Signatures) The signatures of the registrant's authorized officers, certifying the report, are contained in this section - The report is signed by Robert Alpert (Co-Chief Executive Officer and Chairman), C. Clark Webb (Co-Chief Executive Officer and Director), and Amanda Coussens (Chief Financial Officer) on **May 13, 2022**[289](index=289&type=chunk)

Financial Data and Key Metrics Changes - The company reported $17.6 billion in fee-paying assets under management, a 34% year-over-year increase, with a 27% organic growth rate on a pro forma basis [6][15] - Year-over-year revenue increased by 32%, while GAAP net income rose by 188% [6][16] - Adjusted EBITDA increased by 31%, with an adjusted EBITDA margin of 52% for the quarter, and a full-year expectation of maintaining a 55% margin [16][42] - Adjusted net income was $22.3 million, reflecting an 84% increase compared to the same quarter in 2021 [16] Business Line Data and Key Metrics Changes - The separately managed account (SMA) business saw gross fee-paying assets under management increase by $720 million, with a third of that from the venture capital vertical [10][11] - The company launched Hark Fund IV and Bonaccord Fund II, expecting both to have a first close in the first half of 2022 [10] Market Data and Key Metrics Changes - The company is preparing to open a Dubai office to enhance global engagement and capitalize on capital-raising opportunities outside the U.S. [10] - Demand for funds remains strong despite public market turmoil, particularly in the middle and lower middle market segments [10][12] Company Strategy and Development Direction - The company aims to raise approximately $5 billion over 2022 and 2023, with a focus on private equity, venture capital, private credit, and impact investing [7][8] - The board approved a regular cash dividend of $0.03 per share and a $20 million stock repurchase program, reflecting strong free cash flow and capital returns [9][17] - The company emphasizes its unique market position and diversification across four distinct verticals, which helps mitigate competition with larger peers [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fundraising goals despite a crowded market, citing a unique niche in lower middle market investments [21][24] - The company believes it is well-positioned to navigate economic cycles and capitalize on structural trends, particularly in impact investing [12][14] Other Important Information - Cash and cash equivalents at the end of Q1 were $23.7 million, with options for allocation including acquisitions, dividends, and stock repurchases [17] - The company has a strong pipeline for M&A opportunities, focusing on strategic acquisitions within existing verticals and expanding into new regions [26][28] Q&A Session Summary Question: Fundraising goals and market impact - Management reiterated confidence in the $5 billion fundraising goal, citing a protected niche in their verticals and ongoing discussions with LPs [20][21][24] Question: M&A activity in a volatile market - Management indicated that M&A discussions are ongoing, with a full pipeline and a focus on strategic marriages rather than traditional acquisitions [25][26] Question: Venture capital market dialogue - Management noted that while there is increased conversation about market pressures, their focus on early-stage investments has not hindered capital raising or deployment [30][32] Question: Expense trends and guidance - Management confirmed that adjusted EBITDA margins are expected to average 55% for 2022, with potential for higher margins in non-investment years [42][45] Question: Dividend and share repurchase strategy - Management stated that the $0.03 dividend is sustainable and does not impact M&A strategies, emphasizing the flexibility of their free cash flow [40][41] Question: Tax rate sustainability - Management explained that they expect to maintain a structurally lower tax rate due to significant tax assets and potential amortization benefits from future acquisitions [58][59]

First Quarter 2022 Results Earnings Presentation Legal Disclaimer IMPORTANT NOTICES The inclusion of references to P10, Inc. (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 services. All inv ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K Securities registered pursuant to Section 12(b) of the Act: (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, 2021 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 | Title of each class | Tr ...

Financial Data and Key Metrics Changes - The company concluded 2021 with $17.3 billion in fee-paying AUM, a 36% increase from the beginning of the year, with a 29% annual organic growth rate [5][18] - Revenue increased from $67.4 million in 2020 to $150.5 million in 2021, representing a 123% increase [6][18] - Adjusted EBITDA rose from $34.8 million to $83.1 million year-over-year, while adjusted net income increased from $23.9 million to $62.8 million [6][22] - GAAP net income for Q4 was $1.5 million, down from $20.6 million in the same period last year, primarily due to non-cash expenses related to debt refinance and acquisitions [21][22] - Operating expenses in Q4 were $33.3 million, an 8.34% increase year-over-year, driven by compensation and benefits expenses from acquisitions [20][22] Business Line Data and Key Metrics Changes - The company expanded its product offerings by adding mad lending with Hark Capital and GP Stakes with Bonaccord Capital Partners [7][8] - Cross-selling efforts in Q4 led to meaningful incremental fee-paying AUM across P10 affiliates [12] Market Data and Key Metrics Changes - The company focused on the middle and lower middle market, where there are significantly more opportunities compared to large company investments [9][10] - The company reported strong fund performance, which has attracted new global capital seeking exposure to private markets [11] Company Strategy and Development Direction - The company aims to strengthen its position as a premier specialized private market solution provider, focusing on expanding market presence and product offerings [7][8] - The company does not require M&A to achieve long-term goals of sustainable double-digit growth and extraordinary returns on capital [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain growth momentum, supported by strong fund performance and cross-selling opportunities [11][12] - The company expects to raise approximately $5 billion over 2022 and 2023, with a focus on follow-on funds from new members [14][16] Other Important Information - The company closed a $250 million credit facility to retire its old credit facility, improving its leverage profile [27][28] - The company has a net operating loss of $220 million and $321 million in tax amortization, which will be utilized over future years [24][25] Q&A Session Summary Question: What were the bigger contributors to the $900 million of fee-paying AUM raised in Q4? - The contributions came from private equity, venture capital, and private credit verticals, primarily from funds rather than separate accounts [32] Question: How should we think about catch-up fees and stepdowns in 2022? - There is a small amount of stepdowns expected, but the impact should be minimal due to the growing business and the nature of the funds rolling off [35] Question: How does the company view M&A opportunities moving forward? - M&A is seen as episodic and opportunistic, focusing on acquiring best-in-class performance managers with a long-term view [41][42] Question: What is the potential for margin expansion beyond 2022? - The company plans to maintain a 55% adjusted EBITDA margin, with fluctuations expected based on fund closings and capital deployment [50][51] Question: What is the current tax amortization benefit and cash usage strategy? - The expected tax amortization is about $50 million a year, with cash usage focused on debt paydown, potential M&A, and possibly dividends or stock buybacks [59][60]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 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- ...