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 Highlights - P10's Fee-Paying Assets Under Management (FPAUM) reached $263 billion, a 10% increase compared to Q1 2024's $238 billion[11, 17] - Revenue increased by 2% year-over-year, reaching $677 million compared to $661 million in Q1 2024[11] - Fee-Related Revenue (FRR) grew by 4% year-over-year, amounting to $676 million versus $650 million in the same period last year[11] - Adjusted Net Income (ANI) decreased by 8% year-over-year, totaling $235 million compared to $254 million in Q1 2024[11] - Fully Diluted ANI per share decreased by 5% year-over-year, standing at $020 compared to $021 in the previous year[11] FPAUM Growth and Composition - Private Equity Solutions accounted for $150 billion of FPAUM[14] - Venture Capital Solutions held $65 billion in FPAUM[14] - Private Credit Solutions managed $48 billion in FPAUM[14] - The company experienced a record fundraise and deployment of over $14 billion in FPAUM for the first three months of 2025, which is 36% of the annual organic gross fundraising guidance of $4B[16] Capital Allocation and Recent Developments - A quarterly cash dividend of $00375 per share was declared for Class A and Class B stock, representing a 7% increase[19] - 1215106 shares were repurchased in the quarter at a weighted average per share price of $1231, representing nearly $15 million[19] - The company completed the acquisition of Qualitas Funds in April, which had $10 billion in FPAUM and $13 billion in AUM as of March 31, 2025[15, 19]

Core Viewpoint - Wendel has completed the acquisition of a controlling stake in Monroe Capital LLC, marking a significant step in its strategic roadmap to expand its asset management platform, which now manages approximately €34 billion in private assets and is projected to generate around €160 million in Fee Related Earnings (FRE) and €185 million in total pre-tax profit by 2025 [1][10][11]. Acquisition Details - Wendel has invested $1.13 billion to acquire 72% of Monroe Capital's shares, along with rights to approximately 20% of the carried interest from past and future funds, while the sellers retain a 25% stake post-transaction [2]. - The acquisition includes a partnership with AXA IM Prime, which has also acquired a minority equity stake in Monroe Capital, reflecting a strong relationship between the two firms [3]. - An earn-out mechanism is included in the transaction, allowing for a maximum payment of $255 million based on FRE performance thresholds, with potential payment in cash by 2028 [4]. Future Purchase Plans - Wendel has a structured plan to acquire the remaining 25% of Monroe Capital's shares through a series of transactions scheduled between 2028 and 2032, with the purchase price determined by realized FRE growth [5]. Monroe Capital Overview - Monroe Capital, founded in 2004, specializes in private credit solutions and manages over $20 billion in assets across more than 45 investment vehicles, focusing on various strategic verticals including Lower Middle Market Direct Lending and Alternative Credit [6][16]. - The firm has originated over 800 transactions and invested more than $47 billion, achieving a gross unlevered IRR of approximately 10% on its directly originated transactions [7]. Wendel's Strategic Goals - Wendel aims to build a substantial asset management platform that will provide recurring cash flows and exposure to high-performing asset classes, enhancing its dual business model alongside its principal investment activities [9][11]. - The partnership with Monroe Capital is expected to create operational synergies and contribute to Wendel's goal of generating double-digit Total Shareholder Return [11][14]. Leadership Commentary - Wendel's CEO emphasized the importance of this acquisition in scaling its asset management platform and highlighted Monroe Capital's strong performance and strategic positioning in the private credit market [12]. - The partnership with AXA IM Prime is viewed as a significant endorsement of Wendel's asset management model [13].