P10, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>P10, Inc. has filed its 2023 10-K annual report detailing financial performance, corporate structure, and recent events.</b>

AI Summary

P10, Inc. (RPC) filed a Annual Report (10-K) with the SEC on March 13, 2024. P10, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes information on common stock, restricted stock, and employee stock options. Key entities mentioned include P10, Inc., Westech Investment Advisors LLC, and Bonaccord Fund III. The report details financial activities related to management fees and other expenses. Subsequent events noted include common stock transactions on February 27, 2024, and March 4, 2024.

Why It Matters

For investors and stakeholders tracking P10, Inc., this filing contains several important signals. This 10-K provides a comprehensive overview of P10, Inc.'s financial health and operational activities for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The filing contains specific details on equity instruments, credit facilities, and related party transactions, offering insights into the company's capital structure and governance.

Risk Assessment

Risk Level: medium — P10, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the specific financial details and forward-looking statements within the report will determine the ultimate risk assessment.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand P10, Inc.'s performance and potential risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (The report covers the period ending on this date.)
• 2024-03-13 — Filing Date (The date the 10-K was officially filed with the SEC.)
• 001-40937 — SEC File Number (The SEC file number assigned to P10, Inc.)
• 0000950170-24-030461 — Accession Number (Unique identifier for this SEC filing.)

Key Players & Entities

• P10, Inc. (company) — Filer of the 10-K report.
• Westech Investment Advisors LLC (company) — Mentioned in relation to professional fees and milestone payments.
• Bonaccord Fund III (company) — Mentioned as an entity as of December 31, 2023.
• 2023-12-31 (date) — Fiscal year end date for the report.
• 2024-03-13 (date) — Filing date of the 10-K.
• Dallas, TX (location) — Business and mailing address of P10, Inc.
• 2024-02-27 (date) — Date of a subsequent event related to common stock.
• 2024-03-04 (date) — Date of another subsequent event related to an incentive plan.

FAQ

Risk Factors

• Financial Reporting [medium — financial]: The company's financial statements and disclosures are subject to interpretation and potential adjustments.
• Market Conditions [medium — market]: The performance of P10, Inc. is influenced by broader market conditions in the investment advisory sector.
• Operational Risks [medium — operational]: Risks associated with the company's operations, including client relationships and service delivery, are present.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-13: 10-K Filing Date — Official submission date of the annual report.

Key Financial Figures

• $0.001 — hich registered Class A Common Stock, $0.001 par value per share Series A Junior P
• $11.30 — million, based on the closing price of $11.30 as reported by the NYSE Stock Market.
• $23.3 billion — s of December 31, 2023, we had FPAUM of $23.3 billion. We are differentiated by the scale,
• $12.3 billion — s. As of December 31, 2023, PES managed $12.3 billion of FPAUM. Venture Capital Solutions "
• $6.1 billion — s. As of December 31, 2023, VCS managed $6.1 billion of FPAUM. Impact Investing Solutions
• $4.0 billion — the total AUM, impact assets represent $4.0 billion invested in over 1,000 projects and bus
• $2.0 billion — 3. As of December 31, 2023, IIS managed $2.0 billion of FPAUM. Private Credit Solutions "P
• $9.8 — les and 1,600+ portfolio companies with $9.8+ billion capital deployed. Our PCS is d

Filing Documents

• px-20231231.htm (10-K) — 3935KB
• px-ex4_3.htm (EX-4.3) — 71KB
• px-ex21_1.htm (EX-21.1) — 25KB
• px-ex23_1.htm (EX-23.1) — 12KB
• px-ex31_1.htm (EX-31.1) — 13KB
• px-ex31_2.htm (EX-31.2) — 13KB
• px-ex32_1.htm (EX-32.1) — 7KB
• px-ex32_2.htm (EX-32.2) — 7KB
• px-ex97_1.htm (EX-97.1) — 24KB
• img65053667_0.jpg (GRAPHIC) — 147KB
• img65053667_1.jpg (GRAPHIC) — 36KB
• img65053667_2.jpg (GRAPHIC) — 20KB
• img65053667_3.jpg (GRAPHIC) — 70KB
• img65053667_4.jpg (GRAPHIC) — 227KB
• img65053667_5.jpg (GRAPHIC) — 89KB
• img65053667_6.jpg (GRAPHIC) — 143KB
• img65053667_7.jpg (GRAPHIC) — 50KB
• img65053667_8.jpg (GRAPHIC) — 36KB
• img65053667_9.jpg (GRAPHIC) — 74KB
• 0000950170-24-030461.txt (&nbsp;) — 17683KB
• px-20231231.xsd (EX-101.SCH) — 2330KB
• px-20231231_htm.xml (XML) — 2674KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 33 Item 1B. Unresolved Staff Comments 61 Item 1C. Cybersecurity 61 Item 2.

Properties

Properties 61 Item 3.

Legal Proceedings

Legal Proceedings 62 Item 4. Mine Safety Disclosures 62 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 63 Item 6. [Reserved] 64 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 65 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 80 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 81 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 120 Item 9A.

Controls and Procedures

Controls and Procedures 120 Item 9B. Other Information 120 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 120 PART III Item 10. Directors, Executive Officers and Corporate Governance 121 Item 11.

Executive Compensation

Executive Compensation 121 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 121 Item 13. Certain Relationships and Related Transactions, and Director Independence 121 Item 14. Principal Accounting Fees and Services 121 PART IV Item 15. Exhibits, Financial Statement Schedules 122 Item 16. Form 10-K Summary 125

Signatures

Signatures 126 This Annual Report on Form 10-K ("Form 10-K") includes certain information regarding the historical performance of our specialized investment vehicles, which include specialized funds and customized separate accounts. An investment in shares of our Class A common stock is not an investment in our specialized investment vehicles. In considering the performance information relating to our specialized investment vehicles contained herein, prospective Class A common stockholders should bear in mind that the performance of our specialized investment vehicles is not indicative of the possible performance of shares of our Class A common stock and is also not necessarily indicative of the future results of our specialized investment vehicles, even if fund investments were in fact liquidated on the dates indicated, and there can be no assurance that our specialized investment vehicles will continue to achieve, or that future specialized investment vehicles will achieve comparable results. We own or have rights to trademarks, service marks or trade names that we use in connection with the operation of our business. In addition, our names, logos and website names and addresses are owned by us or licensed by us. We also own or have the rights to copyrights that protect the content of our solutions. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this Form 10-K are listed without the , and symbols, but we will assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks, trade names and copyrights. This Form 10-K may include trademarks, service marks or tradenames of other companies. Our use or display of other parties' trademarks, service marks, trade names or products is not intended to, and does not imply a relationship with, or endorsement or sponsorship of us by, the trademark, service mark or tradename owners. Unless other

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Form 10-K contains forward-looking statements, which reflect our current views with respect to, among other things, future events and financial performance, our operations, strategies and expectations. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar expressions are intended to identify forward-looking statements. Any forward-looking statements contained in this Form 10-K are based upon our historical 2 performance and on our current plans, estimates and expectations. The inclusion of this or any forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks, uncertainties and assumptions, including but not limited to global and domestic market and business conditions, our successful execution of business and growth strategies and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under "Risk Factors." These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Form 10-K. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking

Business

Item 1. Business. Our Company We are a leading multi-asset class private market solutions provider in the alternative asset management industry. Our mission is to provide our investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. We structure, manage and monitor portfolios of private market investments, which include specialized funds and customized separate accounts within primary investment funds, secondary investments, direct investments and co-investments, (collectively, "specialized investment vehicles") across highly attractive asset classes and geographies in the middle and lower middle markets that generate superior risk-adjusted returns. Our existing portfolio of private solutions include Private Equity, Venture Capital, Impact Investing and Private Credit. Our deep industry relationships, differentiated investment access and structure, proprietary data analytics, and our portfolio monitoring and reporting capabilities provide our investors the ability to navigate the increasingly complex and difficult to access private markets investments. Our revenue is composed almost entirely of recurring management and advisory fees, with the vast majority of fees earned on committed capital that is typically subject to ten to fifteen year lock up agreements. We have an attractive business model that is underpinned by highly recurring, diversified management and advisory fee revenues, and strong free cash flow. The nature of our solutions and the integral role that our solutions play in our investors' investment decisions have translated into high revenue visibility and investor retention. As of December 31, 2023, we had FPAUM of $23.3 billion. We are differentiated by the scale, depth, diversity and investment performance of our solutions, which are bolstered by the investment expertise of our investment team, our long-standing access to leading fund managers, our robust and co

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