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- **AUM Growth Accelerates**: Fee-paying AUM up 17% YoY to $29.1 billion, driven by 48% increase in organic fundraising.
- **Strategic Fund Launches**: 17 new funds closed in Q3, including $1.26 billion Secondary Fund V.
- **Financial Resilience**: GAAP net income up 133% YoY to $3 million, despite ANI decline due to one-time costs.
- **Client Expansion**: Insurance channel AUM growth reflects capital-friendly solutions and NAIC-compliant products.
- **Credit Platform Expansion**: NAV lending, impact credit, and venture debt strategies drive diversification.
- **Shareholder Returns**: $21.25 million in buybacks Q3, with $26 million remaining under authorization.
- **2026 Outlook**: Target $5+ billion organic fundraising, new product launches, and M&A pipeline execution.

**【CEO Opening Remarks】**
- Highlighted 17% year-over-year growth in fee-paying assets under management (AUM) to $29.1 billion.
- Emphasized strategic focus on middle and lower-middle market opportunities, with 48% increase in organic fundraising over 9 months.
- Announced dual listing on NYSE Texas, enhancing visibility and engagement with global capital allocators.
- Launched 17 new funds in Q3, including Secondary Fund V ($1.26 billion) and Bonaccord Fund III, showcasing strong LP demand for secondary and commingled products.
- Highlighted M&A pipeline activity and disciplined approach to inorganic growth opportunities.

**【CFO Financial Commentary】**
- GAAP net income of $3 million, up from $1.3 million in Q3 2024.
- Adjusted net income (ANI) of $28.6 million, down 7% YoY due to debt refinancing costs and Qualitas acquisition-related expenses.
- Fee-related revenue (FRR) of $75.9 million, up 4% YoY, with core fee rate of 103 basis points.
- Operating expenses of $65.2 million, flat YoY, with focus on cost discipline and peer-leading FRE margin of 47%.
- Share repurchases of 110,000 shares ($1.25 million), with $26 million remaining under buyback authorization.
- Total debt of $398 million, with $113 million available on credit facilities.

**【Q&A Highlights】**
- SMA-driven step-downs explained as client portfolio restructuring, with new commitments offsetting expirations.
- Qualitas U.S. Fund launched to serve European investors with U.S. exposure, leveraging RCP's portfolio construction expertise.
- Insurance channel growth driven by capital-friendly return profiles and NAIC compliance solutions.
- Credit platform expansion via NAV lending (Hark), impact credit (Enhanced), and venture debt (WTI) strategies.
- GP solutions include data-driven deal insights (GPScout), NAV loans, and GP stake sales via Bonaccord.
- Buyback capacity updated to $26 million, with priority on dividends, M&A, and share repurchases.
- 2026 outlook includes $5 billion+ organic fundraising, new product launches, and M&A pipeline execution.


P10, Inc. (PX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PX

PX fundamentals

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