Core Insights - Hark Capital has closed a $50 million NAV facility with Pharos IV-A, L.P., aimed at supporting healthcare investments [1][2] - The financing will be utilized for both new and existing investments in Pharos' healthcare portfolio [1] - This transaction marks the third financing facility between Hark Capital and Pharos Capital Group, indicating a strong partnership [2] Company Overview: Hark Capital - Hark Capital, a subsidiary of P10, Inc., has been providing non-dilutive fund finance solutions since 2013, focusing on NAV-based and management company facilities [3] - The firm has deployed over $1.7 billion across more than 130 transactions with over 60 sponsors in the US, Canada, and Europe [3] Company Overview: Pharos Capital Group - Pharos Capital Group is a physician-founded investment firm based in Dallas and Nashville, focusing on healthcare companies that aim to reduce costs and improve patient outcomes [3] - As of June 30, 2025, Pharos has invested in 61 companies and manages over $900 million in private equity assets [3] - The firm typically invests between $25 million and $50 million in middle-market companies seeking growth funding [3]

Core Insights - Pelangio Exploration Inc. has filed an updated independent Mineral Resource Estimate (MRE) for its Manfo Gold Project in Ghana, indicating significant increases in both Indicated and Inferred resources compared to previous estimates [2][5]. Mineral Resource Update - The updated MRE, completed by SEMS Technical Services Ltd., shows a total Indicated resource of 11,787,000 tonnes at an average grade of 1.16 g/t Au, equating to 441,000 ounces of gold, and a total Inferred resource of 16,048,000 tonnes at an average grade of 0.77 g/t Au, equating to 396,000 ounces of gold [4][6]. - The MRE was conducted using a gold price of US$2,600 per ounce, with specific cut-off grades for different mineralization types [4]. Comparison with Previous Estimates - The 2025 MRE represents a 126% increase in total Indicated gold ounces and a 395% increase in total Inferred gold ounces compared to the Maiden pit-constrained MRE, which was based on a gold price of US$1,450 per ounce [5][8]. Exploration Plans - The company plans a staged exploration program with a budget of US$7.6 million, including up to 45,000 meters of drilling, aimed at resource expansion and new discoveries [6][14]. - Exploration programs are currently underway, with high-resolution UAV magnetics and orthophoto surveys nearing completion, and drilling expected to commence in November 2025 [6][14]. Resource Growth Potential - There is significant potential for resource growth, particularly in the Inferred category, with recommendations for further drilling to upgrade resources and explore open-ended mineralization [9][10]. - The addition of the Nkosuo Mining Permit is believed to hold potential for further discoveries, with historical exploration indicating extensions of mineralized structures into the Nkosuo Lease [11].

Core Insights - The CEO reflects on nearly two years of leadership, highlighting significant progress and robust future opportunities for the company [1]. Group 1: Company Progress - The company has made tremendous progress since the CEO's appointment [1]. - There is a strong belief in the continued growth opportunities that lie ahead for the company [1]. Group 2: Investment Appeal - The CEO was attracted to the company due to its impressive investing capabilities [2].

Summary of PTEN FY Conference Call - September 08, 2025 Company Overview - **Company**: PTEN (P10 Holdings, Inc.) - **Industry**: Investment Management Key Points and Arguments Leadership and Company Progress - CEO Luke Sarsfield reflected on his nearly two-year tenure, highlighting significant progress and robust opportunities for growth within PTEN [3][4] - Emphasis on maintaining strong investment performance and alpha generation across various strategies, now totaling eight after the Qualitas acquisition [4][5] - Focus on optimizing enabling functions, including finance, operations, strategy, and client solutions to enhance investment capabilities [5][6][7][8] Market Focus and Investment Strategy - PTEN is committed to the middle and lower middle market, countering the misconception that smaller companies are inherently riskier than larger firms [15][16] - The firm sees a favorable competitive landscape in the lower middle market, characterized by less capital chasing more opportunities, leading to better investment returns [20][22][24] - Historical returns in the lower middle market have outperformed those in the upper market by 200 to 300 basis points [24] Growth Opportunities - PTEN aims to reach a target of $50 billion in assets under management (AUM) by 2029, focusing on both existing and new limited partners (LPs) [25][26] - The firm has nearly 5,000 LPs, with less than 5% currently invested across multiple strategies, indicating significant potential for deepening existing relationships [27][28][29] - Plans to engage larger global clients and expand product offerings, including traditional delayed draw commingled funds and new fund structures like evergreen funds [35][36][39] M&A Strategy - The acquisition of Qualitas has been successful, with integration exceeding expectations and opening new collaborative opportunities [55][56][58] - Future M&A efforts will focus on strategic fit, cultural alignment, and economic sense, with an emphasis on international analogs of existing U.S. strategies [69][72][73] - PTEN is exploring opportunities in private credit and real assets, aiming to enhance its distribution capabilities [74][75] Venture Debt and Market Environment - The venture debt space remains attractive, with WTI's innovative structural protections allowing for compelling risk-adjusted returns [78][79] - Despite recent disruptions in the venture landscape, PTEN has seen an increase in both volume and size of investment opportunities [82] Capacity for Growth - PTEN believes it can significantly grow within the middle market, which is estimated at $3 trillion, while currently managing about $40 billion in AUM [86][87] - The firm is not capacity constrained in its strategies and sees ample opportunities for growth through existing and new client relationships [87] Additional Important Insights - The firm is focused on leveraging data and insights to deepen client relationships and enhance product offerings [31][32] - PTEN is cautious about expanding into retail markets without a partner, prioritizing existing high-value client relationships [44][45] - The firm is committed to maintaining a robust governance structure and enhancing its board's independence [10][11] This summary encapsulates the key insights and strategic directions discussed during the PTEN FY Conference Call, highlighting the company's focus on growth, market opportunities, and investment strategies.

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 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] Upcoming Event - P10's Chairman and CEO, Luke Sarsfield, along with EVP and Chief Administrative Officer, Mark Hood, will participate in a fireside chat at the Barclays 23rd Annual Global Financial Services Conference on September 8, 2025, at 12:00 P.M. Eastern Time [1] - A webcast of the discussion will be available on the Investor Relations section of P10's website, with a replay accessible by the end of the same day for those unable to attend live [2]

Core Viewpoint - P10, Inc. will participate in a fireside chat at the Barclays 23rd Annual Global Financial Services Conference on September 8, 2025, featuring key executives [1] 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 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] Event Details - The fireside chat will be held at 12:00 P.M. Eastern Time and will be available via a live webcast on P10's Investor Relations website [1][2] - A replay of the discussion will be accessible on the Events page of P10's website by the end of the same day for those unable to attend live [2]

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].

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]

[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)

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]