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Item 8. Financial Statements and Supplementary Data

2026-02-27 compared with 2025-02-28 · 691 added, 429 removed, 878 unchanged (56% of the section changed)

3 unchanged sentences

Consolidated Statements of Operations for the Years ended December 31, 2025, 2024, and 2023

Consolidated Statements of Comprehensive Income/(Loss) for the Years ended December 31, 2025, 2024, and 2023

Consolidated Statements of Changes in Equity for the Years ended December 31, 2025, 2024, and 2023

3 unchanged sentences

To the Stockholders and the Board of Directors

Ridgepost Capital, Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of P10, Inc.

and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements).

We have audited the accompanying consolidated balance sheets of Ridgepost Capital, Inc.

and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income/(loss), changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S.

generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 27, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

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We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Valuation of intangible assets acquired

As discussed in Note 3 to the consolidated financial statements, the Company completed the Qualitas purchase for total consideration of $73.2 million.

The acquisition was accounted for as a business combination under the acquisition method of accounting.

The fair value of the identifiable intangible assets was calculated using a discounted cash flow model, based on

risk adjusted discount rates and projections of future fund revenues.

The intangible assets acquired included management and advisory contracts and direct investors and intermediary relationships (collectively, “investment management intangible assets”) of $20.1 million and $9.8 million, respectively.

We identified the valuation of investment management intangible assets acquired in the Qualitas business combination as a critical audit matter.

Specifically, the evaluation of certain assumptions used to value the investment management intangible assets involved a high degree of auditor judgment and specialized skills and knowledge.

Such assumptions included the risk adjusted discount rates and projections of future fund revenues.

The valuation of the investment management intangible assets acquired were sensitive to changes in the assumptions.

Additionally, the projections of future fund revenues were based on expectations of future market and economic conditions that are uncertain.

The following are the primary procedures we performed to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s investment management intangible assets valuation process.

This included controls related to the development of the projected future fund revenues and risk adjusted discount rate assumptions used to value the investment management intangible assets.

We evaluated the reasonableness of the projected future fund revenues for certain acquired investment management agreements by comparing it to the acquiree’s historical fund revenues.

We involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the risk adjusted discount rates used to determine the fair value of the investment management intangible assets acquired by:

• Assessing the Company’s determination of the weighted average cost of capital (WACC), weighted average return on assets (WARA), and internal rate of return (IRR), used to determine the discount rates by testing the methodology and inputs utilized, including comparing to publicly available market data.

• Comparing the Company’s determination of the WACC, WARA and IRR.

• Assessing the Company’s determination of the discount rates applied to investment management intangible assets based on the required return.

We have served as the Company’s auditor since 2017.

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February 27, 2026

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors

Ridgepost Capital, Inc.:

Opinion on Internal Control Over Financial Reporting

We have audited Ridgepost Capital, Inc.

and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income/(loss), changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated February 27, 2026 expressed an unqualified opinion on those consolidated financial statements.

The Company acquired Qualitas during 2025, and management excluded from its assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2025, Qualitas’ internal control over financial reporting associated with approximately 1% of total assets and approximately 5% of total revenues included in the consolidated financial statements of the Company as of and for the year ended December 31, 2025.

Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of Qualitas.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Mangement's Annual Report on Internal Control over Financial Reporting.

Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audit also included performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

We have served as the Company’s auditor since 2017.

Chicago, Illinois

February 27, 2026

Ridgepost Capital, Inc.

Consolidated Balance Sheets

9 unchanged sentences

Right-of-use assets

Derivative assets

Contingent payments to customers

10 unchanged sentences

Lease liabilities

Deferred tax liabilities, net

Debt obligations

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Accumulated deficit

Accumulated other comprehensive income

Noncontrolling interests

1 unchanged sentence

The Notes to Consolidated Financial Statements are an integral part of these statements.

Consolidated VIE Balance Sheets

R idgepost Capital, Inc.

Consolidated Balance Sheets

(in thousands, except per share amounts)

The following presents the portion of the consolidated balances presented above attributable to consolidated variable interest entities.

Cash and cash equivalents

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Right-of-use assets

Derivative assets

Contingent payments to customers

Deferred tax assets, net

Intangibles, net

1 unchanged sentence

Accrued compensation and benefits

Due to related parties

Other liabilities

3 unchanged sentences

Lease liabilities

Deferred tax liabilities, net

Debt obligations

1 unchanged sentence

The Notes to Consolidated Financial Statements are an integral part of these statements.

Ridgepost Capital, Inc.

Consolidated Statements of Operations

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Interest expense, net

Other (losses)/income

Total other (expense)

Net income/(loss) before income taxes

Income before income taxes

Income tax expense

NET INCOME/(LOSS)

net (income)/loss attributable to noncontrolling interests in P10 Intermediate

NET INCOME/(LOSS) ATTRIBUTABLE TO P10

Earnings/(loss) per share

Basic earnings/(loss) per share

Diluted earnings/(loss) per share

net (income)/loss attributable to noncontrolling interests

NET INCOME/(LOSS) ATTRIBUTABLE TO RIDGEPOST

Earnings/(losses) per share

Basic earnings/(losses) per share

Diluted earnings/(losses) per share

Weighted average shares outstanding, basic

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The Notes to Consolidated Financial Statements are an integral part of these statements.

R idgepost Capital, Inc.

Consolidated Statements of Comprehensive Income/(Loss)

(in thousands)

Ended December 31,

NET INCOME/(LOSS)

Other comprehensive income/(loss), net of tax

Foreign currency translation

Derivative fair value remeasurement

Total other comprehensive income, net of tax

COMPREHENSIVE INCOME/(LOSS)

Comprehensive income attributable to noncontrolling interests

NET COMPREHENSIVE INCOME/(LOSS) ATTRIBUTABLE TO RIDGEPOST

The Notes to Consolidated Financial Statements are an integral part of these statements.

Ridgepost Capital, Inc.

Consolidated Statements of Changes in Equity

3 unchanged sentences

Treasury stock

Accumulated Other

Non Controlling

Paid-in-capital

Comprehensive Income

Balance at December 31, 2022

Stock-based compensation

Deferred offering costs

Issuance of restricted stock awards

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Exercise of stock options (net of tax)

Repurchase of common stock for employee tax withholding

Repurchase of common stock for employee tax withholding and strike price

Stock repurchase

Settlement of stock options

Capital contributions from non-controlling interests

Distributions to non-controlling interests

Distributions to non-controlling interests, net

Dividends declared

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Exchange of Class B common stock for Class A common stock

Exercise of stock options (net of tax)

Repurchase of common stock for employee tax withholding

Exercise of stock options

Repurchase of common stock for employee tax withholding and strike price

Stock repurchase

Accrual for excise tax associated with stock repurchases

Distributions to non-controlling interests, net

2 unchanged sentences

Balance at December 31, 2024

The Notes to Consolidated Financial Statements are an integral part of these statements.

Common Stock - Class A

Common Stock - Class B

Treasury stock

Accumulated Other

Non Controlling

Paid-in-capital

Comprehensive Income

Balance at December 31,

Other comprehensive Income

Stock-based compensation

Issuance of equity consideration related to acquisition

Issuance of restricted stock awards

2 unchanged sentences

Exercise of stock options

Repurchase of common stock for employee tax witholding

Repurchase of common stock for employee tax withholding and strike price

Stock repurchase

Accrual for excise tax associated with stock repurchases

Issuance of noncontrolling interests in Bonaccord

Distributions to non-controlling interests, net

3 unchanged sentences

The Notes to Consolidated Financial Statements are an integral part of these statements.

Ridgepost Capital, Inc.

Consolidated Statements of Cash Flows

3 unchanged sentences

Net income/(loss)

Adjustments to reconcile net income/(loss) to net cash provided by operating

Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation

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Loss on extinguishment of debt

Measurement of contra-revenue put option

Loss on issuance of noncontrolling interests

Remeasurement of contra-revenue put option

Amortization of contingent payment to customers

Remeasurement of contingent consideration

Post close purchase price adjustment

Change in operating assets and liabilities:

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Other liabilities

Derivative assets

Contingent consideration

Accrued contingent liabilities

Deferred revenues

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Payment of contingent consideration

Cash settlement of stock options

Dividends paid

Issuance of noncontrolling interests

Distributions to non-controlling interests

Debt issuance costs

Net cash (used in)/provided by financing activities

Net cash used in financing activities

Effect of foreign currency exchange rate changes on cash and cash equivalents

Net change in cash, cash equivalents and restricted cash

2 unchanged sentences

The Notes to Consolidated Financial Statements are an integral part of these statements.

Ridgepost Capital, Inc.

Consolidated Statements of Cash Flows

7 unchanged sentences

Additions to lease liabilities

Loss on issuance of noncontrolling interests

RECONCILIATION OF CASH, CASH EQUIVALENTS AND

4 unchanged sentences

The Notes to Consolidated Financial Statements are an integral part of these statements.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

2 unchanged sentences

Description of Business

On October 20, 2021, P10 Holdings, Inc.

("P10 Holdings"), in connection with its Initial Public Offering ("IPO"), completed a reorganization and restructure.

In connection with the reorganization, P10, Inc.

("P10") became the parent company and all of the existing equity of P10 Holdings, and its consolidated subsidiaries.

On February 11, 2025, the Company's name changed to Ridgepost Capital, Inc.

("Ridgepost, Inc.").

The Company's stock symbol also changed to NYSE:

Simultaneously, the following subsidiaries changed their names to be aligned with the parent company's name change:

• P10 Holdings, Inc.

to Ridgepost Capital Holdings, Inc ("Ridgepost Holdings")

• P10 Intermediate Holdings, LLC to Ridgepost Capital, LLC ("Ridgepost, LLC")

• P10 Advisors, LLC to Ridgepost Capital Advisors, LLC ("Ridgepost Advisors")

• P10 RCP Holdco LLC to Ridgepost Capital RCP Holdco LLC ("Holdco")

On October 20, 2021, Ridgepost Holdings, formerly P10 Holdings, in connection with its Initial Public Offering ("IPO"), completed a reorganization and restructure.

In connection with the reorganization, Ridgepost, Inc., formerly P10, Inc.

became the parent company and all of the existing equity of P10 Holdings, and its consolidated subsidiaries.

The offering and reorganization included a reverse stock split of P10 Holdings common stock on a 0.7-for-1 basis pursuant to which every outstanding share of common stock decreased to 0.7 shares.

Following the reorganization and IPO, P10 has two classes of common stock, Class A common stock and Class B common stock.

Following the reorganization and IPO, Ridgepost, Inc.

has two classes of common stock, Class A common stock and Class B common stock.

Each share of Class B common stock is entitled to ten votes while each share of Class A common stock is entitled to one vote.

and its consolidated subsidiaries (the “Company”) operate as a multi-asset class private market solutions provider in the alternative asset management industry.

The Company operates as a 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 solutions and investment vehicles across a multitude of asset classes and geographies.

Our existing portfolio of solutions across private equity, venture capital, private credit and impact investing support our mission by offering a comprehensive set of investment vehicles to our investors, including primary fund of funds, secondary investment, direct investment and co-investments, alongside separate accounts (collectively the "Funds").

The direct and indirect subsidiaries of the Company include P10 Holdings, P10 Intermediate Holdings, LLC (“P10 Intermediate”), which owns the subsidiaries P10 RCP Holdco, LLC (“Holdco”), Five Points Capital, Inc.

(“Five Points”), TrueBridge Capital Partners, LLC (“TrueBridge”), Enhanced Capital Group, LLC (“ECG”), Bonaccord Capital Advisors, LLC ("Bonaccord"), Hark Capital Advisors, LLC ("Hark"), P10 Advisors, LLC ("P10 Advisors"), and Western Technology Investment Advisors LLC ("WTI").

Prior to November 19, 2016, P10, formerly Active Power, Inc.

The direct and indirect subsidiaries of the Company include Ridgepost Holdings, Ridgepost, LLC, which owns the subsidiaries Ridgepost RCP Holdco, Five Points, TrueBridge, ECG, Bonaccord, Hark, Ridgepost Advisors, WTI, and Qualitas.

Prior to November 19, 2016, Ridgepost, formerly Active Power, Inc.

designed, manufactured, sold, and serviced flywheel-based uninterruptible power supply products and serviced modular infrastructure solutions.

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Our headquarters are in Dallas, Texas.

On October 5, 2017, we closed on the acquisition of RCP Advisors 2, LLC ("RCP 2") and entered into a purchase agreement to acquire RCP Advisors 3, LLC ("RCP 3", and collectively with RCP 2, "RCP") in January 2018.

On October 5, 2017, we closed on the acquisition of RCP 2 and entered into a purchase agreement to acquire RCP 3 in January 2018.

On January 3, 2018, we closed on the acquisition of RCP 3.

5 unchanged sentences

Five Points is a registered investment advisor with the United States Securities and Exchange Commission.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

On October 2, 2020, the Company completed the acquisition of TrueBridge.

1 unchanged sentence

TrueBridge is a registered investment advisor with the United States Securities and Exchange Commission.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

On December 14, 2020, the Company completed the acquisition of 100 % of the equity interest in ECG, and a noncontrolling interest in Enhanced Capital Partners, LLC ("ECP", and collectively with ECG, "Enhanced").

4 unchanged sentences

Hark is engaged in the business of making loans to portfolio companies that are owned or controlled by financial sponsors, such as private equity funds or venture capital funds, and which do not meet traditional direct lending underwriting criteria but where the repayment of the loan by the portfolio company is guaranteed by its financial sponsor.

In June 2022, the Company formed P10 Advisors, a wholly-owned consolidated subsidiary, to manage investment opportunities that are sourced across the P10 platform but do not fit within an existing investment mandate.

Effective April 1, 2025, a third party acquired 20 % of the equity at Bonaccord.

See Note 5 for further details.

In June 2022, the Company formed Ridgepost Advisors, a wholly-owned consolidated subsidiary, to manage investment opportunities that are sourced across the Ridgepost platform but do not fit within an existing investment mandate.

On October 13, 2022, the Company completed the acquisition of all of the issued and outstanding membership interests of WTI.

1 unchanged sentence

WTI is a registered investment advisor with the United States Securities and Exchange Commission.

Simultaneously with the acquisition of WTI, the Company completed a restructuring of P10 Intermediate and subsidiaries to LLC entities that are considered disregarded entities for federal income tax purposes.

This allowed the WTI sellers to obtain a partnership interest in P10 Intermediate and all of its subsidiaries.

As a result of the acquisition, the WTI sellers obtained 3,916,666 membership units of P10 Intermediate, which can be exchanged into 3,916,666 shares of P10 Class A common stock.

As of December 31, 2024 , no units have been exchanged into shares of P10 Class A common stock.

The results of WTI’s operations have been included in the consolidated financial statements effective October 13, 2022.

The Company reports noncontrolling interests related to the partnership interests which are owned by the WTI sellers.

This is recorded as noncontrolling interests on the Consolidated Balance Sheets.

Noncontrolling interests is allocated a share of income or loss in the respective consolidated subsidiaries in proportion to their relative ownership interest.

Additionally, the Company makes periodic distributions to the WTI sellers for tax related and other agreed upon expenses in accordance with the terms of the P10 Intermediate operating agreement.

The Board approved a program to repurchase shares of our Class A and Class B common stock.

As of December 31, 2024 , the Board has approved $ 92.0 million, of which $ 52.0 million was approved during the year ending December 31, 2024, for repurchase under the Share Repurchase Program.

These shares may be repurchased from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades, in accordance with Rule 10b5-1 trading plans and/or through other legally permissible means.

As of December 31, 2024, $ 88.5 million has been spent to buy back shares and there is $ 3.5 million remaining for authorized repurchases under this program.

On October 20, 2023, the Company had a transition of executives ("Executive Transition") and entered into an executive transition agreement with each of Mr.

Alpert and Mr.

Webb (each, a "Transition Agreement").

Pursuant to the Transition Agreements, Mr.

Alpert and Mr.

Webb ceased to serve as Co-Chief Executive Officer, and Mr.

Alpert and Mr.

Webb were appointed as Executive Chairman and Executive Vice Chairman, respectively, for a one-year period.

Additionally, Mr.

Webb's Transition Agreement provided for a one-year transition period to continue serving the Company in a transitional capacity.

Effective October 23, 2023, the board of the Company appointed Luke A.

Sarsfield III as Chief Executive Officer ("CEO") of the Company.

In connection with his appointment as CEO, the Company entered into an employment agreement with Mr.

Sarsfield (the "Employment Agreement") setting forth the terms of his employment and compensation.

In connection with both the Transition Agreements and the Employment Agreement, provisions were made for severance and sign-on compensation, respectively.

Effective June 14, 2024, Mr.

Alpert resigned as Executive Chairman and Chairman of the Board and the Board of the Company appointed CEO, Mr.

Sarsfield, to Chairman of the Board.

In connection with Mr.

Alpert's resignation as Executive Chairman, the Company and Mr.

Alpert agreed to the early termination of Mr.

Alpert's Transition Agreement.

Webb's Transition Agreement terminated in accordance with its terms on October 23, 2024.

Effective November 7, 2024, each of Mr.

Alpert and Mr.

Webb resigned as members of the board of directors of

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

See Note 15 for further information.

The associated expenses were recorded in compensation and benefits on the Consolidated Statements of Operations in the period incurred.

Simultaneously with the acquisition of WTI, the Company completed a restructuring of Ridgepost, LLC, formerly P10 Intermediate and subsidiaries to LLC entities that are considered disregarded entities for federal income tax purposes.

This allowed the WTI sellers to obtain a partnership interest in Ridgepost, LLC and all of its subsidiaries.

As a result of the acquisition, the WTI sellers obtained 3,916,666 membership units of Ridgepost, LLC, which can be exchanged into 3,916,666 shares of Ridgepost Class A common stock.

As of December 31, 2025 , no units have been exchanged into shares of Ridgepost Class A common stock.

On April 4, 2025, the Company completed the acquisition of Qualitas.

Qualitas is a Madrid-based private equity investing platform that provides fund-of-funds, direct co-investing and net asset value ("NAV") financing opportunities in the European lower-middle market to limited partners across the ultra-high-net-worth, family office, and institutional channels.

Significant Accounting Policies

4 unchanged sentences

All intercompany transactions and balances have been eliminated upon consolidation.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

Principles of Consolidation

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Primarily due to the governance structure at subsidiaries, the Company has determined that certain of its subsidiaries are VIEs, and that the Company is the primary beneficiary of the entities, because it has the power to direct activities of the entities that most significantly impact the VIE’s economic performance and has a controlling financial interest in each entity.

Accordingly, the Company consolidates these entities, which includes P10 Intermediate, Holdco, RCP 2, RCP 3, TrueBridge, Bonaccord, Hark, and WTI.

The assets and liabilities of the consolidated VIEs are presented on a gross basis in the Consolidated Balance Sheets.

2 unchanged sentences

Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest or other means.

P10 Holdings, Five Points, P10 Advisors, and ECG are concluded to be consolidated subsidiaries of P10 under the voting interest model.

Reclassifications

Certain reclassifications have been made within the Consolidated Financial Statements to conform prior periods with current period presentation.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

Use of Estimates

4 unchanged sentences

The Company considers all highly liquid instruments with original maturities of three months or less to be cash equivalents.

As of December 31, 2025, and December 31, 2024 , $ 1.3 million and $ 0 , respectively, of cash and cash equivalents held at consolidated funds, which represents cash, that although not legally restricted, is not available to support the general liquidity needs of the Company, as the use of such amounts is generally limited to the activities of the consolidated funds until the consolidated funds' first closing, are included within cash and cash equivalents.

As of December 31, 2025, and December 31, 2024, cash equivalents include money market funds of $ 16.1 million and $ 41.3 million, respectively, which approximates fair value.

3 unchanged sentences

The Company from time to time may have amounts on deposit in excess of the insured limits.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

Restricted Cash

Restricted cash as of December 31, 2024 and December 31, 2023 was primarily cash on deposit related to RCP's lease and cash on deposit from third parties related to pending tax credit projects.

Restricted cash as of December 31, 2025 and December 31, 2024 was primarily cash on deposit related to certain leases and cash on deposit from third parties related to pending tax credit projects.

There are deposit liabilities associated with restricted cash related to the pending tax credit projects reported in other liabilities on the Consolidated Balance Sheets.

5 unchanged sentences

Due from related parties represents receivables from the Funds for reimbursable expenses and management fees collected by a related party of RCP 2 that are owed to RCP 2.

Additionally, fees owed to the Company for the advisory agreement entered into upon the closing of the acquisitions of ECG and ECP and any supplemental agreements entered into after acquisition ("Advisory Agreements"), where ECG provides advisory services to Enhanced Permanent Capital, LLC ("Enhanced PC") are reflected in due from related parties on the Consolidated Balance Sheets.

Additionally, fees owed to the Company for the advisory agreement entered into upon the closing of the acquisitions of ECG and any supplemental agreements entered into after acquisition ("Advisory Agreements"), where ECG provides advisory services to Enhanced Permanent Capital, LLC ("Enhanced PC") are reflected in due from related parties on the Consolidated Balance Sheets.

Notes Receivable

Notes receivable is related to contractual amounts owed from signed, secured promissory notes with BCP Partners Holdings, LP ("BCP") as well as certain employees.

Notes receivable is primarily related to contractual amounts owed from signed, secured promissory notes with BCP Partners Holdings, LP ("BCP") as well as certain employees.

In addition to contractual amounts, borrowers are obligated to pay interest on outstanding amounts.

7 unchanged sentences

If accounts are subsequently determined to be uncollectible, they will be expensed in the period that determination is made.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

Prepaid Expenses and Other Assets

1 unchanged sentence

From time to time, there are also investments in allocable state tax credits on the Consolidated Balance Sheets due to timing differences associated with the purchase and sale of state tax credits in the tax credit finance business.

As of December 31, 2024 and December 31, 2023, respectively, there is $ 0 and $ 9.6 million within prepaid expenses and other assets on the Consolidated Balance Sheets associated with allocable state tax credit purchases.

As of December 31, 2025 and December 31, 2024 , respectively, there is $ 12.8 million and $ 0 within prepaid expenses and other assets on the Consolidated Balance Sheets associated with allocable state tax credit purchases.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

Investment in Unconsolidated Subsidiaries

9 unchanged sentences

Property and Equipment

Property and equipment are recorded at cost, less accumulated depreciation.

Property and equipment, including furniture and fixtures, computer and purchased software, leasehold improvements, and internal-use software, are recorded at cost, less accumulated depreciation.

Depreciation is computed using the straight-line method over the estimated useful lives of the related assets.

Leasehold improvements are amortized over the terms of the respective leases or service lives of the improvements, whichever is shorter, using the straight-line method.

Direct costs associated with developing, purchasing or otherwise acquiring software for internal use are capitalized and amortized on a straight-line basis over the expected useful life of the software, beginning when the software is ready for its intended purpose.

Expenditures for major renewals and betterments that extend the useful lives of the property and equipment are capitalized.

2 unchanged sentences

Computers, and purchased software

Capitalized software

Furniture and fixtures

2 unchanged sentences

Long-lived assets are reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

The carrying value of long-lived assets are determined to not be recoverable if the undiscounted estimated future net operating cash flows directly related to the asset or asset group, including any disposal value, is less than the carrying amount of the asset.

The carrying values of long-lived assets are determined to not be recoverable if the undiscounted estimated future net operating cash flows directly related to the asset or asset group, including any disposal value, is less than the carrying amount of the asset.

If the carrying value of an asset is determined to not be recoverable, the impairment loss is measured as the amount by which the carrying value of the asset exceeds its fair value on the measurement date.

2 unchanged sentences

The Company’s leases primarily consist of operating leases for various office spaces.

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases.

The Company’s right-of-use assets and lease liabilities are recognized at lease commencement, which is when the Company obtains control of the asset, based on the present value of lease payments over the lease term.

Lease right-of-use assets include initial direct costs incurred by the

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

the Company’s obligation to make lease payments arising from the leases.

Lease right-of-use assets include initial direct costs incurred by the Company and are presented net of deferred rent, lease incentives and certain other existing lease liabilities.

Company and are presented net of deferred rent, lease incentives and certain other existing lease liabilities.

Absent an implicit interest rate in the lease, the Company uses its incremental borrowing rate, adjusted for the effects of collateralization, based on the information available at commencement in determining the present value of lease payments.

7 unchanged sentences

Revenue Share and Repurchase Arrangement

The Company recognizes accrued contingent liabilities and contingent payments to customers asset in our Consolidated Balance Sheets for an agreement between ECG and various third parties.

The agreement requires ECG to share in certain revenues earned with the third parties and also includes an option for the third parties to sell back the revenue share to ECG at a set multiple.

The Company recognizes accrued contingent liabilities and contingent payments to customers assets in our Consolidated Balance Sheets for agreements between ECG and various third parties.

The agreements require ECG to share in certain revenues earned with the third parties and also includes an option for the third parties to sell back the revenue share to ECG at a set multiple.

Additionally, ECG holds the option to buy back 50% of the revenue share at a set multiple.

The options to repurchase the revenue share are exercisable starting in July 2025.

The Company believes it is probable that the third parties will exercise its option to sell back the revenue share and has recognized a liability on the Consolidated Balance Sheets.

The Company has also recognized a contingent payment to customers associated with the agreement and will amortize the asset against revenue over the estimated term of the management contract.

The amortization is reported in management and advisory fees on the Consolidated Statements of Operations.

The Company recognizes liabilities and assets associated with these agreements when it is probable that the option will be exercised.

The Company amortizes the contingent payments to customers assets against revenue over the contractual term of the management contract, which is included within management and advisory fees on the Consolidated Statements of Operations.

On December 23, 2024, the Company became a guarantor for a related party on a related put option and call option with the same third party customers and terms.

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The Company's accrued contingent liabilities are recognized once determined that it is probable the Company would need to settle as guarantor and estimable and would record a loss at the same time.

The Company will reassess at each reporting period and recognize all changes.

The Company will reassess at each reporting period.

Refer to Note 14 for further information.

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Goodwill is initially measured as the excess of the cost of the acquired business over the sum of the amounts assigned to identifiable assets acquired, less the liabilities assumed.

As of December 31, 2024, goodwill recorded on our Consolidated Balance Sheets relates to the acquisitions of RCP 2, RCP 3, Five Points, TrueBridge, Enhanced, Bonaccord, Hark, and WTI.

As of December 31, 2024, the intangible assets are comprised of indefinite-lived intangible assets and finite-lived intangible assets related to the acquisitions of RCP 2, RCP 3, Five Points, TrueBridge, Enhanced, Bonaccord, Hark, and WTI.

As of December 31, 2025, goodwill recorded on our Consolidated Balance Sheets relates to prior acquisitions.

As of December 31, 2025, the intangible assets are comprised of indefinite-lived intangible assets and finite-lived intangible assets related to prior acquisitions.

Indefinite-lived intangible assets and goodwill are not amortized.

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Certain of our trade names are considered to have finite-lives.

Finite-lived trade names are amortized over 10 years in line with the pattern in which the economic benefits are expected to occur.

Finite-lived trade names are generally amortized over 10 years , and for certain assets over 20 years when the trade name is expected to introduce new investor bases or broader access to a geographic region.

This is in line with the pattern in which the economic benefits are expected to occur.

Goodwill and indefinite lived intangibles are reviewed for impairment at least annually as of September 30 utilizing a qualitative or quantitative approach and more frequently if circumstances indicate impairment may have occurred.

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The reporting unit is the reporting level for testing the impairment of goodwill and indefinite lived intangibles.

If it is determined that it is more likely than not that an asset's or reporting unit’s fair value is less than its

If it is determined that it is more likely than not that an asset's or reporting unit’s fair value is less than its carrying value, then the Company will determine the fair value of the reporting unit or asset and record an impairment charge for the difference between fair value and carrying value (not to exceed the carrying amount of goodwill or indefinite lived intangible).

At December 31, 2025 and December 31, 2024 and for the years then ended, the Company determined that there was no impairment to goodwill and indefinite lived intangibles.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

carrying value, then the Company will determine the fair value of the reporting unit or asset and record an impairment charge for the difference between fair value and carrying value (not to exceed the carrying amount of goodwill or indefinite lived intangible).

At December 31, 2024 and December 31, 2023 and for the years then ended, the Company determined that there was no impairment to goodwill and indefinite lived intangibles.

Contingent Consideration

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The liabilities are remeasured at fair value on each reporting date, with changes in the fair value reflected in operating expenses on our Consolidated Statements of Operations.

As of December 31, 2024 and December 31, 2023, the con tingent consideration on the Consolidated Balance Sheets is related to the acquisition of Bonaccord on the Consolidated Balance Sheets.

As of December 31, 2025 and December 31, 2024, the con tingent consideration on the Consolidated Balance Sheets is related to the acquisition of Qualitas and the acquisition of Bonaccord, respectively.

Accrued Compensation and Benefits

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Noncontrolling Interests

Noncontrolling interests ("NCI") reflect the portion of income or loss and the corresponding equity attributable to third-party equity holders and employees in certain consolidated subsidiaries that are not 100% owned by the Company.

Noncontrolling interests is presented as a separate component in our Consolidated Statements of Operations to clearly distinguish between our interests and the economic interest of third parties in those entities.

Net income attributable to P10, as reported in the Consolidated Statements of Operations, is presented net of the portion of net income/(loss) attributable to holders of non-controlling interest.

Noncontrolling interests ("NCI") reflect the portion of income or loss and the corresponding equity attributable to third-party equity holders that are not 100% owned by the Company.

Noncontrolling interests is presented as a separate component in our Consolidated Balance Sheets to clearly distinguish between our interests and the economic interests of third parties in those entities.

Net income attributable to Ridgepost, as reported in the Consolidated Statements of Operations, is presented net of the portion of net income/(loss) at tributable to holders of non-controlling interest.

NCI is allocated a share of income or loss in the respective consolidated subsidiaries in proportion to their relative ownership interest.

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At the date of subsequent reissuance, the treasury stock account is reduced by the cost of such stock using the average cost method.

Foreign Currency

The Company and substantially all of its subsidiaries utilize the U.S.

dollar as their functional currency.

The assets and liabilities of the Company's foreign subsidiaries with non-U.S.

dollar functional currencies are translated at exchange rates prevailing at the end of each reporting period.

The results of foreign operations are translated using the exchange rates on the respective transaction dates.

The resulting translation adjustments are included as a separate component of equity on the Consolidated Balance Sheets and on the Consolidated Statements of Comprehensive Income/(Loss) until realized.

Foreign currency transaction gains and losses are included in general, administrative, and other expenses in the Consolidated Statements of Operations.

Fair Value Measurements

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Level 1—Assets were valued using the closing price reported in the active market in which the individual security was traded.

Level 2—Assets were valued using quoted prices in markets that are not active, broker dealer quotations, and other methods by which all significant inputs were observable at the measurement date.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

Level 2—Assets were valued using quoted prices in markets that are not active, broker dealer quotations, and other methods by which all significant inputs were observable at the measurement date.

Level 3—Assets were valued using unobservable inputs in which little or no market data exists as reported by the respective institutions at the measurement date.

The carrying values of financial instruments comprising cash and cash equivalents, restricted cash, prepaid assets, accounts payable, accounts receivable and due from related parties receivables excluding the receivables from the Advisory Agreements approximate fair values due to the short-term maturities of these instruments.

The Company estimates the fair value of the credit facility using level two inputs.

The Company estimates the fair value of the credit facility using Level 2 inputs.

The Company discounts the future cash flows using current interest rates which the Company could obtain similar borrowings.

The Company's derivative assets and liabilities consist principally of interest rate collars, which are carried at fair value based on Level 2 inputs.

Derivatives entered into by the Company are typically executed over-the-counter and are valued using discounted cash flows along with Black-Scholes option valuation models, where applicable, that primarily use market observable inputs.

These models take into account a variety of factors including, where applicable, maturity, interest rate yield curves, and counterparty credit risks.

See Note 11 for additional information.

The Company estimates the fair value of the due from related parties associated with the Advisory Agreements based on the current expectation of payments.

If the payments are not expected to be made on a short-term basis, the fair value is estimated using level three inputs and a discounted cash flow model.

See Note 12 for further details.

The Company has a contingent consideration liability related to the acquisition of Bonaccord that was measured at fair value using level three inputs and a discounted cash flow model.

As of December 31, 2024 , the contingent consideration is considered fully earned and was paid on January 24, 2025 so the value is carried at the full balance of unpaid contingent consideration and is no longer subject to fair value measurements.

The Company also had a contingent consideration liability related to the acquisition of Hark, that was valued using level three inputs and a discounted cash flows model, which was paid in full on July 27, 2023.

As a result of the settlement of the contingent consideration, no value is recorded as of December 31, 2024 and December 31, 2023 .

If the payments are not expected to be made on a short-term basis, the fair value is estimated using Level 3 inputs and a discounted cash flow model.

See Note 13 for further details on the Advisory Agreements.

Derivative Instruments and Hedging Activities

The Company is exposed to interest rate risk on our variable rate borrowings.

To manage exposure to changes in interest rates, the Company uses derivative instruments, including interest rate collars, which limit exposure to rising rates while allowing partial participation in lower rates.

The accounting for changes in the value of derivatives depends on whether the derivative has been designated and qualifies for hedge accounting in accordance with ASC 815, Derivatives and Hedging ("ASC 815").

Derivatives that are not designated as hedges are recorded at fair value with changes recognized in net income on the Consolidated Statements of Operations.

The Company applies cash flow hedge accounting to its interest rate collar agreements.

To qualify for hedge accounting treatment, a derivative must be highly effective in offsetting changes in the expected future cash flows of the hedged item attributable to the hedged risk.

Documentation of the hedging relationship, risk management objectives, and the method for assessing hedge effectiveness is completed at hedge inception and updated on an ongoing basis.

See Note 11 for additional information.

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Revenue is recognized when, or as, the Company transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services.

While the determination of who the customer is in a contractual arrangement will be made on a contract-by-contract basis, the customer will generally be the investment fund for the Company’s significant management and advisory contracts.

While the determination of who the customer is in a contractual arrangement will be made on a contract-by-contract basis, the customer will generally be the Funds or its limited partners for the Company’s significant management and advisory contracts.

Management and Advisory Fees

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These fees are recorded as deferred revenues on the Consolidated Balance Sheets due to the performance obligation not being satisfied at the time of collection.

For asset management and advisory services, the Company typically satisfies its performance obligations over time as the services are provided as a distinct series of daily performance obligations that the customer simultaneously benefits from as they are performed.

Asset management fees are based on the contractual terms of each contract which differ, such as fees calculated based on committed capital or deployed capital, fees initially calculated based on committed capital during the investment period and on net invested capital through the remainder of the fund's term, fees that step down during specified periods of the fund's term, or in limited instances, fees based on assets under management.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

as they are performed.

Asset management fees and advisory services fees are based on the contractual terms of each contract which differ, such as fees calculated based on committed capital or deployed capital, fees initially calculated based on committed capital during the investment period and on net invested capital through the remainder of the fund's term, fees that step down during specified periods of the fund's term, or in limited instances, fees based on assets under management.

At contract inception, no revenue is estimated as the fees are dependent variable amounts which are susceptible to factors outside of our control.

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In certain asset management and advisory agreements progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice.

Advisory service fees are determined using fixed-rate fees and are recognized over time as the related services are delivered.

Other advisory services include transaction and management fees associated with managing the origination and ongoing compliance of certain investments.

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The Company does not adjust the promised amount of consideration for the effects of a significant financing component if, at each contract inception the Company expects that the period between services being provided and cash collection would be less than one year.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

estimating the discount rate that would be reflected in a separate financing transaction between the customer and the Company at contract inception, based upon the credit characteristics of the customer receiving financing in the contract.

To the extent the Company determines that there is a significant financing component in a contract with a customer, it determines the impact of the time value of money in adjusting the transaction price to account for the income associated with the financing component by estimating the discount rate that would be reflected in a separate financing transaction between the customer and the Company at contract inception, based upon the credit characteristics of the customer receiving financing in the contract.

The Company is applying the optional disclosure exemption for variable consideration for unsatisfied performance obligations, as the variable consideration relates to these unsatisfied performance obligations being fulfilled as a series.

The performance obligations related to these contracts are expected to be satisfied over the next 1 - 10 years as services are provided to the customer.

Catch-up fees are earned from investors that make commitments to previously launched fund after the first fund closing occurs, but during the fundraising period.

Catch-up fees are earned from investors that make commitments to a previously launched fund after the first fund closing occurs, but during the fundraising period.

Contractual terms require the investors to pay a catch-up fee as if they had committed to the fund at the first closing.

Catch-up fees are recorded as revenue when such commitments are made as variable consideration.

During 2023, one fund managed by the Company experienced a change in management at one of the underlying portfolio company's it invested it.

During 2023, one fund managed by the Company experienced a change in management at one of the underlying portfolio companies it invested in.

The fund’s investment thesis and documents required the original manager to continue managing the underlying portfolio company.

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Other revenue on our Consolidated Statements of Operations primarily consists of subscriptions, consulting agreements, interest income, and referral fees.

Interest income is from interest bearing fund bank accounts managed by the Company and is additional consideration per the Limited Partner Agreements.

Interest income is from interest bearing fund bank accounts managed by the Company and is consideration per the Limited Partner Agreements.

Interest income is recognized as it is earned.

1 unchanged sentence

If subscriptions or fees have been paid in advance, these fees are recorded as deferred revenues on our Consolidated Balance Sheets.

Referral fee revenue is recognized upon closing of certain opportunities.

Referral fee revenue is recognized upon closing of certain opportunities, which is when the performance obligation has been satisfied.

Current income tax expense represents our estimated taxes to be paid or refunded for the current period.

In accordance with ASC 740, Income Taxes ("ASC 740"), we recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards.

Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the differences are expected to reverse.

Valuation allowances are recorded to reduce deferred tax assets to the amount we believe is more likely than not to be realized.

Deferred tax assets and liabilities are measured using enacted tax rates in effect

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

for the year in which the differences are expected to reverse.

Valuation allowances are recorded to reduce deferred tax assets to the amount we believe are more likely than not to be realized.

Uncertain tax positions are recognized only when we believe it is more likely than not that the tax position will be upheld on examination by the taxing authorities based on the merits of the position.

We recognize interest and penalties, if any, related to uncertain tax positions in income tax expense.

We file various federal and state and local tax returns based on federal and state local consolidation and stand-alone tax rules as applicable.

Earnings (Loss) Per Share

We file various federal, state, and local tax returns based on federal, state, and local consolidation and stand-alone tax rules as applicable.

Earnin gs (Loss) Per Share

Basic earnings (loss) per share (“EPS”) is calculated by dividing net income/(loss) attributable to common stockholders by the weighted-average number of common shares.

2 unchanged sentences

See Note 17 for additional information.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

When the Company is in a net income position, the denominator in the computation of diluted EPS is impacted by additional common shares that would have been outstanding if dilutive potential shares of common stock had been issued.

Potential shares of common stock that may be issued by the Company include shares of common stock that may be issued upon exercise of outstanding stock options as well as the vesting of restricted stock units.

Also included in the diluted EPS denominator are the units of P10 Intermediate owned by the sellers of WTI, assuming the option to exchange the units for shares of Class A common stock of the Company is exercised in full.

Also included in the diluted EPS denominator are the units of Ridgepost, LLC owned by the sellers of WTI, assuming the option to exchange the units for shares of Class A common stock of the Company is exercised in full.

Under the treasury stock method, the unexercised options are assumed to be exercised at the beginning of the period or at issuance, if later.

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Stock-Based Compensation Expense

Stock-based compensation relates to grants for shares of P10 awarded to our employees through stock options as well as RSUs awarded to employees and RSAs issued to non-employee directors as compensation for service on the Company's board.

Stock compensation expense for awards that cliff-vest after a service period is recorded ratably over the vesting period at the fair market value on the grant date.

Stock-based compensation relates to grants for shares of Ridgepost awarded to our employees through stock options as well as RSUs awarded to employees and RSAs issued to non-employee directors as compensation for service on the Company's board.

Stock compensation expense for awards that cliff-vest after a service period or both a service condition and a performance condition that is likely to be met is recorded ratably over the vesting period at the fair market value on the grant date.

For awards with graded vesting, and vesting only requires a service condition, the Company elected, in accordance with ASC 718, Compensation - Stock Compensation ("ASC 718"), to treat these awards as single awards for recognition purposes and recognize compensation on a straight-line basis over the requisite service period of the entire award.

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The Company evaluates the probability of vesting at each reporting period.

Unvested units are remeasured quarterly against performance metrics as a liability on the Consolidated Balance Sheets.

Refer to Note 15 for further discussion.

Unvested units are remeasured quarterly against performance metrics as a liability or equity, in accordance with GAAP, on the Consolidated Balance Sheets.

Forfeitures are recognized as they occur.

Refer to Note 16 for further discussion.

Segment Reporting

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The CODM, who is responsible for allocating resources and assessing performance of the reportable segment, has been identified as the Chief Executive Officer.

The CODM assesses performance for the single segment and decides how to allocate resources based on consolidated net income that also is reported on the Consolidated Statements of Operations as net income/(loss).

The CODM assesses performance for the single segment and decides how to

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

allocate resources based on consolidated net income that also is reported on the Consolidated Statements of Operations as net income/(loss).

The measure of segment assets is reported on the Consolidated Balance Sheets as total assets.

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The Company includes the results of operations of acquired businesses beginning on the respective acquisition dates.

In accordance with ASC 805, the Company allocates the purchase price of an acquired business to its identifiable assets and

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

liabilities based on the estimated fair values using the acquisition method.

In accordance with ASC 805, the Company allocates the purchase price of an acquired business to its identifiable assets and liabilities based on the estimated fair values using the acquisition method.

The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill.

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The Company uses all available information to estimate fair values of identifiable intangible assets and property acquired.

In making these determinations, the Company may engage an independent third-party valuation specialist to assist with the valuation of certain intangible assets, notes payable, and tax amortization benefits.

In making these determinations, the Company may engage an independent third-party valuation specialist to assist with the valuation of certain intangible assets and tax assets and liabilities.

The consideration for certain of our acquisitions may include liability classified contingent consideration, which is determined based on formulas stated in the applicable purchase agreements.

3 unchanged sentences

For business acquisitions, the Company recognizes the fair value of goodwill and other acquired intangible assets, and estimated contingent consideration at the acquisition date as part of purchase price.

This fair value measurement is based on unobservable (Level 3) inputs.

These non-recurring fair value measurements are based on unobservable (Level 3) inputs.

Dividends are reflected in the consolidated financial statements when declared.

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The adoption of ASU 2016-13 did not have a material impact on the Company's consolidated financial statements.

Effective January 1, 2023, the Company adopted ASU 2021-08, which amends ASC 805 to “require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination.” Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date.

Effective January 1, 2023, the Company adopted ASU 2021-08, Accounting for Contrat Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"), which amends ASC 805 to “require acquiring entities to apply Topic 606

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

to recognize and measure contract assets and contract liabilities in a business combination.” Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date.

The adoption of ASU 2021-08 did not have a material impact on the Company's consolidated financial statements.

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The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value.

The amen d ments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction.

The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction.

The adoption of ASU 2022-03 did not have a material impact on the Company's consolidated financial statements.

On November 27, 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosure ("ASU 2023-07"), which requires incremental disclosures related to a public entity's reportable segments.

Required disclosures include, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, an amount for other segment items (which is the difference between segment revenue less segment expenses and less segment profit or loss) and a description of its composition, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.

Effective January 1, 2024, the Company adopted ASU 2024-01, Compensation - Stock Compensation (Topic 718) - Scope Application of Profits Interest and Similar Awards ("ASU 2024-01"), which is intended to reduce the complexity in determining whether a profits interest award is subject to Topic 718.

The adoption of the update did not have an impact on the Company's consolidated financial statements.

Effective January 1, 2024, the Company adopted ASU 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires incremental disclosures related to a public entity's reportable segments.

Required disclosures include, on an annual and interim basis, significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount for other segment items (which is the difference between segment revenue less segment expenses and less segment profit or loss) and a description of its composition, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.

The standard also permits disclosure of more than one measure of segment profit.

ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

The Company adopted ASU

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

2023-07 for the year ended December 31, 2024 with the additional disclosures above included in our Consolidated Financial Statements.

The Company included the additional required disclosures above in the consolidated financial statements.

Refer to Note 18.

Effective January 1, 2025, the Company adopted ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09") to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid.

The Company included the additional required disclosures above in the consolidated financial statements.

Refer to Note 15.

Pronouncements Not Yet Adopted

On December 14, 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09") to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid.

ASU 2023-09 is effective for annual periods beginning January 1, 2025.

The Company is evaluating the effects of these amendments on its financial reporting.

On November 4, 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("DISE") ("ASU 2024-03"), which requires additional disclosure of the nature of expenses included in the Consolidated Statements of Operations.

The standard requires disclosures about specific type of expenses included in the expense captions presented on the face of the Consolidated Statements of Operations as well as disclosures about selling expenses.

On November 4, 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income - Expense Disaggregation Disclosures ("ASU 2024-03"), which requires additional disclosure of the nature of expenses included in the Consolidated Statements of Operations.

The standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the Consolidated Statements of Operations as well as disclosures about selling expenses.

ASU 2024-03 is effective for our fiscal year beginning on January 1, 2027, and interim periods beginning on January 1, 2028.

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The Company is evaluating the effects of these amendments on our financial reporting.

On May 12, 2025, the FASB issued ASU 2025-03, Determining the Accounting Acquirer in the Acquisition of a VIE ("ASU 2025-03), which replaces the requirement that the primary beneficiary always is the acquirer in an acquisition transaction of a VIE with language to require the entities to determine the accounting acquirer through consideration of factors listed in ASC 805-10-55-12 through 55-15.

ASU 2025-03 is effective for our fiscal year beginning on January 1, 2026.

The adoption of ASU 2024-03 will not have a material impact on the Company's consolidated financial statements.

On September 18, 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"), which removed all references to project stages throughout Subtopic 350-40.

This standard requires entities to start capitalizing software costs when both management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used.

ASU 2025-06 is effective for our fiscal year beginning on January 1, 2028.

The Company is evaluating the effects of these amendments on our financial reporting.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

Qualitas Acquisition

On April 4, 2025 , the Company completed the Qualitas purchase for total consideration of $ 73.8 million.

The acquisition was accounted for as a business combination under the acquisition method of accounting pursuant to ASC 805.

Qualitas is a Madrid-based private equity investing platform that provides fund-of-funds, direct co-investing and NAV financing opportunities in the European lower-middle market to limited partners across the ultra-high-net-worth, family office, and institutional channels.

The fair value consisted of $ 24.4 million in net assets and $ 49.4 million in goodwill.

The following is a summary of consideration paid:

Fair value of equity consideration

Fair value of contingent consideration

Total purchase consideration

The fair value of the contingent consideration was calculated using a Monte Carlo simulation based on future net revenue projections of Qualitas, acquisition specific terms and conditions, and a risk adjusted discount rate.

The determined risk adjusted discount rate for the contingent consideration of 12.8 % is a significant unobservable input.

The following table presents the fair value of the net assets acquired as of the acquisition date:

Cash and cash equivalents

Accounts receivable

Due from related parties

Prepaid expenses and other assets

Property and equipment, net

Right-of-use assets

Intangible assets, net

Total assets acquired

Accounts payable and accrued expenses

Accrued compensation and benefits

Deferred revenues

Lease liabilities

Deferred tax liabilities

Total liabilities assumed

Net identifiable assets acquired

Net assets acquired

The fair value of the identifiable intangible assets was calculated using a discounted cash flow model, based on risk adjusted discount rates, and projections of future fund revenues.

The determined risk adjusted discount rates for the

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

identifiable intangible assets ranged from 15.5 % to 17 %.

The determined risk adjusted discount rates were a significant unobservable input.

The following table presents the fair value of the identifiable intangible assets acquired:

Value of management and advisory contracts

Value of direct investors and intermediary relationships

Value of trade name

Value of technology

Total identifiable intangible assets

The goodwill recorded as part of the acquisition includes the expected benefits that management believes will result from the acquisition, including the Company's build out of its investment product offering.

The following presents revenues disaggregated by nature:

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Our contract liabilities represent deferred revenue.

We record contract liabilities when cash payments are received or due in advance of our performance.

The contract liabilities balance had a net decrease of $ 0.2 million from $ 12.8 million as of December 31, 2023 to $ 12.6 million as of December 31, 2024 primarily driven by satisfying performance obligations for cash payments received in advance.

We record contract liabilities when cash payments are received in advance of our performance.

We recognized $ 12.0 million of revenue in 2025 that was included in the contract liabilities balance as of December 31, 2024 .

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This SAA provides the third-party the right to receive 15 % of the net management fee earnings, which includes the management fees minus applicable expenses, for Bonaccord Fund I and subsequent funds, paid quarterly, in exchange for funding certain amounts of capital commitments to the fund.

Net management fee earnings the third-party has the right to receive is based on the total capital committed.

For the years ended December 31, 2024, 2023, and 2022 , the strategic alliance expense reported was $ 4.5 million, $ 1.5 million, and $ 0.7 million, respectively.

The amount of net management fee earnings the third-party has the right to receive is based on their total capital committed.

For the years ended December 31, 2025, 2024, and 2023 , the strategic alliance expense reported was $ 0.7 m illion, $ 4.5 million, and $ 1.5 million, respectively.

This is reported on the Consolidated Statements of Operations as strategic alliance expense in operating expenses.

Within 60 days following the final closing of Bonaccord Fund II ("Fund II"), the third-party has the opportunity to acquire, at the price at the time of the original acquisition, equity interests in Bonaccord based on the amount of commitment made.

For each $ 5.0 million, up to a maximum of $ 250.0 million in irrevocable capital commitments to Fund II, the third-party can acquire 10 basis points up to a maximum of 5 % equity in Bonaccord.

After the final closing of Bonaccord Fund II ("Fund II"), the third-party had the opportunity to acquire, at the price at the time of the original acquisition, equity interests in Bonaccord based on the amount of commitment made.

For each $ 5.0 million, up to a maximum of $ 250.0 million in irrevocable capital commitments to Fund II, the third-party could acquire 10 basis points up to a maximum of 5 % equity in Bonaccord.

The third party would be entitled to receive distributions of net management fee earnings by the percentage acquired, retroactive to the date of the first close in Fund II.

The maximum commitment requirement has been met as of December 31, 2024 .

Fund II has reached the final close, and the

The maximum commitment requirement has been met and Fund II reached the final close on December 24, 2024.

Effective April 1, 2025, the third-party exercised their option to acquire equity in Bonaccord which entitled them to receive the distributions of net management fee earnings by the maximum 5 % percentage acquired.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

Company believes it is probable that the third-party will exercise the option to acquire equity in Bonaccord and accrues an additional 5 % of net management fee earnings, which is included in the strategic alliance expense.

If executed, the purchase price shall be reduced by the amount of management fee distributions which the third-party would have been paid as of the initial closing of Fund II.

Similar terms apply for Bonaccord Fund III ("Fund III") with the exception that the third-party can acquire 9.8 basis points for every $ 5.0 million committed up to 4.9 %.

This commitment has not yet been met as of December 31, 2024 as Fund III has not yet started raising capital and as such, there is no impact to the consolidated financial statements.

If commitment conditions to funds subsequent to Funds II and III are not satisfied, then within 60 days of the final closing of such subsequent fund giving rise to the condition not being satisfied, the Company may elect to repurchase the equity granted to the third-party.

Simultaneously with the third-party exercising their option to acquire equity in Bonaccord, the Company and the third party entered into an agreement whereby the 15 % of the net management fee earnings was converted into a 15 % equity interest in Bonaccord.

As a result of these transactions, the third-party now has a total of 20 % equity interest in Bonaccord.

The new agreement allows for quarterly cash distributions to the third party equal to 20 % net management fee earnings, with all other distributions being provided to the Company.

The portion of income or loss and the corresponding equity attributable to third-party equity holder is recognized in non-controlling interest on the consolidated financial statements.

The Company recognized $ 6.5 million, $ 0 and $ 0 loss on the conversion of the right to receive 15 % of net management fee earnings to a 15 % equity interest in Bonaccord for the years ended December 31, 2025, 2024, and 2023, respectively, which is included in other loss on the Consolidated Statements of Operations.

The same third-party also has the option to purchase equity in Bonaccord under similar terms for Bonaccord Fund III ("Fund III"), except for every $ 5 million committed, up to a maximum of $ 250.0 million in irrevocable capital commitments to Fund III, the third party can purchase 9.8 basis points, up to maximum of 4.9 %.

This maximum commitment has been met as of December 31, 2025.

Fund III has not yet reached the final close, but the Company believes it is probable that the third-party will exercise the option to acquire equity in Bonaccord.

If exercised, the purchase price shall be reduced by the amount of management fee distributions which the third-party would have been paid as of the initial closing of Fund III.

For funds subsequent to Fund III, the third-party has continual commitment conditions.

If these commitment conditions are not satisfied, then within 60 days of the final closing of such subsequent fund, the Company may elect to repurchase the equity granted to the third-party from exercising their options related to Fund II and Fund III.

The repurchase shall be at the fair market value of such equi ty at that point in time.

8 unchanged sentences

Principal payments will be made periodically from mandatorily required payments from available cash flows at BCP.

As of December 31, 2024 , the full $ 5.0 million has been drawn and the balance outstanding is $ 5.2 million, which includes unpaid accrued interest added to the outstanding principal balance.

As of December 31, 2025, the balance outstanding is $ 5.1 million, which includes unpaid accrued interest added to the outstanding principal balance.

The maturity date of the note receivable is September 30, 2031 .

2 unchanged sentences

The term of the additional notes is five years , maturing on October 13, 2028 with all principal due at maturity.

The notes accrue interest at SOFR plus 2.10% and are payable annually on October 13th in arrears, with any unpaid accrued interest being capitalized and added to the outstanding principal balance.

The notes accrue interest at Secured Overnight Financing Rate ("SOFR") plus 2.10% and are payable annually on October 13th in arrears, with any unpaid accrued interest being capitalized and added to the outstanding principal balance.

As of December 31, 2025, the balance outstanding is $ 1.2 million, which includes unpaid accrued interest added to the outstanding principal balance.

The third consists of a Loan Agreement and Secured Promissory Notes that were executed on September 26, 2024 between Bonaccord Capital Advisors and certain general partners to lend funds to pay general partners commitments to a certain fund managed by Bonaccord.

The notes provides an aggregate maximum facility of $ 4.0 million, of which $ 1.1 million of cash, was an initial draw in aggregate to certain general partners on December 20, 2024 and are collateralized by such general partners' interest in a certain fund as of December 31, 2024 with a maturity date of September 26, 2034 .

The notes accrue interest at SOFR plus 2.10% and are payable quarterly in arrears , with any unpaid accrued interest being capitalized and added to the outstanding principal balance.

The third consists of a Loan Agreement and Secured Promissory Notes that were executed on September 26, 2024 between Bonaccord and certain general partners to lend funds to pay general partners commitments to certain funds managed by Bonaccord.

The notes provide an aggregate maximum facility of $ 4.0 million and are collateralized by such general partners' interest in the funds with a maturity date of September 26, 2034 .

The notes accrue interest at SOFR plus 2.10% and are payable quarterly , with any unpaid accrued interest being capitalized and added to the outstanding principal balance.

SOFR is determined on the first day of each quarter.

2 unchanged sentences

The Company recognized interest income associated with these notes of $ 0.4 million, $ 0.4 million and $ 0.3 million for the years ended December 31, 2025, 2024 and 2023 , respectively.

Variable Interest Entities

Consolidated VIEs

VIEs consist of certain operating entities not wholly owned by the Company and include P10 Intermediate, Holdco, RCP 2, RCP 3, TrueBridge, Hark, Bonaccord, and WTI.

The assets of the consolidated VIEs totaled $ 587.9 million and $ 579.4 million as of December 31, 2024 and December 31, 2023 , respectively.

The liabilities of the consolidated VIEs

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

totaled $ 463.3 million and $ 397.6 million as of December 31, 2024 and December 31, 2023, respectively.

The assets of our consolidated VIEs are owned by those entities and not generally available to satisfy P10’s obligations.

With the exception of the Credit Facility, the liabilities of our consolidated VIEs are obligations of those entities and their creditors do not generally have recourse to the assets of P10.

Variable Interest Entities

Consolidated VIEs

The Company consolidates certain VIEs for which it is the primary beneficiary.

VIEs consist of certain operating entities not wholly owned by the Company and include Ridgepost, LLC, Holdco, RCP 2, RCP 3, TrueBridge, Hark, Bonaccord, WTI, and Qualitas.

The assets of the consolidated VIEs totaled $ 644.3 m illion and $ 587.9 million as of December 31, 2025 and December 31, 2024 , respectively.

The liabilities of the consolidated VIEs totaled $ 511.5 million and $ 463.3 million as of December 31, 2025 and December 31, 2024, respectively.

The assets of our consolidated VIEs are owned by those entities and not generally available to satisfy Ridgepost’s obligations.

With the exception of the Company's credit facilities, the liabilities of our consolidated VIEs are obligations of those entities and their creditors do not generally have recourse to the assets of Ridgepost.

Unconsolidated VIEs

7 unchanged sentences

As of December 31, 2025, investment in unconsolidated subsidiaries totaled $ 1.4 million, of which $ 0.8 million related to RCP's investment in a privately held investment manager, $ 0.5 million related to ECG’s asset management businesses and $ 0.1 million related to ECG’s tax credit finance businesses.

As of December 31, 2023 , investment in unconsolidated subsidiaries totaled $ 1.7 million, of which $ 0 million related to RCP's investment in a privately held investment manager, $ 1.7 million related to ECG’s asset management businesses and $ 0 related to ECG’s tax credit finance businesses.

As of December 31, 2024 , investment in unconsolidated subsidiaries totaled $ 2.8 million, of which $ 0.8 million related to RCP's investment in a privately held investment manager, $ 1.9 million related to ECG’s asset management businesses and $ 0.1 million related to ECG’s tax credit finance businesses.

Property and Equipment

3 unchanged sentences

Computers and purchased software

Capitalized software

Furniture and fixtures

2 unchanged sentences

Total property and equipment, net

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

Goodwill and Intangibles

1 unchanged sentence

Balance at December 31, 2023

Purchase price adjustment

Increase from acquisitions

Balance at December 31, 2024

Purchase price adjustment

Increase from acquisitions

Change related to foreign currency translations

Balance at December 31, 2025

During the year ended December 31, 2023, there was a revision to the provisional fair value of the WTI tradenames as a result of obtaining new information that was not available at acquisition.

This revision resulted in a purchase price adjustment of $ 0.6 million to goodwill and intangible assets.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

Intangibles consists of the following:

As of December 31, 2024

Gross Carrying

Intangibles consists of the following as of December 31, 2025:

Investor and Intermediary Relationships

Management and Advisory Contracts

Gross Carrying Amount

Indefinite-lived intangible assets:

Total indefinite-lived intangible assets

Balance as of December 31, 2024

Adjustment for fully amortized intangibles

Impact of exchange rate movements

Balance as of December 31, 2025

Finite-lived intangible assets

Balance as of December 31, 2024

Adjustment for fully amortized intangibles

Impact of exchange rate movements

Balance as of December 31, 2025

Accumulated Amortization

Balance as of December 31, 2024

Amortization expense

Adjustment for fully amortized intangibles

Impact of exchange rate movements

Balance as of December 31, 2025

Total intangible assets, net balance as of December 31, 2025

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

Intangibles consists of the following as of December 31, 2024:

Investor and Intermediary Relationships

Management and Advisory Contracts

Total finite-lived intangible assets

Total intangible assets

As of December 31, 2023

Gross Carrying

Gross Carrying Amount

Indefinite-lived intangible assets:

Total indefinite-lived intangible assets

Balance as of December 31, 2023

Impact of exchange rate movements

Balance as of December 31, 2024

Finite-lived intangible assets

Management and advisory contracts

Total finite-lived intangible assets

Total intangible assets

Balance as of December 31, 2023

Impact of exchange rate movements

Balance as of December 31, 2024

Accumulated Amortization

Balance as of December 31, 2023

Amortization expense

Balance as of December 31, 2024

Total intangible assets, net balance as of December 31, 2024

Management and advisory contracts and finite lived trade names are amortized over 7 - 20 years and are being amortized in line with the economic benefits that are expected to occur.

Technology is amortized on a straight-line basis over 4 years.

Technology is generally amortized on a straight-line basis or in line with the economic benefits that are expected to occur over 4 years.

Direct investors and intermediary relationships are being amortized in line with the economic benefits that are expected to occur over 13 years.

The amortization expense for each of the next five years and thereafter are as follows:

Total amortization

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

Fair Value Measurements

9 unchanged sentences

Debt Obligations

As of December 31, 2024 and December 31, 2023, debt obligations' carrying value approximates fair value due to the recent market transaction executed and the variable rate feature of these obligations.

Earnouts associated with the acquisitions of Bonaccord and Hark

Included in total consideration of the acquisition of Bonaccord is an earnout payment not to exceed $ 20 million.

The amount ultimately owed to the sellers is based on achieving specific fundraising targets and any amounts paid to the sellers is required to be paid by October 2027, at which point the earnout expires.

Payments are made after each close.

As of December 31, 2024 , the full $ 20.0 million earnout payment has been earned.

The Company has paid $ 17.8 million since inception, of which $ 4.7 million was paid in the year ended December 31, 2024 and $ 5.8 million was paid in the year ended December 31, 2023 .

The remaining $ 2.2 million was paid on January 24, 2025.

Total remeasurement expense recognized for the years ended December 31, 2024, 2023, and 2022 was $ 0.2 million , $ 0.5 million and $ 0.3 million, respectively.

This is included in contingent consideration expense on the Consolidated Statements of Operations.

As of December 31, 2024, with all contingent consideration for the acquisition of Bonaccord considered fully earned, the liability transfers out of Level 3 fair value measurement as the liability is recorded at cost at the known payment amount.

Until considered fully earned, the Company's contingent consideration was considered to be a Level 3 fair value measurement as the significant inputs are unobservable and require significant judgment or estimation.

Included in the total consideration of the acquisition of Hark is an earnout not to exceed $ 5.4 million.

Total remeasurement expense recognized for the years ended December 31, 2024, 2023, and 2022 totaled $ 0 , $ 0.1 million, and $ 1.5 million, respectively.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

As of December 31, 2025 and December 31, 2024, debt obligations' carrying value approximates fair value.

Earnouts associated with the acquisitions of Bonaccord, Hark, and Qualitas

Included in the total consideration of the acquisition of Hark was an earnout not to exceed $ 5.4 million.

Total remeasurement expense recognized for the years ended December 31, 2025, 2024, and 2023 totaled $ 0 , $ 0 , and $ 0.1 million, respectively.

This is included in contingent consideration expense on the Consolidated Statements of Operations.

The entirety of the Hark contingent consideration of $ 5.4 million was paid during the year ended December 31, 2023.

The following table provides details regarding the classification of these liabilities within the fair value hierarchy as of the dates presented:

Included in total consideration of the acquisition of Bonaccord in September 2021 was an earnout payment not to exceed $ 20 million.

The amount ultimately owed to the sellers was based on achieving specific fundraising targets and any amounts paid to the sellers was required to be paid by October 2027, at which point the earnout expires.

Payments were made after each fund close.

As of December 31, 2025 , the full $ 20.0 million earnout payment has been earned and paid, of which $ 2.2 million was paid in the year ended December 31, 2025 and $ 4.7 million was paid in the year ended December 31, 2024.

Total remeasurement expense recognized for the years ended December 31, 2025, 2024, and 2023 was $ 0 , $ 0.2 million and $ 0.5 million, respectively.

This is included in contingent consideration expense on the Consolidated Statements of Operations.

As of December 31, 2024, with all contingent consideration for the acquisition of Bonaccord considered fully earned, the liability transferred out of Level 3 fair value measurement as the liability is recorded at cost at the known payment amount.

As of December 31, 2025 , there were no remaining earnout liabilities related to the Bonaccord acquisition.

On April 4, 2025, included in total consideration of the Qualitas acquisition was an earnout pay ment not to exceed € 31.7 million.

The amount ultimately owed to the sellers is based on the run-rate net revenue as of December 31, 2027 from newly launched Qualitas funds post-acquisition.

Any earnout payment will be paid no later than December 31, 2028 in a mix of cash and Class A common stock at the seller's election, with no more than 65 % payable in cash.

As of December 31, 2025 , no earnout payment has been earned or paid.

Total remeasurement expense recognized for the year ended December 31, 2025 was $ 2.9 million, which was included in contingent consideration expense on the Consolidated Statements of Operations.

Derivative instruments and hedging activities

In September 2025, the Company entered into an interest rate collar agreement to hedge the variability in cash flows associated with its variable-rate borrowings under the Amended and Restated Credit Agreement (as defined below).

The collar has a notional amount of $ 211.3 million, effective as of September 30, 2025, and a termination date of August 1, 2028 .

The collar references the 3-month United States Dollar ("USD") SOFR Chicago Mercantile Exchange ("CME") term rate ("USD-SOFR-CME"), with a cap strike rate of 4.25 % and a floor strike rate of 2.31 %.

The Company records the effective portion of changes in the fair value of its cash flow hedges to other comprehensive income/(loss), net of tax, and subsequently reclassifies these amounts into earnings in the period during which the hedged transaction is recognized.

Any changes in fair value of hedges that are determined to be ineffective are immediately reclassified from accumulated other comprehensive income into earnings.

For the year ended December 31, 2025, the Company recorded an unrealized gain on interest rate derivatives, net of tax for $ 0.1 million, which is included in other comprehensive income/(loss).

The Company estimates that an insignificant amount currently recorded in accumulated other comprehensive income will be recognized in earnings over the next 12 months.

When derivatives are used, the Company is exposed to credit loss in the event of non-performance by the counterparties;

non-performance risk is incorporated into the valuation of the hedges, but non-performance by any of our derivative counterparties is not anticipated.

ASC 815 requires companies to recognize all derivative instruments as either

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

assets or liabilities at fair value in the balance sheet.

The fair values of the interest rate derivatives are based on quoted market prices for similar instruments from commercial banks, which are significant observable inputs or Level 2 inputs.

The amounts included in accumulated other comprehensive income will be reclassified to interest expense should the hedges no longer be considered effective.

No amount of ineffectiveness was included in net income for the year ended December 31, 2025.

The Company will continue to assess the effectiveness of the hedges on an ongoing basis.

The following table presents all recurring items measured at fair value as of December 31, 2025:

As of December 31, 2025

Derivative assets

Contingent consideration obligation

Total liabilities

For the liabilities presented in the table above, there were no changes in fair value hierarchy levels during the year ended December 31, 2023.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

For the liabilities and assets presented in the table above, there were no changes in fair value hierarchy levels during the year ended December 31, 2025.

The changes in the fair value of Level III financial instruments are set forth below:

3 unchanged sentences

Change in fair value

Impact of exchange rate movements

Transfers out of level 3 measurement

4 unchanged sentences

The contingent consideration liability is included in contingent consideration on the Consolidated Balance Sheets.

Changes in the fair value of the liability are included in contingent consideration expense on the Consolidated Statements of Operations.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

Debt Obligations

14 unchanged sentences

On August 1, 2024, the Company entered into a restatement agreement, which amends and restates the Credit Agreement (the "Amended and Restated Credit Agreement").

The Amended and Restated Credit Agreement provides for a new senior secured revolving credit facility in the amount of $ 175 million, with a $ 10 million sublimit for the issuance of letters of credit (the "New Revolving Facility"), and a new senior term loan facility in the amount of $ 325 million (the "New Term Loan" and, together with the New Revolving Facility, the "New Credit Facilities").

The New Credit Facilities were used to refinance and replace the credit facilities under the Credit Agreement and for general corporate purposes, including acquisitions.

The New Credit Facilities are "Term SOFR Loans" meaning loans bearing interest based upon the "Adjusted Term SOFR Rate".

The Amended and Restated Credit Facilities were used to refinance and replace the credit facilities under the Credit Agreement and for general corporate purposes, including acquisitions.

The Amended and Restated Credit Facilities are "Term SOFR Loans" meaning loans bearing interest based upon the "Adjusted Term SOFR Rate".

The Adjusted Term SOFR Rate is the Secured Overnight Financing Rate ("SOFR") at the date of election, plus 2.60 %.

The Company can elect one or three months for the New Revolver Facility and one, three, or six months for the New

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

Term Loan, which the Company elected a six-month SOFR rate on the New Term Loan.

Principal for the New Term Loan is contractually repaid at a rate of 1.25 % on the New Term Loan quarterly effective December 31, 2025.

The Company can elect one or three months for the New Revolving Facility and one, three, or six months for the New Term Loan.

Principal for the New Term Loan is contractually repaid at a rate of 1.25% quarterly effective December 31, 2025.

The New Revolving Credit Facility has no contractual principal repayments until maturity, which is August 1, 2028 for both facilities.

The New Credit Facilities are guaranteed by the Company's subsidiaries, subject to customary exceptions, and are secured by liens on substantially all assets of the Company, P10 Intermediate and the Company's guarantor subsidiaries, subject to customary exceptions.

The Amended and Restated Credit Agreement contains affirmative and negative covenants typical of such financing transactions, and specific financial covenants which require P10 to maintain a minimum leverage ratio.

As of December 31, 2024, P10 was in compliance with its financial and other covenants required under the facility.

The Amended and Restated Credit Facilities are guaranteed by the Company's subsidiaries, subject to customary exceptions, and are secured by liens on substantially all assets of the Company, Ridgepost, LLC and the Company's guarantor subsidiaries, subject to customary exceptions.

As of December 31, 2025, Ridgepost was in compliance with its financial and other covenants required under the facility.

For the years ended December 31, 2025, 2024, and 2023, $ 25.9 million, $ 24.1 million, and $ 20.4 million of interest expense was incurred, respectively.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

Future principal maturities of debt as of December 31, 2025 are as follows:

Related Party Transactions

Effective January 1, 2021, the Company entered into a sublease with 210 Capital, LLC, a related party, for office space serving as our corporate headquarters.

The monthly rent expense is $ 20.3 thousand, and the lease expires December 31, 2029 .

In the fourth quarter of 2022, the Company sublet an additional amount of office space in the corporate headquarters.

This contributed an additional $ 3.4 thousand monthly.

P10 has paid $ 0.3 million, $ 0.3 million and $ 0.3 million in rent to 210 Capital, LL C for the years ended December 31, 2024, 2023, and 2022, respectively.

As of December 31, 2024, this is no longer a related party transaction.

Effective January 1, 2021, the Company entered into a sublease with 210 Capital, LLC, then a related party, for office space that served as our corporate headquarters until June 2025.

Ridgepost has paid $ 0.2 million, $ 0.3 million and $ 0.3 million in rent to 210 Capital, LL C for the years ended December 31, 2025, 2024, and 2023, respectively.

As of December 31, 2024 and December 31, 2025, this is no longer a related party transaction.

As described in Note 1, through its subsidiaries, the Company serves as the investment manager to the Funds.

Certain expenses incurred by the Funds are paid upfront and are reimbursed from the Funds as permissible per fund agreements.

As of December 31, 2024, the total accounts receivable from the Funds totaled $ 42.5 million , of which $ 12.1 million related to reimbursable expenses and $ 30.4 million related to fees earned but not yet received.

As of December 31, 2023 , the total accounts receivable from the Funds totaled $ 18.9 million, of which $ 5.5 million related to reimbursable expenses and $ 13.4 million related to fees earned but not yet received.

As of December 31, 2025, the total accounts receivable from the Funds totaled $ 38.8 million , of which $ 24.7 million related to fees earned but not yet received and $ 14.1 million related to reimbursable expenses.

As of December 31, 2024 , the total accounts receivable from the Funds totaled $ 42.5 million, of which $ 30.4 million related to fees earned but not yet received and $ 12.1 million related to reimbursable expenses.

Reimbursable expenses and fees earned but not yet received are included in due from related parties and accounts receivable on the Consolidated Balance Sheets, respectively.

In certain instances, the Company may incur expenses related to specific products that never materialize and therefore would not be reimbursed and expensed at that time.

Upon the closing of the Company’s acquisition of ECG and ECP, the Advisory Agreement between ECG and Enhanced PC immediately became effective.

Under this agreement, ECG provides advisory services to Enhanced PC related to the assets and operations of the permanent capital subsidiaries owned by Enhanced PC, as contributed by both ECG and ECP.

Upon the closing of the Company’s acquisition of ECG, the Advisory Agreement between ECG and Enhanced PC immediately became effective.

Under this agreement, ECG provides advisory services to Enhanced PC related to the assets and operations of the permanent capital subsidiaries owned by Enhanced PC.

ECG provides advisory services relating to new projects undertaken by Enhanced PC under additional arrangements governed by the terms of the Advisory Agreement.

2 unchanged sentences

As of December 31, 2025, certain of the Company's contracts with Enhanced PC contained a significant financing component, as a result of the Company's expectation that the period between services being provided and cash collection will exceed one year.

Interest income related to the identified significant financing component was insignificant for the year ended December 31, 2024 .

No significant financing components were identified for the years ended December 31, 2023 and 2022.

As of December 31, 2024, the total contractual advisory fees are $ 115.1 million ove r ten years .

These agreements are subject to customary termination

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

Since inception, $ 79.4 million of the total $ 115.1 million advisory fees have been recognized as revenue.

There was $ 35.7 million in remaining performance obligations related to these agreements, which will be recognized between January 1, 2025 and December 31, 2031.

Interest income related to the identified significant financing component wa s $ 0.3 million and $ 45.2 thousand for the years ended December 31, 2025 and December 31, 2024 .

No significant financing components were identified for the year ended December 31, 2023.

As of December 31, 2025, the total contractual advisory fees are $ 119.6 million ove r eleven years inclusive of new projects added since inception.

These agreements are subject to customary termination provisions.

Since inception , $ 93.8 million of the total $ 119.6 m illion advisory fees have been recognized as revenue.

There was $ 25.8 million in remaining performance obligations related to these agreements, which will be recognized between January 1, 2026 and April 30, 2032.

For the years ended December 31, 2025, 2024, and 2023, advisory fees earned or recognized under this agreement were $ 14.2 million, $ 17.3 million and $ 20.9 million, respectively, and is reported in management and advisory fees on the Consolidated Statements of Operations.

As of December 31, 2025 and December 31, 2024, the associated receivable was $ 80.0 million and $ 65.8 million, respectively, and is included in due from related parties on the Consolidated Balance Sheets.

The Company invoices Enhanced PC quarterly in arrears and earns interest on balances not paid within 30 days.

Revenues from interest were $ 1.1 million, $ 0.7 million, and $ 0.3 million for the years ended December 31, 2024, 2023, and 2022, respectively, which is included in management and advisory fees on the Consolidated Statements of Operations.

As of December 31, 2024 and December 31, 2023 , the associated receivable was $ 65.8 million and $ 48.5 million and is included in due from related parties on the Consolidated Balance Sheets.

As of December 31, 2024 and December 31, 2023 , the associated interest receivable was $ 2.2 million and $ 1.1 million and is included in due from related parties on the Consolidated Balance Sheets.

Revenues from interest on outstanding balances were $ 1.4 million, $ 1.1 million, and $ 0.7 million for the years ended December 31, 2025, 2024, and 2023, respectively, which is included in management and advisory fees on the Consolidated Statements of Operations.

As of December 31, 2025 and December 31, 2024, the associated interest receivable was $ 3.9 million and $ 2.2 million, respectively, and is included in due from related parties on the Consolidated Balance Sheets.

Payment is expected to be collected as the permanent capital subsidiaries complete and liquidate multi-year projects covered under this agreement.

Upon the closing of the Company’s acquisition of ECG and ECP, the Administrative Services Agreement between ECG and Enhanced Capital Holdings, Inc.

(“ECH”), the entity which holds a controlling equity interest in ECP, immediately became effective.

Under th is agreement, ECG pays ECH for the use of their employees to provide services at the direction of ECG.

Upon the closing of the Company’s acquisition of ECG, the Administrative Services Agreement between ECG and Enhanced Capital Holdings, Inc.

("ECH"), immediately became effective.

Under this agreement, ECG pays ECH for the use

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

of their employees to provide services at the direction of ECG.

The Company recognized $ 11.5 million, $ 13.6 million and $ 13.2 million for the years ended December 31, 2025, 2024 and 2023, respectively, related to this agreement within compensation and benefits on our Consolidated Statements of Operations.

5 unchanged sentences

The Crossroads Advisory Agreement provides for ECG to receive a services fee of approximately 1.5 % per year of the capital deployed by Crossroads under the Crossroads Advisory Agreement ( 0.375 % quarterly) and an incentive fee of 15 % over a 7 % hurdle rate.

In relation to the strategic partnership with Crossroads effective September 10, 2021 and the Crossroads Advisory Agreement, the Company recognized $ 6.1 million, $ 8.9 million, and $ 4.4 million of fees for the years ended December 31, 2024, 2023, and 2022, respectively, which is included in management and advisory fees on the Consolidated Statements of Operations.

In relation to the strategic partnership with Crossroads effective September 10, 2021 and the Crossroads Advisory Agreement, the Company recognized $ 0 , $ 6.1 million, and $ 8.9 million of fees for the years ended December 31, 2025, 2024, and 2023, respectively, which is included in management and advisory fees on the Consolidated Statements of Operations.

On July 6, 2022, certain funds managed by the Company purchased 4,646,840 shares of Crossroads common stock at $ 10.76 per share, for an aggregate amount of approximately $ 50 million.

1 unchanged sentence

The funds managed by the Company do not have the ability to change the investment strategy of Crossroads.

Two former members of the Board of Directors of the Company are directors of Crossroads and have recused themselves from any decisions related to Crossroads or CPF.

Two former members of the Board of Directors of the Company were directors of Crossroads and had recused themselves from any decisions related to Crossroads or CPF.

The Company recognizes an annual fee from the funds of $ 20 thousand of which $ 20 thousand, $ 20 thousand, and $ 20 thousand have been recognized for the years ended December 31, 2025, 2024, and 2023, respectively, which is included in management and advisory fees on the Consolidated Statements of Operations.

4 unchanged sentences

Clifford is not considered a related party to the Company.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

As part of the Clifford arrangement, Enhanced Clifford (GP) LLC ("Clifford GP"), a direct subsidiary of ECH, was formed.

2 unchanged sentences

Refer to Note 14 for further details.

Upon the closing of the Bonaccord acquisition on September 30, 2021, an Advance Agreement and Secured Promissory Note was signed with BCP, an entity that was formed by employees of the Company.

Additional Secured Promissory Notes were signed with certain Bonaccord employees on October 13, 2023.

The Company has an Advance Agreement and Secured Promissory Notes with BCP, an entity that was formed by employees of the Company and certain Bonaccord employees and certain Bonaccord general partners.

For details, see Note 6.

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Operating Leases

The Company leases office space and various equipment under non-cancelable operating leases, with the longest lease expiring in 2032.

The Company leases office space and various equipment under non-cancellable operating leases, with the longest lease expiring in 2036.

These lease agreements provide for various renewal options.

Rent expense for the various leased office space and equipment was approximately $ 5.7 million, $ 4.3 million, and $ 3.9 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company leases an insignificant amount of office equipment under non-cancelable financing leases, with the longest lease expiring in 2028.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

The Company leases an insignificant amount of office equipment under non-cancellable financing leases, with the longest lease expiring in 2030.

The finance lease right-of-use asset is included in right-of-use assets and the finance lease liability is included in lease liabilities in the Consolidated Balance Sheets.

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Operating lease liabilities

Cash paid during the year ended December 31, 2024 for operating lease liabilities

Net cash paid during the year ended December 31, 2025 for operating lease liabilities

Weighted-average remaining lease term (in years)

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Payment to both sellers and employees is contingent on continued employment and, therefore, these earnout payments are recorded as compensation and benefits expense on the Consolidated Statements of Operations.

Payments will be made in cash, with the option to pay up to 50.0 % in units of P10 Intermediate, no later than 90 days following the last day of the calendar quarter in which a milestone payment is achieved.

Payments will be made in cash, with the option to pay up to 50.0 % in units of Ridgepost, LLC, no later than 90 days following the last day of the calendar quarter in which a milestone payment is achieved.

Total payments will not exceed $ 70.0 million and any amounts paid will be paid by October 2027.

The Company will evaluate whether each earn-out hurdle is probable of occurring and recognize an expense over the period the hurdle is expected to be achieved.

As of December 31, 2024, the Company has determined that only the first two EBITDA hurdles are probable of being achieved.

For the years

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

ended December 31, 2024, 2023, and 2022, $ 12.3 million, $ 21.0 million, and $ 5.2 million of expense was recognized, respectively, which is included in compensation and benefits in the Consolidated Statements of Operations.

As of December 31, 2024 and December 31, 2023, the balance was $ 38.5 million and $ 26.2 million, respectively, which is included in accrued compensation and benefits in the Consolidated Balance Sheets.

No payments have been made on the earnout.

As of December 31, 2024, the Company expected the first two of three EBITDA hurdles to be achieved.

As of December 31, 2025, the first hurdle has been achieved, however the Company no longer expects the second or third EBITDA hurdles to be achieved.

The change in estimate for the second EBITDA hurdle resulted in a $ 3.5 million reversal of expense recognized for the year ended December 31, 2025, which is included in compensation and benefits in the Consolidated Statements of Operations.

For the years ended December 31, 2024, and December 31, 2023, $ 12.3 million and $ 21.0 million of expense was recognized, respectively, which is included in compensation and benefits in the Consolidated Statements of Operations.

As of December 31, 2025 , the Company paid $ 35.0 million for the achievement of the first EBITDA hurdle and there was no remaining liability related to the WTI earnout.

As of December 31, 2024 , the balance was $ 38.5 million, respectively, which is included in accrued compensation and benefits in the Consolidated Balance Sheets.

Bonus Payment

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As part of these employment agreements, certain employees may receive a one-time bonus payment if the employee is employed by the Company as of the fifth anniversary of the effective date and the trailing-twelve month EBITDA of WTI at that time is equal to or greater than $ 20.0 million.

Payment can be made in cash or stock of P10, provided that no more than $ 5.0 million will be payable in cash.

Payment can be made in cash or stock of Ridgepost, provided that no more than $ 5.0 million will be payable in cash.

Total payment will not exceed $ 10.0 million and any amounts will be paid in October 2027, the fifth anniversary of the effective date.

For the years ended December 31, 2024, 2023, and 2022, the Company recognized $ 2.0 million , $ 2.0 million, and $ 0.4 million of expense, respectively, which is included in compensation and benefits on the Consolidated Statements of Operations.

As of December 31, 2024 and December 31, 2023, the balance was $ 4.4 million and $ 2.4 million, respectively, and is included in accrued compensation and benefits on the Consolidated Balance Sheets.

As of December 31, 2024, the Company expected the trailing-twelve month EBITDA target

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

was probable to be met, however as of December 31, 2025, the Company no longer expects the EBITDA target to be met.

The change in estimate resulted in a $ 4.4 million reversal of expense recognized for the year ended December 31, 2025, which is included in compensation and benefits on the Consolidated Statements of Operations.

For the years ended December 31, 2024 and 2023 , the Company recognized $ 2.0 million and $ 2.0 million of expense, respectively, which is included in compensation and benefits on the Consolidated Statements of Operations.

As of December 31, 2025 and December 31, 2024, the balance was $ 0 and $ 4.4 million, respectively, and is included in accrued compensation and benefits in the Consolidated Balance Sheets.

Revenue Share Arrangement

The Company recognizes accrued contingent liabilities and contingent payments to customers assets in the Consolidated Balance Sheets for agreements that exist between ECG and third party customers.

The Company recognizes accrued contingent liabilities and contingent payments to customers assets in the Consolidated Balance Sheets for agreements that exist between ECG and third party customers ("Third Parties").

The agreements require ECG to share in certain revenues earned with the Third Parties and also include an option for the Third Parties to sell back the revenue share to ECG at a set multiple.

Additionally, ECG holds the option to buy back 50% of the revenue share at a set multiple.

Both options are not exercisable until a certain period of time has lapsed per the agreements.

The options to repurchase the revenue share initially became exercisable in July 2025.

Some Third Parties exercised their rights to sell back their revenues during 2025.

For the year ended December 31, 2025 , the Company paid $ 2.4 million to the Third Parties that exercised their rights to sell back their revenues.

The remaining Third Parties extended their participations.

As a result of this extension the Third Parties' do not have the ability to exercise their options until December 23, 2028.

The Company’s contingent liabilities and corresponding contingent payments to customers are recognized once determined to be probable and estimable.

The contingent payments to customers are amortized and recorded within management and advisory fees on the Consolidated Statements of Operations over the estimated term of the revenue share agreements.

The contingent payments to customers are amortized and recorded within management and advisory fees on the Consolidated Statements of Operations over the estimated term of the underlying funds.

As of December 31, 2025, the Company has determined that the put options are probable of being exercised and have accrued estimated contingent liabilities and contingent payments to customers.

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The Company will reassess each period and recognize all changes.

On December 23, 2024, the Company became a guarantor for Clifford GP on a related put option and call option with the same third party party customers and terms.

On December 23, 2024, the Company became a guarantor for Clifford GP on a related but separate put option and call option with the same Third Parties and terms.

The Company would be required to settle either the put or call options if either are exercised and Clifford GP does not have the means to settle themselves.

The Company's accrued contingent liabilities are recognized once determined that it is probable the Company would need to settle as guarantor and estimable and would record a loss at the same time.

As of December 31, 2024 and December 31, 2023 , the associated liabilities were $ 10.1 million and $ 0 , respectively, and are included in accrued contingent liabilities on the Consolidated Balance Sheets.

The Company recognized a loss of $ 10.1 million for the year ended December 31, 2024, which is included in other (loss)/income on the Consolidated Statements of Operations.

T here was no expense recognized f or the years ended December 31, 2023, and December 31, 2022.

The Company will reassess each period and recognize all changes.

The Company records accrued contingent liabilities when it is probable and estimable that the Company would need to settle as guarantor.

In association with the Third Parties that exercised their rights to sell back their revenues, the Company paid $ 2.0 million to those Third Parties on behalf of Clifford GP for the year ended December 31, 2025.

As of December 31, 2025 and December 31, 2024, the associated liabilities were $ 9.7 million and $ 10.1 million, respectively, and are included in accrued contingent liabilities on the Consolidated Balance Sheets.

The Company recognized a loss of $ 1.6 million and $ 10.1 million for the years ended December 31, 2025 and December 31, 2024, respectively, which is included in other loss on the Consolidated Statements of Operations.

T here was no expense recognized f or the year ended December 31, 2023.

The Company will reassess each period and recognize changes when necessary.

Dispute Resolutions

In 2024, the Company resolved a business dispute with a service provider for $ 1.2 million, which was recognized in other (expense)/income on the Consolidated Statements of Operations.

In 2024, the Company resolved a business dispute with a service provider for $ 1.2 million, which was recognized in other loss on the Consolidated Statements of Operations.

On January 2, 2025, the Company received the $ 1.2 million payment.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

Departure of Chief Operating Officer

William "Fritz" Souder, the Company's Chief Operating Officer ("COO"), retired from P10 in May of 2024.

Associated with his retirement, the COO received $ 1.2 million of severance payments.

As of December 31, 2024 and December 31, 2023 , the Company has $ 0 and $ 1.2 million of severance payable related to the retirement, which is included in accrued compensation and benefits in the Consolidated Balance Sheets.

The Company recognized $ 0 , $ 1.2 million, and $ 0 of severance expense related to the retirement for the years ended December 31, 2024, 2023, and 2022, respectively, which is included in compensation and benefits in the Consolidated Statements of Operations.

Purchase Agreement

On September 16, 2024, the Company ("Buyer") entered into an equity purchase agreement (the "Purchase Agreement") with Qualitas Equity Funds SGEIC, S.A.

("Qualitas"), Qualitas Funds Holdco, S.L.

("Seller"), Sergio Garcia Huertas and Eric Todd Halverson, pursuant to which, subject to the satisfaction or waiver of specified conditions, Buyer would acquire all of the issued and outstanding equity interests of Qualitas (the "Transaction").

The consideration payable to complete the transaction consists of $ 42.3 million in cash and 2,068,794 shares of the Company's Class A Common Stock.

Of this amount of Class A Common Stock, 1,669,990 shares will be delivered at closing, with 398,804 shares being subject to a five-year holdback to cover certain indemnification obligations of the Seller during the holdback period.

The number of shares to be delivered was calculated based on the daily volume weighted averages of the Class A common Stock for the 20 consecutive trading days ending on September 11, 2024 which was $ 10.03 per share.

Up to an additional € 31.7 million in consideration (an Earn-Out Payment") may be payable based on the run-rate net revenue as of December 31, 2027 from new funds for Qualitas raised after closing.

Any Earn-Out Payment will be paid in a mix of cash and Class A Common Stock at Seller's election, with no more than 65 % payable in cash.

The Transaction is expected to close in the first quarter of 2025, subject to customary closing conditions.

Contingencies

We may be involved, either as plaintiff or defendant, in a variety of ongoing claims, demands, suits, investigations, tax matters and proceedings that arise from time to time in the ordinary course of our business.

We evaluated all potentially significant litigation, government investigations, claims or assessments in which we are involved and disclosed anything more likely than not to be recognized below.

We evaluated all potentially significant litigation, government investigations, claims or assessments in which we are involved and disclosed anything

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

more likely than not to be recognized below, if any are applicable.

We do not believe that any of these matters, individually or in the aggregate, will result in losses that are materially in excess of amounts already recognized, if any.

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The subsidiary of Enhanced Capital completed non-binding mediation in July 2023 and a settlement was negotiated which was paid in the fourth quarter of 2023.

The total settlement was $ 3.6 million of which the insurance carrier contributed $ 1.5 million, and the Company continues to explore additional recovery.

The total settlement was $ 3.6 million of which the insurance carrier contributed $ 1.5 million.

For the year ended December 31, 2023, the total expense associated with the litigation was $ 2.1 million in other (expense)/income on the Consolidated Statements of Operations.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

The Company is subject to income taxes in the United States.

The Company accounts for income taxes under ASC 740.

The components of the provision for (benefit from) income taxes for the years ended December 31, 2025, 2024, and 2023 are as follows (in thousands):

For the Years Ended

Total Current

Total Deferred

Income tax expense

Income (loss) before income tax expense

United States

Income (loss) before income tax expense

Current tax expense (benefit)

state and local

Total current tax expense

Deferred tax expense (benefit)

state and local

Total deferred tax expense

Total tax expense

state and local

Total worldwide tax expense

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

The following is a reconciliation of the statutory federal income tax rate to the Company's effective tax rate for the years ended December 31, 2025, 2024, and 2023 are as follows:

For the Years Ended

Federal statutory rate

Noncontrolling interest

State taxes, net of federal benefit

Nondeductible expenses

Expiration of net operating losses and tax credits

Valuation allowance increase/decrease

Uncertain tax positions

Return to provision adjustments and change in tax rates

Effective rate

Income tax expense at US federal statutory rate

State and local taxes, net of federal benefit (a)

Foreign tax effects

Changes in valuation allowance

Nontaxable or nondeductible items

Contingent consideration

Share-based payment awards

162m limitation

Transaction fees

Non-controlling interests

Effective tax rate

(a) The state and local jurisdictions that make up a majority of state and local income tax category are Illinois, New York, Louisiana, North Carolina, and New York City.

The table below summarizes cash taxes paid (net of refunds received) for the years ended December 31, 2025, 2024, and 2023.

The jurisdictions included below represents cash taxes paid (net of refunds received) equal to or greater than 5% of total cash taxes paid.

For the Years Ended

Cash taxes paid

state and local

North Carolina

New York City

state and local

Total cash taxes paid

*The amount of income taxes paid during the year does not meet the 5% disaggregation threshold.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

The components of deferred tax assets as of December 31, 2024 and December 31, 2023 are as follows:

The components of deferred tax assets as of December 31, 2025 and 2024 are as follows:

Deferred tax assets:

Stock compensation

Interest expense

Passthrough activity—investment in partnerships

Net operating losses and credit carryforwards

Investment in partnerships

Other deferred tax asset

Net operating losses, interest expense, and credit carryforwards

Total deferred tax assets

Valuation allowance for deferred tax assets

Deferred tax assets, net of valuation allowance

Total deferred tax assets, net of valuation allowance

Deferred tax liabilities:

Other deferred tax liability

Total deferred tax liabilities

As of December 2025, the Company had an outside basis difference in its investment in Qualitas, a foreign subsidiary, primarily attributable to unremitted earnings and cumulative translation adjustments.

The Company considers the earnings of these subsidiaries to be indefinitely reinvested, and accordingly, no deferred tax liability has been recorded for the U.S.

federal or state tax consequences of such earnings or related outside-basis differences.

Furthermore, the Company is a U.S.

corporation and that there are no federal income tax consequences for the undistributed foreign earnings as the Company expects its undistributed earnings to be subject to the 100 % dividend-received deduction.

As of December 31, 2025, the amount of unrecognized deferred tax liability on the undistributed earnings from our foreign subsidiary that we intend to indefinitely reinvest is not material.

The deferred taxes are also not recorded on cumulative translation adjustments where the indefinite reversal exception applies.

Valuation allowances are established when necessary to reduce deferred tax assets to the amount that are more-likely-than-not expected to be realized based on the weighing of positive and negative evidence.

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This assessment remains valid for 2025, and no adjustments have been made to this valuation allowance.

The remaining $ 1.4 million valuation allowance is against the NOLs that are expected to expire without being used.

The remaining $ 1.4 million valuation allowance is against certain NOLs that are expected to expire without being used.

However, should there be a change in the ability to recover deferred tax assets, the income tax provision would either increase or decrease in the period when the assessment is modified.

As of December 31, 2024, the Company had federal carryforwards of approximately $ 60.2 million (net of $ 4.1 million uncertain tax reserve).

On July 4, 2025, the One Big Beautiful Bill ("OBBBA") was enacted in the United States.

The legislation includes significant provisions, such as permanent extensions and modifications of certain provisions of the Tax Cuts and Jobs Act and modifications to the U.S.

international tax system.

The OBBBA contains multiple effective dates, with certain provisions taking effect in 2025, 2026, and 2027.

The OBBBA's provisions did not have a material impact on our consolidated financial position for the year ended December 31, 2025.

We will continue to evaluate the future impacts of these legislative changes as additional supplemental guidance becomes available.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

The post-rate effected federal NOLs (net of uncertain tax reserve) amount is $ 10.4 million.

The federal NOL carryforward may expire beginning in 2035, if not utilized.

This includes $ 64.3 million that may expire between 2033-2039.

The Company is expected to use the majority of the federal NOLs before expiration based on historical taxable income, projected future taxable income, and the expected timing of the reversals of existing temporary differences.

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To the extent that the final tax outcome of these matters is different than the amount recorded, such difference will affect the provision for income taxes and the effective tax rate in the period in which such determination is made.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

The reconciliation of the Company's unrecognized tax benefits, which is included in deferred tax assets, net on the Consolidated Balance Sheets, at the beginning and end of the year is as follows:

The reconciliation of the Company's unrecognized tax benefits, which are included in both deferred tax assets, net and accounts payable and accrued expenses liabilities on the Consolidated Balance Sheets, at the beginning and end of the year is as follows:

For the Years Ended

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The uncertain tax position is primarily related to imputed interest, and research and development credits.

The 2023 decrease of $ 0.5 million resulted from the release of the state exposure related to the intercompany interest expense.

This release was due to the statute of the limitation expired in the states where the uncertain tax positions existed.

The Company does not anticipate any significant changes to the unrecognized tax benefits within the next twelve months.

The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.

1 unchanged sentence

The Company is subject to U.S.

federal income tax as well as income tax of multiple state jurisdictions.

The Company is not currently under audit in any other income tax jurisdictions.

We are generally subject to U.S.

federal and state tax examinations for all tax years since 1999 due to our net operating loss carryforwards and the utilization of the carryforwards in years still open under statute.

federal income tax as well as various state and foreign tax jurisdictions.

The Company is not under audit in any other income tax jurisdictions.

In general, the Company remains subject to examination by U.S.

federal and state tax authorities for all years since 2002, due to net operating loss carryforwards and their utilization in years still open under statute.

Additionally, all tax years in Spain since 2021 remain open under applicable statutes.

Stockholders' Equity

Equity-Based Compensation

On July 20, 2021, the Board of Directors approved the P10 Holdings, Inc.

Stock Incentive Plans

On July 20, 2021, the Board of Directors approved the Ridgepost, Inc.

2021 Stock Incentive Plan (the "Plan"), which replaced the 2018 Incentive Plan ("2018 Plan"), our previously existing equity compensation plan.

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When the options are exercised, the Board of Directors has the option of issuing shares of common stock or paying a lump sum cash payment on the exercise date equal to the difference between the common stock’s fair market value on the exercise date and the option price.

Terms of all future awards will be granted under the Plan, and no additional awards will be granted under the 2018 Plan.

Terms of all future awards will be granted under

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

the Plan, and no additional awards will be granted under the 2018 Plan.

Awards granted under the 2018 Plan continue to follow the 2018 Plan.

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On December 9, 2022, a special meeting of stockholders was held to increase the number of shares issuable under the Plan by 4,000,000 shares.

On June 14, 2024, at the Annual Meeting of Stockholders, the shareholders authorized an increase of 11,000,000 shares that may be issued under the Plan, resulting in a total of 29,300,000 shares available for grant under the Plan and the 2018 Plan.

As of December 31, 2024 , there are 10,532,611 shares available for grant under the Plan.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

On June 14, 2024, at the Annual Meeting of Stockholders, the shareholders authorized an increase of 11,000,000 shares available under the Plan, resulting in a total of 29,300,000 shares available for grant under the Plan and the 2018 Plan.

As of December 31, 2025 , there are 7.9 million shares available for grant under the Plan.

Stock Repurchase Plan

The Board approved a program to repurchase shares of our Class A and Class B common stock (the "Share Repurchase Program").

As of December 31, 2025 and December 31, 2024, the Board has approved $ 157.0 million and $ 92.0 million, respectively, for share repurchase under the Share Repurchase Program.

As of December 31, 2025, $ 136.0 million has been spent to buy back shares under this program and there is $ 21.0 million remaining for authorized repurchases under this program.

Equity-Based Compensation - Stock Options

A summary of stock option activity for the years ended December 31, 2025 and December 31, 2024 is as follows:

18 unchanged sentences

Expected life is based on the vesting period and expiration date of the option.

Until October 2023, stock price volatility was estimated based on a group of similar publicly traded companies determined to be most reflective of the expected volatility of the Company due to the nature of operations of these entities.

Since October 2023, stock price volatility is estimated using a weighted average of P10 and a group of similar publicly traded companies determined to be most reflective of the expected volatility of the Company due to the nature of operations of these entities.

Until October 2023, stock price volatility was estimated based on a group of similar publicly traded companies determined to be most reflective of the expected volatility of the Company due to

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

the nature of operations of these entities.

Since October 2023, stock price volatility is estimated using a weighted average of Ridgepost and a group of similar publicly traded companies determined to be most reflective of the expected volatility of the Company due to the nature of operations of these entities.

The risk-free rates are based on the U.S.

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Expected dividend yield

The Company has granted restricted stock awards ("RSAs") to certain non-employee directors.

Equity-Based Compensation - Restricted Stock Awards ("RSAs")

The Company has granted RSAs to certain non-employee directors.

Holders of RSAs have no voting rights and accrue dividends until vesting with payment being made once they vest.

When RSAs vest, the awards

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

are generally settled in equity.

When RSAs vest, the awards are generally settled in equity.

All of the shares currently vest one year from the grant date.

3 unchanged sentences

The total associated income tax benefit was $ 1.0 million, $ 0.6 million, and $ 0.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Unrecognized stock-based compensation expense related to outstanding unvested stock options as of December 31, 2024 was $ 0.4 million and is expected to be recognized over a weighted average period of 0.45 years .

Unrecognized stock-based compensation expense related to outstanding unvested RSAs as of December 31, 2025 was $ 0.5 million and is expected to be recognized over a weighted average period of 0.45 years.

Any future forfeitures will impact this amount.

5 unchanged sentences

Outstanding as of December 31, 2025

The Company has granted restricted stock units ("RSUs") to certain employees.

Equity-Based Compensation - Restricted Stock Units ("RSUs")

The Company has granted RSUs to certain employees.

Holders of RSUs have no voting rights and generally are not eligible to receive dividends or other distributions paid with respect to any RSUs that have not vested.

When RSUs vest, the awards are generally settled in equity net of employee tax withholdings.

Compensation expense equal to the grant date fair value is recognized for these awards over the vesting period and is included in compensation and benefits in the Consolidated Statements of Operations.

Compensation expense equal to the grant date fair

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

value is recognized for these awards over the vesting period and is included in compensation and benefits in the Consolidated Statements of Operations.

RSU compensation cost is estimated at the grant date based on the fair value of the award, which is based on one of the following methods:

(1) the closing market price on the day of the grant, (2) the closing market price on the day prior to grant, or (3) a 30-day volume weighted average price ("VWAP") is recognized as expense ratably over the requisite service period of the awards.

Most of the shares currently vest one year from the grant date excluding certain executive RSUs, the Hark, Bonaccord, and Executive Market Units, which are discussed in more detail below.

The stock-based compensation expense for RSUs excluding the Hark, Bonaccord, Executive Transition, and Executive Market Units, which are discussed in more detail below, was $ 9.6 million , $ 17.1 million, and $ 6.0 million for the years ended December 31, 2024, 2023, and 2022, respectively, which is included in compensation and benefits on the Consolidated Statements of Operations.

Most of the shares currently vest one year from the grant date excluding certain executive RSUs, the Hark, Bonaccord, Additional Bonaccord, and Executive Market Units, which are discussed in more detail below.

The stock-based compensation expense for RSUs excluding the Hark, Bonaccord, Additional Bonaccord, Executive Transition, and Executive Market Units, which are discussed in more detail below, was $ 14.7 million , $ 9.6 million, and $ 17.1 million for the years ended December 31, 2025, 2024, and 2023, respectively, which is included in compensation and benefits on the Consolidated Statements of Operations.

The total associated income tax benefit was $ 13.8 million, $ 8.8 million, and $ 16.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Unrecognized stock-based compensation expense related to outstanding unvested stock options as of December 31, 2024 was $ 7.3 million and is expected to be recognized over a weighted average period of 1.01 years .

Unrecognized stock-based compensation expense related to outstanding unvested RSUs as of December 31, 2025 was $ 6.7 million and is expected to be recognized over a weighted average period of 0.8 years.

Any future forfeitures will impact this amount.

At the time of the Bonaccord acquisition, the Company entered into a Notice of Restricted Stock Units with certain employees of Bonaccord for grants of Restricted Stock Units ("Bonaccord Units") to be allocated to employees at a later date for meeting certain performance metrics.

The Bonaccord Units may not be transferred, sold, pledged, exchanged, assigned or otherwise encumbered or disposed of by any grantee until it has become vested.

On August 16, 2022, allocations were finalized pursuant to which an aggregate value of $ 17.5 million of units may vest at each future achievement of performance metrics .

The Company evaluates whether it is probable that the Bonaccord Units will vest and applies the tranche method to determine the amount of expense to recognize during the period.

As of December 31, 2024 , certain performance metrics have been met and specific employees have earned $ 17.5 million in value, of which $ 6.6 million was issued in shares and $ 6.9 million was issued in cash.

As of December 31, 2024, the remaining amount of $ 4.0 million is included in accrued compensation and benefits on the Consolidated Balance Sheets and was settled in cash on February 19, 2025.

An expense of $ 4.9 million, $ 5.6 million, and $ 7.0 million has been recorded for the years ended December 31, 2024, 2023, and 2022, respectively, which is included in compensation and benefits on the Consolidated Statements of Operations.

As of December 31, 2025 , certain performance metrics have been met and specific employees have earned and been paid $ 17.5 million in value of which $ 6.6 million was settled in shares and $ 10.9 million was settled in cash.

With the vesting in full of the Bonaccord Units, the Company entered into a Cash Bonus and Restricted Stock Unit Agreement ("Bonus and Unit Agreement") with certain employees of Bonaccord for grants of additional RSUs ("Additional Bonaccord Units") and cash bonus with a total aggregate value of $ 17.5 million, equaling a maximum of 1,457,119 Additional Bonaccord Units.

On May 12, 2025, $ 14.0 million was allocated to employees which included $ 2.1 million being settled as a cash bonus and 994,762 Additional Bonaccord Units valued at $ 11.9 million which would vest upon meeting certain performance metrics.

As of December 31, 2025 , an additional 291,424 of the Additional Units remain unallocated.

On May 12, 2025 the Company evaluated that all the Additional Bonaccord Units are probable to be earned.

The Company evaluates when it is probable that the Additional Bonaccord Units will vest and applies the tranche method to determine the amount of expense to recognize during the period.

Expense of $ 9.2 million, $ 4.9 million, and $ 5.6 million related to the Bonaccord Units and Additional Bonaccord Units has been recorded for the years ended December 31, 2025, 2024, and 2023, respectively, which is included in compensation and benefits on the Consolidated Statements of Operations.

The associated income tax benefit was $ 6.1 million, $ 5.7 million, and $ 4.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

At the time of the Hark acquisition, the Company entered into a Notice of Restricted Stock Units with an employee, which grants Restricted Stock Units ("Hark Units") for meeting a certain performance metric.

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All Hark Units have vested and been issued.

An expense of $ 0 , $ 0.3 million and $ 1.3 million have been recorded for the years ended December 31, 2024, 2023, and 2022, respectively, which is included in compensation and benefits on the Consolidated Statements of Operations.

The associated income tax benefit was $ 0 , $ 1.0 million, and $ 0 for the years ended December 31, 2024, 2023, and 2022, respectively.

At the time of Executive Transition, the Company entered into an Executive Transition Agreement with a certain former executive, which granted Restricted Stock Units ("Executive Transition Units") for meeting a service requirement.

The Executive Transition Units may not be transferred, s old, pledged, exchanged, assigned or otherwise encumbered or disposed of by any grantee until they have become vested.

The award has a stated value of $ 4.0 million and will be issued in $ 1.0 million increments quarterly beginning on October 20, 2023 and at the start of each of the following three quarters.

An expense of $ 0 , $ 0 and $ 0.3 million have been recorded for the years ended December 31, 2025, 2024, and 2023, respectively, which is included in compensation and benefits on the Consolidated Statements of Operations.

The associated income tax benefit was $ 0 , $ 0 , and $ 1.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

On October 23, 2023, the Company transitioned from our former co-CEOs to our current CEO ("Executive Transition").

The Company entered into an Executive Transition Agreement with a certain former executive, which granted Restricted Stock Units ("Executive Transition Units") for meeting a service requirement.

The award had a stated value of $ 4.0 million and was issued in $ 1.0 million increments quarterly beginning on October 20, 2023 and at the start of each of the following three quarters.

Each $ 1.0 million increment will vest one year following issuance.

Attributes of this award include graded vesting and service conditions, therefore, the expense recognition of this award is recognized on straight-line basis over the requisite service period of the award in line with the policy election discussed in Note 2.

As of December 31, 2024, all Executive Transition Units have vested and been issued.

For the years ended December 31, 2024 and December 31, 2023 , $ 3.5 million and $ 0.5 million, respectively, of stock compensation expense was recognized on the Consolidated Statements of Operations.

No stock compensation expense for these units was incurred for the year ended December 31, 2022.

A ll Executive Transition Units have vested and been issued as of December 31, 2024.

For the years ended December 31, 2025, 2024, and 2023 , $ 0 , $ 3.5 million and $ 0.5 million, respectively, of stock compensation expense was recognized on the Consolidated Statements of Operations.

The associated income tax benefit was $ 5.0 million for the year ended December 31, 2024 .

There was no associated income tax benefit for the years ended December 31, 2025 and December 31, 2023.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

At the time of Executive Transition, the Company entered into an Employment Agreement with a certain executive, which granted Restricted Stock Units ("Executive Market Units") for meeting a service requirement and achieving certain share price performance hurdles based on the thirty-day VWAP.

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The fair value was determined using a Monte Carlo simulation as of the executive's start date of October 23, 2023, and was determined to be $ 10.8 million.

As of December 31, 2024 , no ne of the Executive Market Units have vested.

For the years ended December 31, 2024 and December 31, 2023 , $ 2.7 million and $ 0.5 million, respectively, of stock compensation was recognized on the Consolidated Statements of Operations.

No stock compensation expense for these units was incurred for the year ended December 31, 2022 .

As of December 31, 2025, none of the Executive Market Units have vested.

For the years ended December 31, 2025, 2024, and 2023 , $ 2.7 million, $ 2.7 million and $ 0.5 million, respectively, of stock compensation was recognized on the Consolidated Statements of Operations.

There was no associated income tax benefit for the years ended December 31, 2025, 2024, and 2023.

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October 23, 2023

Expected life

Expected life (in years)

Expected volatility

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Expected dividend yield

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands,except per share amounts)

The below table excludes Executive Market Units that the market conditions have not been satisfied, and Bonaccord or Hark Units that were issued outside of the Plan, that have not vested and are recorded as a liability or vested and settled in cash.

The below table excludes Executive Market Units that the market conditions have not been satisfied, and Bonaccord Units that were issued outside of the Plan, that had not vested and were recorded as a liability or vested and settled in cash.

Weighted-Average Grant

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Outstanding as of December 31, 2025

Earnings (Loss) Per Share

E arnings (Loss) Per Share

The Company presents basic EPS and diluted EPS for our common stock.

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Diluted EPS reflects the potential dilution that could occur if shares of common stock were issued pursuant to our stock-based compensation awards.

For the years ended December 31, 2024 and December 31, 2022, diluted EPS also reflects the potential dilution that could occur assuming that all units in P10 Intermediate that were granted as a result of the WTI acquisition are converted to shares of Class A common stock.

For the years ended December 31, 2025 and December 31, 2024, diluted EPS also reflects the potential dilution that could occur assuming that all units in Ridgepost, LLC that were granted as a result of the WTI acquisition are converted to shares of Class A common stock.

Because the impact of these items is generally anti-dilutive during periods of net loss, there is no difference between basic and diluted loss per common share for periods with net losses.

The Company has Class A and Class B shares outstanding, therefore follows the two-class method.

However, the shares are entitled to the same amount of the Company's earnings therefore the earnings per share calculation for Class A and Class B shares will always be equivalent.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

The Company has Class A and Class B shares outstanding, therefore follows the two-class method.

However, the shares are entitled to the same amount of the Company's earnings therefore the earnings per share calculation for Class A and Class B shares will always be equivalent.

The following table presents a reconciliation of the numerators and denominators used in the computation of basic and diluted EPS:

Ended December 31,

For the Year Ended December 31,

Numerator for basic calculation—Net income/(loss)

attributable to P10

attributable to Ridgepost

Adjustment for:

Net income/(loss) attributable to noncontrolling interests in P10 Intermediate

Numerator for earnings/(loss) per share

Numerator for earnings/(loss) per share assuming dilution

Net income/(loss) attributable to noncontrolling interests in Ridgepost, LLC

Numerator for earnings/(losses) per share

Numerator for earnings/(losses) per share assuming dilution

Denominator for basic calculation—Weighted-

average shares outstanding, basic attributable to P10

average shares outstanding, basic attributable to Ridgepost

Weighted shares assumed upon exercise of partnership units

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options and vesting of restricted stock units

Denominator for earnings/(loss) per share assuming dilution

Earnings/(loss) per Class A share—basic

Earnings/(loss) per Class A share—diluted

Earnings/(loss) per Class B share—basic

Earnings/(loss) per Class B share—diluted

Weighted shares assumed upon the termination of an acquisition equity holdback period

Denominator for earnings/(losses) per share assuming dilution

Earnings/(losses) per Class A share—basic

Earnings/(losses) per Class A share—diluted

Earnings/(losses) per Class B share—basic

Earnings/(losses) per Class B share—diluted

The computations of diluted earnings per share on a weighted average basis would exclude 8.0 million options for the year ended December 31, 2025 and 8.8 million shares of common stock for the year ended December 31, 2024 , respectively, because the options were anti-dilutive.

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Customer Information

The Company derived 6.2%, 9.0%,and 11.2% of its total revenues from Enhanced P.C.

for the years ended December 31, 2024, 2023, and 2022 , respectively.

See Note 12 for further discussion.

No individual client constituted more than 10% of the Company's total revenues for the years ended December 31, 2025, 2024, and 2023 , respectively.

Refer to Note 4 for further details provided on the Company's source of revenues.

From time to time, a fund managed by the Company will constitute more than 10 % of the Company's total revenue due to catch-up fees, which are described in Note 2.

Catch-up fees are non-recurring in nature and as such these funds do not represent a concentration risk for the Company's revenue.

No other individual client constituted more than 10% of the Company's total revenues for the years ended December 31, 2024, 2023, and 2022 , respectively.

Refer to Note 3 for further details provided on the Company's source of revenues.

Geographic Information

The primary geographic region in which the Company invests is in the United States and the majority of its revenues are generated in the United States.

For the years ended December 31, 2024, 2023, and 2022 , most of the Company's revenues were generated in the United States.

No individual foreign country constituted more than 10 % of the Company's revenues for the years ended December 31, 2024, 2023, and 2022.

For the years ended December 31, 2025, 2024, and 2023, most of the Company's revenues

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

were generated in the United States.

No i ndividual foreign country constituted more than 10 % of the Company's revenues for the years ended December 31, 2025, 2024, and 2023.

The Company's long-lived assets consist of property and equipment, lease right-of-use assets, and finite-lived intangibles.

As of December 31, 2024 and December 31, 2023 , most of the Company's long-lived assets were in the United States.

No individual foreign country constituted more than 10 % of the Company's long-lived assets as of December 31, 2024 and December 31, 2023.

As of December 31, 2025, 77 % of the Company's long-lived assets were in the United States and 23 % of the Company's long-lived assets were in Spain.

As of December 31, 2024 , most of the Company's long-lived assets were in the United States.

No individual foreign country constituted more than 10 % of the Company's long-lived assets as of December 31, 2024.

Significant Segment Expense

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Net income/(loss)

(1) Other segment items included in net income/(loss) includes (i) contingent consideration expense, amortization of intangibles, strategic alliance expense, income tax expense, interest expense, net, as well as other (losses)/income, and (ii) one-time expenses excluded from the significant segment expenses.

(1) Other segment items included in net income/(loss) includes (i) contingent consideration expense, amortization of intangibles, strategic alliance expense, income tax expense, interest expense, net, as well as other loss , and (ii) one-time expenses excluded from the significant segment expenses.

(2) Management profit share represents compensation expense attributable to variable compensation structures tied to the profitability of our business, paid to senior employees.

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(1) The adjustments for one-time expenses relate primarily to (i) restructuring of the management team including signing bonus and severance;

and (ii) acquisition-related expenses which reflects the actual costs incurred during the period for the acquisition of new businesses, which primarily consists of bonuses not paid to employees directly related to the WTI acquisition.

(2) Management profit share represents compensation expense attributable to variable compensation structures tied to the profitability of our business, paid to senior employees.

and (ii) acquisition-related expenses which reflects the actual costs incurred during the period for the acquisition of new businesses, which primarily consists of bonuses paid to employees directly related to the acquisition of new businesses.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

(2) Management profit share represents compensation expense attributable to variable compensation structures tied to the profitability of our business, paid to senior employees.

The following table reconciles the components of professional fees, net of one-time expenses to their equivalent GAAP measures, reported in the Consolidated Statement of Operations for the years ended December 31, 2025, 2024, and 2023:

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(ii) acquisition-related expenses which reflects the actual costs incurred during the period for the acquisition of new businesses, which primarily consists of fees for professional services including legal, accounting, and advisory related to the acquisition;

(iii) the cost of financing our business and (iv) expenses related to debt refinancing.

(iii) the cost of financing our business and (iv) one-time advisory services related to technical accounting matters.

The following table reconciles the components of general, administrative and other, net of one-time expenses to their equivalent GAAP measures, reported in the Consolidated Statement of Operations for the years ended December 31, 2025, 2024, and 2023:

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Interest expense is reported on the Consolidated Statements of Operations as interest expense, net.

Interest income is reported on the Consolidated Statements of Operations within other (losses) and was $ 1.3 million for the year ended December 31, 2024 .

Interest income was insignificant for the years ended December 31, 2023 and December 31, 2022.

Interest income is reported on the Consolidated Statements of Operations within other loss and was $ 1.3 million and $ 1.3 million for the years ended December 31, 2025 and December 31, 2024 , respectively.

Interest income was insignificant for the years ended December 31, 2023.

Subsequent Events

The Board of Directors of the Company has declared a quarterly cash dividend of $ 0.035 per share of Class A and Class B common stock, payable on March 20, 2025, to the holders of record as of the close of business on February 28, 2025.

On February 11, 2025, the Board of Directors authorized an additional $ 40.0 million of outstanding Class A and B shares of the Company's stock under the Stock Repurchase Program.

On February 14, 2025, the Company granted to employees 2,271,044 options under the 2021 Incentive Plan.

The options generally vest 25 % a year starting with the second anniversary of the date of grant and expire ten years from the grant date.

The Board of Directors of the Company has declared a quarterly cash dividend of $ 0.0375 per share of Class A and Class B common stock, payable on Marc h 20, 2 026 , to the holders of record as of the close of business on February 27, 2026 .

In February 2026, the Company granted to employees 2,829,713 restricted stock units under the 2021 Incentive Pla n.

The vesting conditions of the RSUs generally follow either (1) 25 % a year starting with the second anniversary of the date of grant or (2) vest on the first anniversary of the date of grant.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in tables stated in thousands, except per share amounts)

On February 14, 2025, the Company granted to employees 828,116 restricted stock units under the 2021 Incentive Plan.

The RSUs generally vest on the first anniversary of the date of grant with a certain employee's RSU vest 25 % a year starting with the first anniversary of the date of grant.

On February 4, 2026 , Ridgepost Capital, LLC, a subsidiary of the Company, entered into an interest purchase agreement to acquire Stellus Capital Management, LLC ("Stellus"), a U.S.

direct lender specializing in senior secured loans in the lower-middle market, for an initial purchase price of $ 250 million.

The consideration payable to complete the transaction consists of $ 125 million in cash and 11,770,245 units of Ridgepost Capital, LLC which can be exchanged into Ridgepost common stock, following restrictive periods.

Additionally, up to $ 60 million in earnout consideration may be payable based on fee-related revenue in 2027 and 2029.

In accordance with ASC 855, Subsequent Events, the Company evaluated all material events or transactions that occurred after December 31, 2025 , the Consolidated Balance Sheets date, through the date the consolidated financial statements were issued, and determined there have been no additional events or transactions that would materially impact the consolidated financial statements.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data