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Hello and welcome to Ridgepost Capital's first quarter 2026 conference call. My name is Latif, and I will be coordinating your call today. Currently, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. As a reminder, today's conference call is being recorded. I will now pass the call to your host, Mark Hood, EVP and Chief Administrative Officer. Mark, please go ahead.

Thank you, operator, and thank you all for joining us. On today's call, we will be joined by Luke Sarsfield, Chairman and Chief Executive Officer, Amanda Coussens, EVP and Chief Financial Officer, and Arjay Jensen, EVP, Head of M&A and Strategy. After our prepared remarks, Sarita Narson Jairath, EVP, Global Head of Client Solutions, will also join our Q&A session. Before we begin, I'd like to remind everyone that this conference call, as well as the presentation slides, may include forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current plans, estimates, and expectations and are inherently uncertain.

Actual results for future periods may differ materially from those expressed or implied by forward-looking statements due to a number of risks and uncertainties that are described in greater detail in our earnings release and in our periodic reports filed from time to time with the SEC. The forward-looking statements included are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements as a result of new information or future events, except as otherwise required by law. During the call, we will also discuss certain non-GAAP measures that we believe can be useful in evaluating the company's performance. A reconciliation of these measures to the most directly comparable GAAP measure is included in the presentation slides posted on our website and our filings with the SEC. I will now turn the call over to Luke.

Thank you, Mark. Good morning, everyone, and thank you for joining us today. I'll first recap Ridgepost Capital's first quarter 2026 financial and operational highlights and then spend a few minutes reflecting on the attractive and durable nature of our LP base. RJ will provide an update on our acquisition of Stellus Capital Management. Amanda will dive deeper into our financial performance, and then I will provide some closing thoughts. Ridgepost Capital had an extremely strong start to the year, hitting several key milestones. Importantly, our fee-paying assets under management crossed $30 billion for the first time, and we experienced a record quarter in terms of fundraising and deployment. Additionally, we continue to observe strong investment performance across our strategies.

In particular, this quarter, I would highlight increases to the already strong results for the flagship funds at TrueBridge, our venture capital strategy, most of which have achieved three to nearly six times net ROIC as of December 31, 2025. Our fee-paying assets under management increased to approximately $31 billion, representing 18% year-over-year growth. Since June of 2024, the as-of date we used at our Investor Day, fee-paying AUM has grown at a 16% compound annual growth rate, keeping us on track to achieve our long-term target of $50 billion by the end of 2029. Turning to our fundraising activity, we delivered a record quarter with gross fundraising and deployment totaling approximately $2 billion. This level of fundraising was in line with our expectations and included in our 2-year guidance discussed on the fourth quarter 2025 earnings call.

We had a total of 19 funds in the market this quarter. We are extremely proud of this fundraising performance, which we think reflects the growing LP demand for the solutions we offer our clients. It also reflects a number of favorable elements coming together at once in the quarter, in particular at our venture capital strategy, TrueBridge, which Amanda will cover in greater detail. I would also point out that fundraising will not always follow a linear path. We, of course, expect some variability between quarters. Turning now to a few points I wanted to make about our business, which I think are important to highlight. The first few months of this year were eventful for the firm. On our fourth quarter earnings call, we covered our 2025 year-end results, our announced acquisition of Stellus Capital Management, and our rebranding as Ridgepost Capital.

There has also been a good deal of news flow regarding the alternative asset management space, including around software and AI disruption concerns around private credit, driving a general focus on credit quality and related high levels of redemption requests. This has directly and negatively impacted public market valuations. Importantly, Ridgepost has very little exposure to these trends, and we wanted to take the opportunity to double-click on a few areas, in particular, aspects of our business that we believe are truly differentiating and demonstrate that the franchise is progressing on both the organic and inorganic initiatives we outlined at our Investor Day in 2024. Next, I want to touch on the durability of our LP investor base.

Our products and vehicles are predominantly structured as commingled funds or SMAs with long-dated, locked-up capital. The majority of our fee-paying assets under management use committed capital as the fee base, providing a stable, locked-in source of revenue that typically lasts for 10+ years. This product and investor profile provides us with highly durable future revenue reflected in a weighted average remaining duration of approximately 7 years across all of our strategies and vehicles. The corollary to this is that semi-liquid products for retail investors have not been at all meaningful to our historical growth. We have not been directly impacted by the news around redemption requests and debate around the merits of alternatives for retail investors. This may seem counterintuitive considering that over a third of our LP investor base has been sourced through the wealth management channel.

Our high net worth investor base has more of an institutional orientation, with several high net worth aggregators making up the majority of this channel for us, providing a drastically different LP profile compared to the typical retail-oriented products that have been the subject of many of the recent headlines. I've touched on the durability of our LP base as well as how our high net worth channel differs from others. I would also point out that nearly three-quarters of our LP base falls under our 3 largest categories. 1, wealth and high net worth. 2, pensions. 3, endowments and foundations. We're particularly proud of this breakdown and are continuously working to expand the level of investor overlap across our strategies. We are clearly seeing that work pay off.

We flagged on our fourth quarter call that over 10% of our capital raise since Investor Day stems from successful cross-marketing efforts. To put a finer point on that, approximately $1.2 billion of the capital we've raised since our Investor Day reference date of June 2024 is a result of clients investing in the strategy beyond their initial Ridgepost Capital investment. This progress represents roughly 300 basis points of our 15% fee-paying AUM compound annual growth rate through the end of 2025. This is just the beginning as we continue to accelerate capital formation, collaborate on new business development opportunities, and leverage our proprietary data capabilities across the broader platform. Finally, I would also like to remind you that our differentiated investment strategies are focused on the middle and lower middle markets where we see considerable advantages.

We believe this space presents far more opportunities than the larger sponsor segment with lower valuations, less competition for assets, and more disciplined use of leverage. When you combine these dynamics with our team, culture, and data advantage, we think it uniquely positions us to generate strong returns for clients as we grow our franchise. I'll now turn it to Arjay Jensen to provide an update on Stellus.

Thank you, Luke. In February, we announced our agreement to acquire Stellus Capital Management, a leading direct lending business that provides senior secured loans to lower middle-market sponsor-backed companies in the U.S. On our fourth quarter earnings call, we discussed Stellus' exceptional history, its 20-plus year track record, and its complementary fit with our other strategies, given its focus on the lower middle market. Stellus represents a fantastic fit for our entry into the direct lending space. We are excited to build with them as a Ridgepost Capital strategy. To expand on Luke's commentary, I'll provide additional context on Stellus' financial profile and the expected financial impact of the transaction. As of December 31st, 2025, Stellus had $3.8 billion in assets under management and $2.6 billion in fee-paying AUM.

From a fee rate perspective, Stellus' weighted average management fee rate was approximately 120 basis points of average fee-paying AUM in 2025. Had Stellus been a part of Ridgepost Capital for all of 2025, our core fee rate would have increased from 104 to 105 basis points. We noted in February that the announcement valuation of $250 million of upfront consideration represented approximately 12x Stellus' 2025 estimated FRE. In addition, as Stellus' FRE margin is in the mid to high fifties, we would expect modest accretion in our FRE margin.

From an earnings impact perspective, I would note that we anticipate approximately $2 million in annual tax savings as a result of the additional amortization from goodwill and intangibles from the $125 million in cash consideration, which Amanda will cover in greater detail shortly. As you'll recall, with respect to the stock consideration in the transaction, the number of units issued was fixed at signing, with the units issued priced at $10.62. These metrics we provided will allow you to validate the impact guidance we provided at announcement, modestly accretive to ANI per share in the first full year post-closing and modestly accretive to FRE margin, both relative to street estimates at the time and with no synergies included. I'd like to highlight some recent developments in Stellus' business.

Stellus closed its 4th vintage private fund at approximately $775 million that will pay fees as deployed inclusive of commingled fund commitments and SMAs. Slightly ahead of the $750 million cover we had communicated in our initial announcement. Including the impact of Fund IV's final close, dry powder sits at approximately $450 million. This represents the sum of uncalled capital as well as related leverage for the private BDC, both additive to the fee base once the capital is deployed. As a reminder, Stellus' private BDC has approximately $400 million in gross assets, or approximately 15% of fee-paying AUM. It was launched in 2021 with institutional seed investors who comprise approximately 75% of the capital.

Quarterly redemptions averaged 1.0% in 2025, or 2.9% in the first quarter, and just 3.0% in the second quarter. Redemption rates that stand in stark contrast to what we're seeing at the upper part of the market, and we think reflect Stellus' very strong investor support, its differentiated focus on the lower middle market, and its disciplined approach to underwriting and strong historical credit performance. As we previously discussed, we believe Stellus' unique focus on the lower middle market contributes to its strong credit portfolio with a lower leverage profile than is typical for the upper part of the market. This structurally lower leverage, coupled with Stellus' disciplined investment and underwriting process, has driven a 1.1% annualized default rate and a 14 basis point annualized loss rate since inception through year-end 2025 across all loans.

Stellus' lower middle market focus and portfolio granularity also help insulate it against some of the recent volatility and headlines surrounding SaaS and software. To reiterate, no single Stellus position represents more than 2% of the overall portfolio, and its total exposure to SaaS and software is less than 8%. Importantly, this exposure is not to the large-scale software sector, but rather to companies better described as industry-specific tech-enabled solutions providers. These businesses leverage AI to enhance their services while maintaining proprietary data advantages. Another important point I want to make about the Stellus transaction is that their decision to combine with Ridgepost demonstrates that both our value proposition and our business model are resonating. At our investor day, we outlined what we offer to potential new strategies. Stellus' choice reinforces that vision.

Stellus brings a robust brand and excellent market reputation and had other alternatives as its team considered its strategic options and next steps for the business. They chose to join Ridgepost based on our shared vision and focus on the lower middle market, their ability to retain investment autonomy and day-to-day operational control, and the opportunity to enhance both their loan origination funnel and our combined fundraising capabilities. Equally important, we each identified a strong cultural alignment between our teams. In terms of timing, we continue to be on track for a mid-year 2026 closing of the transaction. With that, I will turn it over to Amanda.

Thanks, RJ. I'll now cover our financial results in greater detail. As Luke mentioned, we had a strong start to 2026 in the first quarter, crossing $30 billion in fee-paying AUM for the first time and hitting a quarterly record of approximately $2 billion in fundraising and deployment. We also continued to deliver strong operating results with core fee rate and FRE margin in line with the guidance we provided on our last earnings call. I'll start by giving a bit more detail on fundraising in the quarter. As Luke discussed, our record fundraising in Q1 was driven by a number of elements coming together at once. Most clearly at our venture capital strategy, TrueBridge, which accounted for approximately $1 billion of the fundraising and deployment level this quarter.

This was the result of multiple funds being in the market concurrently, with that $1 billion driven by both the latest vintage of the flagship fund, the second vintage of the venture secondaries fund, and incremental fee-paying AUM from two large strategic SMAs. Additionally, we raised approximately $872 million across our private equity strategies, largely driven by the activation of fees for the next vintage of our GP stakes flagship fund at Bonaccord. This record fundraising quarter brought our fee-paying AUM at the end of the quarter to approximately $31 billion, an almost 18% increase on a year-over-year basis. The average core fee rate, excluding direct and secondary catch-up fees, was 97 basis points in the first quarter and 103 basis points on an LTM basis.

As a reminder, we anticipate the core fee rate to expand in the second half of the year due to the seasonality of our tax credit business. We continue to anticipate 103 basis points in core fee rate for the full year 2026, excluding the impact of the Stellus acquisition. Our total fee-related revenue of approximately $75 million in the quarter represented approximately 11% growth from a year ago. Our FRE margin in the quarter was approximately 44% and consistent with the guidance we provided last quarter.

As a reminder, FRE margins are expected to grow throughout 2026 as we begin to see additional operating leverage for an overall mid-40s margin for 2026 and continual margin expansion from mid-40s to near 50 over the next few years, excluding the impact from acquisitions. Moving down the income statement, our Q1 cash tax rate was 2.5%. Our cash tax rate will be higher in Q2, resulting from 2 cash tax payments being made in the quarter, as has been our historical practice. As we discussed in 2025, we continue to expect to fully utilize the NOL and become a federal taxpayer in 2026. In addition, as RJ mentioned, we anticipate $2 million in annual tax savings resulting from the $125 million in upfront cash consideration for Stellus.

As a reminder, the equity consideration of the deal is in the form of about 11.8 million units that represented $125 million in value at the time of the deal signing. The equity consideration will be additive to our tax shield when the units are converted into common shares of Ridgepost Capital, Inc. We are also pleased to announce that our board of directors has approved an increase in the quarterly cash dividend with a cash dividend this quarter of $0.04 per share, payable on June 18, 2026 to shareholders of record as of the close of business on May 29, 2026. Additionally, we repurchased 701,000 shares in the quarter at an average price of $8.55 for a total repurchase of $6 million, leaving $15 million available on our share repurchase program.

Following the closing of Stellus, we anticipate allocating capital to a combination of debt paydown and share repurchase. I'll now turn it back to Luke for a few closing comments before we open it up to Q&A.

Thanks, Amanda. Before I open it up to questions, I wanted to summarize some key takeaways from today's call. First, Ridgepost has built a differentiated private markets platform with a unique focus on the middle and lower middle markets and a diverse and extremely durable LP investor base. Second, our middle and lower middle market focus results in a meaningful opportunity set that has insulated us from many of the market dynamics that have owned the headlines thus far in 2026. The middle and lower middle markets have more than five times the number of GPs compared to the upper segment of the market and more than 10 times the number of companies. This represents immense opportunity for our platform as both these sponsors and LP investors generally are looking for strategic solutions that our platform can provide across private equity and private credit.

Finally, we've established RidgePost as a destination of choice for like-minded investment firms that are seeking to grow their franchises while also continuing to drive investment decisions, as evidenced by our Stellus acquisition, as RJ discussed. To close, I wanted to spend a minute on capital allocation and state strongly that while we continue conversations in the market regarding potential new strategies in line with the proactive M&A effort RJ and I have talked about since joining, RidgePost will not be issuing our stock at recent levels in new M&A transactions. Simply put, our recent trading levels are not reflective of the progress we've made on the business since I took over. What we are focused on is building our platform, driving returns for our LP investors, and seeking additional ways to provide our client base more investment opportunities across our strategies.

As I mentioned, we think the franchise is working on both our organic and inorganic initiatives, and we look forward to the opportunities in front of us as we continue to execute on our strategy. Thank you for your time today. I'll now pass the call over to the operator to begin the Q&A session.

Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone. To remove yourself from the queue, you may press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Kenneth Worthington of JPMorgan. Your line is open, Kenneth.

Hi, team. This is Alexander Bernstein on for Kenneth Worthington. Thanks for taking our questions. You spoke about some of the differences in your business, the exposures. Sounds like, as we expected, you avoided some of the evergreen issues, also not really exposed to software. Another theme we've seen this quarter from some of your larger cap GP peers has been softer performance in private equity to start the year and as of late in general. Wanted to check on how performance is holding up for you and if there's also potential differentiation there.

Well, thank you. It's a great question, and it actually is reflective of what we're seeing. I don't want to even speak on our peers. I will just speak on our own experience and what we're seeing in the business. When you look across our private equity strategies, our performance continues to be incredibly strong and incredibly resilient. I'd point to a number of factors for that. Factor one, as we talked about, is the fact that we play in the part of the market, the middle and lower middle market, and that part of the market has continued to see a robust opportunity set, and we've been able to deploy against that opportunity set. It is both differentiated and protected for all the reasons we talked about. It's a broader opportunity set than the upper part of the market. It is less intermediate.

We have the ability to be more selective. We're generally buying these businesses not from in a secondary or tertiary transaction. Sorry, in a primary transaction from a founder owner. As a result, we have the opportunity to drive meaningful value creation in that portfolio. We're buying them at lower levels of kind of overall purchase price, and we're using less leverage in the transactions. All of those things accrue to our benefit and the benefit of the GP sponsors that we're backing to do that. The second thing I would point to that I think is truly differentiating is when you look at kind of the disposition and makeup of our private equity business. I think for many of the folks you're referring to, they're really investing in what I would call a direct private equity business.

As a result, they're obviously seeing a tremendous or some volatility that goes with that. Remember, we are selecting best-of-breed managers that we're investing behind. I think our opportunity to be more selective and targeted is differentiated. The second thing is, when you look at the disposition of our portfolio, the direct investments we're making are in places like co-investments, like secondaries. That I think, provides some real insulation and protection given the skew of our portfolio in private equity relative to some others. Obviously, we have a great GP stakes business focused in the middle and lower middle market. The opportunity, you know, in that space, I would say is very attractive and emerging quickly. We really like our portfolio.

When you look at the performance results, and you can see them, we proudly publish them every quarter. The performance continues to be very resilient and very strong, and we're very opportunistic in the environment that we see and continue to see on the forward. That's what I would say on your question, Alex. Great. Thanks so much.

Thank you. I would now like to turn the call over to Luke Sarsfield for closing remarks. Sir?

Well, thank you so much. Thank you for the thoughtful questions and for your continued support. We look very much forward to updating you on our second quarter results in August. Thanks for joining us, and have a great day.

This concludes today's conference call. Thank you for participating. You may now disconnect.

Hello, welcome to P10, Inc.'s fourth quarter and full year 2025 conference call. My name is Kevin, and I will be coordinating your question-and-answer session. As a reminder, today's conference call is being recorded. I will now pass the call over to your host, Mark C. Hood, EVP and Chief Administrative Officer. Mark, please go ahead. Thank you, Operator, and thank you all for joining us. On today's call,

We will be joined by Luke A. Sarsfield, Chairman and Chief Executive Officer, and Amanda Nethery Coussens, EVP and Chief Financial Officer. After our prepared remarks, Richard J. Jensen, EVP, Head of Strategy and M&A, and Sarita Narson Jairath, EVP, Global Head of Client Solutions, will join us for our Q&A session. Before we begin, I'd like to remind everyone that this conference call as well as the presentation slides may constitute forward-looking statements within the meaning of the federal securities laws including the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current plans, estimates, and expectations and are inherently uncertain. Actual results for future periods may differ materially from those expressed or implied by the forward-looking statements due to a number of risks and uncertainties that are described in greater detail in our earnings release and in our periodic reports filed from time to time with the SEC. The forward-looking statements included are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements as a result of new information or future events, except as otherwise required by law. During the call, we will also discuss certain non-GAAP measures that we believe can be useful in evaluating the company's performance. A reconciliation of these measures to the most directly comparable GAAP measure is available in our earnings release and our filings with the SEC. I will now turn the call over to Luke. Thank you, Mark. Good morning, everyone, and thank you for joining our fourth quarter and full year 2025 earnings call, which also marks our inaugural call as P10, Inc. Our name and brand usher in an exciting new chapter for our company. The P10, Inc. name and branding represent the work we have done to expand our platform, more fully integrate our strategies, and reinforce our enduring commitment to delivering durable alpha for clients. Before I discuss our financial results, I would like to provide some background on our new company identity, which aims to capture our growth trajectory as a cohesive, integrated enterprise. Over the past two years, our broad leadership team has embarked on a significant strategic transformation that continues to drive meaningful improvements across our platform. During this time, we doubled down on our strengths and further evolved into a world-class firm with more than $43,000,000,000 in assets under management. Over the past two years, our fee-paying assets under management have increased by 27%. Importantly, our robust growth is not attributable to a single asset class.

Rather,

it reflects a cohesive synergy

across our private equity, private credit,

and venture capital strategies, resulting in robust and consistent year-over-year expansion. As we have executed on the strategic growth initiatives outlined at our 2024 Investor Day, we felt it appropriate and timely to adopt a new name that better informs who we are today

and where we are headed in the future.

For your awareness, a ridge post is a marker on higher ground, symbolizing stability, perspective, and protection. From this vantage point, P10, Inc. sees opportunities that others miss, reflecting our distinct positioning at the nexus of the middle and lower middle market, an underserved segment that presents abundant opportunities and secular tailwinds. For our employees, the new identity reflects the progress we have made integrating our strategies into one collaborative platform with a shared purpose and direction. For limited partners, it reinforces our commitment to always putting clients at the center of everything we do while delivering consistent access to differentiated strategies across a scaled global network. And for our general partners, P10, Inc. offers a world-class, complementary partnership with a robust set of capabilities across the capital stack.

Next,

I would like to discuss the Stellus acquisition we announced last week. Stellus is a leading direct lending platform providing senior secured loans to sponsor-backed lower middle market companies in the United States. They have approximately $3,800,000,000 in assets under management, including $2,600,000,000 in fee-paying assets under management. You have heard us talk about our organic growth strategy and where we are focused. We have discussed wanting to do transactions that extend our capabilities, where there is a shared culture and vision, and that are value additive from a shareholder perspective. In terms of asset classes, you have heard us talk about our goal of adding broader direct lending capabilities and particular interest in places where we think we can help drive transaction sourcing given our middle and lower middle market sponsor ecosystem across our platform. We think this transaction hits all those areas and is a fantastic addition to our platform. The Stellus team has invested more than $10,300,000,000 of capital across more than 375 companies over its 20-plus year history. They have grown fee-paying AUM at a 17% CAGR since 2020 and have a proven track record of launching new vehicles. They started with a publicly traded BDC, Stellus Capital Investment Corporation, and have subsequently launched multiple private funds as well as a private BDC. In materials available on our website, we show the very natural fit of Stellus' sponsor relationships with our other strategies. In particular, the profile of RCP sponsor relationships maps very well with Stellus'. The median last fund size of sponsor relationships at both is about $600,000,000. We think this has the potential to help open greater sourcing opportunities for Stellus.

We have also talked about the significant benefits

of the middle and lower middle market. In particular, favorable supply-demand imbalances help drive attractive risk-adjusted returns. And we see that in Stellus' profile, where their disciplined underwriting process combines with structurally lower financial leverage in the lower middle market to drive low historical default and loss rates. From a financial profile perspective, we think the transaction is compelling for our shareholders, with modest ANI per share and FRE margin accretion in the first year. Both measures do not consider revenue or cost synergies, including the potential sourcing opportunities I mentioned. We are truly thrilled to welcome Rob, Josh, Dean, Todd, and their team to the P10, Inc. family. They have built a fantastic business. We think they are a tremendous fit and that their addition to our platform will help grow our franchise in a strategic, culturally aligned, and financially accretive way.

Now

I want to turn to our 2025 financial performance and platform-wide accomplishments. In 2025, we continued to make meaningful progress across our strategic growth initiatives,

over the course of the year,

we raised and deployed a record $5,100,000,000 of organic gross new fee-paying assets under management, finishing the year at $29,400,000,000 in fee-paying AUM. We exceeded our initial annual organic fundraising guidance by over $1,000,000,000. For the full year 2025, fee-paying AUM increased by 15%. Fee-related revenues, excluding direct and secondary catch-up fees, increased by 13% and FRE margins came in a bit better than expected at 47%. This robust asset growth demonstrates strong demand for our primary, direct, and secondary funds, of which we had 24 total in the market over the course of the year, and around 20 in the market as of 12/31/2025. There is another important 2025 achievement I want to highlight. One of the topics we discussed at our Investor Day in September 2024 was the ability to leverage our cross-marketing capabilities across our global client base. Since then, we have made meaningful progress expanding our data integration capabilities across the strategies, augmenting our cross-selling efforts. We saw existing clients invest incrementally across P10, Inc. into other strategies at an accelerating pace. Over 10% of our capital raised since Investor Day were successful cross-sales. As we continue to hire high-quality fundraising professionals and strengthen the global client solutions team, we are confident in our ability to broaden our reach across all strategies and deepen our client relationships to attract even more capital from existing LPs.

Further,

we believe the key to continuing this consistent growth is strong fund performance, coupled with ongoing product innovation across geographies and asset classes. P10, Inc. expanded its product set in 2025 to better meet investor demand for increased exposure to private markets while preserving transparency, alignment, and downside protection. To that end, we created our first evergreen product, landed a significant SMA, and launched our first fund that is directed exclusively at European investors who want to invest in the North American middle and lower middle market. Also noteworthy in 2025 was the completion of the acquisition of Qualitas Funds this past April. Qualitas Funds is a Madrid-based private equity fund-of-funds manager, and its addition to P10, Inc. established our presence outside the U.S., which we have since augmented with the opening of our new Dubai office. As we continue to expand globally, we will look to partner with exceptional firms like Qualitas Funds to give us structural advantages in key markets.

In addition,

to our financial and operational successes, we have made meaningful enhancements to our governance profile and broadened the reach of our brand. In April, we appointed two new independent directors to our board. Steven Blewett, an accomplished private markets investment professional, joined the compensation committee, and Jennifer Glassman, a private markets seasoned professional and CPA, is now our audit committee chair. Further, in August, we announced our dual listing on the NYSE Texas as one of the exchange's founding members.

Finally,

we continued our commitment to returning capital to shareholders in 2025.

Since the beginning of 2024,

we repurchased nearly 11,000,000 shares at a weighted average price of $9.69, representing over $105,000,000 in aggregate. Looking ahead, the future for P10, Inc. is very bright. During our Investor Day presentation in September 2024, we said that we intended to more than double fee-paying AUM to $50,000,000,000 by 2029, with the vast majority coming from organic growth. We are committed to executing on value-creating M&A, and we guided organic FRE margins, excluding M&A, to the mid-40s in the near to intermediate term and to closer to 50 in the out years. It is clear to us as we report 2025 results that we are well on our way to meeting or exceeding our long-term guidance. With respect to fundraising, specifically over calendar years 2026 and 2027, we expect to organically raise and deploy at least $10,000,000,000 of gross fee-paying assets under management. This target is consistent with the fundraising profile we have established since my appointment as CEO, with capital formation expected to be distributed roughly evenly

across both years.

Importantly, this target excludes the positive impact of Stellus and other potential acquisitions. In a moment, Amanda will provide additional detail around our financial guidance. In closing, we are off to a fast start in 2026. We have successfully executed on our rebrand, announced the strategic acquisition of Stellus, and opened our new office in Dubai, strengthening our presence in the Middle East. Another noteworthy announcement is our new collaboration with CAIS, a leading alternative investment platform for independent financial advisers. As a result, Bonaccord, our GP-stakes strategy, will join the CAIS platform, which serves over 2,000 wealth management firms and 62,000 financial advisers. This collaboration comes amid surging demand for alternative investments among financial advisers. A recent CAIS-Mercer survey revealed that nine in ten financial advisers are currently allocating to alternatives, and 88% of advisers plan to increase their allocation to alternatives over the next two years. Our CAIS relationship

represents an important step in expanding Bonaccord’s footprint

across the wealth management ecosystem.

Together,

these milestones reflect a firm that is scaling with intention and positioning itself for durable, long-term growth. And we are doing this in what we believe is the best part of the market, the middle and lower middle market. We think of ourselves as the growth engine for America's small businesses, and we are proud of the positive impact we are having on our nation's economic growth. We believe this momentum, combined with our differentiated focus and expanding global footprint, positions P10, Inc. well for the year ahead.

With that,

I will turn the call over to Amanda to provide a deeper look at our financial results and guidance for the year ahead.

Thank you, Luke. At the end of the quarter, fee-paying assets under management were $29,400,000,000, a 15% increase on a year-over-year basis. In the fourth quarter, $841,000,000 in organic fundraising and capital deployment was offset by $535,000,000 in step-downs and expirations. As Luke mentioned, we expect strong fundraising from 2025 to carry into 2026 and 2027, as we are targeting $10,000,000,000 of gross organic fundraising and deployment over the next two years, excluding impact from acquisitions. In 2026, we have multiple funds in the market from each of our three core verticals: private equity, private credit, and venture capital. Step-downs and expirations for 2025 exceeded our initial expectation of 5% to 7%. As discussed in our third quarter earnings call, the increase is primarily attributable to two factors. First, there were early paydowns in our credit business, which reflects the high-quality nature of our loan portfolio and underwriting. A portion of the credit step-downs consists of recyclable capital, which is actively being redeployed. Next, a large separately managed account expired in 2025, which was replaced by a larger commitment from the same LP in 2025. Although these two factors increased our step-downs and expirations for the year, they reflect the strengths of our portfolios and demonstrate long-lasting relationships with valuable clients. Looking forward to 2026, we expect step-downs and expirations in the mid-range of 5% to 7% for the full year. AUM, which includes NAV, uncalled capital commitments, and capital committed since the NAV record date, was over $43,000,000,000 across the platform as of 12/31/2025. We continue to view fee-paying AUM as the best proxy for P10, Inc.'s current economics, while we believe AUM helps illustrate the breadth and scale of our multi-asset-class platform. FRR in the fourth quarter was $81,000,000. When excluding the effect of direct and secondary catch-up fees, FRR increased 20% from 2024. For 2025, FRR was $297,300,000. When excluding the effect of direct and secondary catch-up fees, given the outsized catch-up fees in 2024, primarily attributable to Bonaccord II’s final close, FRR increased 13% from 2024. The strong growth of our core business highlights the durable nature of our attractive revenue model. The average core fee rate was 109 basis points in the fourth quarter and 104 basis points for 2025. We anticipate the core fee rate to average 103 basis points for 2026. The core fee rate is expected to be lower than 103 basis points in the first half of 2026 and expand in the back half in line with our historical fee rate dynamic. The core fee rate expands in the back half of the year due to the seasonality of our tax credit business. In addition to revenue from our core fee rate, we expect to earn direct and secondary catch-up fee revenue in the range of $68,000,000 during 2026, with the majority of these catch-up fees in the back half of the year as our large direct and secondary products close on additional capital. In the fourth quarter, we had about 20 commingled funds in the market. Our private equity strategies raised and deployed $325,000,000, our venture capital solutions raised and deployed $178,000,000, and our private credit strategies added $338,000,000 to fee-paying assets under management. Throughout 2026, we expect to have about 20 funds in the market as well. We will continue to pursue attractive SMA relationships and expect to develop new products in addition to our commingled funds. Operating expenses in the fourth quarter were $55,200,000, a decrease compared to $62,200,000 for the prior year's fourth quarter, and in 2025 were $231,800,000, a decrease compared to $235,800,000 for 2024. Operating expenses decreased in 2025 as we had certain adjustments related to prior acquisitions that included a reversal of a reserve within compensation cost. GAAP net income in the fourth quarter was $11,000,000, an increase compared to $5,700,000 for the prior year's fourth quarter, and in 2025 was $23,000,000, an increase compared to $19,700,000 for 2024. For the fourth quarter, adjusted net income, or ANI, was $30,200,000, representing a decrease of 14% from 2024. For the quarter, fully diluted ANI per share was $0.26 compared to $0.30 in the prior year. The decrease in ANI is a result of historically high catch-up fee revenue of $19,000,000 in 2024. FRE was $39,000,000 in the fourth quarter, a decrease of 9% year over year. In the fourth quarter, FRE margin was 48%. For 2026, we anticipate FRE margins in the mid-40s for the year, but may be slightly lower than mid-40s during the first quarter of the year due to the additional investments made across our platform in 2025 and early 2026, primarily in fundraising. FRE margins are expected to grow throughout 2026 as we begin to see additional operating leverage for an overall mid-40s margin for 2026 and continual margin expansion from mid-40s to 50 over the next few years. Our board of directors approved a quarterly cash dividend of $0.0375 per share, payable on 03/20/2026 to stockholders of record as of the close of business on 02/27/2026. Cash and cash equivalents at the end of the fourth quarter were approximately $28,000,000. At the end of the quarter, we had an outstanding debt balance of $377,000,000: $321,000,000 on the term loan, and $56,000,000 drawn on the revolver. Our strong balance sheet, free cash flow, and ability to draw on the revolver position us to complete the latest acquisition and prepare ourselves for additional inorganic growth. Thank you for your time today. I will now pass the call over to the Operator to begin the Q&A session.

If your question has been answered, you may remove yourself from the queue by pressing 11 again. We will now open for questions. Our first question comes from Kenneth Brooks Worthington with JPMorgan. Your line is open. The topic du jour for private markets managers is AI.

Can you talk about, given your venture exposure and direct lending exposure,

what your exposures are, and, ultimately, what are your thoughts on the AI risk to private market managers?

Well, thanks, Ken. It is Luke here, and you are right. That certainly does seem to be the topic du jour. I will say a few things about it. The first is, and I will separate our portfolio in a couple ways. The first is, obviously, you mentioned the venture portfolio where we have across

venture equity and venture debt. In that part of the portfolio, we are actually leaning in and actively investing into AI and other economic trends that we think are going to be net long-term positives for the economy, for the global economy, and ultimately for our investors. And so it will not surprise you to hear that we have meaningful exposure through our venture portfolio to AI. But the reality is that is by design. And I will tell you those investments have continued to go exceedingly well as we invest in the future economic drivers. When you look at what I would call the more regular-way parts of our portfolio that are not designed to be oriented in a specific way, we have, I would say, relatively modest exposure across our portfolio to SaaS and software and other places that there have been concerns that will be disintermediated by AI. I would say across our portfolio, generally, we have less than 10% exposure to SaaS and software. We disclosed, I think, as part of the Stellus acquisition that Stellus' exposure was less than 8%, just to put it in context. And the other thing I would just hasten to add is when you think about the SaaS and software exposure we have, these are not the large-cap names that you have been kind of reading about or have been kind of promulgated in the popular press. Ours are really business enablement, focused on advancing what I would call traditional industrial-like businesses in the middle and lower middle market. And so I think we are very comfortable with that. The last thing I would say is we engage regularly in a rigorous review of all of our core portfolio: our credit portfolio, our equity portfolio, our venture portfolio. And we feel exceedingly good about how we are positioned right now, Ken. Okay. Great. Thank you. And then maybe secondly, I wanted to ask about the private market wealth strategy build-out.

When you and I spoke, I do not know, I want to say 18 to 24 months ago, it seemed like private markets was not the priority for you, and you had focuses in other places. And yet, you have an enhanced product. Bonaccord is now working with CAIS. So maybe talk about wealth and the priorities that you are seeing there. And to what extent can the Bonaccord-CAIS relationship be expanded to other P10, Inc. managers over time?

Again, great question. I would say a few things. I would say at the core, maybe I misspoke when I said we were not focused on private wealth. Recall that something like 36% of our clients are actually private wealth clients in some incarnation, whether ultra-high-net-worth individuals or otherwise groupings of ultra-high-net-worth individuals. What I think I said was we are probably not going to pursue a real aggressive feet-on-the-street approach to the private wealth channel as some of our competitors have, into places like the big wires in a comprehensive way and into places like the IBDs in a comprehensive way. But certainly, we see opportunities, given our product mix, given our portfolio, and given our historical client orientation, to take advantage of that and try to maximize that distribution and maximize our throw weight in the channels. And so you are right. We are looking at all features of our product design. As you mentioned, we did launch the evergreen product. We think that evergreen product, by the way, is going to have appeal both in private wealth channels but also in institutional channels. But we will certainly look at more alternatives around creative and innovative product design where we think there is going to be commercial uptake for it. And then I do think, to your point, one of the ways that we will probably manifest our interest and desire to grow that private wealth channel is through some sort of partnership or collaboration. And so CAIS, I think, is a great example of a collaboration with a platform that has a lot of relationships across private wealth and particularly those advisers in the private wealth channel who are more aggressively allocating to alternatives as a general matter. And so I think that is a great example of something we would do. I think over time, we would like to do more of it. We think there are other parts of our product offering that we think will have a lot of throw weight and a lot of appeal and appetite for private wealth, for both the advisers and for the end clients. And so we will want to do more of that. And there, as well, there are other potential partners or collaborators, we think, that could help us accelerate and facilitate that entrance into it. And so what I think I would say is as we approach it, we are unlikely to build a broad-based P10, Inc. distribution team solely focused on the wealth channel. That is probably beyond our ken right now. We want to get access to that wealth channel and are probably just going to do it in more creative ways and with partners along the way.

Excellent. Thank you.

One moment for our next question. Our next question comes from Christoph M. Kotowski with Oppenheimer. Your line is open. Yes. Morning. Thanks for taking the question. I wonder if we could

get a bit more color on Stellus. We see it like $1,400,000,000 in BDC money, and I assume that the Part I incentive fees will be in the base management fees, and that should take your blended average fee rate higher. So let me start with that. What would their blended average fee rate be?

So I think what we would like to do, Chris, if it is okay, we gave some very high-level guidance as it relates to the Stellus acquisition. We talked about that it will be modestly accretive both to margin and to ANI EPS per share in the first full year. We have obviously done and engaged with them on a very robust and detailed modeling

exercise.

But I think what we are going to do right now is we are going to hold giving greater guidance on Stellus until we get closer to the closing of the acquisition. There is a closing timeline that we have to abide to, in terms of obviously getting the BDC boards to recommend the transaction and then having a shareholder vote. And so we will come back. Trust me. I promise. We will come back, as we get close to close, with much more robust guidance around how Stellus will impact every part of the P&L, from the fee rate on down, but we are going to do that when we get a little closer to closing.

Okay. That is fine and fair. And then I was just wondering, on page 19, we see a private BDC. Is that a kind of a—can you, if you can say, how is that distributed and what is their reach into retail distribution, and does that help your product platform?

I am going to turn it over to RJ, who is going to talk just very briefly around this. Again, I think at a high level, we will dive into Stellus in a much more detailed way as we get a little closer to closing, but we will give you a couple high-level thoughts. So RJ, over to you. Yeah. So the private BDC does focus on the RIA channel. They have got a distribution team working on that, growing that business. It was started with really five seed investors, and that has been the foundation, but they continue to grow it with a focus on the RIA channel.

Okay. And I guess that is it for me then. Thank you.

One moment for our next question.

Thanks, Chris.

Our next question comes from Michael Cyprys with Morgan Stanley. Your line is open.

Just wanted to ask about Stellus. I was hoping you could elaborate a bit on their sourcing funnel

and origination edge, and while on the topic of 10 family versus the rest?

So great question. And I think this is something that we are laser focused on. We think there is already an amazing fit between what they do and the sponsor ecosystem they get after and the sponsor ecosystem that we have the ability to access. And we think together, collectively, we can do even more together. So just a reminder: they are primarily focused in a middle and lower middle market GP sponsor ecosystem. Most of their sourcing comes through that channel, obviously very focused on high-quality first-lien type credits, but direct lending across that sponsor ecosystem. And they have built, I would say, a very highly functioning sourcing engine with many of the top-quality GPs across the U.S. middle and lower middle market. So they start from a real position of strength. Now, I think what we bring to it is the broad-based sponsor ecosystem that we are touching across a number of our strategies. Obviously, RCP, given the history, given the track record, given the lineage, but also in many other parts of the ecosystem like Hark, like Five Points, like Bonaccord, and then potentially over time internationally like Qualitas, we think we have the ability to really increase that sourcing funnel in a meaningful way. We have talked about, and I mentioned on the call, the overlap between the types and the sizes of GPs and funds that RCP has historically continued to target and how that interlaces very nicely with the areas of focus for the Stellus framework. And so we think one of the things that we can do, and we can do reasonably quickly, by leveraging the overall P10, Inc. presence in that middle and lower middle market sponsor ecosystem is to really, A, get the word out that this is now important and relevant to us. Recall it was not in the past in the same way because we did not have a broad-based direct lending strategy where we could actually put the investments. Now we do, or now we will, I should say. And so the opportunity to do that, I think we can amplify in a very meaningful way. That is what we are going to be doing over the next four months, and then, obviously, once we close the deal and otherwise, a lot of work as we think about how we really drive that, how we create great outcomes, how we leverage our throw weight, our presence, our positioning in that ecosystem to really accelerate that selling and that sourcing at Stellus. Sorry, that is a tongue twister. And I think putting that together, we do believe that together, we can do more than either one of us could do apart. We have not modeled that in. We have not factored that in, in any of the financial analysis we talked to you about. It is our hope and our expectation that we can execute on that together. Great. Thank you. And then just a follow-up question more broadly on capital management. So if you could elaborate a bit on how you are thinking about that here in terms of allocating between buybacks, debt paydown, maybe post-close,

and then more broadly on M&A? Just curious how you are thinking about the business today. Any gaps remaining? You have done a whole host of deals over the last number of years. How are you thinking about filling in anything at this point?

I will turn it to Amanda to take the first part on capital allocation, then, Michael, I will come back and take the second part on the M&A opportunity set.

Thank you, Michael, for the question. Although we do intend to buy back stock to offset dilution from new issuances, we are also mindful of our debt leverage ratios and really intend to pay down debt after we close on the Stellus acquisition.

And then as it relates to kind of the M&A land, I would say at a strategic level, obviously, we view this as a real advancement in terms of what we have done on the platform. But I would say that the guideposts that we laid out at Investor Day are really unchanged in terms of our areas of strategic focus. So just to go back to those, we talked about, number one, international analogs of U.S. strategies. We think the dynamics in the international lower middle and middle market are very similar to the ones here in the U.S. middle market in terms of why it is such an attractive place to be. Obviously, Qualitas was a very specific manifestation of that. But if you look across all of our strategies, we think international analogs still represent a real opportunity for us, and we will continue to build in a global fashion where we can. The second thing we did talk about is private credit. And when we talked about private credit, we identified a number of important potential focus areas for us. Direct lending was obviously at the very top of that list. But there are a lot of other really interesting and attractive areas within the private credit landscape. I would say asset-based lending is one I would particularly point to as something we think might be very relevant for our portfolio. And so again, if we could find the right partner for that, that would be very interesting to us.

And then the third thing we have talked about,

and did talk about at Investor Day, which would really be the pure white space, is something in the real assets ecosystem—whether that is something in the infrastructure world, something in the real estate world, either from an equity or a debt perspective. We have really nothing there, and we do get a lot of client inquiry around those spaces. And so that roadmap that we laid out at Investor Day is really unchanged, and we continue to, I would say, focus and execute in earnest against that opportunity set. And the good news is I think there are a lot of great franchises out there. I think that our value proposition is really starting to resonate.

Great. Thank you so much. I am not showing any further questions at this time. I would like to turn the call back over to Luke for any further remarks.

I would just like to close by thanking everybody for the thoughts,

questions, and for your continued support. We are extremely pleased with the progress we have made to date. We are confident in the durability of our platform. And we are excited at the prospect of uniting under our new P10, Inc. name and brand while we remain laser-focused on executing our strategy as we enter the next phase of our growth. We look forward to updating you on our first quarter results in May. We thank you for joining us today.

Thank you, ladies and gentlemen. We thank you for your participation in the call. This does conclude the presentation. You may now disconnect, and have a wonderful day.