P10, Inc. Q3 FY2025 earnings call

• Raised and deployed $915 million in organic gross new fee-paying assets under management. Exceeded 2025 organic gross fundraising guidance of $4 billion, raising the full year 2025 target to closer to $5 billion. • Had 17 commingled funds in the market. RCP's Secondary Fund V closed at $1.26 billion, exceeding the target of $1 billion. Launched 4 funds in the quarter: Bonaccord Fund III, RCP Small and Emerging Manager Fund IV, RCP Multi-Strat III, and Qualitas Funds US I. • Private credit represents less than 20% of fee-paying AUM, with a strong opportunity set in middle and lower-middle markets and no deterioration in credit portfolios. • Share repurchases in the third quarter slowed, with approximately 110,000 shares repurchased at a weighted average price of $11.34 for a total of $1.25 million.

In the third quarter, fee-paying assets under management were $29.1 billion, a 17% year-over-year increase. Private equity strategies raised and deployed $711 million, venture capital solution raised and deployed $12 million, and private credit strategies added $192 million to fee-paying assets under management. Fee-related revenue (FRR) in the third quarter was $75.9 million, a 4% increase over the third quarter of 2024, and a 13% increase excluding direct and secondary catch-up fees. The average core fee rate in the third quarter was 103 basis points.

• Exceeded 2025 organic gross fundraising guidance of $4 billion and expect to finish the year closer to $5 billion. • Step-downs and expirations for full year 2025 are slightly above initial expectation of 5% to 7%, but expected to return to historical average of 5% to 7% in 2026. • Core fee rate expected to average 103 basis points this year.

Q: Elaborate on steps to support accelerated growth in credit platform, interesting market parts, and inorganic vs organic.

A: Focus on quality underwriting, growing NAV lending franchise, Enhanced impact credit strategy, WTI venture debt, Five Points SBIC lending. See opportunities in private credit like direct lending, asset-based lending. Platform has synergies with middle market sponsors through RCP and Qualitas, providing unique sourcing engine.

Q: Challenges for mid- and lower mid-market GPs and P10's solutions.

A: Lower-middle market less tethered to IPOs as exits are more via trade sales. P10 provides strategic advice, data insights through GPScout, and brand imprimatur. Offers capital solutions from fund raising to NAV loans and GP stake sales.

Q: M&A environment pick up and impact on P10.

A: A more accommodative macro environment is good for all, will accelerate deployment opportunities in credit businesses, amplify returns in private equity ecosystem. P10 is less tethered to downside but benefits from good market.

Q: Current level of buyback capacity.

A: Have $26 million remaining on buyback authorization; will continue repurchasing as makes sense, with long-term capital allocation priorities including dividends, M&A, and share repurchases.