What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-08 compared with 2025-11-07 · 427 added, 495 removed, 819 unchanged (53% of the section changed)

Financial Statements

Ridgepost Capital, Inc.

Consolidated Balance Sheets

(in thousands, except share amounts)

September 30,

Cash and cash equivalents

7 unchanged sentences

Right-of-use assets

Derivative assets

Contingent payments to customers

6 unchanged sentences

Other liabilities

Derivative liabilities

Contingent consideration

8 unchanged sentences

510,000,000 shares authorized;

90,100,041 issued and 77,914,619 outstanding as of September 30, 2025, and 75,974,076 issued and 67,614,875 outstanding as of December 31, 2024, respectively

91,622,754 issued and 78,213,165 outstanding as of March 31, 2026, and 90,514,372 issued and 77,806,222 outstanding as of December 31, 2025, respectively

Class B common stock, $ 0.001 par value;

180,000,000 shares authorized;

32,126,425 shares issued and 32,002,974 shares outstanding as of September 30, 2025, and 43,584,893 shares issued and 43,461,442 shares outstanding as of December 31, 2024, respectively

31,386,874 shares issued and 31,263,423 shares outstanding as of March 31, 2026, and 31,920,688 shares issued and 31,797,237 shares outstanding as of December 31, 2025, respectively

Treasury stock

5 unchanged sentences

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

Consolidated Statements of Operations

(Unaudited, in thousands except per share amounts)

Ridgepost Capital, Inc.

Consolidated Statements of Operations (Unaudited)

(in thousands except per share amounts)

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Management and advisory fees

5 unchanged sentences

General, administrative and other

Contingent consideration expense

Remeasurement of contingent consideration

Amortization of intangibles

4 unchanged sentences

Interest expense, net

Other (loss)/income

Total other (expense)

1 unchanged sentence

Income tax expense

net (income)/loss attributable to noncontrolling interests

NET INCOME ATTRIBUTABLE TO P10

net income attributable to noncontrolling interests

NET INCOME ATTRIBUTABLE TO RIDGEPOST

Earnings per share

4 unchanged sentences

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

Consolidated Statements of Comprehensive Income

(Unaudited, in thousands)

Ridgepost Capital, Inc.

Consolidated Statements of Comprehensive Income (Unaudited)

(in thousands)

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Other comprehensive income, net of tax

Foreign currency translation

Derivative fair value remeasurement

Total other comprehensive income, net of tax

Derivative fair value remeasurement, net of tax

Total other comprehensive loss, net of tax

COMPREHENSIVE INCOME

Comprehensive income attributable to noncontrolling interests

Total comprehensive income attributable to P10

NET COMPREHENSIVE INCOME ATTRIBUTABLE TO RIDGEPOST

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

Consolidated Statements of Changes in Equity

(Unaudited, in thousands)

Ridgepost Capital, Inc.

Consolidated Statements of Changes in Equity (Unaudited)

(in thousands)

Common Stock - Class A

1 unchanged sentence

Treasury stock

Accumulated Other

Non Controlling

Paid-in-capital

Comprehensive Income

Comprehensive

Balance at December 31, 2025

Other comprehensive Income

Stock-based compensation

Cash settlement for Additional Bonaccord Units

Issuance of restricted stock units

8 unchanged sentences

Balance at March 31, 2026

Stock-based compensation

Issuance of restricted stock awards

Issuance of restricted stock units

Exchange of Class B common stock for Class A common stock

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

Dividends declared

Dividends paid per share $ 0.04

Balance at June 30, 2024

Stock-based compensation

Exchange of Class B common stock for Class A common stock

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

Dividends declared

Dividends paid per share $ 0.04

Balance at September 30, 2024

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

Ridgepost Capital, Inc.

Consolidated Statements of Changes in Equity (Unaudited)

(in thousands)

Common Stock - Class A

1 unchanged sentence

Treasury stock

Accumulated Other

Non Controlling

Paid-in-capital

Comprehensive Income

Comprehensive

Balance At December 31, 2024

10 unchanged sentences

Balance at March 31, 2025

Other comprehensive Income

Stock-based compensation

Issuance of equity consideration related to acquisition

Issuance of restricted stock awards

Exchange of Class B common stock for Class A common stock

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

Issuance of noncontrolling interests

Distributions to non-controlling interests, net

Dividends paid per share $ 0.04

Balance at June 30, 2025

Other comprehensive Income

Stock-based compensation

Issuance of restricted stock units

Exchange of Class B common stock for Class A common stock

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

Dividends declared

Dividends paid per share $ 0.04

Balance at September 30, 2025

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

Consolidated Statements of Cash Flows

(Unaudited, in thousands)

For the Nine Months

Ended September 30,

Ridgepost Capital, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

For the Three Months

Ended March 31,

CASH FLOWS FROM OPERATING ACTIVITIES

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

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Stock-based compensation

2 unchanged sentences

Amortization of debt issuance costs and debt discount

Income from unconsolidated subsidiaries

(Income)/loss from unconsolidated subsidiaries

Deferred tax expense

Loss on extinguishment of debt

Loss on issuance of noncontrolling interests

Remeasurement of contra-revenue put option

10 unchanged sentences

Other liabilities

Derivative liabilities

Derivative assets

Contingent consideration

1 unchanged sentence

Lease liabilities

Net cash provided by operating activities

Net cash provided by (used in) operating activities

CASH FLOWS USED IN INVESTING ACTIVITIES

Acquisitions, net of cash acquired

Purchase of intangible assets

Funding of notes receivable

8 unchanged sentences

Repayments on debt obligations

Cash settlement for Additional Bonaccord Units

Repurchase of Class A common stock

Repurchase of Class A common stock for employee tax withholding

Payment of contingent consideration

Dividends paid

Issuance of noncontrolling interests

Distributions to non-controlling interests

Debt issuance costs

Net cash provided by (used in) financing activities

Net cash (used in) provided by financing activities

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

3 unchanged sentences

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

Ridgepost Capital, Inc.

Consolidated Statements of Cash Flows

(Unaudited, in thousands)

For the Nine Months

Ended September 30,

For the Three Months

Ended March 31,

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

4 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.

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.

On February 11, 2026, 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.

("P10 Holdings") to Ridgepost Capital Holdings, Inc.

("Ridgepost Holdings")

• P10 Intermediate Holdings, LLC ("P10 Intermediate") 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 restructuring.

In connection with the reorganization, Ridgepost, Inc., formerly P10, Inc., became the parent company of all of the existing equity of Ridgepost Holdings, and its consolidated subsidiaries.

The offering and reorganization included a reverse stock split of Ridgepost 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, 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.

Ridgepost, Inc.

and its consolidated subsidiaries (the “Company” or "Ridgepost") operate 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"), Western Technology Investment Advisors LLC ("WTI"), and Qualitas Equity Funds SGEIC, S.A.

Our existing portfolio of solutions across private equity, venture capital, private credit and impact investing supports 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 Ridgepost Holdings, Ridgepost, LLC, which owns the subsidiaries 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"), Ridgepost Advisors, Western Technology Investment Advisors LLC ("WTI"), and Qualitas Equity Funds SGEIC, S.A.

("Qualitas").

Prior to November 19, 2016, P10, formerly Active Power, Inc., designed, manufactured, sold, and serviced flywheel-based uninterruptible power supply products and serviced modular infrastructure solutions.

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.

On November 19, 2016, we completed the sale of substantially all our assets and liabilities and operations to Langley Holdings plc, a United Kingdom public limited company.

14 unchanged sentences

Five Points is a leading lower-middle market alternative investment manager focused on providing both equity and debt capital to private, growth-oriented companies and limited partner capital to other private equity funds, with all strategies focused exclusively in the U.S.

lower middle market.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

In 2022, Five Points established the Reynolda brand that specializes in direct equity funds.

4 unchanged sentences

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”).

Notes to Consolidated Financial Statements

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

undertakes and manages equity and debt investments in impact initiatives across North America, targeting underserved areas and other socially responsible end markets including renewable energy, historic building renovations, and affordable housing.

Enhanced undertakes and manages equity and debt investments in impact initiatives across North America, targeting underserved areas and other socially responsible end markets including renewable energy, historic building renovations, and affordable housing.

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

2 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.

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

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

See Note 5 for further details.

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.

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 September 30, 2025, no units have been exchanged into shares of P10 Class A common stock.

Simultaneously with the acquisition of WTI, the Company completed a restructuring of Ridgepost, LLC, formerly P10 Intermediate, and its 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 for 3,916,666 shares of Ridgepost Class A common stock.

As of March 31, 2026 , 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.

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

As of September 30, 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.

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 September 30, 2025, $ 131.0 million has been spent to buy back shares under this program and there is $ 26.0 million remaining for authorized repurchases under this program.

Significant Accounting Policies

4 unchanged sentences

All intercompany transactions and balances have been eliminated upon consolidation.

The results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year ended December 31, 2025 .

Principles of Consolidation

The Company performs the variable interest analysis for all entities in which it has a potential variable interest.

If the Company has a variable interest in the entity and the entity is a variable interest entity ("VIE"), we will also analyze whether the Company is the primary beneficiary of this entity and if consolidation is required.

The results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year ended December 31, 2026 .

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

Principles of Consolidation

The Company performs the variable interest analysis for all entities in which it has a potential variable interest.

If the Company has a variable interest in the entity and the entity is a variable interest entity (“VIE”), the Company will also analyze whether the Company is the primary beneficiary of this entity and if consolidation is required.

Generally, VIEs are entities that lack sufficient equity to finance their activities without additional financial support from other parties, or whose equity holders, as a group, lack one or more of the following characteristics:

17 unchanged sentences

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

As of September 30, 2025 and December 31, 2024 , $ 1.6 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 September 30, 2025, and December 31, 2024, cash equivalents include money market funds of $ 25.7 million and $ 41.3 million, respectively, which approximates fair value.

As of March 31, 2026, and December 31, 2025 , $ 2.1 million and $ 1.3 million, 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 March 31, 2026, and December 31, 2025, cash equivalents include money market funds of $ 18.7 million and $ 16.1 million, respectively, which approximate fair value.

The Company maintains its cash balances at various financial institutions among multiple accounts, which may periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limits.

The Company's credit risk in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit.

Management monitors the financial institutions' credit worthiness in conjunction with balances on deposit to minimize risk.

Management monitors the financial institutions' creditworthiness in conjunction with balances on deposit to minimize risk.

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

Restricted Cash

Restricted cash as of September 30, 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.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

Restricted Cash

Restricted cash as of March 31, 2026 and December 31, 2025 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.

Accounts Receivable and Due from Related Parties

13 unchanged sentences

The Company establishes reserves for any estimated credit losses with a corresponding charge in the Consolidated Statements of Operations.

The Company estimates that accounts receivable, due from related parties and notes receivable are fully collectible;

based on actual historical losses, current conditions, and reasonable and supportable forecasts;

accordingly, no allowances have been established as of September 30, 2025 and December 31, 2024 .

The Company estimates that accounts receivable, due from related parties, and notes receivable are fully collectible based on actual historical losses, current conditions, and reasonable and supportable forecasts;

accordingly, no allowances have been established as of March 31, 2026 and December 31, 2025 .

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

2 unchanged sentences

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 September 30, 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 credits purchases.

As of March 31, 2026 and December 31, 2025, respectively, there is $ 9.3 million and $ 12.8 million within prepaid expenses and other assets on the Consolidated Balance Sheets associated with allocable state tax credit purchases.

Investment in Unconsolidated Subsidiaries

3 unchanged sentences

The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.

The Company accounts for its investment in ECP, Enhanced PC, and the ECG's asset management businesses using the equity method of accounting.

For certain entities in which the Company does not have significant influence and fair value is not readily determinable, these investments are not accounted for on the equity method, but instead as equity securities and we value these investments under the measurement alternative.

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825, Financial Instruments , requires equity securities to be recorded at cost and adjusted to

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

fair value at each reporting period.

accounts for its investment in ECP, Enhanced PC, and ECG's asset management businesses using the equity method of accounting.

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825, Financial Instruments , requires equity securities to be recorded at cost and adjusted to fair value at each reporting period.

However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer.

9 unchanged sentences

Computers and purchased software

Capitalized software

Furniture and fixtures

14 unchanged sentences

Additionally, upon amendments or other events, the Company may be required to remeasure our lease liability and right-of-use asset.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

The Company does not recognize a lease liability or right-of-use asset on our Consolidated Balance Sheets for short-term leases.

2 unchanged sentences

When determining whether a lease qualifies as a short-term lease, the Company evaluates the lease term and the purchase option in the same manner as all other leases.

Notes to Consolidated Financial Statements

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

Revenue Share and Repurchase Arrangement

The Company recognizes accrued contingent liabilities and contingent payments to customers assets 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 contingent payments to customers as assets and accrued contingent liabilities 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 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.

The Company believes it is probable that the remaining third parties will exercise their 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 contractual 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.

The Company would be required to settle either the put or call options if either are exercised and the related party 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.

The Company would be required to settle either the put or call options if either is exercised and the related party does not have the means to settle themselves.

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

The Company will reassess at each reporting period.

2 unchanged sentences

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 September 30, 2025, goodwill recorded on our Consolidated Balance Sheets relates to prior acquisitions.

As of September 30, 2025, the intangible assets are comprised of indefinite-lived intangible assets and finite-lived intangible assets related to prior acquisitions.

As of March 31, 2026, goodwill recorded on our Consolidated Balance Sheets relates to prior acquisitions.

As of March 31, 2026, 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.

3 unchanged sentences

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

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.

5 unchanged sentences

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 September 30, 2025 and December 31, 2024 , the contingent consideration on the Consolidated Balance Sheets is related to the acquisition of Qualitas and the acquisition of Bonaccord, respectively.

Accrued Compensation and Benefits

Accrued compensation and benefits consists of employee salaries, bonuses, management profit shares, benefits, severance, and acquisition-related earnouts (contingent on employment) that has not yet been paid.

Refer to Note 14 for further information.

As of March 31, 2026 and December 31, 2025 , the contingent consideration on the Consolidated Balance Sheets is related to the acquisition of Qualitas.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

Accrued Compensation and Benefits

Accrued compensation and benefits consists of employee salaries, bonuses, management profit shares, benefits, severance, and acquisition-related earnouts, which are classified as compensation and benefits due to the earnouts being contingent on employment, that have not yet been paid.

Refer to Note 14 for further information.

Debt Issuance Costs

3 unchanged sentences

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

Noncontrolling interests are 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 attributable to holders of non-controlling interests.

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

7 unchanged sentences

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 rate on the respective transaction dates.

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 until realized.

3 unchanged sentences

We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs when determining fair value and then we rank the estimated values based on the reliability of the inputs used following the fair value hierarchy set forth by the FASB.

As of September 30, 2025 and December 31, 2024, we used the following valuation techniques to measure fair value for assets and there were no changes to these methodologies during the periods presented:

As of March 31, 2026 and December 31, 2025, we used the following valuation techniques to measure fair value for assets and there were no changes to these methodologies during the periods presented:

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

1 unchanged sentence

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 2 inputs.

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

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

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 at 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.

5 unchanged sentences

See Note 13 for further details on the Advisory Agreements.

The Company had a contingent consideration liability related to the acquisition of Bonaccord that was measured at fair value using Level 3 inputs and a discounted cash flow model.

The contingent consideration was considered fully earned and was paid on January 24, 2025.

As of December 31, 2024, the value was carried at the full balance of unpaid contingent consideration and is no longer subject to fair value measurements.

As of September 30, 2025 , the Company has a contingent consideration liability related to the acquisition of Qualitas that is measured at fair value using Level 3 inputs and a discounted cash flow model.

See Note 11 for additional information.

Derivative Instruments and Hedging Activities

6 unchanged sentences

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 fo r additional information.

Revenue Recognition

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 or the limited partners 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

5 unchanged sentences

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

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

Fees are recognized for services provided during the period, which are distinct from services provided in other periods.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

outside of our control.

Fees are recognized for services provided during the period, which are distinct from services provided in other periods.

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.

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.

When determining the transaction price, variable consideration may be included only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved.

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

13 unchanged sentences

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.

1 unchanged sentence

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.

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.

1 unchanged sentence

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

Earnings Per Share

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

Diluted EPS includes the determinants of basic EPS and common stock

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

equivalents outstanding during the period adjusted to give effect to potentially dilutive securities, if the Company is in a net income position.

Earnings Per Share

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

Diluted EPS includes the determinants of basic EPS and common stock equivalents outstanding during the period adjusted to give effect to potentially dilutive securities, if the Company is in a net income position.

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.

2 unchanged sentences

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 or vesting upon the termination of an acquisition holdback period.

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.

1 unchanged sentence

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-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.

4 unchanged sentences

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

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

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

Forfeitures are recognized as they occur.

Refer to Note 16 f or further discussion.

Refer to Note 16 for further discussion.

Segment Reporting

According to ASC 280, Segment Reporting , operating segments are defined as components of a company that engage in business activities from which they may earn revenues and incur expenses, and for which discrete financial information is available and is evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance.

According to ASC 280, S egment Reporting , operating segments are defined as components of a company that engage in business activities from which they may earn revenues and incur expenses, and for which discrete financial information is available and is evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance.

The Company operates our business as a single operating segment, which is how our CODM evaluates financial performance and makes decisions regarding the allocation of resources.

3 unchanged sentences

The CODM uses these metrics for purposes of making operating decisions and assessing financial performance.

The CODM considers forecast to actual variances when making decisions about allocation capital and personnel.

The CODM considers forecast-to-actual variances when making decisions about allocating capital and personnel.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

Business Acquisitions

6 unchanged sentences

If the set of assets and activities is not considered a business, it is accounted for as an asset acquisition using a cost accumulation model.

Notes to Consolidated Financial Statements

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

accumulation model, the cost of the acquisition, including certain transaction costs, is allocated to the assets acquired on the basis of relative fair values.

In the cost accumulation model, the cost of the acquisition, including certain transaction costs, is allocated to the assets acquired on the basis of relative fair values.

For business combinations that are effected primarily by exchanging equity interests in which VIEs are acquired, the Company determines the acquirer in the transaction through considering the following factors:

the acquirer is usually (i) the entity issued equity interests, (ii) the entity that is relatively larger, and (iii) if the combination involves more than two entities, then the entity initiating the combination.

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

13 unchanged sentences

Pronouncements Recently Adopted

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 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 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.

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 18.

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 our annual periods beginning January 1, 2025.

The Company plans to include expanded disclosures beginning with its annual report on Form 10-K for the year ending December 31, 2025.

Pronouncements Not Yet Adopted

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

Refer to Note 15 in our annual report on Form 10-K for the year ended December 31, 2025.

Effective January 1, 2026, the Company adopted 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.

The adoption of ASU 2025-03 did not have a material impact on the Company's consolidated financial statements.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

about selling expenses.

Pronouncements Not Yet Adopted

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.

5 unchanged sentences

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 the factors listed in ASC 805-10-55-12 through 55-15.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements ("ASU 2025-12"), which clarifies, corrects, or improves codification around several aspects of accounting guidance.

ASU 2025-12 is effective for our fiscal year beginning on January 1, 2027.

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

The Company does not anticipate the effects of these amendments to have a material impact on our financial reporting.

Qualitas Acquisition

2 unchanged sentences

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

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:

4 unchanged sentences

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

The acquisition date fair value of certain assets and liabilities, including intangible assets acquired and related weighted average expected lives are provisional and subject to revision within one year of the acquisition date.

As such, our estimates of fair value are pending finalization,which may result in adjustments to goodwill.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

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

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

Cash and cash equivalents

14 unchanged sentences

Net assets acquired

The provisional fair value of the identifiable intangible assets was calculated using a discounted cash flow model based on a risk adjusted discount rate.

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 identifiable intangible assets ranged from 15.5 % to 17 %.

7 unchanged sentences

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.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

2 unchanged sentences

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Management fees

6 unchanged sentences

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

We recognized $ 0.1 million and $ 11.8 million of revenue for the three and nine months ended September 30, 2025, respectively, that was included in the contract liabilities balance as of December 31, 2024 .

We recognized $ 16.3 million of revenue for the three months ended March 31, 2026 that was included in the contract liabilities balance as of December 31, 2025 .

Strategic Alliance Expense

1 unchanged sentence

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 three and nine months ended September 30, 2025, the strategic alliance expense reported was $ 0 and $ 0.7 million, respectively.

For the three and nine months ended September 30, 2024, the strategic alliance expense reported was $ 0.6 million and $ 2.2 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 three months ended March 31, 2026 and 2025, the strategic alliance expense reported was $ 0 and $ 0.7 million, respectively.

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

3 unchanged sentences

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 the maximum 5 % percentage acquired.

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.

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.

1 unchanged sentence

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.

For the three months ended March 31, 2026 and 2025, the portion of income or loss to the third party equity holder was $ 0.7 million and $ 0 , respectively.

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 $ 0 and $ 6.5 million loss on the conversion of the right to receive 15 % of net management fee earnings to a 15 % equity interest in Bonaccord for the three and nine months ended September 30, 2025, which is included in other income/(loss) on the Consolidated Statements of Operations.

For the three months ended March 31, 2026 and 2025, the distributions to the third party was $ 1.0 million and $ 1.5 million, respectively.

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 a maximum of 4.9 %.

This maximum commitment has been met as of September 30, 2025.

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.

1 unchanged sentence

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

If these commitment conditions are not

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

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

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.

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 September 30, 2025, the balance outstanding is $ 5.0 million, which includes unpaid accrued interest added to the outstanding principal balance.

As of March 31, 2026, 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.

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

As of September 30, 2025, the balance outstanding i s $ 1.1 million, which includes unpaid accrued interest 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 13 th in arrears , with any unpaid accrued interest being capitalized and added to the outstanding principal balance.

As of March 31, 2026, 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 and certain general partners to lend funds to pay general partners commitments to certain funds managed by Bonaccord.

2 unchanged sentences

SOFR is determined on the first day of each quarter.

As of September 30, 2025, the balance outstanding is $ 0.2 million, which includes unpaid accrued interest added to the outstanding principal balance.

As of September 30, 2025 and December 31, 2024, the total notes receivable balance associated with these notes was $ 6.3 million and $ 7.5 million, respectively.

The Company recognized interest income of $ 0.1 million and $ 0.3 million for the three and nine months ended September 30, 2025 , respectively, and $ 0.1 million and $ 0.3 million for the three and nine months ended September 30, 2024 , respectively.

As of March 31, 2026 , the balance outstanding is $ 0.9 million, which includes unpaid accrued interest added to the outstanding principal balance.

As of March 31, 2026 and December 31, 2025, the total notes receivable balance associated with these notes was $ 7.2 million and $ 7.2 million, respectively.

The Company recognized interest income associated with these notes of $ 0.1 million and $ 0.1 million for the three months ended March 31, 2026 and 2025 , respectively.

Variable Interest Entities

1 unchanged sentence

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 P10 Intermediate, Holdco, RCP 2, RCP 3, TrueBridge, Hark, Bonaccord, WTI, and Qualitas.

The assets of the consolidated VIEs totaled $ 649.7 million and $ 587.9 million as of September 30, 2025 and December 31, 2024, respectively.

The liabilities of the consolidated VIEs totaled $ 530.0 million and $ 463.3 million as of September 30, 2025 and December 31, 2024, 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 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 P10.

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 $ 634.1 million and $ 644.3 million as of March 31, 2026 and December 31, 2025, respectively.

The liabilities of the consolidated VIEs totaled $ 496.8 million and $ 511.5 million a s of March 31, 2026 and December 31, 2025, respectively.

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

Unconsolidated VIEs

Through its subsidiary, ECG, the Company holds variable interests in the form of direct equity interests in certain VIEs that are not consolidated because the Company is not the primary beneficiary.

The Company's maximum exposure to loss is

The Company's maximum exposure to loss is limited to the potential loss of assets recognized relating to these unconsolidated entities.

These variable interests are included in investment in unconsolidated subsidiaries on the accompanying Consolidated Balance Sheets.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

limited to the potential loss of assets recognized relating to these unconsolidated entities.

These variable interests are included in investment in unconsolidated subsidiaries on the accompanying Consolidated Balance Sheets.

Investment in Unconsolidated Subsidiaries

The Company’s investment in unconsolidated subsidiaries consist of unconsolidated equity method investments primarily related to ECG’s tax credit finance and asset management activities.

Additionally, the investment in Enhanced Capital Partners and Enhanced PC is recorded at zero .

Additionally, the investments in Enhanced Capital Partners and Enhanced PC are recorded at zero .

The Company, therefore, suspended the use of the equity method of accounting because the Company has no guaranteed obligations or commitments to provide financial support to the investee.

As of September 30, 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 related to ECG’s tax credit finance businesses.

As of March 31, 2026, 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, 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.

1 unchanged sentence

Property and equipment consist of the following:

As of September 30,

As of March 31,

As of December 31,

Computers and purchased software

Capitalized software

Furniture and fixtures

3 unchanged sentences

Goodwill and Intangibles

Changes in goodwill for the nine months ended September 30, 2025 are as follows:

Changes in goodwill for the three months ended March 31, 2026 are as follows:

Balance at December 31, 2025

1 unchanged sentence

Change related to foreign currency translations

Balance at September 30, 2025

During the nine months ended September 30, 2025 , there was a revision to the provisional fair value of the Qualitas contingent consideration as a result of a change in one underlying assumption.

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

Balance at March 31, 2026

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

Intangibles consists of the following as of September 30, 2025:

Intangibles consist of the following as of March 31, 2026:

Investor and Intermediary Relationships

4 unchanged sentences

Impact of exchange rate movements

Balance as of September 30, 2025

Balance as of March 31, 2026

Finite-lived intangible assets

Balance as of December 31, 2025

Additions, net of adjustments

Adjustment for fully amortized intangibles

Impact of exchange rate movements

Balance as of September 30, 2025

Balance as of March 31, 2026

Accumulated Amortization

1 unchanged sentence

Amortization expense

Adjustment for fully amortized intangibles

Impact of exchange rate movements

Balance as of September 30, 2025

Total intangible assets, net balance as of September 30, 2025

Intangibles consists of the following as of September 30, 2024:

Balance as of March 31, 2026

Total intangible assets, net balance as of March 31, 2026

Intangibles consist of the following as of March 31, 2025:

Investor and Intermediary Relationships

4 unchanged sentences

Impact of exchange rate movements

Balance as of September 30, 2024

Balance as of March 31, 2025

Finite-lived intangible assets

Balance as of December 31, 2024

Impact of exchange rate movements

Balance as of September 30, 2024

Adjustment for fully amortized intangibles

Balance as of March 31, 2025

Accumulated Amortization

1 unchanged sentence

Amortization expense

Balance as of September 30, 2024

Total intangible assets, net balance as of September 30, 2024

Notes to Consolidated Financial Statements

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

Adjustment for fully amortized intangibles

Balance as of March 31, 2025

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

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.

2 unchanged sentences

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

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

Total amortization

3 unchanged sentences

Our financial instruments not recognized at fair value were as follows:

As of September 30, 2025

As of March 31, 2026

As of December 31, 2025

4 unchanged sentences

Debt Obligations

As of September 30, 2025 and December 31, 2024, debt obligations' carrying value approximates fair value.

Earnouts associated with the acquisitions of Bonaccord and Qualitas

Included in total consideration of the acquisition of Bonaccord 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 September 30, 2025 , the full $ 20.0 million earnout payment has been earned and paid, of which $ 2.2 million was paid in the nine months ended September 30, 2025.

Total remeasurement expense recognized for both the three and nine months ended September 30, 2025 wa s $ 0 .

Total remeasurement expense recognized for the three and nine months ended September 30, 2024 was $ 0.1 million and $ 0.2 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.

Until considered fully earned, t he 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.

As of September 30, 2025 , there were no remaining liabilities related to the Bonaccord acquisition.

Financial Instruments recognized at Fair Value

Earnouts associated with the acquisition of Qualitas

On April 4, 2025, included in total consideration of the Qualitas acquisition was an earnout payment 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 September 30, 2025 , no earnout payment has been earned or paid.

Total remeasurement expense recognized for both the three and nine months ended September 30, 2025 wa s $ 1.2 million and $ 2.3 million .

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

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

As of March 31, 2026 , no earnout payment has been earned or paid.

The determined risk adjusted discount rate for the contingent consideration of 11.0 % and 13.5 % were the significant unobservable inputs as of March 31, 2026 and December 31, 2025, respectively.

Total remeasurement gain recognized for the three months ended March 31, 2026 and 2025 was $ 4.0 million and $ 0 , respectively, which was included in contingent consideration gain 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).

Notes to Consolidated Financial Statements

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

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 Stated 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 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, 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 three and nine months ended September 30, 2025 , the Company recorded an unrealized loss on interest rate derivatives, net of tax for $ 0.1 million, which is included in other comprehensive income.

For the three months ended March 31, 2026 and 2025 , the Company recorded an unrealized gain on interest rate derivatives, net of tax for $ 0.2 million and $ 0 , respectively, which is included in other comprehensive income.

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

1 unchanged sentence

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 assets or liabilities at fair value in the balance sheet.

ASC 815 requires companies to recognize all derivative instruments as either

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

(Unaudited, 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 three and nine months ended September 30, 2025 and 2024.The Company will continue to assess the effectiveness of the hedges on an ongoing basis.

The table below presents all items measured at fair value as of September 30, 2025.

As of September 30, 2025

No amount of ineffectiveness was included in net income for the three months ended March 31, 2026.

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 March 31, 2026:

As of March 31, 2026

Derivative assets

Contingent consideration obligation

Derivative liabilities

Total liabilities

For the liabilities presented in the tables above, there were no changes in fair value hierarchy levels during the nine months ended September 30, 2025.

For the liabilities and assets presented in the table above, there were no changes in fair value hierarchy levels during the three months ended March 31, 2026.

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

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

Contingent Consideration Liability

For the Nine Months Ended September 30,

For the Three Months Ended March 31,

Balance, beginning of year:

1 unchanged sentence

Impact of exchange rate movements

Transfers out of level 3 measurement

Balance, end of period:

1 unchanged sentence

The assumptions used in the analysis are inherently subjective;

therefore, the ultimate amount of the contingent consideration liability primarily relate to the expected future payments of obligations with a discount rate applied.

therefore, the ultimate amount of the contingent consideration liability primarily relates to the expected future payments of obligations with a discount rate applied.

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

1 unchanged sentence

Debt Obligations

Debt obligations consists of the following:

September 30,

Debt obligations consist of the following:

Revolver facility

4 unchanged sentences

Total debt obligations, net

The principal balance consists of the following tranches as of September 30, 2025:

The principal balance consists of the following tranches:

As of March 31, 2026

Principal Amount

7 unchanged sentences

On December 22, 2021, the Company entered into a credit agreement (the "Credit Agreement") with JPMorgan, in its capacity as administrative agent and collateral agent, and Texas Capital Bank, as joint lead arrangers and joint bookrunners, and the other loan parties party thereto.

The Credit Agreement consists of two facilities.

The first is a revolving credit facility with an available balance of $ 125 million (the "Revolver Facility").

The second is a term loan for $ 125 million (the "Term Loan").

In addition to the Term Loan and Revolver Facility, the Credit Agreement also includes a $ 125 million accordion feature.

In October 2022, the accordion feature was exercised split into $ 87.5 million worth of term loan and $ 37.5 million of revolver .

The Credit Agreement consists of two facilities, which are a revolving credit facility with an available balance of $ 125 million (the "Revolver Facility") and a term loan for $ 125 million (the "Term Loan").

In addition to the Term Loan and Revolver Facility, the Credit Agreement also includes a $ 125 million accordion feature, which was exercised in October 2022.

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 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.

Principal for the New Term Loan is contractually repaid at a rate of 1.25 % on the term loan 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 September 30,

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.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

2025, P10 was in compliance with its financial and other covenants required under the facility.

For the three and nine months ended September 30, 2025, $ 6.6 million and $ 19.1 million of interest expense was incurred, respectively.

For the three and nine months ended September 30, 2024 , $ 6.3 million and $ 17.5 million of interest expense was incurred, respectively.

Future principal maturities of debt as of September 30, 2025 are as follows:

As of March 31, 2026, Ridgepost was in compliance with its financial and other covenants required under the facility.

For both the three months ended March 31, 2026 and 2025, $ 6.0 million of interest expense was incurred.

Future principal maturities of debt as of March 31, 2026 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 that served as our corporate headquarters until June 2025.

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 $ 0.1 million and $ 0.2 million in rent to 210 Capital, LLC for the three and nine months ended September 30, 2025 , respectively, and $ 0.1 million and $ 0.2 million for the three and nine months ended September 30, 2024, respectively.

As of both December 31, 2024 and September 30, 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 September 30, 2025, the total accounts receivable from the Funds totaled $ 35.0 million , of which $ 21.3 million related to fees earned but not yet received and $ 13.7 million related to reimbursable expenses.

As of March 31, 2026, the total accounts receivable from the Funds totaled $ 33.7 million , of which $ 23.9 million related to fees earned but not yet received and $ 9.8 million related to reimbursable expenses.

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.

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.

Fees earned but not yet received and r eimbursable expenses are included in accounts receivable and due from related parties 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.

4 unchanged sentences

The Company allocates a portion of the consideration received under this arrangement to a financing component when it determines that a significant financing component exists.

As of September 30, 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 $ 0.1 million and $ 0.2 million for the three and nine months ended September 30, 2025 , respectively, and $ 12.5 thousand and $ 18.1 thousand for the three and nine months ended September 30, 2024.

As of September 30, 2025, the total contractual advisory fees are $ 119.6 million over eleven years inclusive of new projects added since inception.

As of March 31, 2026 , 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 $ 0.1 million and $ 39 thousand for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, the total contractual advisory fees are $ 119.6 million over eleven years inclusive of new projects added since inception.

These agreements are subject to customary termination provisions.

Since inception, $ 96.8 million of the total $ 119.6 million advisory fees have been recognized as revenue.

There was $ 29.5 million in remaining performance obligations related to these agreements, which will be recognized between October 1, 2025 and March 31, 2032.

For the three and nine months ended September 30, 2025, advisory fees earned or recognized under these agreements were $ 3.5 million and $ 10.6 million, respectively, and $ 4.4 million and $ 12.8 million for the three and nine months ended September 30, 2024, respectively, and is reported in management and advisory fees on the Consolidated Statements of Operations.

As of September 30, 2025 and December 31, 2024 , the associated receivable was $ 76.4 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

Notes to Consolidated Financial Statements

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

not paid within 30 days.

Revenues from interest on outstanding balances were $ 0.3 million and $ 1.0 million for the three and nine months ended September 30, 2025 , respectively, and $ 0.3 million and $ 0.8 million for the three and nine months ended September 30, 2024, respectively, which is included in management and advisory fees on the Consolidated Statements of Operations.

As of September 30, 2025 and December 31, 2024 , the associated interest receivable was $ 3.5 million and $ 2.2 million, respectively, and is included in due from related parties on the Consolidated Balance Sheets.

There was $ 22.8 million in remaining performance obligations related to these agreements, which will be recognized between April 1, 2026 and April 30, 2032.

For the three months ended March 31, 2026 and March 31, 2025, advisory fees earned or recognized under this agreement were $ 2.9 million and $ 3.4 million, respectively, and is reported in management and advisory fees on the Consolidated Statements of Operations.

As of March 31, 2026 and December 31, 2025, the associated receivable was $ 83.0 million and $ 80.0 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 on outstanding balances were $ 0 and $ 0.3 million for the three months ended March 31, 2026 and March 31, 2025, respectively, which is included in management and advisory fees on the Consolidated Statements of Operations.

As of March 31, 2026 and December 31, 2025 , the associated interest receivable was $ 4.0 million and $ 3.9 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.

2 unchanged sentences

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

The Company recognized $ 2.7 million and $ 8.0 million for the three and nine months ended September 30, 2025 , respectively, and $ 3.8 million and $ 10.2 million for the three and nine months ended September 30, 2024, respectively, related to this agreement within compensation and benefits on the Consolidated Statements of Operations.

As of September 30, 2025 and December 31, 2024, the associated accrual was $ 1.9 million and $ 3.4 million, respectively, and is included in due to related parties on the Consolidated Balance Sheets.

On September 10, 2021, Enhanced entered into a strategic partnership with Crossroads Impact Corp ("Crossroads"), the parent company of Capital Plus Financial ("CPF"), a leading certified development financial institution.

Under the terms of the agreement, Enhanced was to originate and manage loans across its diverse lines of business including small business loans to women and minority owned businesses, and loans to renewable energy and community development projects.

The loans were to be held by CPF and CPF will pay an advisory fee to Enhanced.

On July 6, 2022, Crossroads entered into the Advisory Agreement (the "Crossroads Advisory Agreement") with ECG.

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, t he Company recognized $ 0 for both the three and nine months ended September 30, 2025 and $ 6.2 million and $ 10.5 million for the three and nine months ended September 30, 2024, 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.

On August 1, 2022, an additional purchase of 1,394,052 shares of Crossroads common stock at $ 10.76 per share occurred.

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 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 $ 5 thousand and $ 15 thousand has been recognized for the three and nine months ended September 30, 2025 , respectively, which is included in management and advisory fees on the Consolidated Statements of Operations.

The Company recognized $ 5 thousand and $ 15 thousand for the three and nine months ended September 30, 2024, respectively.

On December 23, 2024, Crossroads and ECG terminated the Crossroads Advisory Agreement.

Additionally, the impact credit asset portfolio managed by the Company was contributed to two new limited liability companies ("Clifford") and the funds managed by the Company redeemed their interest in Crossroads in exchange for membership interests in Clifford in proportion to the fair value of the net assets contributed.

At the same time, ECG entered into an Advisory Agreement with Clifford ("Clifford Advisory Agreement") to manage the impact credit asset portfolio, which has a term ending on the disposal date for all of Clifford's underlying investments.

The Clifford Advisory Agreement provides for ECG to receive a services fee of approximately 1.5 % per year of the capital deployed by Clifford under the Clifford Advisory Agreement.

Clifford is not considered a related party to the Company.

The Company recognized $ 2.7 million and $ 2.5 million for

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

the three months ended March 31, 2026 and March 31, 2025, respectively, related to this agreement within compensation and benefits in our Consolidated Statements of Operations.

As of March 31, 2026 and December 31, 2025, the associated accrual was $ 0.6 million and $ 3.7 million, respectively, and is included in due to related parties on the Consolidated Balance Sheets.

On December 23, 2024, ECG entered into an Advisory Agreement with Clifford ("Clifford Advisory Agreement") to manage the impact credit asset portfolio, which has a term ending on the disposal date for all of Clifford's underlying investments.

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.

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.

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

For details, see Note 6.

Notes to Consolidated Financial Statements

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

Commitments and Contingencies

1 unchanged sentence

The Company leases office space and various equipment under non-cancelable 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 $ 1.5 million and $ 4.3 million for the three and nine months ended September 30, 2025, respectively, and $ 1.1 million and $ 3.2 million for the three and nine months ended September 30, 2024, respectively.

These lease agreements provide various renewal options.

Rent expense for the various leased office space and equipment was approximately $ 1.4 million and $ 1.3 million for the three months ended March 31, 2026 and March 31, 2025, respectively, which was included in general, administrative, and other expenses on the Consolidated Statements of Operations.

The Company leases an insignificant amount of office equipment under non-cancelable 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.

Amortization and interest expense for the finance leased equipment is included in general, administrative, and other in the Consolidated Statements of Operations.

The following table presents information regarding the Company’s operating leases as of September 30, 2025:

Amortization and interest expense for the finance leased equipment are included in general, administrative and other in the Consolidated Statements of Operations.

The following table presents information regarding the Company’s operating leases as of March 31, 2026:

Operating lease right-of-use assets

Operating lease liabilities

Net cash paid during the nine months ended September 30, 2025 for operating lease liabilities

Net cash paid during the three months ended March 31, 2026 for operating lease liabilities

Weighted-average remaining lease term (in years)

Weighted-average discount rate

The future contractual lease payments as of September 30, 2025 are as follows:

The future contractual lease payments as of March 31, 2026 are as follows:

Total undiscounted lease payments

3 unchanged sentences

With the acquisition of WTI, an earnout payment of up to $ 70.0 million of cash and common stock may be earned upon meeting certain performance metrics.

Upon the achievement of $ 20.0 million, $ 22.5 million, and $ 25.0 million of EBTIDA, $ 35.0 million, $ 17.5 million, and $ 17.5 million are earned, respectively.

Upon the achievement of $ 20.0 million, $ 22.5 million, and $ 25.0 million of EBITDA, $ 35.0 million, $ 17.5 million, and $ 17.5 million are earned, respectively.

Of the total amount, $ 50.0 million can be earned by the sellers and the remaining $ 20.0 million would be allocated to employees of the Company at the time the earnout is earned.

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.

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 expected the first two of three EBITDA hurdles to be achieved.

As of September 30, 2025, the first hurdle has been achieved, however the Company does not expect the second or third EBITDA hurdles to be achieved.

The change in estimate for the second EBITDA hurdle resulted in a reversal of expense recognized for the three and nine months ended September 30, 2025 , $ 0 and $ 3.5 million, respectively, while for the three and nine months ended September 30, 2024 , $ 3.1 million and $ 9.2 million of expense was recognized, respectively, which is included in compensation and benefits in the Consolidated Statements of Operations.

As of September 30, 2025 , the Company has 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, which is included in accrued compensation and benefits in the Consolidated Balance Sheets.

Payment to both sellers and employees is contingent on continued employment and, therefore, these

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

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 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 earnout hurdle is probable of occurring and recognize an expense over the period the hurdle is expected to be achieved.

As of March 31, 2026 and December 31, 2025, the first hurdle has been achieved;

however the Company does not expect the second or third EBITDA hurdles to be achieved.

For the three months ended March 31, 2026 and March 31, 2025 , $ 0 and $ 3.0 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.

As of March 31, 2026 and December 31, 2025, there was no remaining liability related to the WTI earnout.

Bonus Payment

1 unchanged sentence

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 three and nine months ended September 30, 2025, the Company recognized $ 0.5 million and $ 1.5 million of expense, respectively, and for the three and nine months ended September 30, 2024 , $ 0.5 million and $ 1.5 million was recognized, respectively, which is included in compensation and benefits on the Consolidated Statements of Operations.

As of September 30, 2025 and December 31, 2024, the balance was $ 5.9 million and $ 4.4 million, respectively, and is included in accrued compensation and benefits in the Consolidated Balance Sheets.

As of March 31, 2026 and December 31, 2025, the Company does not expect the trailing-twelve month EBITDA target to be met.

For the three months ended March 31, 2026 and March 31, 2025 , the Company recognized $ 0 and $ 0.5 million of expense, respectively, which is included in compensation and benefits in the Consolidated Statements of Operations.

As of March 31, 2026 and December 31, 2025, there was no remaining liability related to the WTI bonus.

Revenue Share Arrangement

2 unchanged sentences

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

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

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

As of September 30, 2025, no payment has been made to the Third Parties that exercised due to ongoing discussions between the Company and the Third Parties.

The remaining Third Parties extended their participations.

This extension also adjusted their ability to exercise the options to no earlier than December 23, 2028.

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

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

The remaining Third Parties extended their participations and their options to sell back their revenues, which are not exercisable until July 1, 2029.

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 underlying funds.

As of September 30, 2025, the Company has determined that the remaining put options are probable of being exercised and have accrued estimated contingent liabilities and contingent payments to customers.

As of September 30, 2025 and December 31, 2024, the associated liabilities were $ 13.7 million and $ 13.8 million, respectively, and are included in accrued contingent liabilities on the Consolidated Balance Sheets.

The associated contingent payments to customers assets were $ 9.5 million and $ 10.0 million as of September 30, 2025 and December 31, 2024, respectively.

The Company recognized $ 0.2 million and $ 0.5 million of amortization of contingent payments to customers for the three and nine months ended September 30, 2025 , respectively, and $ 0.4 million and $ 1.1 million of amortization of contingent payments to customers for the three and nine months ended September 30, 2024, respectively, which is included in management and advisory fees on the Consolidated Statements of Operations.

As of March 31, 2026, the Company has determined that the put options are probable of being exercised and have accrued estimated contingent liabilities and contingent payments to customers.

As of March 31, 2026 and December 31, 2025, the associated liabilities were $ 19.0 million and $ 20.4 million, respectively, and are included in accrued contingent liabilities on the Consolidated Balance Sheets.

The associated contingent payments to customers assets were $ 16.4 million and $ 18.2 million as of March 31, 2026 and December 31, 2025, respectively.

The Company recognized $ 0.3 million and $ 0.1 million of amortization of contingent payments to customers for the three months ended March 31, 2026 and March 31, 2025, respectively, which is included in management and advisory fees on the Consolidated Statements of Operations.

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 customers 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.

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

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

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

As of September 30, 2025 and December 31, 2024, the associated liabilities were $ 10.4 million and $ 10.1 million, respectively, and are included in accrued liabilities on the Consolidated Balance Sheets.

There was $ 0 and $ 0.3 million of expense for the three and nine months ended September 30, 2025 , respectively, and no expense recognized for both the three and nine months ended September 30, 2024, which was included in other income on the Consolidated Statements of Operations.

The Company will reassess each period and recognize all changes.

As of March 31, 2026 and December 31, 2025 , the associated liabilities were $ 9.5 million and $ 9.7 million, respectively, and are included in accrued contingent liabilities on the Consolidated Balance Sheets.

There was $ 0.2 million reversal of expense and $ 0.3 million expense recognized for the three months ended March 31, 2026 and March 31, 2025, respectively, which was included in other income on the Consolidated Statements of Operations.

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

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

Purchase Agreement

On February 4, 2026 , Ridgepost, LLC, a subsidiary of the Company (the "Buyer"), entered into an interest purchase agreement (the "Purchase Agreement") with certain entities affiliated with Stellus Capital Management, LLC ("Stellus"), a U.S.

direct lender specializing in senior loans in the lower-middle market, and certain direct and indirect equityholders of Stellus, pursuant to which, subject to the satisfaction or waiver of specified conditions, Buyer would acquire all of the issued and outstanding equity interests of Stellus (the "Transaction").

The consideration payable at the closing of the Transaction, subject to certain customary closing adjustments, consists of $ 125.0 million in cash and 11,770,245 units of Ridgepost, LLC ("Units"), which can be exchanged into Ridgepost Class A Common Stock on a one-for-one basis, subject to certain conditions, and will be subject to a restrictive period during which the holder cannot offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose thereof, directly or indirectly.

The restricted period terminates as follows:

(i) with respect to one-third of the Class A Common Stock held by such stockholder, on the first anniversary of the closing of the Transaction;

(ii) with respect to two-thirds of the Class A Common Stock held by such stockholder, on the second anniversary of the closing of the Transaction;

and (iii) with respect to all of the Class A Common Stock held by such stockholder, on the third anniversary of the closing of the Transaction.

The Sellers will also have certain registration rights as members of the Buyer.

In addition, subject to certain conditions, up to an additional $ 60 million in earnout consideration (an "Earnout Payment") may be payable based on fee-related revenue in 2027 and 2029.

Any Earnout Payment shall be paid in Units, subject to potential reduction in accordance with the terms of the Purchase Agreement, provided that, at the Sellers' option, up to 50 % of any Earnout Payment (or a greater percentage in the event of any potential reduction of the number payable in Units) shall be paid in cash in U.S.

The number of Units to be issued pursuant to the preceding sentence will be calculated based on the daily volume weighted averages of the Class A Common Stock for the 20 consecutive trading days ending three days prior to the applicable Earnout Payment.

Similar to Units comprising the closing consideration, any Units received as an Earnout Payment may be converted into shares of Class A Common Stock on a one-for-one basis pursuant to the Exchange Agreement, which such Class A Common Stock beneficially held by the Sellers will be subject to an 18-month lock-up (and the other restrictions described above), with one-third of such Class A Common Stock being released from lock-up every six-month period following the issuance.

The Earnout Payment is subject to acceleration in certain limited circumstances set forth in the Purchase Agreement.

The Company expects to finance the upfront cash consideration and the Transaction with cash on hand and its existing credit facility.

The Transaction is expected to close in mid-2026, subject to customary closing conditions.

Contingencies

2 unchanged sentences

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.

Notes to Consolidated Financial Statements

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

The Company calculates its tax provision using the estimated annual effective tax rate methodology.

1 unchanged sentence

To the extent that information is not available for the Company to fully determine the full year estimated impact of an item of income or tax adjustment, the Company calculates the tax impact of such item discretely.

Based on these methodologies, the Company’s worldwide effective income tax rate was 25.76 % and 18.43 % for the three and nine months ended September 30, 2025 , respectively.

The Company's effective income tax rate was 48.49 % and 32.52 % for the three and nine months ended September 30, 2024 , respectively.

The effective tax rate differs from the federal statutory rate of 21 % due to executive compensation subject to Section 162(m) limitation, state taxes, foreign taxes as a result of statutory rate difference between Spain and the U.S., and a discrete period recognition of windfall tax adjustments related to options exercised year-to-date.

The Company records deferred tax assets and liabilities for the future tax benefit or expense that will result from differences between the carrying value of its assets for income tax purposes and for financial reporting purposes, as well as for operating loss and tax credit carryovers.

A valuation allowance is recorded to bring the net deferred tax assets to a level that, in management's view, is more likely than not to be realized in the foreseeable future.

This level will be estimated based on a number of factors, especially the amount of net deferred tax assets of the Company that are actually expected to be realized, for tax purposes, in the foreseeable future.

As of September 30, 2025 , the Company has recorded a $ 12.8 million valuation allowance against deferred tax assets, primarily related to a note impairment.

There was no change to the valuation allowance during the nine months ended September 30, 2025.

Based on these methodologies, the Company’s worldwide effective income tax rate was 29.6 % and 5.34 % for the three months ended March 31, 2026 and 2025 , respectively.

The effective tax rate differs from the federal statutory rate of 21 % due to executive compensation subject to Section 162(m) limitation, state taxes, foreign taxes as a result of a statutory rate difference between Spain and the U.S., and a discrete period recognition of shortfall tax adjustments due to stock-based compensation-related tax costs.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

The Company recognizes deferred tax assets and liabilities to account for future tax benefits or expenses arising from discrepancies between the carrying value of assets for income tax purposes and financial reporting purposes, as well as from operating loss and tax credit carryovers.

A valuation allowance is applied to adjust net deferred tax assets to a level that management deems more likely than not to be realized within the foreseeable future.

This determination is based on several factors, notably the expected realization of net deferred tax assets for tax purposes.

At the start of the year, the Company reduced its deferred tax assets due to the expiration of the 5-year built-in gain recognition period on its net operating losses;

consequently, the previously recorded valuation allowance against this deferred tax asset was reversed.

As of March 31, 2026 , the Company has recorded a $ 11.8 million valuation allowance against deferred tax assets, primarily attributable to a note impairment.

The Company monitors federal and state legislative activity and other developments that may impact our tax positions and their relation to the income tax provision.

3 unchanged sentences

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

The legislation has multiple effective dates, with certain provision effective in 2025 and others implemented through 2027.

OBBBA did not have a significant impact on our provision for income taxes for the three months ended September 30, 2025 , and we do not anticipate a significant impact on our effective tax rate for the full year 2025.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

OBBBA did not have a significant impact on our provision for income taxes for the three months ended March 31, 2026 , and we do not anticipate a significant impact on our effective tax rate for the full year 2026.

Stockholders' Equity

Stock Incentive Plans

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

Equity-Based Compensation

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.

8 unchanged sentences

The Plan provided for the issuance of 3,000,000 shares available for grant, in addition to those approved in the 2018 Plan for a total of 9,300,000 shares.

On June 17, 2022, at the Annual Meeting of Stockholders, the shareholders authorized an increase of 5,000,000 shares that may be issued under the Plan.

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

Since the inception of the Plan, the shareholders have authorized an increase of 20,000,000 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 March 31, 2026 , there are 5.6 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 March 31, 2026 and December 31, 2025, the Board has approved $ 157.0 million for share repurchase under the Share Repurchase Program.

As of March 31, 2026, $ 142.0 million has been spent to buy back shares under this program and there is $ 15.0 million remaining for authorized repurchases under this program.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

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 September 30, 2025, there are 8,015,351 shares available for grant under the Plan.

Equity-Based Compensation - Stock Options

A summary of stock option activity for the nine months ended September 30, 2025 is as follows:

A summary of stock option activity for the three months ended March 31, 2026 is as follows:

Weighted Average

6 unchanged sentences

Expired/Forfeited

Outstanding as of September 30, 2025

Exercisable as of September 30, 2025

Outstanding as of March 31, 2026

Exercisable as of March 31, 2026

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.

When stock options exercise, the awards are generally settled in equity net of employee tax withholdings and strike price.

When stock options are exercised, the awards are generally settled in equity net of employee tax withholdings and strike price.

Stock option compensation cost is estimated at the grant date based on the fair-value of the award, which is determined using the Black Scholes option valuation model and is recognized as expense ratably over the requisite service period of the award, generally five years.

1 unchanged sentence

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

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 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.

1 unchanged sentence

The dividend yield is based on the quarterly dividend as of the grant date.

The stock-based compensation expense for stock options was $ 2.1 million and $ 7.1 million for the three and nine months ended September 30, 2025 , respectively, and $ 1.8 million and $ 7.1 million for the three and nine months ended September 30, 2024, respectively.

The total associated income tax benefit was $ 2.6 million and $ 7.4 million for the three and nine months ended September 30, 2025 , respectively, and $ 0.2 million and $ 2.5 million for the three and nine months ended September 30, 2024, respectively.

Unrecognized stock-based compensation expense related to outstanding unvested stock options as of September 30, 2025 was $ 25.3 million and is expected to be recognized over a weighted average period of 2.54 years.

The stock-based compensation expense for stock options was $ 2.0 million and $ 2.3 million for the three months ended March 31, 2026 and March 31, 2025, respectively, which is included in compensation and benefits on the Consolidated Statements of Operations.

The total associated income tax benefit was $ 0.9 million and $ 2.4 million for the three months ended March 31, 2026 and 2025, respectively.

Unrecognized stock-based compensation expense related to outstanding unvested stock options as of March 31, 2026 was $ 20.2 million and is expected to be recognized over a weighted average period of 2.3 years.

Any future forfeitures will impact this amount.

The weighted average assumptions used in calculating the fair value of stock options granted during the nine months ended September 30, 2025 and September 30, 2024 were as follows:

For the nine months ended September 30,

For the three months ended March 31, 2026 , there were no stock option grants.

The weighted average assumptions used in calculating the fair value of stock options granted during the three months ended March 31, 2025 were as follows:

For the three months

ended March 31,

Expected life (in years)

7 unchanged sentences

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

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

RSA compensation cost is estimated at the grant date based on the fair value of the award, which is based on the closing market price on the day of grant, and is recognized as expense ratably over the requisite service period

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

Statements of Operations.

RSA compensation cost is estimated at the grant date based on the fair value of the award, which is based on the closing market price on the day of grant and is recognized as expense ratably over the requisite service period of the awards.

The stock-based compensation expense for RSAs was $ 0.3 million and $ 0.7 million for the three and nine months ended September 30, 2025, respectively, and $ 0.3 million and $ 0.5 million for the three and nine months ended September 30, 2024, respectively, which is included in compensation and benefits on the Consolidated Statements of Operations.

There w as $ 0 and $ 1.0 million of associated income tax benefit for the three and nine months ended September 30, 2025 , respectively, and $ 0 and $ 0.6 million for the three and nine months ended September 30, 2024, respectively.

Unrecognized stock-based compensation expense related to outstanding unvested RSAs as of September 30, 2025 was $ 0.8 million and is expected to be recognized over a weighted average period of 0.7 years.

of the awards.

The stock-based compensation expense for RSAs was $ 0.3 million and $ 0.2 million for the three months ended March 31, 2026 and 2025 , respectively, which is included in compensation and benefits on the Consolidated Statements of Operations.

There was no associated income tax benefit for the three months ended March 31, 2026 and 2025, respectively.

Unrecognized stock-based compensation expense related to outstanding unvested RSAs as of March 31, 2026 was $ 0.2 million and is expected to be recognized over a weighted average period of 0.2 years.

Any future forfeitures will impact this amount.

2 unchanged sentences

Outstanding as of December 31, 2025

Outstanding as of September 30, 2025

Outstanding as of March 31, 2026

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

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

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.

1 unchanged sentence

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 Bonaccord Units and Executive Market Units, which are discussed in more detail below.

The stock-based compensation expense for RSUs excluding the Bonaccord Units, Executive Transition Units, and Executive Market Units, which are discussed in more detail below, was $ 4.0 million and $ 11.2 million for the three and nine months ended September 30, 2025, respectively, and $ 2.0 million and $ 7.2 million for the three and nine months ended September 30, 2024 , respectively, which is included in compensation and benefits on the Consolidated Statements of Operations.

There was $ 0.2 million and $ 9.3 million of associated income tax benefit for the three and nine months ended September 30, 2025, respectively, and $ 0 and $ 6.0 million for the three and nine months ended September 30, 2024, respectively.

Unrecognized stock-based compensation expense related to outstanding unvested RSUs as of September 30, 2025 was $ 7.8 million and is expected to be recognized over a weighted average period of 0.79 years.

RSU compensation cost is estimated at the grant date based on the fair value of the award, which is based on the closing market price on the day of the grant, and is recognized as expense ratably over the requisite service period of the awards.

M ost RSUs vest one year from the grant date or vest 25% on the second, third, fourth, and fifth anniversaries of the grant date excluding certain executive RSUs, the Bonaccord, Additional Bonaccord, and Executive Market Units, which are discussed in more detail below.

The stock-based compensation expense for RSUs excluding the Bonaccord, Additional Bonaccord, and Executive Market Units, which are discussed in more detail below, was $ 3.8 million and $ 3.4 million for the three months ended March 31, 2026 and 2025, respectively, which is included in compensation and benefits on the Consolidated Statements of Operations.

The total associated income tax benefit was $ 7.2 million and $ 9.1 million for the three months ended March 31, 2026 and 2025, respectively.

Unrecognized stock-based compensation expense related to outstanding unvested RSUs as of March 31, 2026 was $ 26.9 million and is expected to be recognized over a weighted average period of 2 .65 years.

Any future forfeitures will impact this amount.

1 unchanged sentence

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 .

As of September 30, 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 Units") and cash bonus with a total aggregate value of $ 17.5 million, equaling a maximum of 1,457,119 Additional Units.

On May 12, 2025, $ 14.0 million was allocated to employees which included $ 2.1 million being settled as a cash bonus and $ 11.9 million as 994,762 Additional Units that would vest upon meeting certain performance metrics.

As of September 30, 2025 , an additional 291,424 of the Additional Units remain to be allocated.

On May 12, 2025, the Company evaluated that all the Bonaccord Units are probable to be earned.

The Company evaluates when 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.

An expense of $ 4.2 million and $ 7.9 million has been recorded for the three and nine months ended September 30, 2025 , respectively, and $ 3.1 million and $ 3.2 million for the three and nine months ended September 30, 2024 on the Consolidated Statements of

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 March 31, 2026 , an additional 291,424 of the Additional Bonaccord 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.

As of March 31, 2026, certain performance metrics have been met and 443,521 Additional Bonaccord Units have vested, of which 260,981 shares were settled for $ 2.8 million in cash for the three months ended March 31, 2026 , and 1,013,598 Additional Bonaccord Units remain unvested and outstanding.

An expense of $ 1.9 million and $ 0 , inclusive of expense for both the Bonaccord Units and Additional Bonaccord Units has been recorded for the three months ended March 31, 2026 and March 31, 2025, respectively on the Consolidated Statements of Operations.

The income tax benefit associated with the Bonaccord Units and Additional Bonaccord Units was $ 2.8 million and $ 4.0 million for the three months ended March 31, 2026 and 2025, respectively.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

The income tax benefit associated with the Bonaccord Units was $ 0 and $ 6.1 million for the three and nine months ended September 30, 2025, respectively, and $ 1.7 million and $ 3.5 million for the three and nine months ended September 30, 2024, respectively.

Unrecognized stock-based compensation expense related to the Bonaccord Units as of September 30, 2025 was $ 6.1 million and is expected to be recognized over 1.75 years.

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 a 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.

No stock compensation expense for these units were incurred for both the three and nine months ended September 30, 2025.

For the three and nine months ended September 30, 2024 , $ 1.8 million and $ 3.0 million of stock compensation expense, respectively, was recognized on the Consolidated Statements of Operations.

There was no associated income tax benefit for the Executive Transition Units for the three and nine months ended September 30, 2025 and for the three and nine months ended September 30, 2024.

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.

4 unchanged sentences

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 September 30, 2025 , no ne of the Executive Market Units have vested.

For the three and nine months ended September 30, 2025, $ 0.6 million and $ 2.0 million of stock compensation expense was recognized on the Consolidated Statements of Operations.

For the three and nine months ended September 30, 2024 , $ 0.6 million and $ 2.0 million of stock compensation expense was recognized on the Consolidated Statements of Operations.

There was no associated income tax benefit for the three and nine months ended September 30, 2025 and 2024.

The unrecognized expense associated with the Executive Market Units was $ 5.6 million as of September 30, 2025.

As of March 31, 2026 , no ne of the Executive Market Units have vested.

For the three months ended March 31, 2026 and March 31, 2025, respectively, $ 0.7 m illion and $ 0.7 million of stock compensation was recognized on the Consolidated Statements of Operations.

There was no associated income tax benefit for the three months ended March 31, 2026 and 2025.

The unrecognized expense associated with the Executive Market Units was $ 4.2 million as of March 31, 2026.

The below table shows the assumptions used in the Monte Carlo simulation for the Executive Market Units' fair value.

4 unchanged sentences

Expected dividend yield

The below table excludes Executive Market Units that the market conditions have not been satisfied.

The below table excludes Executive Market Units that the market conditions have not been satisfied, and Bonaccord Units and Additional Bonaccord Units that were issued outside of the Plan, that had not vested or that had vested and settled in cash.

Weighted-Average Grant

1 unchanged sentence

Outstanding as of December 31, 2025

Outstanding as of September 30, 2025

Notes to Consolidated Financial Statements

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

Outstanding as of March 31, 2026

Earnings Per Share

1 unchanged sentence

Basic EPS excludes potential dilution and is computed by dividing net income by the weighted-average number of common shares outstanding for the period.

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 three and nine months ended September 30, 2025 and the three and nine months ended September 30, 2024, 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.

Diluted EPS reflects the potential dilution that could occur if shares of common stock were issued pursuant to our stock-based compensation awards or vesting upon the termination of an acquisition holdback period.

For the three months ended March 31, 2026 and March 31, 2025, 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.

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

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

The following table presents a reconciliation of the numerators and denominators used in the computation of basic and diluted EPS:

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

For the Three Months Ended March 31,

Numerator for basic calculation—Net income

attributable to P10

attributable to Ridgepost

Adjustment for:

Net income attributable to noncontrolling interests in P10 Intermediate

Net income attributable to noncontrolling interests in Ridgepost, LLC

Numerator for earnings per share

1 unchanged sentence

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

7 unchanged sentences

Earnings per Class B share—diluted

The computations of diluted earnings per share on a weighted average basis would exclude 8.3 million and 8.0 million options and RSUs for the three and nine months ended September 30, 2025, respectively, because the options were anti-dilutive.

The computations of diluted earnings per share on a weighted average basis exclude 8.1 million and 10.1 million options for the three and nine months ended September 30, 2024 , respectively, because the options were anti-dilutive.

The computations of diluted earnings per share on a weighted average basis would exclude 10.9 million and 4.7 million options for the three months ended March 31, 2026 and March 31, 2025 , respectively, because the options were anti-dilutive.

Segment Reporting

The accounting policies of the Company's single operating segment are the same as those described in the summary of significant accounting policies in Note 2.

Notes to Consolidated Financial Statements

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

Customer Information

No i ndividual client constituted more than 10% of the Company's total revenues for the three and nine months ended September 30, 2025 .

No individual client constituted more than 10% of the Company's total revenues for the three and nine months ended September 30, 2024 .

No individual client constituted more than 10% of the Company's total revenues for the three months ended March 31, 2026 and 2025 .

Refer to Note 4 f or further details provided on the Company's source of revenues.

3 unchanged sentences

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 three and nine months ended September 30, 2025 and 2024, 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 three and nine months ended September 30, 2025 and 2024.

For the three months ended March 31, 2026 and 2025 , 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 three months ended March 31, 2026 and 2025.

The Company's long-lived assets consist of property and equipment, lease right-of-use assets, and finite-lived intangibles.

As of September 30, 2025 , 73 % of the Company's long-lived assets were in the United States and 27 % 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.

As of March 31, 2026 , 78 % of the Company's long-lived assets were in the United States and 22 % of the Company's long-lived assets were in Spain.

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.

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

Significant Segment Expense

The following table presents information about reported segment revenue, segment profit or loss, and significant segment expenses for the three and nine months ended September 30, 2025 and 2024:

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

The following table presents information about reported segment revenue, segment profit or loss, and significant segment expenses for the three months ended March 31, 2026 and 2025:

For the Three Months Ended March 31,

Total Revenues

6 unchanged sentences

other segment items (1)

(1) Other segment items included in net income includes (i) contingent consideration expense, amortization of intangibles, strategic alliance expense, income tax expense, interest expense, net, as well as other income, and (ii) one-time expenses excluded from the significant segment expenses.

(1) Other segment items included in net income include (i) remeasurement of contingent consideration, amortization of intangibles, strategic alliance expense, income tax expense, interest expense, net, as well as other income, and (ii) one-time expenses excluded from the significant segment expenses.

(2) M anagement profit share represents compensation expense attributable to variable compensation structures tied to the profitability of our business, paid to senior employees.

Notes to Consolidated Financial Statements

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

The following table reconciles the components of cash compensation and benefits, net of one-time expenses to their equivalent GAAP measures, reported in the Consolidated Statement of Operations for the three and nine months ended September 30, 2025 and 2024:

For the three months ended September 30,

For the nine months ended September 30,

For the three months ended March 31,

Compensation and benefits

4 unchanged sentences

(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.

and (ii) acquisition-related expenses which reflect 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.

(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 three and nine months ended September 30, 2025 and 2024:

For the three months ended September 30,

For the nine months ended September 30,

For the three months ended March 31,

Professional fees

1 unchanged sentence

Professional fees, net of one-time expenses

Ridgepost Capital, Inc.

Notes to Consolidated Financial Statements

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

(1) The adjustments for one-time expenses relate primarily to (i) restructuring of the management team including placement/search fees;

(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;

(ii) acquisition-related expenses which reflect 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) 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 three and nine months ended September 30, 2025 and 2024:

For the three months ended September 30,

For the nine months ended September 30,

For the three months ended March 31,

General, administrative and other

4 unchanged sentences

(ii) the cost of financing our business;

and (iii) acquisition-related expenses which reflects the actual costs incurred during the period for the acquisition of new businesses.

Notes to Consolidated Financial Statements

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

and (iii) acquisition-related expenses which reflect the actual costs incurred during the period for the acquisition of new businesses.

Other Segment Information

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 income and was $ 0.3 million an $ 1.0 million for the three and nine months ended September 30, 2025, respectively, and $ 0.3 million and $ 0.8 million for the three and nine months ended September 30, 2024 .

Interest income is reported on the Consolidated Statements of Operations within other income and was $ 0.2 million and $ 0.4 million for the three months ended March 31, 2026 and 2025 , respectively.

Subsequent Events

On November 4, 2025, the Board of Directors of the Company declared a quarterly cash dividend of $ 0.0375 per share of Class A and Class B common stock, payable on December 19, 2025, to the holders of record as of the close of business on November 28, 2025.

In accordance with ASC 855, Subsequent Events , the Company evaluated all material events or transactions that occurred after September 30, 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.

On May 5, 2026, the Board of Directors of the Company has declared a quarterly cash dividend of $ 0.04 per share of Class A and Class B common stock, payable on June 18, 2026 , to the holders of record as of the close of business on May 29, 2026 .

In accordance with ASC 855, Subsequent Events, the Company evaluated all material events or transactions that occurred after March 31, 2026 , 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.

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-Q

Item 1. Financial Statements