P10 Reports First Quarter 2025 Earnings Results

Record fundraising and deployments of over $1.4 Billion in Gross New Fee-Paying AUM

Increased Quarterly Dividend by 7%

Completed Acquisition of Qualitas Funds

DALLAS, May 08, 2025 (GLOBE NEWSWIRE) -- P10, Inc. $(PX)$ (the "Company"), a leading private markets solutions provider, today reported financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights

   -- Revenue: $67.7 million, a 2% increase year over year. 
 
   -- Fee-Related Revenue: $67.6 million, a 4% increase year over year. 
 
   -- Fee-Paying Assets Under Management: $26.3 billion, a 10% increase year 
      over year. 
 
   -- GAAP Net Income: $4.7 million compared to $5.2 million in the prior year. 
 
   -- Fee-Related Earnings: $30.7 million compared to $30.7 million in the 
      prior year. 
 
   -- Adjusted Net Income: $23.5 million compared to $25.4 million in the prior 
      year. 
 
   -- Fully Diluted GAAP EPS: $0.04 compared to $0.04 in the prior year. 
 
   -- Fully Diluted ANI per share: $0.20 compared to $0.21 in the prior year. 

A presentation of the quarterly financials may be accessed here and is available on the Company's website.

"In the first quarter, P10 raised and deployed over $1.4 billion in gross new fee-paying AUM, representing the best fundraising quarter in our history," said Luke Sarsfield, P10 Chairman and Chief Executive Officer. "Our record quarter is a true testament to the strength of our platform and what we are building here at P10. Additionally, we recently completed the acquisition of Qualitas Funds, significantly expanding our global presence. Looking ahead, we believe we are well positioned to meet our fundraising targets and further expand our client franchise by providing unrivaled access to investment opportunities."

Stock Repurchase Program

In the first quarter, the Company repurchased 1,215,106 shares at an average price of $12.31 per share. The repurchase activity left approximately $28.5 million available under the repurchase authorization at the end of the first quarter.

Declaration of Dividend

The Board of Directors of the Company has declared a quarterly cash dividend of $0.0375 per share on Class A and Class B common stock, an increase of 7%, payable on June 20, 2025, to the holders of record as of the close of business on May 30, 2025.

Conference Call Details

The Company will host a conference call at 8:30 a.m. Eastern Time on Thursday, May 8, 2025. All participants must register prior to joining the event.

   -- To join and view the live webcast, please register here. 
 
   -- To join by telephone, please register here. 

For those unable to participate in the live event, a replay will be made available on P10's investor relations page at www.p10alts.com.

About P10

P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry. P10's mission is to provide its investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. As of March 31, 2025, P10's products have a global investor base of more than 3,800 investors across 50 states, 60 countries, and six continents, which includes some of the world's largest pension funds, endowments, foundations, corporate pensions, and financial institutions. Visit www.p10alts.com.

Forward-Looking Statements

Some of the statements in this release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as "will," "expect, " "believe," "estimate," "continue," "anticipate," "intend," "plan" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management's current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates, or expectations contemplated will be achieved. Forward-looking statements reflect management's current plans, estimates, and expectations, and are inherently uncertain. All forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different; global and domestic market and business conditions; successful execution of business and growth strategies and regulatory factors relevant to our business; changes in our tax status; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; our ability to make acquisitions and successfully integrate the businesses we acquire; assumptions relating to our operations, financial results, financial condition, business prospects and growth strategy; and our ability to manage the effects of events outside of our control. The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the "Risk Factors" included in our annual report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission ("SEC") on February 28, 2025, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.

Use of Non-GAAP Financial Measures by P10

The non-GAAP financial measures contained in this press release (including, without limitation, Fee-Related Revenue ("FRR"), Fee-Related Earnings ("FRE"), Fee-Related Earnings Margin, Adjusted Net Income ("ANI"), Fully Diluted ANI per share and fee-paying assets under management) are not GAAP measures of the Company's financial performance or liquidity and should not be considered as alternatives to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. A reconciliation of such non-GAAP measures to their most directly comparable GAAP measure is included later in this press release. The Company believes the presentation of these non-GAAP measures provide useful additional information to investors because it provides better comparability of ongoing operating performance to prior periods. It is reasonable to expect that one or more excluded items will occur in future periods, but the amounts recognized can vary significantly from period to period. These non-GAAP measures should not be considered substitutes for net income or cash flows from operating, investing, or financing activities. You are encouraged to evaluate each adjustment to non-GAAP financial measures and the reasons management considers it appropriate for supplemental analysis. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Key Financial & Operating Metrics

Fee-paying assets under management reflects the assets from which we earn management and advisory fees. Our vehicles typically earn management and advisory fees based on committed capital, and in certain cases, net invested capital, depending on the fee terms. Management and advisory fees based on committed capital are not affected by market appreciation or depreciation.

P10 Investor Contact:

info@p10alts.com

P10 Media Contact:

Josh Clarkson

Taylor Donahue

pro-p10@prosek.com

 
              Reconciliation of Non-GAAP Financial Measures 
 
(Dollars in thousands 
except share and per 
share amounts)                  Three Months Ended             % Change 
                         March 31, 2025    March 31, 2024   Q1'25 vs Q1'24 
GAAP Net Income           $    4,696       $     5,243                -10% 
                                                            -------------- 
Adjustments: 
----------------------   ---------------  ----------------  -------------- 
   Depreciation & 
    amortization               5,804             7,083                -18% 
-----------------------      -------          --------      -------------- 
   Interest expense, 
    net                        6,417             5,776                 11% 
-----------------------      -------          --------      -------------- 
   Income tax expense            265             1,758                -85% 
-----------------------      -------          --------      -------------- 
   Non-recurring 
    expenses                   3,460               691                401% 
-----------------------      -------          --------      -------------- 
   Non-cash stock based 
    compensation               5,855             5,945                 -2% 
-----------------------      -------          --------      -------------- 
   Non-cash stock based 
    compensation - 
    acquisitions                 710               771                 -8% 
-----------------------      -------          --------      -------------- 
   Earn out related 
    compensation               3,519             3,558                 -1% 
-----------------------      -------          --------      -------------- 
   Non-Fee Related 
    Income                       (39)              (84)               -54% 
-----------------------      -------          --------      -------------- 
Fee-Related Earnings      $   30,687       $    30,741                  0% 
-----------------------      -------          --------      -------------- 
Plus: 

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May 08, 2025 06:30 ET (10:30 GMT)