Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results Earnings Presentation
Slide 2: Important Disclosures
Important Disclosures IMPORTANT NOTICES CAUTIONARY STATEMENT REGARDING FINANCIAL AND OPERATING PROJECTIONS The inclusion of references to P10, Inc. (“P10” or the “Company”) in this presentation is for All financial and operating projections, forecasts or estimates about or relating to the informatio
Slide 3: Third Quarter 2025 Financial Highlights
Third Quarter 2025 Financial Highlights Financial Results Three Months Ended Q3'25 vs Q3'24 Nine Months Ended YTD'25 vs YTD'24 ($ in Millions, except as otherwise indicated) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Actual FPAUM ($B) $ 29.1 $ 24.9 17% $ 29.1 $ 24.9
Slide 4: Firm Overview
Firm Overview P10 is a leading private markets solutions provider with over $40 billion in AUM We invest across Private Equity, Private Credit, and Venture Capital in access-constrained strategies, with a focus on the middle and lower-middle market Private Equity Private Credit Venture Capital Middl
Slide 5: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights Key Business • Fee paying assets under management (FPAUM) of $29.1B represented a 17% increase from the prior year Drivers • In the quarter, $915M of fundraising and deployment was offset by $673M of stepdowns and expirations ‒ Private Equity Solutions: $711M ‒ Private
Slide 6: Third Quarter 2025 Highlights, continued
Third Quarter 2025 Highlights, continued Balance Sheet • Declared a quarterly cash dividend of $0.0375 per share for Class A and Class B stock, payable on December 19, 2025, for holders as of the close of business on November 28, 2025 and Capital • As of today, we have $387M in outstanding debt, $32
Slide 7: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust FPAUM growth and stable, attractive fee rates FPAUM Growth ($B) Average Fee Rate1 (Bps) Quarterly average fee rates show the basis points attributable to 19% CAGR management & advisory fees excl. direct & co-invest/secondaries catch-up fees and direct & co-in
Slide 8: Fee Paying AUM Growth Model
Fee Paying AUM Growth Model Long-term, contractually locked-up funds ensure highly sticky FPAUM base YTD FPAUM Roll Forward ($B) Quarterly FPAUM Roll Forward ($B) 1.0 0.1 0.2 0.0 3.3 1.0 29.1 28.9 0.7 29.1 25.7 (1.9) (0.7) Dec-24 Raised Deployed Acquisition FX Stepdowns Sep-25 Jun-25 Raised Deployed
Slide 9: Financial Details
Financial Details Ss P10
Slide 10: Consolidated Statements of Operations (unaudited)
Consolidated Statements of Operations (unaudited) Three Months Ended % Change Nine Months Ended % Change (Dol l a rs i n thous a nds except s ha re a nd per s ha re a mounts ) September 30, 2025 September 30, 2024 Q3'25 vs Q3'24 September 30, 2025 September 30, 2024 YTD'25 vs YTD'24 Revenues Managem
Slide 11: Adjusted FRE (unaudited)
Adjusted FRE (unaudited) Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2025 September 30, 2025 September 30, 2025 September 30, 2025 September 30, 2025 (Dollars in thousands except share and per Adjustments Adjusted Line Item Adjustments Adjusted Line Item s
Slide 12: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) T hre e M o nt hs E nde d N ine M o nt hs E nde d % C ha nge (Do llars in tho usands except share and per share amo unts) S e pt e m be r 3 0 , 2 0 2 5 S e pt e m be r 3 0 , 2 0 2 4 S e pt e m be r 3 0 , 2 0 2 5 S e pt e m be r 3 0 , 2 0 2 4 Q 3 '2 5 v s Q 3 '
Slide 13: Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) (Dollars in thousands except share amounts) September 30, 2025 December 31, 2024 Assets Cash and cash equivalents $ 39,991 $ 67,455 Restricted cash 832 660 Accounts receivable 22,507 32,313 Notes receivable 6,372 7,534 Due from related parties 96,629 81,909 In
Slide 14: Consolidated Statements of Cash Flows (unaudited)
Consolidated Statements of Cash Flows (unaudited) Nine Months Ende d (Dollars in thousands) S e pte mbe r 3 0 , 2 0 2 5 S e pte mbe r 3 0 , 2 0 2 4 Ca sh Flows From O pe ra ting Ac tivitie s Net income $ 11,929 $ 13,966 Adjustments to reconcile net income to net cash provided by operating activities
Slide 15: Appendix
Appendix Ss P10
Slide 16: Compelling Business Model Built on Durable Fee-Related Earnings
Compelling Business Model Built on Durable Fee-Related Earnings FRE-Centric Business Model Aligned Incentives • Highly-recurring, diversified revenues • Carried interest structured to stay composed almost entirely of overwhelmingly with investment teams Predictable, Stable management and advisory fe
Slide 17: Focused Investment Strategies with Leadership in Attractive MM/LMM
Focused Investment Strategies with Leadership in Attractive MM/LMM Strategies investing in specialized Investment Long History and/or fragmented markets, with a of Success Strategy Focus particular focus on the attractive middle and lower-middle market segment Partner of People and • Capital availab
Slide 18: Well-Positioned to Utilize Variety of Levers to Drive Growth
Well-Positioned to Utilize Variety of Levers to Drive Growth Attractive Private Markets Ecosystem World-class private Leader in attractive Large and diverse global Compelling business markets strategies with MM/LMM, underpinned client base model built on durable long track records of by data and ins
Slide 19: Performance Summary – Private Equity
Performance Summary – Private Equity Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (Fund size as of 9/30/25, performance as of 6/30/25) Fund I 2003 $92 105% 13.6% 1.8x Fund Vintage Fund S
Slide 20: Performance Summary – Private Credit
Performance Summary – Private Credit Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Credit Funds (Fund size as of 9/30/25, performance as of 6
Slide 21: Performance Summary – Private Credit
Performance Summary – Private Credit Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Private Credit (Fund size as of 9/30/25, performance as of
Slide 22: Performance Summary – Venture Capital
Performance Summary – Venture Capital Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (Fund size as of 9/30/25, performance as of 6/30/25) Fund I 2007 $311 93% 13.1% 2.9x Fund II 2010 $342
Slide 23: Fee Paying AUM Across Diversified Vehicles
Fee Paying AUM Across Diversified Vehicles Multi-asset investment platform with strong organic growth Diversified Base and Growth Across Vehicles Key Metrics FPAUM Composition (As of Q3’25) Primary Solutions ● Primary Solutions 53% $15.5B 14% Actual FPAUM CAGR FPAUM as of Q3’25 Q4’20 – Q3’25 Total F
Slide 24: Highly Diversified Investor Base
Highly Diversified Investor Base Multi-asset class investment platform creates differentiated offerings for our investors Investor Type by Channel Investor Channel Breakdown ● Wealth Manager / HNW 36% ● Pension Fund 19% FPAUM: $29.1B ● Endowment / Foundation 17% ● Financial Institution 13% 5,000+ In
Slide 25: Premier Private Markets Solutions Provider
Premier Private Markets Solutions Provider Comprehensive suite of private market vehicles1 Primary Solutions Direct and Co-Investments Secondary Investments Asset ✓ Private Equity ✓ Private Equity ✓ Private Equity Classes ✓ Venture Capital ✓ Venture Capital ✓ Venture Capital ✓ Private Credit ✓ Impac
Slide 26: Well Positioned in Attractive, Specialized, and Growing Markets
Well Positioned in Attractive, Specialized, and Growing Markets1 Capital Available Universe of Companies by Fund Size2 by Revenue Size3 $861B of capital available to PE Funds over $1B 84% 7% 6,708 companies w/ revenues >$250M $170B of capital Lower Middle Market Benefits available to Funds • Large P
Slide 27: Unique Proprietary Data Set Driving Sourcing and Evaluation
Unique Proprietary Data Set Driving Sourcing and Evaluation Differentiation and Provides Asymmetric Information Advantage Distinct market access, deal flow, and data analytics to navigate private markets Extensive Data Collection: Powerful Database Overview and Business Intelligence Platform • Uniqu
Slide 28: Tax Assets
Tax Assets Combination of intangible assets, goodwill, and NOLs generate tax benefits Commentary Size • Tax basis intangible assets and tax- deductible goodwill are available to reduce Goodwill and Intangibles federal income tax ratably over fifteen years Remaining Tax Amortization1: • Currently, ta
Slide 29: Notes
Notes Ss P10
Slide 30: Key Terms & Supplemental Information
Key Terms & Supplemental Information Below is a description of our unaudited non-GAAP financial measures. These are not measures NET IRR Refers to Internal Rate of Return net of fees, carried interest and expenses charged of financial performance under GAAP and should not be construed as a substitut
Slide 31: Additional Disclaimers
Additional Disclaimers PERFORMANCE DISCLAIMER ENHANCED CAPITAL PERFORMANCE DISCLOSURES: The historical performance of our investments should not be considered as indicative of the future • Past performance is not indicative of future results. All investments bear the risk of loss. Risks results of o
Slide 32: Additional Disclaimers
Additional Disclaimers ENHANCED CAPITAL PERFORMANCE DISCLOSURES (CONTINUED): ENHANCED CAPITAL PERFORMANCE DISCLOSURES (CONTINUED): • Project Finance, Small Business Lending Net Reflects Client returns after allocation of • Project Finance – Tax Credit Investments returns include the pooling of Histo
Slide 33: Disclaimers
Disclaimers RCP ADVISORS PERFORMANCE DISCLOSURES: • The actual performance returns of each investor may vary (in some cases, materially) and are • Past performance does not predict, and is not a guarantee of, future results. The historical dependent on a number of factors including, but not limited
Slide 34: Disclaimers
Disclaimers RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): • RCP Small and Emerging Fund. Because RCP’s inaugural “small and emerging manager” fund • Effects of Leverage on IRRs. Because RCP typically utilizes a subscription-based credit facility
Slide 35: Disclaimers
Disclaimers HARK PERFORMANCE DISCLOSURES: BONACCORD PERFORMANCE DISCLOSURES: • ROIC: Represents the return on invested capital. ROIC is calculated by dividing the sum of • Net Performance for BCP I is determined assuming a limited partner was admitted at the first distributions plus total partners’
Slide 36: Additional Disclaimers
Additional Disclaimers WTI DISCLAIMER WTI DISCLAIMER (CONTINUED) • The performance data in this presentation represents past performance only and is not a • Limited Transferability. Investors in the Fund have no right to redeem or transfer interests in the guarantee of future results. All investment
Slide 37: Additional Disclaimers
Additional Disclaimers QUALITAS DISCLAIMER • The information presented herein is for informational purposes only, reflects historical data as of September 30, 2025, and does not constitute an offer to sell or a solicitation of an offer to purchase any securities. The data should not be relied upon a
Slide 38: Thank You
Thank You 2699 Howell Street, Suite 1000 Dallas, Texas 75204 214.865.7998 info@p10alts.com