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

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

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

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

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

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

Core Insights - RCP Advisors successfully closed RCP Secondary Opportunity Fund V, LP with $1.26 billion in capital commitments, surpassing its initial target of $1 billion, indicating strong investor confidence in the firm's strategy and the demand for North American small buyout funds [1][2][3] Fund Overview - RCP SOF V will focus on investments primarily through secondary market purchases or other secondary transactions, targeting private equity funds that concentrate on leveraged buyouts, growth, or restructuring transactions [2][4] - The Fund attracted a diverse group of limited partners, including high net worth individuals, pension funds, endowments, foundations, and insurance companies [1] Company Background - P10, Inc. manages over $40 billion in assets as of June 30, 2025, investing across Private Equity, Private Credit, and Venture Capital, with a focus on the middle and lower-middle market [5] - RCP Advisors, a subsidiary of P10, has established itself as a significant player in the North American small buyout fund space, managing 58 funds and over 550 partnership investments as of June 30, 2025 [6]

Core Viewpoint - Pelangio Exploration Inc. has increased the size of its non-brokered private placement from gross proceeds of up to $4,000,000 to $4,500,000 due to additional demand [1] Offering Details - The Offering will consist of units priced at $0.18 each, with each unit comprising one common share and one half of a common share purchase warrant [2] - Each whole warrant allows the holder to purchase one common share at $0.31 for two years from the initial closing date [2] Use of Proceeds - The gross proceeds from the Offering will be allocated for exploration, metallurgical work, land maintenance costs, working capital, and general corporate purposes [3] Closing Conditions - The Offering is subject to customary closing conditions, including necessary corporate and regulatory approvals, with the initial closing expected around October 9, 2025 [4] - The securities issued will have a hold period of four months and one day in accordance with Canadian securities laws [4] Finder's Fee - The Company may pay a cash finder's fee of up to 7% of the gross proceeds and may issue non-transferable common share purchase warrants to finders [5] Insider Participation - Certain insiders may participate in the Offering, which will be considered a "related party transaction" under Multilateral Instrument 61-101 [6] Company Overview - Pelangio Exploration focuses on acquiring and exploring land packages in gold-rich areas, particularly in Ghana and Canada, with notable properties including the Manfo and Obuasi properties [8]

Core Viewpoint - Pelangio Exploration Inc. is conducting a non-brokered private placement to raise gross proceeds of up to $4,000,000, with each unit priced at $0.18, consisting of one common share and one half of a warrant [1][2]. Group 1: Offering Details - The offering will consist of units priced at $0.18 each, with each unit comprising one common share and one half of a warrant [1]. - Each whole warrant allows the holder to purchase one common share at a price of $0.31 for a period of two years from the initial closing date [1]. - The offering is subject to customary closing conditions, including regulatory approvals, and may close in multiple tranches, with the initial closing expected around October 9, 2025 [3]. Group 2: Use of Proceeds - The gross proceeds from the offering will be allocated for exploration, metallurgical work, land maintenance costs, working capital, and general corporate purposes [2]. Group 3: Insider Participation - Certain insiders may participate in the offering, which will be considered a related party transaction under Multilateral Instrument 61-101 [4]. - The company intends to rely on exemptions from formal valuation and minority approval requirements, as insider participation is not expected to exceed 25% of the company's market capitalization [4]. Group 4: Securities Regulations - The securities offered have not been registered under the U.S. Securities Act of 1933 and cannot be sold in the United States without registration or an exemption [5]. - The offering is intended for distribution in Canada only and is not meant for U.S. newswire services [10]. Group 5: Company Overview - Pelangio Exploration focuses on acquiring and exploring land packages in gold-rich areas, particularly in Ghana and Canada [7]. - The company has two 100% owned properties in Ghana, including the Manfo property and the Obuasi property, which is adjacent to a high-grade mine [7].

Core Insights - P10, Inc. is sponsoring and participating in IPEM Paris 2025, scheduled for September 24–26, 2025, at Palais des Congrès in Paris, France [1] - The event is expected to attract over 6,000 participants from 2,400 companies, including 1,300 limited partners and 900 general partners, aimed at fostering connections in the global private capital industry [3] Company Overview - P10, Inc. is a leading private markets solutions provider with over $40 billion in assets under management as of June 30, 2025 [4] - The company invests across Private Equity, Private Credit, and Venture Capital, focusing on access-constrained strategies in the middle and lower-middle market [4] - P10's products target a global investor base and aim to deliver compelling risk-adjusted returns [4] Event Participation - P10 will have key attendees, including Sarita Narson Jairath, EVP and Global Head of Client Solutions, along with representatives from five of P10's investment strategies [1][2] - The company invites attendees to visit the P10 Lounge (Lounge B206) located near the Main Conference Room on level 2 during the event [3]