PX

1. Introduced the new company identity P10, Inc., symbolizing stability, perspective, and protection, reflecting the company's growth trajectory and integration of strategies. 2. Announced the acquisition of Stellus, a leading direct lending platform with approximately $3,800,000,000 in assets under management, including $2,600,000,000 in fee-paying assets under management, with a strong track record. 3. In 2025, the company raised and deployed a record $5,100,000,000 of organic gross new fee-paying assets under management, ending the year at $29,400,000,000; fee-related revenues excluding direct and secondary catch-up fees increased by 13%, and FRE margins were 47%. 4. Made progress in cross-marketing, with over 10% of capital raised since the 2024 Investor Day being cross-sales. 5. Expanded the product set in 2025, including the first evergreen product, a significant SMA, and a fund for European investors targeting the North American middle and lower middle market; completed the acquisition of Qualitas Funds and opened a Dubai office. 6. Enhanced governance by appointing new independent directors and achieving dual listing on the NYSE Texas; repurchased nearly 11,000,000 shares since early 2024.

1. Intend to more than double fee-paying AUM to $50,000,000,000 by 2029, with the majority coming from organic growth. 2. Guide organic FRE margins, excluding M&A, to the mid-40s in the near to intermediate term and closer to 50 in the long term. 3. Expect to organically raise and deploy at least $10,000,000,000 of gross fee-paying assets under management over calendar years 2026 and 2027, excluding the impact of acquisitions. 4. Anticipate FRE margins in the mid-40s for 2026, with growth throughout the year and expansion from mid-40s to 50 over the next few years.

In 2025, fee-paying assets under management totaled $29,400,000,000, representing a 15% year-over-year increase. During the fourth quarter, $841,000,000 in organic fundraising and capital deployment was offset by $535,000,000 in step-downs and expirations. The private equity strategies raised and deployed $325,000,000, venture capital solutions raised and deployed $178,000,000, and private credit strategies added $338,000,000 to fee-paying assets under management.

Forward-looking statements are inherently uncertain due to numerous risks and uncertainties detailed in the earnings release and periodic reports filed with the SEC; actual results may differ materially from forward-looking statements.

Q: Can you talk about your exposures to AI and your thoughts on AI risk to private market managers?

A: Luke mentioned that the venture portfolio has meaningful AI exposure by design. There is relatively modest exposure to SaaS and software in the regular portfolio, less than 10%, and the company regularly reviews its core portfolio.

Q: Talk about the build-out of the private market wealth strategy and the expansion of the Bonaccord-CAIS relationship?

A: Luke stated that approximately 36% of clients are private wealth clients. The company focuses on product design and partnerships like with CAIS, aiming to grow the private wealth channel through creative means and partnerships.

Q: Get more details on Stellus, such as its blended average fee rate and sourcing funnel?

A: Luke said more detailed guidance on Stellus will be provided closer to the acquisition closing. Stellus' private BDC focuses on the RIA channel with a distribution team growing that business.

Q: Elaborate on Stellus' sourcing funnel and M&A gaps?

A: Luke said there is a strong fit between Stellus and P10's sponsor ecosystem, which can amplify the sourcing funnel. The strategic focus includes international analogs of U.S. strategies, private credit areas like asset-based lending, and the real assets ecosystem.