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Pelangio Exploration Inc. Announces an Updated Mineral Resource Estimate for Its Manfo Gold Project, Ghana
Newsfile· 2025-08-20 22:00
Core Viewpoint - Pelangio Exploration Inc. has announced an updated Mineral Resource Estimate for its Manfo Gold Project in Ghana, reflecting significant increases in both tonnage and contained gold, driven by higher gold prices and new drilling data [1][4][20]. Resource Estimate Details - The updated Resource, effective July 31, 2025, includes four gold deposits and is based on a gold price of US$2,600 per ounce, compared to US$1,450 per ounce used in the 2013 estimate [2][18]. - The updated Resource shows a total Indicated Mineral Resource of 441,000 ounces of gold at an average grade of 1.16 g/t Au, and a total Inferred Mineral Resource of 396,000 ounces of gold at an average grade of 0.77 g/t Au [7][20]. - The updated Resource represents a 126% increase in Indicated gold ounces and a 395% increase in Inferred gold ounces compared to the 2013 estimate [7][20]. Drilling and Resource Expansion - The updated estimate incorporates drilling conducted by Pelangio since 2013, including the addition of the Nkansu deposit, which was largely drilled after the 2013 Maiden Resource [2][12]. - The company plans to conduct targeted infill drilling and exploration to further define and expand the resource base [4][25]. Economic and Technical Considerations - The updated Resource reflects lower average gold grades due to decreased cut-off grades, with cut-off grades set at 0.25 g/t Au for oxides and 0.35 g/t Au for transitional and fresh material [12][20]. - The resource estimation utilized standard geostatistical techniques and was prepared by independent Qualified Persons from SEMS Technical Services Ltd. [9][12]. Future Exploration Potential - There is significant exploration potential in the Manfo project, with many mineralization areas remaining open-ended and untested exploration targets identified [26][27]. - The recent addition of the Nkosuo Mining Permit is expected to enhance exploration opportunities, with ongoing exploration work planned [27].
P10 Announces Dual Listing on NYSE Texas
GlobeNewswire· 2025-08-14 10:30
Company Overview - P10, Inc. is a leading private markets solutions provider with over $40 billion in assets under management as of June 30, 2025 [3] - The company focuses on investments across Private Equity, Private Credit, and Venture Capital, particularly in access-constrained strategies targeting the middle and lower-middle market [3] Dual Listing Announcement - P10 announced a dual listing of its Class A common stock on NYSE Texas, effective August 15, 2025, while maintaining its primary listing on the New York Stock Exchange under the ticker symbol "PX" [1][2] - The company is recognized as one of the Founding Members of NYSE Texas, which is a newly launched, fully electronic equities exchange based in Dallas, TX [2] Leadership Statements - Luke Sarsfield, Chairman and CEO of P10, expressed pride in the dual listing and emphasized the company's commitment to contributing to the economic growth of the Texas community [2] - Chris Taylor, Chief Development Officer of NYSE Group, highlighted P10's integrity and service as a natural fit for the NYSE Texas community of Founding Members [2]
P10(PX) - 2025 Q2 - Quarterly Report
2025-08-08 16:41
[General Information](index=1&type=section&id=General%20Information) [Form 10-Q Filing Details](index=1&type=section&id=Form%2010-Q%20Filing%20Details) The report details P10, Inc's Form 10-Q filing, registrant status, and outstanding common stock as of June 30, 2025 - P10, Inc. is an **Accelerated Filer** and an **Emerging Growth Company**[4](index=4&type=chunk) Outstanding Common Stock as of August 4, 2025 | Class | Shares Outstanding | | :------------------------------- | :----------------- | | Class A Common Stock | 77,843,007 | | Class B Common Stock | 32,033,260 | [PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company presents its unaudited consolidated balance sheets, statements of operations, cash flows, and related notes - The financial statements are **unaudited** and prepared in accordance with **U.S. GAAP**[46](index=46&type=chunk) - All intercompany transactions and balances have been **eliminated upon consolidation**[46](index=46&type=chunk) [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) The balance sheets detail the company's financial position, highlighting changes in assets, liabilities, and equity Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change (2025 vs 2024) | | :-------------------------------- | :-------------- | :------------------ | :---------------------- | | Total assets | $932,165 | $869,275 | +$62,890 | | Total liabilities | $543,224 | $482,385 | +$60,839 | | Total equity | $388,941 | $386,890 | +$2,051 | - Cash and cash equivalents **decreased** from **$67,455 thousand** to **$33,440 thousand**[9](index=9&type=chunk) - Goodwill **increased** from **$506,038 thousand** to **$558,150 thousand**[9](index=9&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) The statements of operations detail financial performance, showing changes in revenues, expenses, and net income Consolidated Statements of Operations Highlights (in thousands, except per share) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total revenues | $72,704 | $71,076 | $140,371 | $137,191 | | Income from operations | $17,733 | $16,839 | $28,959 | $28,938 | | Net income attributable to P10 | $3,383 | $6,993 | $7,905 | $12,014 | | Basic earnings per share | $0.03 | $0.06 | $0.07 | $0.11 | | Diluted earnings per share | $0.03 | $0.06 | $0.07 | $0.10 | - Net income attributable to P10 **decreased by 43%** for the three months and **34%** for the six months ended June 30, 2025[11](index=11&type=chunk) - Total revenues **increased by 2%** for both the three and six-month periods, driven by management and advisory fees[11](index=11&type=chunk) [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) The statements of comprehensive income detail net income and other comprehensive income components Consolidated Statements of Comprehensive Income Highlights (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net income | $4,200 | $7,390 | $8,896 | $12,633 | | Foreign currency translation | $4,180 | $0 | $4,180 | $0 | | Comprehensive income attributable to P10 | $8,236 | $7,390 | $12,932 | $12,633 | - Foreign currency translation contributed **$4,180 thousand** to other comprehensive income for the periods ended June 30, 2025[14](index=14&type=chunk) [Consolidated Statements of Changes in Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) The statements of changes in equity illustrate movements in shareholders' equity from net income and capital activities Key Changes in Equity (in thousands) | Metric | Balance at Dec 31, 2024 | Net Income (6M 2025) | Stock-based Compensation (6M 2025) | Stock Repurchase (6M 2025) | Dividends Paid (6M 2025) | Balance at Jun 30, 2025 | | :-------------------------------- | :---------------------- | :------------------- | :--------------------------------- | :------------------------- | :----------------------- | :---------------------- | | Total equity | $386,890 | $4,200 | $8,976 | $(26,260) | $(4,226) | $388,941 | - Total equity **increased slightly** from **$386,890 thousand** to **$388,941 thousand** at June 30, 2025[19](index=19&type=chunk) - Significant activities included **$8,976 thousand** in stock-based compensation and **$26,260 thousand** in stock repurchases[19](index=19&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The statements of cash flows detail cash generated from or used in operating, investing, and financing activities Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | | Net cash provided by operating activities | $8,657 | $45,786 | | Net cash used in investing activities | $(42,935) | $(1,135) | | Net cash provided by (used in) financing activities | $306 | $(44,506) | | Net change in cash, cash equivalents and restricted cash | $(33,901) | $145 | - Net cash from operating activities **decreased by 81%** to **$8,657 thousand** for the six months ended June 30, 2025[21](index=21&type=chunk) - Net cash used in investing activities **increased substantially** to **$42,935 thousand**, primarily due to acquisitions[21](index=21&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for figures presented in the financial statements - The notes are an **integral part** of the financial statements, providing context and additional detail[9](index=9&type=chunk)[11](index=11&type=chunk)[14](index=14&type=chunk) - P10, Inc. operates as a **multi-asset class private market solutions provider** in the alternative asset management industry[29](index=29&type=chunk) [Note 1. Description of Business](index=11&type=section&id=Note%201.%20Description%20of%20Business) The company operates as a multi-asset class private market solutions provider with a history of strategic acquisitions - P10, Inc. operates as a multi-asset class private market solutions provider across **private equity, venture capital, private credit, and impact investing**[29](index=29&type=chunk) - The company completed the acquisition of **Qualitas** on April 4, 2025, expanding its European presence[44](index=44&type=chunk) Share Repurchase Program Status as of June 30, 2025 (in millions) | Metric | Amount | | :-------------------------------- | :----- | | Board Approved for Repurchase | $132.0 | | Amount Spent to Buy Back Shares | $129.7 | | Remaining for Authorized Repurchases | $2.3 | [Note 2. Significant Accounting Policies](index=12&type=section&id=Note%202.%20Significant%20Accounting%20Policies) This note details the significant accounting policies used in preparing the consolidated financial statements - The financial statements are prepared in accordance with **U.S. GAAP**, consolidating subsidiaries and VIEs where the Company is the primary beneficiary[46](index=46&type=chunk)[52](index=52&type=chunk) - Revenue is recognized over time for asset management and advisory services, based on contractual terms[97](index=97&type=chunk)[98](index=98&type=chunk)[102](index=102&type=chunk) - The Company adopted **ASU 2023-07**, requiring incremental disclosures for its single operating segment[122](index=122&type=chunk) [Revenue Recognition](index=20&type=section&id=Revenue%20Recognition) This section details the company's policies for recognizing revenue, primarily from management and advisory fees - Management and advisory fees are **recognized over time** as services are provided, based on contractual terms[97](index=97&type=chunk)[98](index=98&type=chunk) - **Catch-up fees** from new investors are recorded as revenue when commitments are made[102](index=102&type=chunk) - Other revenue includes subscriptions, consulting agreements, interest income, and referral fees[103](index=103&type=chunk) [Note 3. Acquisitions](index=25&type=section&id=Note%203.%20Acquisitions) This note details the acquisition of Qualitas for $73.2 million, which expanded P10's European private equity platform - P10 acquired **Qualitas** on April 4, 2025, for **$73.2 million**, expanding its European private equity platform[125](index=125&type=chunk) - The acquisition resulted in **$48.8 million in goodwill**, reflecting expected benefits from expanding investment product offerings[128](index=128&type=chunk) Qualitas Acquisition Consideration (in thousands) | Component | Fair Value | | :-------------------------- | :--------- | | Cash | $42,705 | | Equity consideration | $19,283 | | Contingent consideration | $11,259 | | Total purchase consideration | $73,247 | [Note 4. Revenue](index=27&type=section&id=Note%204.%20Revenue) This note disaggregates revenue by nature, showing management and advisory fees as the primary component Revenue Disaggregation (in thousands) | Revenue Type | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Management fees | $69,830 | $67,239 | $135,067 | $131,083 | | Advisory fees | $1,686 | $1,236 | $3,184 | $2,514 | | Subscriptions | $227 | $198 | $386 | $367 | | Other revenue | $961 | $2,403 | $1,734 | $3,227 | | Total revenues | $72,704 | $71,076 | $140,371 | $137,191 | - The company recognized **$11.7 million** of revenue for the six months ended June 30, 2025, from prior contract liabilities[132](index=132&type=chunk) [Note 5. Strategic Alliance Expense](index=27&type=section&id=Note%205.%20Strategic%20Alliance%20Expense) This note explains the conversion of a strategic alliance agreement into a 20% equity interest, resulting in a $6.5 million loss - Strategic alliance expense was **$0.7 million** for the six months ended June 30, 2025, a decrease from **$1.5 million** in the prior year[133](index=133&type=chunk) - Effective April 1, 2025, a third-party investor converted their right to 15% of net management fee earnings into a **15% equity interest** in Bonaccord[135](index=135&type=chunk) - A **$6.5 million loss** on the conversion of the strategic alliance agreement was recognized[135](index=135&type=chunk) [Note 6. Notes Receivable](index=29&type=section&id=Note%206.%20Notes%20Receivable) This note details the company's notes receivable, primarily from related parties for general partner commitments - Total notes receivable balance was **$7.2 million** as of June 30, 2025, down from **$7.5 million** at year-end 2024[141](index=141&type=chunk) - Notes receivable primarily relate to loans to BCP and employees for general partner commitments to Bonaccord funds[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) Interest Income from Notes Receivable (in thousands) | Period | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Interest Income | $0.1 | $0.2 | $0.1 | $0.2 | [Note 7. Variable Interest Entities](index=29&type=section&id=Note%207.%20Variable%20Interest%20Entities) This note discusses the company's involvement with Variable Interest Entities (VIEs) - The Company consolidates certain VIEs where it is the primary beneficiary, with consolidated VIE assets totaling **$645.2 million**[142](index=142&type=chunk) - For unconsolidated VIEs, the Company's maximum exposure to loss is limited to the recognized assets related to these entities[143](index=143&type=chunk) [Note 8. Investment in Unconsolidated Subsidiaries](index=29&type=section&id=Note%208.%20Investment%20in%20Unconsolidated%20Subsidiaries) This note details the company's investments in unconsolidated subsidiaries, totaling $3.4 million Investment in Unconsolidated Subsidiaries (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :------------------ | | Total investment | $3,400 | $2,800 | | RCP's investment | $800 | $800 | | Qualitas funds (temporary initial capital) | $500 | $0 | | ECG's asset management businesses | $1,900 | $1,900 | | ECG's tax credit finance businesses | $200 | $100 | - The investment in Enhanced Capital Partners and Enhanced PC is recorded at **zero**, as the Company suspended the equity method[147](index=147&type=chunk) [Note 9. Property and Equipment](index=31&type=section&id=Note%209.%20Property%20and%20Equipment) This note provides a breakdown of property and equipment, which totaled $9.2 million net of depreciation Property and Equipment, Net (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :------------------ | | Computers and purchased software | $2,239 | $1,945 | | Furniture and fixtures | $2,892 | $2,229 | | Leasehold improvements | $8,606 | $6,217 | | Total property and equipment, net | $9,228 | $6,760 | - Total property and equipment, net, **increased by $2.468 million** from December 31, 2024, to June 30, 2025[149](index=149&type=chunk) [Note 10. Goodwill and Intangibles](index=31&type=section&id=Note%2010.%20Goodwill%20and%20Intangibles) This note details changes in goodwill and intangible assets, which increased due to the Qualitas acquisition Goodwill Changes (in thousands) | Metric | Amount | | :-------------------------------- | :------- | | Balance at December 31, 2024 | $506,038 | | Increase from acquisitions | $48,845 | | Change related to foreign currency translations | $3,267 | | Balance at June 30, 2025 | $558,150 | Total Intangible Assets, Net (in thousands) | Metric | June 30, 2025 | June 30, 2024 | | :-------------------------------- | :-------------- | :-------------- | | Indefinite-lived intangible assets | $17,405 | $17,405 | | Finite-lived intangible assets, net | $102,094 | $92,915 | | Total intangible assets, net | $119,499 | $110,320 | - Amortization expense for intangibles was **$11.468 million** for the six months ended June 30, 2025[151](index=151&type=chunk) [Note 11. Fair Value Measurements](index=33&type=section&id=Note%2011.%20Fair%20Value%20Measurements) This note discusses fair value measurements for financial instruments, particularly contingent consideration liabilities - Contingent consideration liability related to the Qualitas acquisition was **$13.126 million** as of June 30, 2025[157](index=157&type=chunk) - Remeasurement expense for the Qualitas earnout was **$1.1 million** for the six months ended June 30, 2025[155](index=155&type=chunk) - The Bonaccord earnout was **fully earned and paid** by January 24, 2025[154](index=154&type=chunk) [Note 12. Debt Obligations](index=34&type=section&id=Note%2012.%20Debt%20Obligations) This note details the company's debt obligations, including a $325.0 million Term Loan and a $52.5 million Revolver Facility Debt Obligations, Net (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :------------------ | | Revolver facility, net | $49,650 | $(3,308) | | Term loan, net | $323,371 | $323,091 | | Total debt obligations, net | $373,021 | $319,783 | - Total debt obligations, net, **increased by $53.2 million** from December 31, 2024, to June 30, 2025[159](index=159&type=chunk) - Interest expense incurred was **$12.5 million** for the six months ended June 30, 2025, an increase from the prior year[164](index=164&type=chunk) [Note 13. Related Party Transactions](index=36&type=section&id=Note%2013.%20Related%20Party%20Transactions) This note outlines various related party transactions, including receivables from Funds and advisory services - Total accounts receivable from Funds (related parties) was **$37.5 million** as of June 30, 2025[168](index=168&type=chunk) - Advisory fees earned from Enhanced PC were **$7.1 million** for the six months ended June 30, 2025[169](index=169&type=chunk) - The Crossroads Advisory Agreement was **terminated** on December 23, 2024, and a new Clifford Advisory Agreement was entered into[176](index=176&type=chunk) [Note 14. Commitments and Contingencies](index=37&type=section&id=Note%2014.%20Commitments%20and%20Contingencies) This note details the company's commitments, including operating leases, earnout payments, and revenue share arrangements Operating Lease Liabilities (in thousands) | Metric | Amount | | :-------------------------------- | :------- | | Operating lease right-of-use assets | $25,339 | | Operating lease liabilities | $30,259 | | Weighted-average remaining lease term | 6.61 years | | Weighted-average discount rate | 5.25% | - The WTI acquisition earnout balance was **$35.0 million** as of June 30, 2025, with a **$6.5 million expense reversal** recorded[183](index=183&type=chunk) - Accrued contingent liabilities for revenue share arrangements were **$13.7 million** as of June 30, 2025[186](index=186&type=chunk)[187](index=187&type=chunk) [Note 15. Income Taxes](index=40&type=section&id=Note%2015.%20Income%20Taxes) This note explains the company's income tax provision and effective tax rates Worldwide Effective Income Tax Rate | Period | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Effective Tax Rate | 24.71% | 15.60% | 31.76% | 30.24% | - The decrease in effective tax rate for 2025 was mainly due to **lower pre-tax income** and increased stock-based compensation tax benefits[190](index=190&type=chunk)[289](index=289&type=chunk)[290](index=290&type=chunk) - As of June 30, 2025, the Company has recorded a **$12.8 million valuation allowance** against deferred tax assets[194](index=194&type=chunk) [Note 16. Stockholders' Equity](index=42&type=section&id=Note%2016.%20Stockholders'%20Equity) This note details the company's stockholders' equity, focusing on stock incentive plans and compensation expenses - As of June 30, 2025, there are **7,886,673 shares available for grant** under the 2021 Stock Incentive Plan[199](index=199&type=chunk) - Unrecognized stock-based compensation expense for stock options was **$28.6 million**, expected to be recognized over 2.79 years[202](index=202&type=chunk) Stock-Based Compensation Expense (in thousands) | Award Type | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Stock Options | $2,700 | $5,000 | $2,500 | $5,300 | | RSAs | $200 | $400 | $100 | $200 | | RSUs (excluding Bonaccord, Executive Transition, Market Units) | $3,700 | $7,200 | $2,600 | $5,200 | | Bonaccord Units | $3,700 | $3,700 | $100 | $100 | | Executive Market Units | $700 | $1,400 | $700 | $1,400 | | Total (approx) | $11,000 | $17,700 | $6,000 | $12,200 | [Note 17. Earnings Per Share](index=47&type=section&id=Note%2017.%20Earnings%20Per%20Share) This note provides the reconciliation of basic and diluted Earnings Per Share (EPS) for common stock Basic and Diluted EPS | Metric | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Basic earnings per share | $0.03 | $0.07 | $0.06 | $0.11 | | Diluted earnings per share | $0.03 | $0.07 | $0.06 | $0.10 | - Diluted EPS for both Class A and Class B shares was **$0.03** for the three months and **$0.07** for the six months ended June 30, 2025[220](index=220&type=chunk) - **8.4 million** and **7.8 million** options were excluded from diluted EPS calculations for the respective three and six-month periods as they were anti-dilutive[220](index=220&type=chunk) [Note 18. Segment Reporting](index=48&type=section&id=Note%2018.%20Segment%20Reporting) This note confirms that the company operates as a single operating segment - The Company operates as a **single operating segment**, with performance evaluated based on consolidated net income and total assets[113](index=113&type=chunk)[114](index=114&type=chunk)[221](index=221&type=chunk) - **No individual client** constituted more than 10% of total revenues for the periods presented[222](index=222&type=chunk) - As of June 30, 2025, **78%** of the Company's long-lived assets were in the United States and **22%** were in Spain[225](index=225&type=chunk) [Note 19. Subsequent Events](index=50&type=section&id=Note%2019.%20Subsequent%20Events) This note discloses subsequent events, including a quarterly dividend and an increased share repurchase authorization - On August 5, 2025, the Board declared a quarterly cash dividend of **$0.0375 per share**[233](index=233&type=chunk) - An additional **$25.0 million** was authorized for the share repurchase program on August 5, 2025[233](index=233&type=chunk) - The One Big Beautiful Bill Act (OBBBA) was enacted on July 4, 2025, but its effects are considered a **non-recognized subsequent event**[196](index=196&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=52&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management provides its perspective on the company's financial condition, results of operations, and market trends - P10 is a leading multi-asset class private market solutions provider across private equity, venture capital, and private credit[239](index=239&type=chunk) - The business is influenced by market conditions and regulatory policies but continues to see demand for alternative investments[247](index=247&type=chunk) [Business Overview](index=52&type=section&id=Business%20Overview) The company operates as a multi-asset class private market solutions provider across three core solution areas - P10 provides specialized private market solutions including **primary fund of funds, secondary investment, and direct investment**[239](index=239&type=chunk) - PCS includes **impact assets of $4.3 billion**, supporting investments in over 1,000 projects and businesses[241](index=241&type=chunk) Assets Under Management (AUM) and Fee-Paying AUM (FPAUM) as of June 30, 2025 (in billions) | Solution | AUM | FPAUM | | :-------------------------- | :---- | :------ | | Private Equity Solutions (PES) | $23.9 | $16.9 | | Venture Capital Solutions (VCS) | $10.6 | $6.6 | | Private Credit Solutions (PCS) | $7.4 | $5.4 | [Sources of Revenue](index=53&type=section&id=Sources%20of%20Revenue) Revenue is primarily derived from long-term, fixed-fee management and advisory contracts - The majority of revenues are generated through **long-term, fixed-fee management and advisory contracts**[243](index=243&type=chunk)[252](index=252&type=chunk) - Other revenue sources include subscriptions, consulting agreements, interest income, and referral fees[255](index=255&type=chunk) FPAUM by Investment Vehicle as of June 30, 2025 (in billions) | Investment Vehicle | FPAUM | | :-------------------------- | :---- | | Primary Investment Funds | $15.6 | | Direct and Co-Investment Funds | $10.7 | | Secondary Investment Funds | $2.6 | [Trends Affecting Our Business](index=55&type=section&id=Trends%20Affecting%20Our%20Business) Key market trends influencing the business include accelerating demand for private markets and favorable market dynamics - **Accelerating demand** for private markets solutions is driven by shifting public markets and increasing investor allocations[248](index=248&type=chunk) - Favorable **lower and lower-middle market dynamics** provide attractive investment opportunities[248](index=248&type=chunk) - International expansion and new asset classes are key growth drivers, but **political uncertainty and regulatory burdens** pose risks[249](index=249&type=chunk) [Key Financial & Operating Metrics](index=56&type=section&id=Key%20Financial%20&%20Operating%20Metrics) This section defines key financial and operating metrics, including revenue recognition and operating expenses - Revenues are primarily from **recurring management and advisory fees**, typically fixed for 10-15 year fund lives[252](index=252&type=chunk) - **Compensation and benefits** are the largest operating expense, expected to rise with headcount growth[257](index=257&type=chunk) - **FPAUM** reflects assets from which management and advisory fees are earned and is not affected by market fluctuations[262](index=262&type=chunk) [Results of Operations](index=58&type=section&id=Results%20of%20Operations) This section analyzes financial performance, covering changes in revenues, expenses, and net income Key Financial Performance (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total revenues | $72,704 | $71,076 | $140,371 | $137,191 | | Total operating expenses | $54,971 | $54,237 | $111,412 | $108,253 | | Income from operations | $17,733 | $16,839 | $28,959 | $28,938 | | Net income | $4,200 | $7,390 | $8,896 | $12,633 | - Total revenues **increased by 2%** for both periods, driven by higher management and advisory fees[265](index=265&type=chunk)[266](index=266&type=chunk)[269](index=269&type=chunk) - Net income **decreased by 43%** for the three months and **30%** for the six months, primarily due to increased other expenses[264](index=264&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk) [FPAUM](index=62&type=section&id=FPAUM) Fee-Paying Assets Under Management (FPAUM) increased by $2.6 billion, driven by capital raised and acquisitions FPAUM Roll-Forward (in millions) | Metric | 3 Months Ended June 30, 2025 | 6 Months Ended June 30, 2025 | | :-------------------------- | :--------------------------- | :--------------------------- | | Balance, Beginning of Period | $26,320 | $25,677 | | Acquisitions | $980 | $980 | | Capital raised | $1,424 | $2,609 | | Capital deployed | $504 | $753 | | Scheduled fee base stepdowns | $(88) | $(463) | | Expiration of fee period | $(346) | $(762) | | Balance, End of period | $28,875 | $28,875 | - FPAUM **increased by $2.6 billion** to **$28.9 billion** for the three months ended June 30, 2025[294](index=294&type=chunk) [Non-GAAP Financial Measures](index=62&type=section&id=Non-GAAP%20Financial%20Measures) This section introduces non-GAAP measures, including Adjusted Net Income (ANI) and Fee-Related Earnings (FRE) - **ANI, FRR, and FRE** are non-GAAP measures used to assess performance, profitability, and cash flow from core operations[297](index=297&type=chunk) - Adjustments to GAAP net income for FRE include depreciation, amortization, stock-based compensation, and non-recurring expenses[298](index=298&type=chunk)[301](index=301&type=chunk) Fee-Related Earnings (FRE) and Adjusted Net Income (ANI) (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net Income | $4,200 | $7,390 | $8,896 | $12,633 | | Fee-Related Earnings (FRE) | $35,378 | $33,565 | $66,065 | $64,306 | | Adjusted Net Income (ANI) | $26,731 | $28,750 | $50,190 | $54,149 | [Financial Position, Liquidity and Capital Resources](index=64&type=section&id=Financial%20Position,%20Liquidity%20and%20Capital%20Resources) This section discusses the company's financial position, liquidity, and capital resources Selected Statements of Financial Position (in thousands) | Metric | June 30, 2025 | December 31, 2024 | $ Change | % Change | | :-------------------------------- | :-------------- | :------------------ | :------- | :------- | | Cash and cash equivalents (incl. restricted cash) | $34,214 | $68,115 | $(33,901) | (50)% | | Goodwill and other intangibles | $677,649 | $603,627 | $74,022 | 12% | | Total assets | $932,165 | $869,275 | $62,890 | 7% | | Debt obligations | $373,021 | $319,783 | $53,238 | 17% | - Cash and cash equivalents **decreased by $33.9 million**, primarily due to share repurchases and the Qualitas acquisition[303](index=303&type=chunk) - The company has a **$325.0 million Term Loan** and a **$175.0 million Revolving Credit Facility**, and was in compliance with all debt covenants[305](index=305&type=chunk)[307](index=307&type=chunk)[308](index=308&type=chunk) [Off Balance Sheet Arrangements](index=67&type=section&id=Off%20Balance%20Sheet%20Arrangements) The company does not engage in any off-balance sheet arrangements that expose it to unreflected liabilities - The Company **does not invest in any off-balance sheet vehicles** or engage in activities that expose it to unreflected liabilities[316](index=316&type=chunk) [Critical Accounting Policies and Estimates](index=67&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section outlines critical accounting policies requiring significant management judgment - Key estimates include **current expected credit losses** for receivables, with significant judgment applied to certain advisory agreements[320](index=320&type=chunk)[321](index=321&type=chunk) - Revenue recognition for management and advisory fees involves estimates for **variable consideration** and significant financing components[322](index=322&type=chunk)[325](index=325&type=chunk) - Accrued compensation and benefits include acquisition-related earnouts which require evaluation of **probability of achievement**[329](index=329&type=chunk)[330](index=330&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=71&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses the company's exposure to market risks, including interest rate, credit, and exchange rate risk - P10 is exposed to **price risk, interest-rate risk, financing risk, liquidity risk, and counterparty risk**[336](index=336&type=chunk) - A hypothetical **100-basis point increase** in interest rates would increase interest expense by approximately **$3.3 million** annually[339](index=339&type=chunk) - Foreign currency exchange rate movements impact fees and expenses, but a **10% Euro decline** is not expected to be material[341](index=341&type=chunk) [Item 4. Controls and Procedures](index=71&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of disclosure controls and procedures as of June 30, 2025 - Management concluded that disclosure controls and procedures were **effective** as of June 30, 2025[344](index=344&type=chunk) - The operating results of the **Qualitas acquisition** will be omitted from the internal control assessment for the year ended December 31, 2025[345](index=345&type=chunk) [PART II - OTHER INFORMATION](index=74&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=74&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 14 for information regarding legal proceedings - Information on legal proceedings is incorporated by reference from **'Contingencies' in Note 14**[348](index=348&type=chunk) - The Company does not believe any ongoing claims will result in losses **materially in excess** of amounts already recognized[188](index=188&type=chunk) [Item 1A. Risk Factors](index=74&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the annual report on Form 10-K - **No material changes** from the risk factors previously disclosed in the annual report on Form 10-K for the year ended December 31, 2024[349](index=349&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=74&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section provides details on the company's share repurchase activity for the quarter ended June 30, 2025 Share Repurchase Activity for Q2 2025 | Period | Total Shares Purchased | Weighted Average Price Paid per Share | | :-------------------------- | :--------------------- | :------------------------------------ | | April 1 - 30, 2025 | — | $0 | | May 1 - 31, 2025 | 1,194,000 | $11.50 | | June 1 - 30, 2025 | 1,307,083 | $9.57 | | Total | 2,501,083 | $10.49 | - As of June 30, 2025, **$129.7 million** has been spent on share repurchases, with **$2.3 million** remaining for authorized repurchases[350](index=350&type=chunk) - An additional **$25.0 million** was authorized for repurchases on August 5, 2025[350](index=350&type=chunk) [Item 5. Other Information](index=74&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted or terminated 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[351](index=351&type=chunk) [Item 6. Exhibits](index=75&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including employment agreements and certifications - Exhibits include **employment agreements** for Amanda Coussens and Mark Hood, and **certifications from the CEO and CFO**[354](index=354&type=chunk) - **XBRL Instance Document**, Taxonomy Extension Schema Document, and Cover Page Interactive Data File are also filed[354](index=354&type=chunk) [Signatures](index=76&type=section&id=Signatures) This section contains the signatures of the Chief Executive Officer and Chief Financial Officer certifying the report - The report is signed by the **Chief Executive Officer** and **Chief Financial Officer** on August 8, 2025[357](index=357&type=chunk)
P10(PX) - 2025 Q2 - Earnings Call Transcript
2025-08-07 13:30
Financial Data and Key Metrics Changes - The company reported total fee-paying assets under management (AUM) of $28.9 billion, representing a 21% year-over-year increase [7][32] - Organic gross new fee-paying AUM raised and deployed in Q2 was $1.9 billion, marking the second consecutive quarter of record organic growth [5][32] - GAAP net income for Q2 was $4.2 million, down from $7.4 million in the prior year [35] - Adjusted net income (ANI) was $26.7 million, a decrease of 7% from the previous year [35] - The average core fee rate in Q2 was 104 basis points, with expectations to average 103 basis points for the year [33] Business Line Data and Key Metrics Changes - Private equity strategies raised and deployed $1.25 billion, while venture capital solutions raised and deployed $114 million [33] - The credit business contributed $568 million to fee-paying AUM, with significant growth in secondary products [10][33] - RCP's Secondary Fund V raised nearly $1 billion as of June 30, demonstrating strong momentum in the secondary space [9] Market Data and Key Metrics Changes - The company noted strong fundraising momentum, particularly in the middle and lower middle market segments, which are less competitive than larger sponsor markets [12][13] - The market opportunity is characterized by approximately 1,000 general partners managing $3 trillion, indicating a larger and less competitive environment [13][14] Company Strategy and Development Direction - The company is focused on increasing distribution capabilities and expanding product offerings both domestically and internationally [21][25] - There is a strategic emphasis on collaboration across the platform to enhance fundraising and deal flow [11][19] - The integration of Qualitas Funds is expected to enhance the company's capabilities and product offerings [27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential, citing structural advantages and secular tailwinds in their target markets [19][12] - The company anticipates continued strong demand for its strategies, although it does not expect the same volume of fundraising in Q3 [8][19] - Management highlighted the importance of maintaining financial capacity while balancing share buybacks and potential acquisitions [42][44] Other Important Information - The company repurchased approximately 2.5 million shares at an average price of $10.49 during Q2, with a total of over 3.7 million shares repurchased for the year [30] - A quarterly cash dividend of $3.5 per share was approved, payable on September 19, 2025 [36] Q&A Session Summary Question: Financial capacity for additional acquisitions - Management emphasized a disciplined approach to M&A, focusing on strategic and cultural fit while maintaining financial capacity for potential deals [39][40][42] Question: Evergreen Fund targeting - The Evergreen Fund is aimed at both the wealth channel and existing client base, providing an open-ended format for credit investors [47][48][49] Question: Future capital deployment at HARC - Management indicated that the elevated capital deployment at HARC may not persist at the same level, as it is influenced by repayments and successful fundraising in other credit strategies [59][60][62] Question: Qualitas Funds flagship funds and cross-sell opportunities - Qualitas's previous primary fund was Fund 6 at $250 million, with expectations for Fund 7 to be a natural step up [73][74] Question: Consideration of alternative M&A structures - Management is open to various forms of partnerships and strategic alliances, as long as they align with the company's model and strategic goals [77][79][80]
P10(PX) - 2025 Q2 - Earnings Call Presentation
2025-08-07 12:30
Financial Highlights - Fee-paying assets under management (FPAUM) reached $28.9 billion, a 21% increase year-over-year[7, 13] - Fee-Related Revenue was $72.7 million, representing a 6% year-over-year growth[7, 13] - Fee-Related Earnings totaled $35.4 million, a 5% increase compared to the previous year, with a 48.7% FRE margin[7, 13] - Adjusted Net Income (ANI) was $26.7 million, a 7% decrease year-over-year[7, 13] - Fully Diluted ANI per share was $0.23, a $0.01 decrease year-over-year[7, 13] Business Activities - $1.93 billion in fundraising and deployment marked the second consecutive quarter of record organic growth, offset by $435 million of stepdowns and expirations[13] - Private Equity Solutions contributed $1.25 billion, Private Credit Solutions added $568 million, and Venture Capital Solutions accounted for $114 million[13] - The acquisition of Qualitas Funds added approximately $1 billion of FPAUM[13] Capital Management - The company declared a quarterly cash dividend of $0.0375 per share for Class A and Class B stock[15] - 2,501,083 shares were repurchased in the quarter at a weighted average per share price of $10.49, representing over $26 million, and an additional $25 million was authorized under the buyback program[15]
P10(PX) - 2025 Q2 - Quarterly Results
2025-08-07 11:26
[Important Disclosures](index=2&type=section&id=Important%20Disclosures) This section outlines P10's investment advisory services, forward-looking statements, and the use of non-GAAP financial measures for performance evaluation [General Disclosures](index=2&type=section&id=General%20Disclosures) P10, Inc. is a holding company, with investment advisory services provided by its SEC-registered subsidiaries, and this presentation is for informational purposes only - P10, Inc. is a holding company; investment advisory services are provided by its US Securities and Exchange Commission (SEC) registered subsidiaries[3](index=3&type=chunk) - This presentation is for informational purposes only and does not constitute an offer by P10 to sell securities or provide investment advice[3](index=3&type=chunk) [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION](index=2&type=section&id=CAUTIONARY%20STATEMENT%20REGARDING%20FORWARD-LOOKING%20INFORMATION) This presentation contains forward-looking statements and financial projections subject to significant risks and uncertainties, which may cause actual results to differ materially - Forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions that may cause actual results to differ materially[4](index=4&type=chunk) - Financial and operating projections are speculative, based on estimates and assumptions, and actual results may fall significantly short of any projections[5](index=5&type=chunk) [USE OF NON-GAAP FINANCIAL MEASURES BY P10, INC](index=2&type=section&id=USE%20OF%20NON-GAAP%20FINANCIAL%20MEASURES%20BY%20P10,%20INC) P10 uses non-GAAP metrics like FRR, FRE, ANI, and FPAUM to assess operational performance and liquidity, supplementing GAAP results for better comparability - P10 uses non-GAAP metrics (FRR, FRE, FRE Margin, ANI, Fully Diluted ANI per share, FPAUM, AUM) to evaluate operational performance and liquidity[7](index=7&type=chunk) - FPAUM reflects assets on which the company earns management and advisory fees, typically based on committed capital, unaffected by market appreciation or depreciation[6](index=6&type=chunk) - Non-GAAP metrics should not be considered a substitute for GAAP net income or operating cash flow and should be evaluated with their reconciliation to GAAP measures[7](index=7&type=chunk) [Second Quarter 2025 Highlights](index=3&type=section&id=Second%20Quarter%202025%20Highlights) This section summarizes P10's Q2 2025 financial performance, key business drivers, and capital return initiatives, including FPAUM growth and dividend declarations [Second Quarter 2025 Financial Highlights](index=3&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) In Q2 2025, P10's FPAUM grew 21% year-over-year to $28.9 billion, while GAAP net income decreased 43% to $4.2 million, and non-GAAP fee-related earnings increased 5% to $35.4 million 2025年第二季度财务亮点(同比变化) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YoY Change | | :-------------------------- | :----------- | :----------- | :--------- | | **Actual FPAUM ($Bn)** | $28.9 | $23.8 | 21% | | **GAAP Financial Metrics** | | | | | Revenue | $72.7 | $71.1 | 2% | | Operating Expenses | $55.0 | $54.2 | 1% | | GAAP Net Income | $4.2 | $7.4 | -43% | | Fully Diluted GAAP EPS | $0.03 | $0.06 | -52% | | **Non-GAAP Financial Metrics** | | | | | Adjusted Net Income | $26.7 | $28.8 | -7% | | Fully Diluted ANI per share | $0.23 | $0.24 | -6% | | Fee-Related Revenue | $72.7 | $68.3 | 6% | | Fee-Related Earnings | $35.4 | $33.6 | 5% | | Fee-Related Earnings Margin | 49% | 49% | N/A | [Key Business Drivers](index=5&type=section&id=Key%20Business%20Drivers) P10 achieved record organic growth in Q2 2025, raising and deploying $1.93 billion, and added $1 billion in FPAUM through the Qualitas Funds acquisition - FPAUM reached **$28.9 billion**, a **21% year-over-year increase**[12](index=12&type=chunk) - Record organic growth in Q2 2025, raising and deploying **$1.93 billion**, including **$1.25 billion** in Private Equity Solutions, **$568 million** in Private Credit Solutions, and **$114 million** in Venture Capital Solutions[12](index=12&type=chunk) - Completion of the Qualitas Funds transaction added approximately **$1 billion** in FPAUM[12](index=12&type=chunk) [Second Quarter 2025 Highlights, continued](index=6&type=section&id=Second%20Quarter%202025%20Highlights,%20continued) P10 declared a quarterly cash dividend of $0.0375 per share, repurchased over $26 million in stock, and authorized an additional $25 million buyback, alongside new fund launches - Declared a quarterly cash dividend of **$0.0375 per share** for Class A and Class B common stock[14](index=14&type=chunk) - Repurchased **2,501,083 shares** during the quarter at a weighted average price of **$10.49 per share**, totaling over **$26 million**; the Board authorized an additional **$25 million** to the repurchase program[14](index=14&type=chunk) - Recent developments include TrueBridge launching its secondaries fund (April 1), completing the Qualitas Funds acquisition (April 4), RCP Advisors closing RCP Direct V (approximately **$994 million**) and Fund XIX (**$314 million**), and Secondary Fund V (nearly **$1 billion**)[14](index=14&type=chunk) [Firm Overview and Business Model](index=4&type=section&id=Firm%20Overview%20and%20Business%20Model) This section details P10's position as a leading private market solutions provider, its diverse investment strategies, and its compelling business model focused on durable fee-related earnings [Firm Overview](index=4&type=section&id=Firm%20Overview) P10 is a leading private market solutions provider managing over $40 billion in AUM, specializing in constrained strategies across private equity, private credit, and venture capital, with a focus on the lower-middle market - P10 is a leading private market solutions provider, managing over **$40 billion** in AUM[9](index=9&type=chunk) - The firm invests in constrained strategies across private equity, private credit, and venture capital, with a focus on the lower-middle market[9](index=9&type=chunk) [Investment Strategies by Asset Class](index=4&type=section&id=Investment%20Strategies%20by%20Asset%20Class) P10's diversified investment strategies span private equity (RCP/Advisors, Qualitas, Bonaccord), private credit (EnhancedCapital, Hark Capital), and venture capital (TrueBridge), each contributing significantly to FPAUM 按资产类别划分的FPAUM(截至2025年6月30日) | Asset Class | Brand | FPAUM ($B) | Inception | | :---------- | :---- | :--------- | :-------- | | Private Equity | RCP / Advisors | $16.9 | 1980 | | Private Equity | Qualitas | $5.4 | 2007 | | Private Equity | Bonaccord | $6.6 | 2001 | | Private Credit | EnhancedCapital | $6.6 | 1999 | | Private Credit | Hark Capital | $2.3 | 2013 | | Venture Capital | TrueBridge | $5.2 | 2007 | [Compelling Business Model Built on Durable Fee-Related Earnings](index=23&type=section&id=Compelling%20Business%20Model%20Built%20on%20Durable%20Fee-Related%20Earnings) P10's business model centers on fee-related earnings, with highly recurring and diversified revenue primarily from management and advisory fees based on long-term committed capital, ensuring predictable growth and strong cash flow - Business model centered on FRE, with **99% of revenue** derived from highly recurring, diversified management and advisory fees[64](index=64&type=chunk) - Fees are primarily based on long-term, contractually committed capital, leading to predictable and stable earnings growth and attractive margins[64](index=64&type=chunk) - Carried interest structures are designed to accrue overwhelmingly to investment teams, optimizing alignment with Limited Partners (LPs)[61](index=61&type=chunk) [Well-Positioned to Utilize Variety of Levers to Drive Growth](index=24&type=section&id=Well-Positioned%20to%20Utilize%20Variety%20of%20Levers%20to%20Drive%20Growth) P10 is well-positioned for growth by leveraging its world-class private market strategies, leadership in the lower-middle market, diverse global client base, and a business model built on durable fee-related earnings - P10 is well-positioned for organic and inorganic growth through world-class strategies, lower-middle market leadership, a diversified client base, and a durable FRE business model[68](index=68&type=chunk)[69](index=69&type=chunk) - Investment strategies focus on specialized and fragmented markets, particularly the attractive lower-middle market, guided by proprietary data[65](index=65&type=chunk)[67](index=67&type=chunk) [Fee Paying AUM Across Diversified Vehicles](index=29&type=section&id=Fee%20Paying%20AUM%20Across%20Diversified%20Vehicles) As of Q2 2025, P10's FPAUM totaled $28.9 billion, diversified across primary solutions (54%), direct & co-investments (37%), and secondary investments (9%), supported by over 4,900 diverse investors FPAUM构成(截至2025年第二季度) | FPAUM Category | Composition | | :------------- | :---------- | | Primary Solutions | 54% | | Direct & Co-Investments | 37% | | Secondary Investments | 9% | | **Total FPAUM** | **$28.9B** | 投资者渠道细分(截至2025年6月30日) | Investor Channel | Percentage | | :--------------- | :--------- | | Wealth Manager / HNW | 36% | | Pension Fund | 19% | | Endowment / Foundation | 18% | | Financial Institution | 12% | | Insurance Company | 8% | | Sovereign Wealth Fund | 6% | | Other | 1% | | **Total Investors** | **4,900+** | [Unique Proprietary Data Set Driving Sourcing and Evaluation](index=32&type=section&id=Unique%20Proprietary%20Data%20Set%20Driving%20Sourcing%20and%20Evaluation) P10 utilizes a unique proprietary dataset and business intelligence platform with over 20 years of granular data for systematic sourcing and due diligence, complemented by tax assets including deductible intangibles and federal NOLs - P10 leverages a unique and extensive proprietary analytics database with over **20 years of granular data** for systematic sourcing, due diligence, and monitoring[92](index=92&type=chunk)[95](index=95&type=chunk) - Tax assets include deductible intangibles and goodwill, reducing federal income taxes over **15 years**, and federal NOLs expected to be fully utilized by **2026**[96](index=96&type=chunk) [FPAUM Analysis](index=7&type=section&id=FPAUM%20Analysis) This section analyzes P10's FPAUM growth, average fee rates, and capital flows, highlighting the long-term, contractually locked nature of its funds [FPAUM and Average Fee Rate Detail](index=7&type=section&id=FPAUM%20and%20Average%20Fee%20Rate%20Detail) P10's FPAUM grew to $28.9 billion in Q2 2025, achieving a 20% CAGR since 2020, with a stable average fee rate of 109 basis points - FPAUM grew to **$28.9 billion** in Q2 2025, a **21% year-over-year increase**, and a **20% CAGR** since 2020[16](index=16&type=chunk)[19](index=19&type=chunk) - Average fee rate remained stable and attractive at **109 basis points** in Q2 2025[16](index=16&type=chunk) [Fee Paying AUM Growth Model](index=8&type=section&id=Fee%20Paying%20AUM%20Growth%20Model) P10's FPAUM increased from $26.3 billion in March 2025 to $28.9 billion in June 2025, driven by $2.6 billion in capital raised and deployed and $0.8 billion from acquisitions, partially offset by step-downs and expirations 季度FPAUM滚动(2025年第二季度,十亿美元) | Metric | Amount ($B) | | :-------------------- | :---------- | | FPAUM (Mar-25) | $26.3 | | Capital Raised & Deployed | $2.6 | | Acquisition | $0.8 | | FX | $0.1 | | Stepdowns & Expirations | $(0.4) | | **FPAUM (Jun-25)** | **$28.9** | - FPAUM is based on long-term, contractually locked funds, ensuring a highly stable base[20](index=20&type=chunk) - Year-to-date 2025, FPAUM increased from **$25.7 billion** (Dec 2024) to **$28.9 billion** (Jun 2025), with **$1.4 billion** from capital raised/deployed and **$1.0 billion** from acquisitions, offset by **$1.2 billion** in step-downs/expirations[21](index=21&type=chunk) [Financial Details (Unaudited)](index=9&type=section&id=Financial%20Details%20(Unaudited)) This section provides unaudited consolidated financial statements for P10, including statements of operations, balance sheets, cash flows, and reconciliations of non-GAAP measures [Consolidated Statements of Operations (unaudited)](index=10&type=section&id=Consolidated%20Statements%20of%20Operations%20(unaudited)) In Q2 2025, total revenues increased 2% year-over-year to $72.7 million, while operating expenses rose 1% to $55.0 million, and net income attributable to P10 decreased 52% to $3.4 million 合并经营报表(2025年第二季度 vs 2024年第二季度,千美元) | Metric | Q2 2025 | Q2 2024 | % Change | | :-------------------------------- | :-------- | :-------- | :--------- | | **Revenues** | | | | | Management and advisory fees | $71,516 | $68,475 | 4% | | Other revenue | $1,188 | $2,601 | -54% | | **Total Revenues** | **$72,704** | **$71,076** | **2%** | | **Operating Expenses** | | | | | Compensation and benefits | $32,145 | $36,253 | -11% | | Professional fees | $6,743 | $3,535 | 91% | | General, administrative and other | $8,824 | $7,017 | 26% | | Contingent consideration expense | $1,109 | $91 | 1119% | | Amortization of intangibles | $6,150 | $6,438 | -4% | | Strategic alliance expense | $- | $903 | -100% | | **Total Operating Expenses** | **$54,971** | **$54,237** | **1%** | | Income From Operations | $17,733 | $16,839 | 5% | | Net Income Attributable to P10 | $3,383 | $6,993 | -52% | [Adjusted FRE (unaudited)](index=11&type=section&id=Adjusted%20FRE%20(unaudited)) Adjusted Fee-Related Earnings (FRE) for Q2 2025 were $35.378 million, derived from adjusted total revenues of $72.905 million and adjusted operating expenses of $38.697 million, providing a clearer view of core operational profitability 调整后FRE(2025年第二季度,千美元) | Metric | GAAP (Q2 2025) | Adjustments | Adjusted (Q2 2025) | | :-------------------------- | :------------- | :---------- | :--------------- | | Management and advisory fees | $71,516 | $201 | $71,717 | | Other revenue | $1,188 | $- | $1,188 | | **Total revenues** | **$72,704** | **$-** | **$72,905** | | Compensation and benefits | $32,145 | $5,401 | $26,490 | | Non-cash stock based comp. | $11,056 | $(11,056) | $- | | Professional fees | $6,743 | $(2,875) | $3,868 | | General, admin and other | $8,409 | $(70) | $8,339 | | Depreciation | $415 | $(415) | $- | | Contingent consideration exp. | $1,109 | $(1,109) | $- | | Amortization of intangibles | $6,150 | $(6,150) | $- | | **Total operating expenses** | **$54,971** | **$-** | **$38,697** | | Income From Operations | $17,733 | $- | $34,208 | | Total other (expense) | $(12,153) | $- | $1,170 | | **Fee-Related Earnings** | **$-** | **$-** | **$35,378** | - FRE is a non-GAAP performance measure used to monitor baseline earnings, excluding incentive fee income and related expenses[28](index=28&type=chunk) [Non-GAAP Financial Measures (unaudited)](index=12&type=section&id=Non-GAAP%20Financial%20Measures%20(unaudited)) P10 provides reconciliations from GAAP net income to non-GAAP metrics, showing Q2 2025 GAAP net income of $4.2 million, Adjusted FRE of $35.378 million, and Adjusted Net Income (ANI) of $26.731 million 非GAAP财务指标调节表(2025年第二季度,千美元) | Metric | Q2 2025 | Q2 2024 | % Change | | :-------------------------------- | :-------- | :-------- | :--------- | | GAAP Net Income | $4,200 | $7,390 | -43% | | **Adjustments:** | | | | | Depreciation & amortization | $6,766 | $7,075 | -4% | | Interest expense, net | $6,799 | $6,115 | 11% | | Income tax expense | $1,380 | $3,718 | -63% | | Non-recurring expenses | $11,184 | $884 | 1165% | | Non-cash stock based compensation | $6,680 | $5,771 | 16% | | Non-cash stock based comp. - acquisitions | $4,376 | $904 | 384% | | Earn out related compensation | $(6,007) | $3,558 | N/A | | Non-Fee Related Income | $- | $(1,850) | -100% | | **Fee-Related Earnings** | **$35,378** | **$33,565** | **5%** | | Plus: Non-Fee Related Income | $- | $1,850 | -100% | | Less: Strategic alliance noncontrolling interests expense | $(663) | $- | N/A | | Less: Cash interest expense | $(6,241) | $(5,636) | 11% | | Less: Cash income taxes, net of taxes related to acquisitions | $(1,743) | $(1,029) | 69% | | **Adjusted Net Income** | **$26,731** | **$28,750** | **-7%** | | Fully Diluted ANI per share | $0.23 | $0.24 | -6% | | Fee-Related Revenue | $72,704 | $68,309 | 6% | | Fee-Related Earnings Margin | 49% | 49% | N/A | - Adjusted Net Income (ANI) reflects federal and state income taxes and net cash interest expense, providing a measure of core business cash flow[30](index=30&type=chunk) [Consolidated Balance Sheets (unaudited)](index=13&type=section&id=Consolidated%20Balance%20Sheets%20(unaudited)) As of June 30, 2025, total assets increased to $932.165 million from $869.275 million at year-end 2024, driven by goodwill and intangibles, while total liabilities also rose to $543.224 million 合并资产负债表(截至2025年6月30日 vs 2024年12月31日,千美元) | Metric | June 30, 2025 | Dec 31, 2024 | Change | | :-------------------------------- | :------------ | :----------- | :------- | | **Assets** | | | | | Cash and cash equivalents | $33,440 | $67,455 | $(34,015) | | Due from related parties | $94,393 | $81,909 | $12,484 | | Property and equipment, net | $9,228 | $6,760 | $2,468 | | Intangibles, net | $119,499 | $97,589 | $21,910 | | Goodwill | $558,150 | $506,038 | $52,112 | | **Total Assets** | **$932,165** | **$869,275** | **$62,890** | | **Liabilities** | | | | | Accrued compensation and benefits | $53,289 | $69,544 | $(16,255) | | Contingent consideration | $13,126 | $2,214 | $10,912 | | Debt obligations | $373,021 | $319,783 | $53,238 | | **Total liabilities** | **$543,224** | **$482,385** | **$60,839** | | **Total equity** | **$388,941** | **$386,890** | **$2,051** | [Consolidated Statements of Cash Flows (unaudited)](index=14&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20(unaudited)) For the six months ended June 30, 2025, net cash from operating activities significantly decreased to $8.657 million, while net cash used in investing activities increased to $42.935 million, primarily due to acquisitions 合并现金流量表(截至2025年6月30日 vs 2024年,千美元) | Metric | YTD June 30, 2025 | YTD June 30, 2024 | | :-------------------------------- | :---------------- | :---------------- | | Net cash provided by operating activities | $8,657 | $45,786 | | Net cash used in investing activities | $(42,935) | $(1,135) | | Net cash provided by (used in) financing activities | $306 | $(44,506) | | Net change in cash, cash equivalents and restricted cash | $(33,901) | $145 | | Cash, Cash Equivalents And Restricted Cash, End of Period | $34,214 | $32,202 | - Year-to-date 2025, acquisitions (net of cash acquired) used **$40.237 million** in cash for investing activities[33](index=33&type=chunk) [Structural Advantages of the Middle and Lower-Middle Market](index=15&type=section&id=Structural%20Advantages%20of%20the%20Middle%20and%20Lower-Middle%20Market) This section highlights the long-term structural advantages of the middle and lower-middle markets, including attractive competitive dynamics, lower valuations, less financial leverage, and greater value creation opportunities [Structural Advantages of the Middle and Lower-Middle Market](index=15&type=section&id=Structural%20Advantages%20of%20the%20Middle%20and%20Lower-Middle%20Market) P10 identifies significant long-term structural advantages in the middle and lower-middle markets, offering attractive competitive dynamics, lower valuations, less financial leverage, and greater value creation opportunities - The middle and lower-middle markets offer structural advantages such as attractive competitive dynamics, lower valuations, less financial leverage, and value creation opportunities[35](index=35&type=chunk) - These advantages have historically led to better overall returns and greater outperformance potential, with reduced volatility[35](index=35&type=chunk) [(1) Attractive Competitive Dynamics in a Large Addressable Market](index=17&type=section&id=(1)%20Attractive%20Competitive%20Dynamics%20in%20a%20Large%20Addressable%20Market) The lower-middle market presents larger and less competitive investment opportunities than the large market, with over five times more General Partners (GPs) and ten times more companies covered - The lower-middle market is estimated to be larger and less competitive, with over **5x more GPs** and **10x more companies** covered than the large market[36](index=36&type=chunk)[37](index=37&type=chunk) - This market includes approximately **81,000 companies** with revenues between **$10 million and $250 million**, compared to **6,614 companies** with revenues over **$250 million**[89](index=89&type=chunk) [(2) Valuations Structurally Lower](index=18&type=section&id=(2)%20Valuations%20Structurally%20Lower) Acquisition deals in the lower-middle market historically exhibit structurally lower entry valuations, with significantly lower median EBITDA multiples compared to large private equity buyouts 按交易规模划分的进入EBITDA倍数(中位数) | Deal Size | Median Entry EBITDA Multiple | | :-------- | :--------------------------- | | <$100M | 6.3x | | $100M to $250M | 8.1x | | >$250M | 9.1x | - Lower valuations are attributed to less asset competition, more proprietary deal sourcing, and opportunities to improve and scale smaller companies[42](index=42&type=chunk) [(3) Meaningfully Less Utilization of Financial Leverage](index=19&type=section&id=(3)%20Meaningfully%20Less%20Utilization%20of%20Financial%20Leverage) Smaller deals in the lower-middle market historically utilize 2-3 times less leverage (Debt/EBITDA) than larger transactions, making them less reliant on financial engineering and more resilient to financial distress 按交易规模划分的债务/EBITDA倍数(中位数) | Deal Size | Median Debt/EBITDA Multiple | | :-------- | :-------------------------- | | <$100M | 2.9x | | $100M to $250M | 3.9x | | >$250M | 4.7x | - Historically, lower-middle market deals use **2-3x less leverage** than upper-market deals[47](index=47&type=chunk) [(4) Greater Opportunities to Create Value and Drive Growth](index=20&type=section&id=(4)%20Greater%20Opportunities%20to%20Create%20Value%20and%20Drive%20Growth) Returns in the lower-middle market are primarily generated through value creation and scaling, including professionalizing management, implementing best operational practices, and expanding through organic growth and M&A - Returns are generated through value creation and scaling, including professionalizing management, implementing best operational practices, and scaling through organic growth and M&A[50](index=50&type=chunk) 按交易规模划分的收入和EBITDA复合年增长率(中位数) | Deal Size | Revenue CAGR | EBITDA CAGR | | :-------- | :----------- | :---------- | | <$100M | 12.2% | 14.2% | | $100M to $250M | 11.7% | 11.8% | | >$250M | 8.9% | 8.9% | [(5) Historically Better Returns and Greater Potential for Outperformance](index=21&type=section&id=(5)%20Historically%20Better%20Returns%20and%20Greater%20Potential%20for%20Outperformance) Small buyout funds (under $1 billion) in the US and Canada have historically demonstrated better overall returns and greater outperformance potential, with a higher percentage achieving 2.5x-3x and 3x+ TVPI compared to large buyout funds 小型与大型收购基金的TVPI分布(美国和加拿大) | TVPI Range | Small Buyout Funds <$1B | Large Buyout Funds >$1B | | :--------- | :---------------------- | :---------------------- | | <1x | 7.2% | 12.1% | | 1x-1.5x | 10.9% | 26.0% | | 1.5x-2x | 14.8% | 19.8% | | 2x-2.5x | 18.6% | 7.3% | | 2.5x-3x | 25.7% | 4.8% | | 3x+ | 27.8% | 4.8% | - Small buyout funds demonstrate better overall returns and greater outperformance potential[51](index=51&type=chunk) [Performance Summaries by Asset Class](index=26&type=section&id=Performance%20Summaries) This section provides performance summaries for P10's private equity, private credit, and venture capital segments, showcasing strong historical returns across various funds [Performance Summary – Private Equity](index=26&type=section&id=Performance%20Summary%20%E2%80%93%20Private%20Equity) P10's private equity segment, including RCP Advisors, Bonaccord, and Qualitas Fund, demonstrates strong historical performance across various fund types, with notable Net IRRs and Net ROICs 精选私募股权基金业绩(截至2024年12月31日或2025年3月31日) | Fund Manager | Fund | Vintage | Net IRR | Net ROIC | | :----------- | :--- | :------ | :------ | :------- | | RCP Advisors | Direct I | 2010 | 42.7% | 2.9x | | RCP Advisors | SOF III | 2018 | 30.2% | 1.8x | | Bonaccord | Fund II | 2022 | 27.0% | 1.3x | | Qualitas Fund | Direct I | 2022 | 16.0% | 1.3x | [Performance Summary – Private Credit](index=27&type=section&id=Performance%20Summary%20%E2%80%93%20Private%20Credit) The private credit segment, encompassing VALL, Five Points, Enhanced Capital, and Hark Capital, exhibits robust performance, with VALL I achieving a 63.3% Net IRR and 5.9x Net ROIC 精选私募信贷基金业绩(截至2025年3月31日) | Fund Manager | Fund | Vintage | Net IRR | Net ROIC | | :----------- | :--- | :------ | :------ | :------- | | VALL | VLL I | 1994 | 63.3% | 5.9x | | Five Points | Credit Fund III | 2016 | 25.6% | 3.1x | | Enhanced Capital | Small Business Lending | 2012 | 8.7% | 1.9x | | Hark Capital | Fund IV | 2022 | 12.3% | 1.2x | [Performance Summary – Venture Capital](index=28&type=section&id=Performance%20Summary%20%E2%80%93%20Venture%20Capital) P10's venture capital segment, primarily through TrueBridge, shows strong historical returns, with TrueBridge Fund II achieving a 20.0% Net IRR and 5.3x Net ROIC 精选风险投资基金业绩(截至2025年3月31日) | Fund Manager | Fund | Vintage | Net IRR | Net ROIC | | :----------- | :--- | :------ | :------ | :------- | | TrueBridge | Fund II | 2010 | 20.0% | 5.3x | | TrueBridge | Fund IV | 2015 | 24.2% | 3.7x | | TrueBridge | Direct Fund I | 2015 | 30.5% | 3.0x | | TrueBridge | Secondaries I | 2022 | 44.7% | 1.3x | [Key Terms and Disclaimers](index=35&type=section&id=Key%20Terms%20and%20Disclaimers) This section defines key financial and operational terms used in the presentation and provides additional disclaimers regarding historical performance, future results, and specific fund disclosures [Key Terms & Supplemental Information](index=36&type=section&id=Key%20Terms%20%26%20Supplemental%20Information) This section defines various financial and operational terms, including FPAUM, AUM, ANI, FRE, Net IRR, and Net ROIC, clarifying their calculation and purpose within the presentation - FPAUM reflects assets generating management and advisory fees, typically based on committed capital, unaffected by market fluctuations[101](index=101&type=chunk) - ANI is a non-GAAP metric reflecting core business cash flow, calculated as FRE plus non-fee related income, less strategic alliance non-controlling interests expense, cash interest, and cash income taxes[103](index=103&type=chunk) - Net IRR and Net ROIC are performance metrics net of fees, carried interest, and expenses charged by underlying fund managers and P10 solutions[105](index=105&type=chunk) [Additional Disclaimers](index=37&type=section&id=Additional%20Disclaimers) This section explicitly states that historical performance does not guarantee future results for P10's Class A common stock or its investment vehicles, highlighting various factors that may impact future performance - Historical performance does not represent future results for investments or Class A common stock[109](index=109&type=chunk) - Future performance may be impacted by market conditions, unrealized gains, increased competition, and changes in global tax and regulatory environments[111](index=111&type=chunk) [ENHANCED CAPITAL PERFORMANCE DISCLOSURES:](index=37&type=section&id=ENHANCED%20CAPITAL%20PERFORMANCE%20DISCLOSURES:) This section provides detailed disclaimers for specific fund managers like Enhanced Capital, RCP Advisors, Hark Capital, Bonaccord, WTI, and Qualitas, explaining IRR calculations, fee structure variations, and the subjectivity of unrealized investment valuations - Enhanced Capital performance disclosures highlight risks like loan non-repayment and tax credit recapture, explaining how subscription-based credit facilities can enhance reported IRR[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) - RCP Advisors disclosures detail "representative investor" performance, fund selection criteria, and the impact of subscription credit lines on fund-level net IRR calculations[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - Disclaimers for Bonaccord, Hark Capital, WTI, and Qualitas address the impact of leverage on IRR, variations in fee structures, and the subjectivity of fair value estimates for illiquid securities[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)
P10 Reports Second Quarter 2025 Earnings Results
Globenewswire· 2025-08-07 10:30
Core Insights - P10, Inc. reported record organic fundraising and deployments exceeding $1.9 billion in gross new fee-paying assets under management (AUM) [1] - Fee-paying AUM grew by 21% year over year, reaching $28.9 billion following the acquisition of Qualitas Funds [1][4] - The company achieved a total revenue of $72.7 million, reflecting a 2% increase year over year [9] Financial Highlights - Fee-related revenue was $72.7 million, a 6% increase year over year [9] - GAAP net income decreased to $4.2 million from $7.4 million in the prior year, representing a 43% decline [9][16] - Adjusted net income was $26.7 million, down from $28.8 million in the previous year, a decrease of 7% [9][16] Shareholder Returns - The company repurchased 2,501,083 shares at an average price of $10.49 per share, with approximately $2.3 million remaining under the share repurchase authorization [5] - A quarterly cash dividend of $0.0375 per share was declared, payable on September 19, 2025 [6] Strategic Initiatives - P10's strategies focused on capital formation, global expansion, and cross-platform collaboration, resulting in nearly $3 billion increase in gross fee-paying AUM during the quarter [4] - The company emphasizes its focus on the middle and lower-middle market, which is expected to drive long-term demand for its solutions [4]
P10 Schedules Second Quarter 2025 Earnings Release for Thursday, August 7, 2025
Globenewswire· 2025-07-17 20:30
Group 1 - P10, Inc. will release its second quarter 2025 results on August 7, 2025, before U.S. markets open [1] - A conference call and live webcast will be held at 8:30 a.m. Eastern Time on the same day [1] - A replay of the call will be available on P10's investor relations page for those unable to participate live [2] Group 2 - P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry [3] - As of March 31, 2025, P10 has a global investor base of over 3,800 investors across 50 states and 60 countries [3] - The investor base includes some of the world's largest pension funds, endowments, foundations, corporate pensions, and financial institutions [3]
Pelangio Exploration Announces Drone Survey Underway at Manfo and Nkosuo
Newsfile· 2025-07-16 21:02
Core Insights - Pelangio Exploration Inc. is conducting a high-resolution UAV aeromagnetic survey covering 900 line-kilometers with 50-meter spacing, aimed at enhancing geological interpretation and target ranking for drill testing [1][2] - The survey is approximately 45% completed and is expected to significantly assist in the exploration of the Nkosuo Mining Lease and the broader Manfo project area [1][2] - The company is nearing the completion of an updated Mineral Resource Estimate for the Manfo project, with plans to release it within the current quarter [2] Company Overview - Pelangio Exploration focuses on acquiring and exploring land packages in gold-rich regions, specifically in Ghana and Canada [6] - The company holds two 100% owned properties in Ghana: the 106 km² Manfo property, which has eight near-surface gold discoveries, and the 280 km² Obuasi property, adjacent to AngloGold Ashanti's high-grade Obuasi Mine [6]
Enhanced Capital Announces Release of 2024 Community Impact Report
Prnewswire· 2025-06-25 12:05
Core Insights - Enhanced Capital released its 2024 Community Impact Report, showcasing its achievements in Project Finance and Small Business Lending [1][3] - The firm has raised a total of $6.5 billion since inception, with $4.3 billion in impact assets supporting over 1,000 projects across 40 states, Washington DC, and Puerto Rico [5] - In 2024, Enhanced Capital supported over 3,300 jobs and installed 219 megawatts of clean energy capacity [7] Company Focus Areas - Enhanced Capital focuses on three Impact Themes: Underserved Communities, Environmental Sustainability, and Community Development Programs [2][6] - 85% of investments in 2024 and 79% since inception were directed towards low-income, rural, or underserved communities [7] Leadership Perspective - Michael Korengold, President and CEO, emphasized the firm's commitment to innovative financing solutions for the lower middle market and aligning private capital with public initiatives [2]