P10, Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $67.7 million, a 2% increase from $66.1 million in the same period last year. The growth was primarily driven by a rise in management and advisory fees, which reached $66.7 million, up from $65.1 million in the prior year. However, net income attributable to P10 decreased by 10% to $4.5 million, compared to $5.0 million in the first quarter of 2024. The company maintained its earnings per share at $0.04 for both basic and diluted shares.
Operating expenses for the quarter increased by 4% to $56.4 million, up from $54.0 million in the previous year. This rise was attributed to higher professional fees, which surged by 73% to $6.5 million, largely due to legal and advisory services related to the recent acquisition of Qualitas. General, administrative, and other expenses also rose by 13% to $6.8 million, reflecting increased marketing and compliance costs. In contrast, amortization of intangibles decreased by 17% to $5.3 million, indicating a reduction in expenses related to prior acquisitions.
P10's total assets increased to $877.4 million as of March 31, 2025, compared to $869.3 million at the end of 2024. The company reported a significant rise in cash and cash equivalents, which reached $75.4 million, up from $68.1 million, primarily due to drawing on its revolving credit facility. Debt obligations also increased by 12% to $357.2 million, reflecting the company's financing activities in preparation for the Qualitas acquisition.
In terms of operational metrics, P10's Fee-Paying Assets Under Management (FPAUM) grew to $26.3 billion, a 3% increase from $25.7 billion at the end of the previous quarter. This growth was driven by capital raised and deployed across its private equity and venture capital solutions. The company continues to focus on expanding its fundraising efforts and enhancing its investment strategies to attract new capital.
Looking ahead, P10 remains optimistic about its growth trajectory, citing increasing demand for private market solutions and the potential for geographic expansion. The company is also focused on leveraging its data and analytics capabilities to enhance investment performance and maintain a competitive edge in the alternative asset management industry.
About P10, Inc.
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