0000950170-23-010038 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Mar. 20, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	P10, Inc.
Entity Central Index Key	0001841968
Entity File Number	001-40937
Entity Tax Identification Number	87-2908160
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Address, Address Line One	4514 Cole Ave
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75205
City Area Code	214
Local Phone Number	865-7998
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 414.9
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Small Business	false
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Interactive Data Current	Yes
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement relating to its 2023 annual meeting of stockholders (the “2023 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2023 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	Chicago, IL
Common Class A
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	PX
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		43,096,305
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		72,841,473
Series A Junior Participating Preferred Stock Purchase Rights
Entity Information [Line Items]
Title of 12(b) Security	Series A Junior Participating Preferred Stock Purchase Rights

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 20,021	$ 40,916
Restricted cash	9,471	2,566
Accounts receivable	16,551	2,854
Note receivable	4,231	2,552
Due from related parties	36,538	12,357
Investment in unconsolidated subsidiaries	2,321	1,803
Prepaid expense and other assets	5,089	4,759
Property and equipment, net	2,878	981
Right-of-use assets	15,923	14,789
Contingent payments to customers	13,629	0
Deferred tax assets, net	41,275	45,151
Intangibles, net	151,795	128,788
Goodwill	506,638	418,701
Total assets	826,360	676,217
LIABILITIES:
Accounts payable	2,578	401
Accrued expenses	8,052	6,009
Accrued compensation and benefits	18,900	6,465
Due to related parties	2,157	2,258
Other liabilities	8,715	1,808
Contingent consideration	17,337	22,963
Accrued contingent liability	14,305	0
Deferred revenues	12,651	12,953
Lease liabilities	18,558	15,700
Debt obligations	289,224	212,496
Total liabilities	392,477	281,053
STOCKHOLDERS' EQUITY:
Treasury stock	(9,926)	(273)
Additional paid-in-capital	628,828	650,405
Accumulated deficit	(225,879)	(255,085)
Noncontrolling interest	40,745	0
Total stockholders' equity	433,883	395,164
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	826,360	676,217
Class A Common Stock
STOCKHOLDERS' EQUITY:
Common stock value	42	34
Class B Common Stock
STOCKHOLDERS' EQUITY:
Common stock value	$ 73	$ 83

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Class A Common Stock
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	510,000,000	510,000,000
Common stock shares issued	43,303,040	34,464,920
Common stock shares outstanding	42,365,266	34,464,920
Class B Common Stock
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	180,000,000	180,000,000
Common stock shares issued	73,131,825	82,851,279
Common stock shares outstanding	73,008,374	82,727,827

Consolidated VIE Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets [Abstract]
Cash and cash equivalents	$ 20,021	$ 40,916
Restricted cash	9,471	2,566
Accounts receivable	16,551	2,854
Due from related parties	36,538	12,357
Prepaid expense and other assets	5,089	4,759
Property and equipment, net	2,878	981
Right-of-use assets	15,923	14,789
Contingent payments to customers	13,629	0
Intangibles, net	151,795	128,788
Goodwill	506,638	418,701
Total assets	826,360	676,217
Liabilities [Abstract]
Accounts payable	2,578	401
Accrued expenses	8,052	6,009
Accrued compensation and benefits	18,900	6,465
Due to related parties	2,157	2,258
Contingent consideration	17,337	22,963
Accrued contingent liability	14,305	0
Deferred revenues	12,651	12,953
Lease liabilities	18,558	15,700
Debt obligations	289,224	212,496
Total liabilities	392,477	281,053
variable interest entity
Assets [Abstract]
Cash and cash equivalents	12,654	18,536
Restricted cash	756	756
Accounts receivable	3,264	1,060
Note receivable	808	2,552
Due from related parties	16,029	3,243
Prepaid expense and other assets	3,823	1,330
Property and equipment, net	1,409	866
Right-of-use assets	15,081	4,976
Contingent payments to customers	13,629	0
Intangibles, net	117,142	84,339
Goodwill	383,444	295,507
Total assets	568,039	413,165
Liabilities [Abstract]
Accounts payable	2,418	121
Accrued expenses	16,690	4,818
Accrued compensation and benefits	14,191	4,326
Contingent consideration	17,337	22,963
Accrued contingent liability	14,305	0
Deferred revenues	11,265	10,676
Lease liabilities	16,798	5,944
Deferred tax liabilities, net	3,316	4,769
Total liabilities	$ 96,320	$ 53,617

Consolidated Statements of Operations - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES
Total revenues	$ 198,360,000	$ 150,534,000	$ 67,368,000
OPERATING EXPENSES
Compensation and benefits	94,297,000	54,755,000	24,529,000
Professional fees	12,856,000	11,508,000	13,953,000
General, administrative and other	18,522,000	9,870,000	4,710,000
Contingent consideration expense	1,717,000	3,472,000	21,000
Amortization of intangibles	26,867,000	30,431,000	15,466,000
Strategic alliance expense	678,000	152,000	0
Total operating expenses	154,937,000	110,188,000	58,679,000
INCOME FROM OPERATIONS	43,423,000	40,346,000	8,689,000
OTHER (EXPENSE)/INCOME
Interest expense implied on notes payable to sellers	0	(825,000)	(988,000)
Interest expense, net	(9,505,000)	(21,360,000)	(10,732,000)
Loss on extinguishment of debt	0	(15,312,000)	0
Other income	1,545,000	848,000	0
Total other (expense)	(7,960,000)	(36,649,000)	(11,720,000)
Net income before income taxes	35,463,000	3,697,000	(3,031,000)
Income tax benefit/(expense)	(6,064,000)	7,070,000	26,837,000
NET INCOME	29,399,000	10,767,000	23,806,000
Less: preferred dividends attributable to redeemable noncontrolling interest	0	(1,593,000)	(720,000)
Less: net income attributable to noncontrolling interest in P10 Intermediate	(193,000)	0	0
NET INCOME ATTRIBUTABLE TO P10	$ 29,206,000	$ 9,174,000	$ 23,086,000
Earnings per share
Basic earnings per share	$ 0.25	$ 0.13	$ 0.37
Diluted earnings per share	0.24	0.08	0.36
Dividends paid per share	$ 0.09	$ 0	$ 0
Weighted average shares outstanding, basic	116,751	72,660	62,465
Weighted average shares outstanding, diluted	121,655	112,332	64,905
Management and Advisory Fees
REVENUES
Total revenues	$ 196,546,000	$ 149,424,000	$ 66,125,000
Other Revenue [Member]
REVENUES
Total revenues	$ 1,814,000	$ 1,110,000	$ 1,243,000

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in-capital	Accumulated Deficit	Non controlling Interest [Member]	Common Class A [Member] Common Stock	Common Class A [Member] IPO [Member] Common Stock	Common Class B [Member] Common Stock	Common Class B [Member] IPO [Member] Common Stock	Common Stock Subject to Mandatory Redemption [Member] Common Class A [Member] Common Stock	Common Stock Subject to Mandatory Redemption [Member] Common Class B [Member] Common Stock
Balance at Dec. 31, 2019	$ 36,041	$ 63	$ (273)	$ 323,596	$ (287,345)
Balance (in shares) at Dec. 31, 2019		62,464	123
Stock-based compensation	714			714
Net income attributable to P10	23,086				23,086
Net income	23,806
Net income attributable to noncontrolling interest	0
Dividends declared	0
Balance at Dec. 31, 2020	59,841	$ 63	$ (273)	324,310	(264,259)
Balance (in shares) at Dec. 31, 2020		62,464	123
Stock-based compensation	2,416			2,416
Net income attributable to P10	9,174				9,174
Net income	10,767
Net income attributable to noncontrolling interest	0
Exchange of common stock and redeemable noncontrolling interest to Class B common stock (Amount)	197,719	$ (63)		197,676					$ 106
Exchange of common stock and redeemable noncontrolling interest to Class B common stock (Share)		(62,464)							105,655
Issuance of Class A common stock sold in IPO, net of underwriting discounts(Amount)	129,375			129,364			$ 11
Issuance of Class A common stock sold in IPO, net of underwriting discounts(share)							11,500
Deferred offering costs	$ (3,361)			(3,361)
Issuance of restricted stock awards (Share)									36
Exchange of Class B common stock for Class A common stock (Amount)							$ 11	$ 9	$ (11)	$ (9)	$ 3	$ (3)
Exchange of Class B common stock for Class A common stock (Share)							11,464	8,500	(11,464)	(8,500)	3,000	(3,000)
Exercise of stock options (in shares)	0
Dividends declared	$ 0
Balance at Dec. 31, 2021	395,164
Balance at Dec. 31, 2021	395,164		$ (273)	650,405	(255,085)		$ 34		$ 83
Balance (in shares) at Dec. 31, 2021			123				34,464		82,727
Stock-based compensation	10,361			10,361
Net income attributable to P10	29,206
Net income	29,399				29,206
Net income attributable to noncontrolling interest	193					$ 193
Deferred offering costs	(80)			(80)
Issuance of restricted stock awards (Share)							33
Issuance of restricted stock units	3,833			3,833
Issuance of restricted stock units (in shares)							405
Exchange of Class B common stock for Class A common stock (Amount)	$ (0)						$ 9		$ (9)
Exchange of Class B common stock for Class A common stock (Share)							8,422		(8,422)
Exercise of stock options (in shares)	47,905						14
Repurchase of common stock for employee tax witholding (Amount)	$ (454)			(454)
Repurchase of common stock for employee tax witholding (Share)							(35)
Treasury Stock, Stock repurchase	(21,903)		$ (9,653)	(12,248)			$ (1)		$ (1)
Treasury Stock, Stock repurchase (Shares)			938				(938)		(1,297)
Settlement of stock options	(12,466)			(12,466)
Capital contributions from non-controlling interest	40,733					40,733
Distributions to non-controlling interest	(181)					(181)
Dividends declared	(1)			(1)
Dividends paid	(10,522)			(10,522)
Balance at Dec. 31, 2022	$ 433,883		$ (9,926)	$ 628,828	$ (225,879)	$ 40,745	$ 42		$ 73
Balance (in shares) at Dec. 31, 2022			1,061				42,365		73,008

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 29,399	$ 10,767	$ 23,806
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	18,616	3,528	714
Non-cash incentive compensation	0	1,396	0
Depreciation expense	485	272	105
Amortization of intangibles	26,867	30,431	15,466
Amortization of debt issuance costs and debt discount	1,116	4,748	2,040
Income from unconsolidated subsidiaries	(1,532)	(1,087)	0
Deferred tax expense (benefit)	3,693	(8,140)	(30,274)
Loss on extinguishment of debt	0	10,499	0
Measurement of contingent payments to customers	676	0	0
Remeasurement of Contingent Consideration	1,717	3,472	0
Post Close Purchase Price Adjustment	11	0	0
Change in operating assets and liabilities:
Accounts receivable	(1,066)	407	1,942
Due from related parties	(24,181)	(9,782)	(427)
Prepaid expenses and other assets	2,871	(1,390)	(74)
Right-of-use assets	2,912	1,651	1,186
Accounts payable	(10,889)	(702)	619
Accrued expenses	1,556	(2,674)	931
Accrued compensation and benefits	8,014	3,335	1,754
Due to related parties	(101)	58	141
Other liabilities	3,950	1,554	(34)
Deferred revenues	(302)	2,606	(5,960)
Lease liabilities	(2,137)	(1,930)	(1,266)
Net cash provided by operating activities	61,675	49,019	10,669
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions, net of cash acquired	(96,455)	(44,612)	(213,909)
Purchase of intangible assets	(36)	(30)	0
Notes receivable	(1,687)	(2,552)	0
Proceeds from note receivable	7	0	0
Investments in unconsolidated subsidiaries	0	(2,638)	0
Proceeds from investments in unconsolidated subsidiaries	1,014	4,080	0
Software capitalization	(138)	0	0
Post-closing payments related to acquisitions	0	(1,519)	(250)
Purchases of property and equipment	(1,295)	(129)	(34)
Net cash used in investing activities	(98,590)	(47,400)	(214,193)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of redeemable noncontrolling interests	0	0	46,353
Repayment of notes payable to sellers	0	(9,406)	0
Repayment of loans payable	0	(31,658)	0
Borrowings on debt obligations	120,662	252,873	159,350
Repayments on debt obligations	(43,162)	(295,376)	(4,798)
Cash paid for extinguishment of debt	0	(4,813)	0
Repurchase of Class A common stock for employee tax withholding	(454)	0
Payment of preferred stock dividends	0	(2,313)	0
Proceeds from initial public offering	0	138,000	0
Payment of initial public offering underwriting fees	0	(8,626)	0
Payments of contingent consideration	(7,344)	(727)	0
Deferred offering costs	0	(3,361)	0
Cash settlement of stock options	(12,466)	(1,112)	0
Dividends paid	(10,522)	0	0
Debt issuance costs	(1,888)	(4,401)	(4,064)
Net cash provided by financing activities	22,925	29,080	196,841
Net change in cash, cash equivalents and restricted cash	(13,990)	30,699	(6,683)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	43,482	12,783	19,466
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	29,492	43,482	12,783
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	6,784	18,719	9,699
Cash paid for extinguishment of debt	0	4,813	0
Net cash paid for income taxes	2,480	5,039	1,169
NON-CASH OPERATING, INVESTING AND FINANCING ACTIVITIES
Issuance of redeemable noncontrolling interests in acquisition	0	0	141,354
Issuance of redeemable noncontrolling interests in exchange for tax amortization benefits	0	0	10,012
Issuance of noncontrolling interests in acquisition	40,745	0	0
Increase to purchase price of Enhanced for working capital adjustment	0	0	1,707
Additions to right-of-use assets	4,046	9,949	0
Additions to lease liabilities	4,995	9,949	0
Additions to contingent payments to customers	14,305	0	0
Additions to accrued contingent liability	14,305	0	0
Additions to property and equipment	949	0
Additions to accrued compensation and benefits	10,052	0	0
Additions to contingent consideration	0	19,160	0
Dividends declared	1	0	0
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	20,021	40,916	11,773
Restricted Cash	9,471	2,566	1,010
Total cash, cash equivalents and restricted cash	29,492	43,482	12,783
Class A Common Stock
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of common stock	(9,653)	0
Class B Common Stock
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of common stock	$ (12,248)	$ 0	$ 0

Description of Business

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

Note 1. Description of Business

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, including the convertible preferred units of P10 Intermediate, as defined below, were converted into common stock of P10. 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. The number of shares have been retrospectively adjusted within these financial statements to reflect this stock split. The reorganization was considered a transaction between entities under common control. As a result, the consolidated financial statements for periods prior to the reorganization and IPO are the consolidated financial statements of P10 Holdings as the predecessor to P10 for accounting and reporting purposes.

Following the reorganization and IPO, P10 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.

P10, Inc. and its consolidated subsidiaries (the “Company”) 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"), and Western Technology Investment Advisors LLC ("WTI").

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. 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. Following the sale, we changed our name from Active Power, Inc. to P10 Industries, Inc. and became a non-operating company focused on monetizing our retained intellectual property and acquiring profitable businesses. For the period from December 2016 through September 2017, our business primarily consisted of cash, certain retained intellectual property assets and our net operating losses (“NOLs”) and other tax benefits. On March 22, 2017, we filed for re-organization under Chapter 11 of the Federal Bankruptcy Code, using a prepackaged plan of reorganization. The Company emerged from bankruptcy on May 3, 2017. On December 1, 2017, the Company changed its name from P10 Industries, Inc. to P10 Holdings, Inc. We were founded as a Texas corporation in 1992 and reincorporated in Delaware in 2000. Our headquarters is in Dallas, Texas.

On October 5, 2017, we closed on the acquisition of RCP Advisors 2, LLC ("RCP 2") and entered into a purchase agreement to acquire RCP Advisors 3, LLC ("RCP 3") in January 2018. On January 3, 2018, we closed on the acquisition of RCP 3. RCP 2 and RCP 3 are registered investment advisors with the United States Securities and Exchange Commission.

On April 1, 2020, the Company completed the acquisition of Five Points. 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. Five Points is a registered investment advisor with the United States Securities and Exchange Commission.

On October 2, 2020, the Company completed the acquisition of TrueBridge. TrueBridge is an investment firm focused on investing in venture capital through fund-of-funds, co-investments, and separate accounts. TrueBridge is a registered investment advisor with the United States Securities and Exchange Commission.

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”) (collectively, “Enhanced”). 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.

On September 30, 2021, the Company completed acquisitions of Bonaccord and Hark. Bonaccord is an alternative asset manager focusing on acquiring minority equity interests in alternative asset management companies focused on private market strategies which may include private equity, private credit, real estate, and real asset strategies. 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. See Note 3 for additional information on these acquisitions.

In June 2022, the Company formed P10 Advisors, a fully consolidated subsidiary, to manage investment opportunities that are sourced across the P10 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. WTI provides senior secured financing to early-stage and emerging stage life sciences and technology companies. 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, following applicable restrictive periods.

The results of WTI’s operations have been included in the consolidated financial statements effective October 13, 2022. The Company reports noncontrolling interest related to the partnership interests which are owned by the WTI sellers. This is recorded as noncontrolling interest on the Consolidated Balance Sheets. Noncontrolling interest is allocated a share of income or loss in the respective consolidated subsidiaries in proportion to their relative ownership interest. Additionally, the Company makes periodic distributions to the WTI sellers for tax related and other agreed upon expenses as disclosed in the purchase agreement.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

Basis of Presentation

The accompanying Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Management believes it has made all necessary adjustments so that the Consolidated Financial Statements are presented fairly and that estimates made in preparing the Consolidated Financial Statements are reasonable and prudent. The Consolidated Financial Statements include the accounts of the Company, its wholly owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany transactions and balances have been eliminated upon consolidation.

Certain entities in which the Company holds an interest are investment companies that follow specialized accounting rules under U.S. GAAP and reflect their investments at estimated fair value. Accordingly, the carrying value of the Company’s equity method investments in such entities retains the specialized accounting treatment.

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.

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: (a) direct or indirect ability to make decisions, (b) obligation to absorb expected losses or (c) right to receive expected residual returns. A VIE must be evaluated quantitatively and qualitatively to determine the primary beneficiary, which is the reporting entity that has (a) the power to direct activities of a VIE that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The primary beneficiary is required to consolidate the VIE for financial reporting purposes.

To determine a VIE's primary beneficiary, we perform a qualitative assessment to determine which party, if any, has the power to direct activities of the VIE and the obligation to absorb losses and/or receive its benefits. This assessment involves identifying the activities that most significantly impact the VIE's economic performance and determine whether we, or another party, has the power to direct those activities. When evaluating whether we are the primary beneficiary of a VIE, we perform a qualitative analysis that considers the design of the VIE, the nature of our involvement and the variable interests held by other parties. See Note 7 for further information.

The Company has determined that certain of its subsidiaries are VIEs, and that the Company is the primary beneficiary of the entities, because it has the power to direct activities of the entities that most significantly impact the VIE’s economic performance and has a controlling financial interest in each entity. Accordingly, the Company consolidates these entities, which includes P10 Intermediate, Holdco, RCP 2, RCP 3, TrueBridge, Bonaccord, Hark, and WTI. The assets and liabilities of the consolidated VIEs are presented on a gross basis in the Consolidated Balance Sheets. As a result of the reorganization in 2021, and reaffirmed after the 2022 restructure, it was determined that P10 Intermediate no longer qualifies as a VIE, but would still be consolidated under the voting interest model. This change has been retrospectively adjusted. See Note 7 for more information on both consolidated and unconsolidated VIEs.

Entities that do not qualify as VIEs are assessed for consolidation under the voting interest model. Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest or other means. P10 Holdings, P10 Inc., Five Points, P10 Advisors, and ECG are concluded to be consolidated subsidiaries of P10 under the voting interest model.

Reclassifications

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

Use of Estimates

The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid instruments with original maturities of three months or less to be cash equivalents. As of December 31, 2022, and December 31, 2021, cash equivalents include money market funds of $7.8 million and $10.7 million, respectively, which approximates fair value. The Company maintains its cash balances at various financial institutions, which may periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limits. The Company believes it is not exposed to any significant credit risk on cash.

Restricted Cash

Restricted cash as of December 31, 2022 and December 31, 2021 was primarily cash that is restricted due to certain deposits being held by the Company for its customers.

Accounts Receivable and Due from Related Parties

Accounts receivable is equal to contractual amounts reduced for allowances, if applicable. The Company considers accounts receivable to be fully collectible; accordingly, no allowance for doubtful accounts has been established as of December 31, 2022 and December 31, 2021. If accounts are subsequently determined to be uncollectible, they will be expensed in the period that determination is made. Management fees are collected on a quarterly basis. Certain subsidiaries management fee contracts are collected at the beginning of the quarter, while others are collected in arrears. The management fees reflected in accounts receivable at period end are those that are collected in arrears.

Due from related parties represents receivables from the Funds for reimbursable expenses from the Funds. Additionally, fees owed to the Company for the advisory agreement entered into upon the closing of the acquisitions of ECG and ECP ("Advisory Agreement") where ECG provides advisory services to Enhanced Permanent Capital, LLC ("Enhanced PC") are reflected in due from related parties on the Consolidated Balance Sheets. These amounts are expected to be fully collectible.

Note Receivable

Note receivable is mostly related to contractual amounts owed from a signed, secured promissory note with BCP Partners Holdings, LP ("BCP"). In addition to contractual amounts, borrowers are obligated to pay interest on outstanding amounts. The Company considers the note receivable to be fully collectible; accordingly, no allowance for doubtful accounts has been established as of December 31, 2022 and December 31, 2021. If accounts are subsequently determined to be uncollectible, they will be expensed in the period that determination is made.

Investment in Unconsolidated Subsidiaries

For equity investments in entities that we do not control, but over which we exercise significant influence, we use the equity method of accounting. The equity method investments are initially recorded at cost, and their carrying amount is adjusted for the Company’s share in the earnings or losses of each investee, and for distributions received. 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.

For certain entities in which the Company does not have significant influence and fair value is not readily determinable, 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 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.

Property and Equipment

Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the terms of the respective leases or service lives of the improvements, whichever is shorter, using the straight-line method. Expenditures for major renewals and betterments that extend the useful lives of the property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. The estimated useful lives of the various assets are as follows:


Computers and purchased software				3 - 5 years
Furniture and fixtures				7 - 10 years

Long-lived Assets

Long-lived assets including property and equipment, lease right-of-use assets, and definite lived intangibles are evaluated for impairment under FASB ASC 360, Property, Plant, and Equipment. Long-lived assets are reviewed for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

The carrying value of long-lived assets are determined to not be recoverable if the undiscounted estimated future net operating cash flows directly related to the asset or asset group, including any disposal value, is less than the carrying amount of the asset. If the carrying value of an asset is determined to not be recoverable, the impairment loss is measured as the amount by which the carrying value of the asset exceeds its fair value on the measurement date. Fair value is based on the best information available, including prices for similar assets and estimated discounted cash flows.

Leases

The Company recognizes a lease liability and right-of-use asset in our Consolidated Balance Sheets for contracts that it determines are leases or contain a lease. The Company’s leases primarily consist of operating leases for various office spaces. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. The Company’s right-of-use assets and lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Lease right-of-use assets include initial direct costs incurred by the Company and are presented net of deferred rent, lease incentives and certain other existing lease liabilities. Absent an implicit interest rate in the lease, the Company uses its incremental borrowing rate, adjusted for the effects of collateralization, based on the information available at commencement in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease expense is recognized on a straight-line basis over the lease term. Additionally, upon amendments or other events, the Company may be required to remeasure our lease liability and right-of-use asset.

The Company does not recognize a lease liability or right-of-use asset on our Consolidated Balance Sheets for short-term leases. Instead, the Company recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. 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.

Revenue Share and Repurchase Arrangement

The Company recognizes an accrued contingent liability and contingent payments to customers asset in our Consolidated Balance Sheets for an agreement between ECG and a third party. The agreement requires ECG to share in certain revenues earned with the third party and also includes an option for the third party to sell back the revenue share to ECG at a set multiple. Additionally, ECG holds the option to buy back 50% of the revenue share at a set multiple. The options to repurchase the revenue share are not exercisable until July of 2025. The Company believes it is probable that the third party will exercise its option to sell back the revenue share and has recognized a liability on the Consolidated Balance Sheets. The Company has also recognized a contingent payment to customers associated with the agreement and will amortize the asset against revenue over the period the option is expected to be exercised. The amortization is reported in management and advisory fees on the Consolidated Statements of Operations. The Company will remeasure each reporting period. The asset is defined as contingent payments to customers and the liability is defined as accrued contingent liability on the Consolidated Balance Sheets. Refer to Note 14 for further information.

Goodwill and Intangible Assets

Goodwill is initially measured as the excess of the cost of the acquired business over the sum of the amounts assigned to identifiable assets acquired, less the liabilities assumed. As of December 31, 2022, goodwill recorded on our Consolidated Balance Sheets relates to the acquisitions of RCP 2, RCP 3, Five Points, TrueBridge, Enhanced, Bonaccord, Hark, and WTI. As of December 31, 2022, the intangible assets are comprised of indefinite-lived intangible assets and finite-lived intangible assets related to the acquisitions of RCP 2, RCP 3, Five Points, TrueBridge, Enhanced, Bonaccord, Hark, and WTI.

Indefinite-lived intangible assets and goodwill are not amortized. Finite-lived technology is amortized using the straight-line method over its estimated useful life of 4 years. Finite-lived management and advisory contracts, which relate to acquired separate accounts and funds and investor/customer relationships with a specified termination date, are amortized in line with contractual revenue to be received, which range between 7 and 16 years. Certain of our trade names are considered

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

Goodwill is 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. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of the Company’s reporting unit is less than the respective carrying value. The reporting unit is the reporting level for testing the impairment of goodwill. If it is determined that it is more likely than not that a reporting unit’s fair value is less than its carrying value, then the difference is recorded as an impairment (not to exceed the carrying amount of goodwill). At December 31, 2022 and December 31, 2021, the Company determined that there was no impairment to goodwill.

Contingent Consideration

Contingent consideration is initially measured at fair value on the date of the acquisition. The liabilities are remeasured at fair value on each reporting date, with changes in the fair value reflected in other income on our Consolidated Statements of Operations. As of December 31, 2022 and 2021, contingent consideration recorded relates to the acquisitions of Hark and Bonaccord.

Accrued Compensation and Benefits

Accrued compensation and benefits consists of employee salaries, bonuses, benefits, and acquisition-related earnouts (contingent on employment) not yet been paid. The acquisition-related earnout contingent on employment is a product of the acquisition of WTI. The sellers and eligible employees of WTI are eligible to earn up to $70.0 million contingent upon meeting certain EBITDA related hurdles that are contingent on employment. 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. The earnout period is eligible through December 31, 2027 with the potential to extend an additional two years.

Debt Issuance Costs

Costs incurred which are directly related to the issuance of debt are deferred and amortized using the effective interest method and are presented as a reduction to the carrying value of the associated debt on our Consolidated Balance Sheets. As these costs are amortized, they are included in interest expense, net within our Consolidated Statements of Operations.

Noncontrolling Interest

Noncontrolling interest ("NCI") reflect the portion of income or loss and the corresponding equity attributable to third-party equity holders and employees in certain consolidated subsidiaries that are not 100% owned by the Company. Noncontrolling interest is presented as a separate component in our consolidated statements of income to clearly distinguish between our interests and the economic interest of third parties in those entities. Net income attributable to P10, as reported in the consolidated statements of income, is presented net of the portion of net income attributable to holders of non-controlling interest. NCI is allocated a share of income or loss in the respective consolidated subsidiaries in proportion to their relative ownership interest.

Treasury Stock

The Company records common stock purchased for treasury at cost. At the date of subsequent reissuance, the treasury stock account is reduced by the cost of such stock using the average cost method.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between independent and knowledgeable parties who are willing and able to transact for an asset or liability at the measurement date. 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 December 31, 2022 and December 31, 2021, 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.

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

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

The carrying values of financial instruments comprising cash and cash equivalents, prepaid assets, accounts payable, accounts receivable and due from related parties approximate fair values due to the short-term maturities of these instruments. The fair value of the credit and guarantee facility approximates the carrying value based on the interest rates which approximate current market rates. The Company has a contingent consideration liability related to the acquisitions of Hark and Bonaccord that is measured at fair value and is remeasured on a recurring basis. See Note 11 for 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 is the customer in a contractual arrangement will be made on a contract-by-contract basis, the customer will generally be the investment fund for the Company’s significant management and advisory contracts.

Management and Advisory Fees

The Company earns management fees for asset management services provided to the Funds where the Company has discretion over investment decisions. The Company primarily earns fees for advisory services provided to clients where the Company does not have discretion over investment decisions. Management and advisory fees received in advance reflects the amount of fees that have been received prior to the period the fees are earned. These fees are recorded as deferred revenues on the Consolidated Balance Sheets.

For asset management and advisory services, the Company typically satisfies its performance obligations over time as the services are rendered, since the customers simultaneously receive and consume the benefits provided as the Company performs the service. The transaction price is the amount of consideration to which the Company expects to be entitled based on the terms of the arrangement. For certain funds, management fees are initially calculated based on committed capital during the investment period and on net invested capital through the remainder of the fund’s term. Additionally, the management fee may step down for certain funds depending on the contractual arrangement. Certain management fees are also calculated on capital deployed. Advisory services are generally based upon fixed amounts and billed quarterly. Other advisory services include transaction and management fees associated with managing the origination and ongoing compliance of certain investments.

Other Revenue

Other revenue on our Consolidated Statements of Operations primarily consists of subscriptions, consulting agreements and referral fees. The subscription and consulting agreements typically have renewable one-year lives, and revenue is recognized ratably over the current term of the subscription or the agreement. 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.

Income Taxes

Current income tax expense represents our estimated taxes to be paid or refunded for the current period. In accordance with ASC 740, Income Taxes (“ASC 740”), we recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount we believe is more likely than not to be realized.

Uncertain tax positions are recognized only when we believe it is more likely than not that the tax position will be upheld on examination by the taxing authorities based on the merits of the position. We recognize interest and penalties, if any, related to uncertain tax positions in income tax expense.

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

Earnings 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. See Note 17 for additional information. Prior to the IPO, redeemable noncontrolling interests represented third party and related party interests in the Company's consolidated subsidiary, P10 Intermediate. Prior to the conversion of the redeemable convertible preferred shares issued by P10 Intermediate to class B shares, the numerator in the computation of diluted EPS was impacted by the redeemable convertible preferred shares. Under the if converted method, diluted EPS reflects a reduction in earnings that P10 would recognize by owning a smaller percentage of P10 Intermediate when the preferred shares are assumed to be converted.

The denominator in the computation of diluted EPS is impacted by additional common shares that would have been outstanding if dilutive potential shares of common stock had been issued. Potential shares of common stock that may be issued by the Company include shares of common stock that may be issued upon exercise of outstanding stock options as well as the vesting of restricted stock units. Also included in the diluted EPS denominator are the units of P10 Intermediate owned by the sellers of WTI under the assumption that they were exercised. Under the treasury stock method, the unexercised options are assumed to be exercised at the beginning of the period or at issuance, if later. The assumed proceeds are then used to purchase shares of common stock at the average market price during the period.

Stock-Based Compensation Expense

Stock-based compensation relates to grants for shares of P10 awarded to our employees through stock options as well as RSUs awarded to employees and RSAs issued to non-employee directors as compensation for service on the Company's board. Stock compensation expense for RSAs and certain RSUs, where vesting occurs after a service period is recorded ratably over the vesting period at the fair market value on the grant date. Stock compensation expense for performance based RSUs are recognized ratably over the implicit service period of when the awards are expected to be earned. Certain acquisition-related RSUs vest after meeting certain performance metrics. For these, the Company uses the tranche method for RSU's deemed probable of vesting and the expense is recorded over the expected vesting period. The Company evaluates the probability of vesting at each reporting period. Unvested units are remeasured quarterly against performance metrics as a liability on the Consolidated Balance Sheets and expense is recognized over the expected vesting period. Refer to Note 16 for further discussion. 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. The share price used in the Black Scholes model is based on the trading price of our shares on the public markets. Expected life is based on the vesting period and expiration date of the option. Stock price volatility is 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. The risk-free rates are based on the U.S. Treasury yield in effect at the time of grant. Forfeitures are recognized as they occur.

Segment Reporting

The Company operates as an integrated private markets solution provider and a single operating segment. According to ASC 280, Disclosures about Segments of an Enterprise and Related Information, operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker(s) in deciding how to allocate resources and in assessing performance.

Business Acquisitions

In accordance with ASC 805, Business Combinations (“ASC 805”), the Company identifies a business to have three key elements; inputs, processes, and outputs. While an integrated set of assets and activities that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set of assets and activities are not required if market participants can acquire the set of assets and activities and continue to produce outputs. In addition, the Company also performs a screen test to determine when a set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the set of assets is not a business. 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. 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.

The Company includes the results of operations of acquired businesses beginning on the respective acquisition dates. In accordance with ASC 805, the Company allocates the purchase price of an acquired business to its identifiable assets and liabilities based on the estimated fair values using the acquisition method. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. The excess value of the net identifiable assets and liabilities acquired over the purchase price of an acquired business is recorded as a bargain purchase gain. The Company uses all available information to estimate fair values of identifiable intangible assets and property acquired. In making these determinations, the Company may engage an independent third-party valuation specialist to assist with the valuation of certain intangible assets, notes payable, and tax amortization benefits.

The consideration for certain of our acquisitions may include liability classified contingent consideration, which is determined based on formulas stated in the applicable purchase agreements. The amount to be paid under these arrangements is based on certain financial performance measures subsequent to the acquisitions. The contingent consideration included in the purchase price is measured at fair value on the date of the acquisition. The liabilities are remeasured at fair value on each reporting date, with changes in the fair value reflected in contingent consideration on our Consolidated Statements of Operations.

For business acquisitions, the Company recognizes the fair value of goodwill and other acquired intangible assets, and estimated contingent consideration at the acquisition date as part of purchase price. This fair value measurement is based on unobservable (Level 3) inputs.

Dividends

Dividends are reflected in the consolidated financial statements when declared.

Recent Accounting Pronouncements

The Company adopted ASU No. 2019-12, Income Taxes ("Topic 740"): Disclosure Framework - Simplifying the Accounting for Income Taxes, on January 1, 2021, which simplified the accounting for income taxes by removing certain exceptions to the general principles of Topic 740 and clarifying and amending existing guidance. The adoption of this standard did not have a material impact on our financial statements.

Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 provides amendments to ASC 326, Financial Instruments - Credit Losses, which replaces the incurred loss impairment model with a current expected credit loss (“CECL”) model. CECL requires a company to estimate lifetime expected credit losses based on relevant information about historical events, current conditions and reasonable and supportable forecasts. The guidance must be applied using the modified retrospective adoption method on January 1, 2023, with early adoption permitted. The guidance does not have a material impact on the consolidated financial statements.

On October 28, 2021, the FASB issued ASU 2021-08, which amends ASC 805 to “require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination.” Under current GAAP, an acquirer generally recognizes such items at fair value on the acquisition date. The guidance is effective for fiscal years beginning after December 15, 2022. The Company adopted this guidance on January 1, 2023. The guidance had no effect on the consolidated financial statements.

On June 30, 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). The amendments in this Update affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The guidance is effective for fiscal years beginning after December 15, 2023. We are evaluating the effects of these amendments on our financial reporting.

Acquisitions

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Acquisitions

Note 3. Acquisitions

Acquisition of Bonaccord

On September 30, 2021, the Company completed the purchase of Bonaccord for total consideration of $56.4 million, which includes cash and contingent consideration. Bonaccord is engaged in the business of acquiring minority interests in alternative asset management companies focused on private market strategies which may include private equity, private client, real estate, and real asset strategies. The acquisition was accounted for as a business combination under the acquisition method of accounting pursuant to ASC 805.

The following is a summary of consideration paid:


	Fair Value
Cash	$	38,927
Contingent consideration		17,435
Total purchase consideration	$	56,362

A total of $35.0 million of the cash consideration was financed through an amendment to the term loan under the Facility with HPS. The additional draw had the same terms as the existing Facility, including the maturity date.

Included in total consideration is $17.4 million of contingent consideration, representing the fair value of expected future payments on the date of the acquisition. The amount ultimately owed to the sellers is based on achieving specific fundraising targets and any amounts paid to the sellers will be paid by October 2027, at which point the contingent consideration expires. Total payment contingent consideration will not exceed $20 million. As of December 31, 2022, $7.3 million has been paid in contingent consideration.

The fair value of the contingent consideration was derived from an analysis of the option pricing model and the scenario based model. The assumptions used in the analysis are inherently subjective; therefore, the ultimate amount of the liability may differ materially from the current estimate. As of December 31, 2022, the estimated fair value of the remaining contingent consideration totaled $12.0 million. See Note 11 for more details.

In connection with the acquisition, the Company incurred a total of $0.7 million of acquisition-related expenses. Total acquisition-related expenses were $0.2 million, $0.5 million and $0 for the years ended December 31, 2022, 2021 and 2020, respectively. These costs are included in professional fees on the Consolidated Statements of Operations.

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


	Fair Value
ASSETS
Prepaid expenses and other assets		9
Investment in partnership		1,396
Intangible assets		12,940
Total assets acquired	$	14,345
LIABILITIES
Accrued expenses	$	919
Total liabilities assumed	$	919

Net identifiable assets acquired	$	13,426
Goodwill		42,936
Net assets acquired	$	56,362

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


			Weighted-
			Average
			Amortization
	Fair Value		Period
Value of management and advisory contracts	$	9,450	8
Value of trade name		3,490	10
Total identifiable intangible assets	$	12,940

In connection with the acquisition, Bonaccord assumed a Strategic Alliance Agreement ("SAA"), providing a 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 ("Fund I"), and any subsequent fund, paid quarterly, in exchange for funding certain amounts of capital commitments to the fund. See Note 5 for more information.

Goodwill

Acquisition of Hark

On September 30, 2021, the Company completed the purchase of Hark for total consideration of $7.2 million, which includes $5.0 million of cash and $2.2 million of estimated contingent consideration, with the fair value based on the scenario based method. The acquisition was accounted for as a business combination under the acquisition method of accounting pursuant to ASC 805. 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. The fair value consisted of $2.5 million in net assets and $4.7 million in goodwill. The total contingent consideration payment will not exceed $5.4 million.

Acquisition of WTI

On October 13, 2022, the Company completed the acquisition of all of the issued and outstanding membership interests of WTI for a total consideration of $146.0 million and an aggregate of 3,916,666 membership units of P10 Intermediate which can be exchanged on a one-for-one basis into shares of P10 class A common stock, subject to certain conditions pursuant to the Exchange Agreement entered into on August 25, 2022. The acquisition was accounted for as a business combination under the acquisition method of accounting pursuant to ASC 805.

The following is a summary of consideration paid:


	Fair Value
Cash	$	105,262
Fair value of equity consideration		40,733
Total purchase consideration	$	145,995

The Company exercised the accordion feature on the Credit Facility to complete the acquisition of WTI. The $125 million available on the accordion was split into $87.5 million of term loan and $37.5 million of revolver. The Company drew the $87.5 million of term loan and $6.0 million of the available revolver to complete the acquisition and financed the remainder with cash on hand.

In connection with the acquisition, the Company incurred a total of $3.2 million of acquisition-related expenses. Total acquisition-related expenses were $3.2 million, $0 and $0 for the years ended December 31, 2022, 2021 and 2020, respectively. These costs are included in professional fees on the Consolidated Statements of Operations.

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 values are pending finalization, which may result in adjustments to goodwill.

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


	Fair Value
ASSETS
Cash and cash equivalents		8,807
Accounts receivable		12,632
Right-of-use assets		2,904
Prepaid expenses and other assets		378
Property and equipment		138
Intangible assets, net		49,700
Total assets acquired	$	74,559
LIABILITIES
Accounts payable and accrued expenses	$	13,555
Lease liabilities	$	2,957
Total liabilities assumed	$	16,512

Net identifiable assets acquired	$	58,047
Goodwill		87,948
Net assets acquired	$	145,995

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


			Weighted-
			Average
			Amortization
	Fair Value		Period
Value of management and advisory contracts	$	42,900	9
Value of trade name		6,800	10
Total identifiable intangible assets	$	49,700

Goodwill

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. Approximately $87.9 million of goodwill is expected to be deductible for tax purposes. To the extent there are payments on EBITDA-related earnouts as discsused in Note 14, those amounts would be amortizable for tax purposes at such time.

Identifiable Intangible Assets

The fair value of management and advisory contracts acquired were estimated using the excess earnings method. Significant inputs to the valuation model include existing revenue, estimates of expenses and contributory asset charges, the economic life of the contracts and a discount rate based on a weighted average cost of capital.

The fair value of trade names acquired were estimated using the relief from royalty method. Significant inputs to the valuation model include estimates of existing and future revenue, estimated royalty rate, economic life and a discount rate based on a weighted average cost of capital.

The management and advisory contracts and trade names have a finite useful life. The carrying value of the management fund and advisory contracts and trade names will be amortized in line with the pattern in which the economic benefits arise and are reviewed at least annually for indicators of impairment in value that is other than temporary.

Pro-forma Financial Information

Current Year Acquisition:

The following unaudited pro forma condensed consolidated results of operations of the Company assumes the acquisition of WTI was completed on January 1, 2021:


	For the Year Ended December 31,

	2022		2021

Revenue	$	224,500	$	182,446
Net income attributable to P10		24,513		6,044

Pro-forma adjustments include revenue and net income (loss) of the acquired business for each period. Other pro forma adjustments include intangible amortization expense, interest expense based on debt issued in connection with the acquisition, and compensation expense contingent on EBITDA (as noted in Note 14) as if the acquisition were completed on January 1, 2021. Additionally, this does not reflect any pro forma adjustments related to the acquisitions which occurred in 2021.

Prior Year Acquisitions:

The following unaudited pro forma condensed consolidated results of operations of the Company assumes the acquisition of Bonaccord was completed on January 1, 2020:


	For the Year Ended December 31,

	2021		2020

Revenue	$	169,728	$	74,864

Net income attributable to P10		12,834		19,915

Pro-forma adjustments include revenue and net income (loss) of the acquired business for each period. Other pro forma adjustments include intangible amortization expense and interest expense based on debt issued or repaid in connection with the acquisition as if the acquisition was completed on January 1, 2020.

Revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Note 4. Revenue

The following presents revenues disaggregated by product offering:


	For the Year Ended December 31,

	2022		2021		2020
Management and advisory fees	$	196,546	$	149,424	$	66,125
Subscriptions		642		641		671
Other revenue		1,172		469		572
Total revenues	$	198,360	$	150,534	$	67,368

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Strategic Alliance Expense

12 Months Ended

Dec. 31, 2022

Business Combination, Separately Recognized Transactions [Abstract]

Strategic Alliance Expense

Note 5. Strategic Alliance Expense

In connection with the Bonaccord acquisition, Bonaccord assumed a SAA. 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 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.

Within 60 days following the final closing of the next fund, Bonaccord Fund II ("Fund II"), the third-party has the opportunity to acquire, at the price at the time of the original acquisition, equity interests in Bonaccord based on the amount of commitment made. For each $5.0 million, up to a maximum of $250.0 million in irrevocable capital commitments to Fund II, the third-party can acquire 10 basis points up to a maximum of 5% equity in Bonaccord. In addition, net management fee earnings would increase by the same percentage, retroactive to the date of the first close in Fund II. The maximum commitment requirement has been met as of December 31, 2022. The Company believes its probable that the third-party will exercise the option to acquire equity in Bonaccord and has begun to accrue an additional 5% of net management fee earnings. If executed, the purchase price shall be reduced by the amount of management fee distributions which the third-party would have been paid as of the initial closing of Fund II. Similar terms apply for Fund III with the exception that the third-party can acquire 9.8 basis points for every $5.0 million committed up to 4.9%. This commitment has not yet been met as of December 31, 2022 as Fund III has not yet started raising capital. If commitment conditions to funds subsequent to Funds II and III are not satisfied, then within 60 days of the final closing of such subsequent fund giving rise to the condition not being satisfied, the Company may elect to repurchase the equity granted to the third-party. The repurchase shall be at the fair market value of such equity at that point in time. For the year ended December 31, 2022, the strategic alliance expense reported was $0.7 million. For the year ended December 31, 2021, the strategic alliance expense reported was $0.2 million. For the year ended December 31, 2020, there was no strategic alliance expense. This is reported on the Consolidated Statements of Operations as strategic alliance expense in operating expenses.

Note Receivable

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Note Receivable

Note 6. Note Receivable

The Company's note receivable consists of an Advance Agreement and Secured Promissory Note that was executed on September 30, 2021 between the Company and BCP to lend funds to certain employees to be used to pay general partner commitments to certain funds managed by Bonaccord. This agreement provides for a note to BCP for $5.0 million, of which

$4.2 million was drawn as of December 31, 2022 with a maturity date of September 30, 2031. The note will earn interest at the greater of (i) the applicable federal rate that must be charged to avoid imputation of interest under Section 1274(d) of the U.S. Internal Revenue Code and (ii) 5.5%. Interest will be paid on December 31st of each year commencing December 31, 2021, with any unpaid accrued interest being capitalized and added to the outstanding principal balance. There was no cash paid for interest as of December 31, 2021 and the outstanding balance was capitalized to the note receivable. In 2022, $0.1 million of interest was repaid, the remainder was capitalized and added to the outstanding balance. Principal payments will be made periodically from mandatorily required payments from available cash flows at BCP. As of December 31, 2022 and December 31, 2021, the balance was $4.2 million and $2.6 million, respectively. The Company recognized interest income of $0.1 million, $0.1 million and $0 for the years ended December 31, 2022, 2021 and 2020, respectively.

Variable Interest Entities

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Note 7. Variable Interest Entities

Consolidated VIEs

The Company consolidates certain VIEs for which it is the primary beneficiary. VIEs consist of certain operating entities not wholly owned by the Company and include P10 Intermediate, Holdco, RCP 2, RCP 3, TrueBridge, Hark, Bonaccord, and WTI. See Note 2 for more information on the Company’s accounting policies related to the consolidation of VIEs. The assets of the consolidated VIEs totaled $568.0 million and $413.2 million as of December 31, 2022 and December 31, 2021, respectively. The liabilities of the consolidated VIEs totaled $96.3 million and $53.6 million as of December 31, 2022 and December 31, 2021, respectively. The assets of our consolidated VIE’s are owned by those entities and not generally available to satisfy P10’s obligations, and the liabilities of our consolidated VIE’s are obligations of those entities and their creditors do not generally have recourse to the assets of P10.

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

Investment In Unconsolidated Subsidiaries

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Subsidiaries

Note 8. Investment in Unconsolidated Subsidiaries

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

As of December 31, 2022, investment in unconsolidated subsidiaries totaled $2.3 million, of which $0.2 million related to ECG’s tax credit finance businesses and $2.1 million related to ECG’s asset management businesses. As of December 31, 2021, investment in unconsolidated subsidiaries totaled $1.8 million, of which $1.6 million related to ECG’s asset management businesses and $0.2 million related to ECG’s tax credit finance businesses.

Asset Management

ECG manages some of its alternative asset management funds through various unconsolidated subsidiaries and records these investments under the equity method of accounting. ECG recorded its share of income in the amount of $1.5 million for the year ended December 31, 2022 and $1.1 million for the year ended December 31, 2021. For the year ended December 31, 2022, ECG made $0 of capital contributions and received distributions of $1.0 million. For the year ended December 31, 2021, ECG made $0 of capital contributions and received $1.4 million in distributions.

Tax Credit Finance

ECG provides a wide range of tax credit transactions and consulting services through various entities which are wholly owned subsidiaries of Enhanced Tax Credit Finance, LLC (“ETCF”), which is a wholly owned subsidiary of ECG. Some of these subsidiaries own nominal interests, typically under 1.0%, in various VIEs and record these investments under the measurement alternative described in Note 2 above. For the years ended December 31, 2022 and December 31, 2021, ECG made $0 of capital contributions and received distributions of $0.

Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 9. Property and Equipment

Property and equipment consist of the following:


	As of December 31,			As of December 31,

	2022			2021
Computers and purchased software	$	631		$	387
Furniture and fixtures		2,201			461
Leasehold improvements		2,197			601
Other		—			3
	$	5,029		$	1,452
Less: accumulated depreciation		(2,151	)		(471	)
Total property and equipment, net	$	2,878		$	981

Goodwill and Intangibles

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Note 10. Goodwill and Intangibles

Changes in goodwill for the years ended December 31, 2022 and December 31, 2021 are as follows:


Balance at December 31, 2020	$	369,982
Purchase price adjustment		1,103
Increase from acquisitions		47,616
Balance at December 31, 2021	$	418,701
Purchase price adjustment		(11	)
Increase from acquisition		87,948
Balance at December 31, 2022	$	506,638

Due to new information that became available during the year ended December 31, 2021 and a revision to the Company's outside basis and intangibles from finalizing the tax return, there was an adjustment to Enhanced that resulted in a purchase price adjustment. This was the result of using an estimate as of December 31, 2020 and resulted in a $1.3 million adjustment to the purchase price. Since this was completed during the measurement period, the adjustment was recorded as an adjustment to goodwill.

Intangibles consists of the following:


	As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,350	$	—		$	17,350
Technology		30		—			30
Total indefinite-lived intangible assets		17,380		—			17,380
Finite-lived intangible assets:
Trade names		28,251		(3,472	)		24,779
Management and advisory contracts		194,066		(85,563	)		108,503
Technology		2,374		(1,241	)		1,133
Total finite-lived intangible assets		224,691		(90,276	)		134,415
Total intangible assets	$	242,071	$	(90,276	)	$	151,795


	As of December 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,350	$	—		$	17,350
Technology		30		—			30
Total indefinite-lived intangible assets		17,380		—			17,380
Finite-lived intangible assets:
Trade names		21,440		(1,785	)		19,655
Management and advisory contracts		151,166		(60,934	)		90,232
Technology		8,160		(6,639	)		1,521
Total finite-lived intangible assets		180,766		(69,358	)		111,408
Total intangible assets	$	198,146	$	(69,358	)	$	128,788

Management and advisory contracts and finite lived trade names are amortized over 7 - 16 years and are being amortized in line with pattern in which the economic benefits that are expected to occur. Technology is amortized on a straight-line basis over 4 years. The amortization expense for each of the next five years and thereafter are as follows:


2023		30,501
2024		26,794
2025		22,367
2026		17,625
2027		12,810
Thereafter		24,318
Total amortization	$	134,415

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 11. Fair Value Measurements

The Company measures certain liabilities at fair value on a recurring basis. The following tables provide details regarding the classification of these liabilities within the fair value hierarchy as of the dates presented:


	As of December 31, 2022
	Level I		Level II		Level III		Total
Liabilities
Contingent consideration obligation	$	-	$	-	$	17,337	$	17,337
Total liabilities	$	-	$	-	$	17,337	$	17,337


	As of December 31, 2021
	Level I		Level II		Level III		Total
Liabilities
Contingent consideration obligation	$	-	$	-	$	22,963	$	22,963
Total liabilities	$	-	$	-	$	22,963	$	22,963

For the liabilities presented in the tables above, there were no changes in fair value hierarchy levels during the years ended December 31, 2022 and 2021.

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


Contingent Consideration Liability	For the Year Ended December 31,
	2022			2021
Balance, beginning of period:	$	22,963		$	593
Additions		-			19,625
Change in fair value		1,717			3,472
Settlements		(7,343	)		(727	)
Balance, end of period:	$	17,337		$	22,963

The fair value of the contingent consideration liability represents the fair value of future payments upon satisfaction of performance targets. 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. 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Debt Obligations

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt Obligations

Note 12. Debt Obligations

Debt obligations consists of the following:


	As of			As of
	December 31,			December 31,
	2022			2021
Gross revolving credit facility state tax credits	$	—		$	-
Debt issuance costs		—			(8	)
Revolving credit facility state tax credits, net	$	—		$	(8	)
Revolver facility	$	80,900		$	90,900
Debt issuance costs		(2,783	)		(2,981	)
Revolver facility, net	$	78,117		$	87,919
Term loan	$	212,500		$	125,000
Debt issuance costs		(1,393	)		(415	)
Term loan, net	$	211,107		$	124,585
Total debt obligations	$	289,224		$	212,496

The table below summarizes terms of the debt obligations.


	December 31, 2022
										Weighted
	Maturity Date	Aggregate Facility Size		Outstanding Debt		Amount Available		Net Carrying Value		Average Interest Rate
Term Loan	12/22/2025	$	212,500	$	212,500	$	—	$	211,107		4.08	%
Revolver Facility	12/22/2025		162,500		80,900		81,600		78,117		4.14	%
Total		$	375,000	$	293,400	$	81,600	$	289,224

Refinancing

On December 22, 2021, the Company extinguished its current debt outstanding with HPS, as described below in the Credit and Guaranty Facility section and simultaneously entered into a new credit agreement with JP Morgan Chase Bank, N.A. ("JP Morgan") in order to gain more favorable interest terms. The Company used the proceeds from the new credit agreement with JP Morgan not only to repay the outstanding balance with HPS but also to repay the notes payable to sellers as described below in the Notes Payable to Sellers section.

Revolving Credit Facility State Tax Credits

Enhanced State Tax Credit Fund III, LLC, a subsidiary of ECG, had a $10 million revolving credit facility with a regional financial institution restricted solely for the purchase of allocable state tax credits from various state tax credit incentive programs. The facility bore interest at 0.25% above the Prime Rate and matured on June 15, 2022. The facility was not renewed upon maturity.

Notes Payable to Sellers

On October 5, 2017, the Company issued Secured Promissory Notes Payable (“2017 Seller Notes”) in the amount of $81.3 million to the owners of RCP 2 in connection with the acquisition of that entity. The 2017 Seller Notes were set to mature on January 15, 2025. On December 23, 2021, the Company used the proceeds from the new credit agreement with JP Morgan to repay the outstanding balance of the 2017 Sellers Notes.

On January 3, 2018, the Company issued Secured Promissory Notes Payable (“2018 Seller Notes”) in the amount of $22.1 million to the owners of RCP 3 in connection with the acquisition of that entity. The 2018 Seller Notes were set to mature on January 15, 2025. On December 23, 2021, the Company used the proceeds from the new credit agreement with JP Morgan to repay the outstanding balance of the 2018 Sellers Notes.

On January 3, 2018, the Company issued tax amortization benefits in the amount of $48.4 million (“TAB Payments”) to the owners of RCP 3 in connection with the acquisition of that entity. The TAB Payments were set to mature on April 15, 2023. On December 23, 2021, the Company used the proceeds from the new credit agreement with JP Morgan to repay the outstanding balance of the TAB Payments.

Non-cash interest expense was recorded on a periodic basis for the Notes payable to sellers. During the year ended December 31, 2022, we recorded $0 in interest expense related to the TAB Payments. For the years ended December 31, 2021 and December 31, 2020, P10 recorded $9.2 million and $1.0 million, respectively, in interest expense related to the TAB Payments. Of the $9.2 million recorded in 2021, $8.4 million related to the debt extinguishment.

The 2017 Seller Notes, the 2018 Seller Notes and the TAB Payments are collectively referred to as “Notes payable to sellers” on our Consolidated Financial Statements.

Credit and Guaranty Facility

The Company’s subsidiary, Holdco, entered into the Facility with HPS as administrative agent and collateral agent on October 7, 2017. The Facility initially provided for a $130.0 million senior secured credit facility in order to refinance the existing debt obligations of RCP Advisors and provide for the financing to repay the Seller Notes due resulting from the acquisition of RCP Advisors. The Facility provided for a $125 million five-year term, subject to certain EBITDA levels and conditions, and a $5 million one-year line of credit. The line of credit was repaid and subsequently expired during 2018. Holdco was permitted to draw up to $125 million in aggregate on the term loan in tranches through July 31, 2019.

On October 2, 2020 and December 14, 2020, in connection with the acquisitions of TrueBridge and Enhanced, the term loan under the Facility was amended adding an additional $91.4 million and $68.0 million to the Facility, respectively.

On September 30, 2021, in connection with the acquisition of Bonaccord, the term loan under the Facility was amended adding an additional $35.0 million to the Facility.

On October 28, 2021, a payment of $88.6 million was made, which included an optional repayment of $86.8 million, required prepayment penalty of $1.2 million, and an accrued interest payment of $0.6 million.

On December 22, 2021, the remaining principal balance of $200 million was repaid using the proceeds of the new credit facility with JP Morgan. In accordance with the Facility, the Company also paid the remaining accrued interest balance of $2.1 million and an early extinguishment fee of $3.7 million.

Revolving Credit Facility and Term Loan

On December 22, 2021, the Company entered into a new 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 a revolving credit facility with an available balance of $125 million (the "Revolver Facility"), a term loan for $125 million (the "Term Loan"), and the Credit

Agreement also includes a $125.0 million accordion feature which was exercised with the acquisition of WTI. In October 2022, the accordion feature was exercised at which point it was split into $87.5 million worth of term loan and $37.5 million of revolver.

The 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 0.10%. The Company can elect one or three months for the Revolver Facility and three or six months for the Term Loan. Principal is contractually repaid at a rate of 1.25% on the term loan quarterly effective March 31, 2023. The Revolving Credit Facility has no contractual principal repayments until maturity, which is December 22, 2025 for both facilities. Certain P10 subsidiaries are encumbered by this debt agreement.

The Credit Agreement contains affirmative and negative covenants typical of such financing transactions, and specific financial covenants which require P10 to maintain a minimum leverage ratio. As of December 31, 2022, P10 was in compliance with its financial covenants required under the facility. As of December 31, 2022, the balance drawn on the revolving credit facility is $80.9 million and on the term loan, the balance is $212.5 million. The balance as of December 31, 2021 was $90.9 million and $125.0 million, respectively.

Debt Payable

Future principal maturities of debt as of December 31, 2022 are as follows:


2023	$	10,625
2024		10,625
2025		272,150
	$	293,400

Debt Issuance Costs

Debt issuance costs are offset against the Revolving Credit Facility State Tax Credits, the Credit and Guaranty Facility, and the Revolver Facility and Term Loan. Unamortized debt issuance costs for the Credit and Guaranty Facility as of December 31, 2022 and December 31, 2021 were $0 and $0, respectively. Unamortized debt issuance costs for the Revolving Credit Facility State Tax Credits as of December 31, 2022 and December 31, 2021 were $0 and $8 thousand, respectively. Unamortized debt issuance costs for the Revolver Facility and Term Loan as of December 31, 2022 and December 31, 2021 were $4.2 million and $3.4 million, respectively.

Amortization expense related to debt issuance costs totaled $1.1 million for the year ended December 31, 2022, $6.0 million for the year ended December 31, 2021 and $1.1 million for the year ended December 31, 2020. Of the $6.0 million of amortization expense recognized in 2021, $2.1 million relates to the extinguishment of the Credit and Guaranty Facility and is included in loss on extinguishment on the Consolidated Statements of Operations for the year ended December 31, 2021. During the years ended December 31, 2022 and December 31, 2021, we recorded $1.9 million and $4.4 million in debt issuance costs, respectively, which is included in debt obligations on the Consolidated Balance Sheets. Most of the debt issuance costs recorded during 2022 relate to the exercise of the accordion feature.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions

Note 13. Related Party Transactions

Effective January 1, 2021, the Company entered into a sublease with 210 Capital, LLC, a related party, for office space serving as our corporate headquarters. The monthly rent expense is $20.3 thousand, and the lease expires December 31, 2029. In the fourth quarter of 2022, the Company sublet an additional amount of office space in the corporate headquarters. This contributed an additional $3.4 thousand monthly. P10 has paid $0.3 million, $0.2 million and $0 in rent to 210 Capital, LLC for the years ended December 31, 2022, 2021 and 2020, respectively.

Effective April 1, 2020, P10 Intermediate pays a quarterly management fee of $250 thousand to Keystone Capital XXX, LLC, which was the holder of the Series B preferred shares issued by P10 Intermediate in connection with the acquisition of Five Points. As a result of that agreement, P10 Intermediate paid $0, $0.8 million and $0.5 for the years ended December 31, 2022, 2021 and 2020, respectively. This management fee was terminated effective October 20, 2021 when the

Company's redeemable noncontrolling interest was converted to shares of Class B common stock in connection with the Company's IPO.

As described in Note 1, through its subsidiaries, the Company serves as the investment manager to the Funds. Certain expenses incurred by the Funds are paid upfront and are reimbursed from the Funds as permissible per fund agreements. As of December 31, 2022, the total accounts receivable from the Funds totaled $16.8 million, of which $6.2 million related to reimbursable expenses and $10.6 million related to fees earned but not yet received. As of December 31, 2021, the total accounts receivable from the Funds totaled $2.4 million, of which $1.6 million related to reimbursable expenses and $0.8 million related to fees earned but not yet received. In certain instances, the Company may incur expenses related to specific products that never materialize. The costs are then removed from the balance sheet and expensed on the Consolidated Statements of Operations. The management fees described here are included in accounts receivable on the Consolidated Balance Sheets and the reimbursable expenses are included in due from related parties on the Consolidated Balance Sheets.

Upon the closing of the Company’s acquisition of ECG and ECP, the Advisory Agreement between ECG and Enhanced PC immediately became effective. Under this agreement, ECG provides advisory services to Enhanced PC related to the assets and operations of the permanent capital subsidiaries owned by Enhanced PC, as contributed by both ECG and ECP, and new projects undertaken by Enhanced PC. In exchange for those services, which commenced on January 1, 2021, ECG receives advisory fees from Enhanced PC based on a declining fixed fee schedule, initially totaling $76.0 million over 7 years. As a result of new projects during 2021, ECG will receive additional advisory fees from Enhanced PC totaling $22.0 million over 7 years, based on a declining fixed fee schedule. This agreement is subject to customary termination provisions. Since inception, $41.2 million of the total $98.0 million advisory fees have been recognized as revenue. For the years ended December 31, 2022, 2021 and 2020, advisory fees earned or recognized under this agreement were $22.2 million, $19 million and $0, respectively, and is reported in management and advisory fees on the Consolidated Statements of Operations. As of December 31, 2022 and December 31, 2021, the balance was $28.5 million and $9.5 million and is included in due from related parties on the Consolidated Balance Sheets.

Upon the closing of the Company’s acquisition of ECG and ECP, the Administrative Services Agreement between ECG and Enhanced Capital Holdings, Inc. (“ECH”), the entity which holds a controlling equity interest in ECP, immediately became effective. Under this agreement, ECG will pay ECH for the use of their employees to provide services to Enhanced PC at the direction of ECG. The Company recognized $11.5 million, $8.3 million and $0.4 million for the years ended December 31, 2022, 2021 and 2020, respectively, related to this agreement within compensation and benefits on our Consolidated Statements of Operations.

On September 10, 2021, ECG entered into a strategic partnership with Crossroads Impact Corp ("Crossroads"), parent company of Capital Plus Financial ("CPF"), a leading certified development financial institution. Under the terms of the agreement, Enhanced will 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 will be held by CPF and CPF will pay an advisory fee to Enhanced. The Company recognized $2.8 million and $0.2 million for the years ended December 31, 2022 and 2021, respectively, which is included in management and advisory fees on the Consolidated Statements of Operations. No revenues were recognized for the year ended December 31, 2020.

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 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.

On July 6, 2022, certain funds managed by the Company purchased 4,646,840 shares of Crossroads common stock at $10.76 per shares, 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 Co-CEOs of the Company are directors of Crossroads. The Company recognized $0.1 million for the year ended December 31, 2022, which is included in management and advisory fees on the Consolidated Statements of Operations. No revenues were recognized for the years ended December 31, 2021 and 2020.

Upon the closing of the Bonaccord acquisition on September 30, 2021, an Advance Agreement and Secured Promissory Note was signed with BCP, an entity that was formed by employees of the Company. For details, see Note 6.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 14. Commitments and Contingencies

Operating Leases

The Company leases office space and various equipment under non-cancelable operating leases, with the longest lease expiring in 2032. These lease agreements provide for various renewal options. Rent expense for the various leased office space and equipment was approximately $3.5 million for the year ended December 31, 2022 and $2.0 million for the year-ended December 31, 2021, respectively. Rent expense for the year ended December 31, 2021 included a reduction to overall expense of $0.3 million for a rent concession as a result of the COVID-19 pandemic. P10 elected the practical expedient, whereby the concessions were treated as a reduction of rent expense during the period received.

The following table presents information regarding the Company’s operating leases as of December 31, 2022:


Operating lease right-of-use assets	$	15,923
Operating lease liabilities	$	18,558
Cash paid for lease liabilities	$	2,346
Weighted-average remaining lease term (in years)		6.81
Weighted-average discount rate		2.83	%

The future contractual lease payments as of December 31, 2022 are as follows:


2023		3,003
2024		3,881
2025		2,741
2026		2,417
2027		2,338
Thereafter		7,201
Total undiscounted lease payments		21,581
Less discount		(3,023	)
Total lease liabilities	$	18,558

Earnout Payment

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. 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 employment and, therefore, these earnout payments are recorded as compensation expense on the Consolidated Statements of Operations. 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, 2022, the Company has determined that only the first two EBITDA hurdles are probable of being achieved. Total payment will not exceed $70.0 million and any amounts paid will be paid by October 2027, at which point the earnout expires. For the period ended December 31, 2022, December 31, 2021, and December 31, 2020, $5.2 million, $0.0 million, and $0.0. million were recognized, respectively. As of December 31, 2022, December 31, 2021, and December 31, 2022, the balance was $5.2 million, $0.0 million, and $0.0 million and is included in accrued compensation and benefits in the Consolidated Balance Sheets. No payments have been made on the earnout.

Bonus Payment

In connection with the acquisition of WTI, certain employees entered into employment agreements. 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. 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 period ended December 31, 2022, December 31, 2021, and December 30, 2020, the Company recognized $0.4 million, $0.0. million, and $0.0 million of expense, respectively, which is included in

compensation and benefits on the consolidated statement of operations. As of December 31, 2022, December 31, 2021, and December 30, 2020, the balance was $0.4 million, $0.0 million, and $0.0 million, respectively, and is included in accrued compensation and benefits on the Consolidated Balance Sheets.

Revenue Share Arrangement

The Company recognizes an accrued contingent liability and contingent payments to customers asset in our Consolidated Balance Sheets for an agreement that exists between ECG and a third party. The agreement requires ECG to share in certain revenues earned with the third party and also includes an option for the third party to sell back the revenue share to ECG at a set multiple. The Company’s contingent liabilities and corresponding contingent payments to customers are recognized once determined to be probable. The contingent payments to customers are amortized and recorded within management and advisory fees on the Consolidated Statements of Operations over the expected period before exercise of an option occurs. As of December 31, 2022, the Company has determined that the put options are probable and have accrued an estimated contingent liability and contingent payments to customers. As of December 31, 2022, December 31, 2021, and December 31, 2020, the balance was $14.3 million, $0.0 million, and $0.0 million, respectively, and is included in accrued contingent liabilities on the Consolidated Balance Sheets. The associated contingent payments to customers asset balance was $13.6 million, $0.0 million, and $0.0 million as of December 31, 2022, December 31, 2021, and December 31, 2020, respectively. The Company recognized $0.7 million, $0.0 million, and $0.0 million of amortization of contingent payments to customers for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, respectively, which is included in management and advisory fees on the Consolidated Statements of Operations. The Company will remeasure each period and recognize all changes as if they occurred at inception and recognize changes in revenue.

Contingencies

We may be involved, either as plaintiff or defendant, in a variety of ongoing claims, demands, suits, investigations, tax matters and proceedings that arise from time to time in the ordinary course of our business. We evaluated all potentially significant litigation, government investigations, claims or assessments in which we are involved and 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.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note 15. Income Taxes

All the Company's operations are domestic. The components of the provision (benefit) for income taxes attributable to continuing operations are as follows:


	For the Years Ended
	December 31,
	2022			2021			2020
Current
Federal	$	193		$	918		$	2,104
State		2,178			152			1,333
Total Current	$	2,371		$	1,070		$	3,437
Deferred
Federal	$	3,995		$	(6,727	)		(28,906	)
State		(302	)		(1,413	)		(1,368	)
Total Deferred	$	3,693		$	(8,140	)	$	(30,274	)
Total provision (benefit)	$	6,064		$	(7,070	)	$	(26,837	)

The reconciliation of the Company's federal statutory rate to the effective tax rate is as follows:


	For the Years Ended
	December 31,
	2022			2021			2020
Federal statutory rate		21.0	%		21.0	%		21.0	%
Noncontrolling interest		(0.1	%)		0.0	%		0.0	%
State taxes, net of federal benefit		4.0	%		(20.8	%)		7.4	%
Permanent items and other		0.6	%		(4.6	%)		2.0	%
Expiration of net operating losses and tax credits		(7.3	%)		70.0	%		(125.7	%)
Valuation allowance increase/decrease		(0.3	%)		(247.8	%)		1168.7	%
Uncertain tax positions		(0.8	%)		(9.8	%)		(145.2	%)
Return to provision adjustments and change in tax rates		(0.4	%)		0.9	%		(42.8	%)
Other		0.4	%		0.0	%		0.0	%
Effective rate		17.1	%		(191.1	%)		885.4	%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse.

During the year, the Company completed an organizational restructure whereby the majority of it’s assets were contributed to a majority owned entity, treated as a partnership for US Federal Income Tax purposes. As a result, the deferred taxes related to the contributed assets and liabilities have been characterized as a deferred tax asset arising from the outside basis difference in the partnership investment.

Significant components of the Company's deferred taxes are as follows:


	As of			As of
	December 31,			December 31,
	2022			2021
Deferred tax assets:
Deferred revenue	$	-		$	675
Capitalized legal costs		-			1,249
Stock compensation		2,428			762
Interest expense		5,107			4,837
Other		1,382			1,307
Right of use assets - operating leases		-			3,998
Investment in partnership		9,029			5,740
Debt obligations		-			10,430
Suspended losses		-			28
Intangibles		1,365			-
Net operating losses and credit carryforwards		34,736			47,205
Total deferred tax assets		54,047			76,231
Valuation allowance for deferred tax assets		(12,763	)		(12,857	)
Deferred tax assets, net of valuation allowance	$	41,284		$	63,374

Deferred tax liabilities:
Goodwill		-			(8,455	)
Intangibles		-			(5,728	)
Investment in partnership		-			(147	)
Property and equipment		(9	)		(127	)
Right of use assets—operating leases		-			(3,766	)
Total deferred tax liabilities		(9	)		(18,223	)
Deferred tax assets, net	$	41,275		$	45,151

Due to the uncertainty of realizing the benefits of our domestic favorable tax attributes in future tax returns, as of December 31, 2022, the Company has recorded a valuation allowance against its net deferred tax asset of $12.8 million. During the years ended December 31, 2022 and 2021, the valuation allowance decreased by approximately $0.1 million and $4.2 million, respectively.The 2022 decrease is primarily attributable to the release of valuation allowances for state net operating loss carryforwards while the 2021 valuation allowance decrease is due primarily to the release of valuation allowance on partnership outside basis differences. Among other factors in 2022, the Company’s long-term management and advisory fee contracts and related projected income serve as the positive evidence to support the release of the valuation allowance. Additionally, the Company’s restructuring undertaken in 2021 as part of the IPO transaction introduced new sources of taxable income available to absorb existing loss carry forwards. With the exception of certain deferred tax assets, primarily related to built-in capital losses, management believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets.

As of December 31, 2022, the Company had federal and post-apportioned state NOL carryforwards of approximately $177.4 million and $21.8 million, respectively, and research and development credit carryforwards of approximately $5.3 million. The federal NOL and credit carryforwards may expire beginning in 2023, if not utilized. This includes $2.8 million of federal NOLs that may expire in 2023, $24.3 million that may expire in 2024, and $150.3 million that may expire between 2025-2037. The state NOLs may expire beginning in 2023, if not utilized. This includes $4.5 million that may expire between 2023 and 2029 and $17.2 million that may expire between 2030 and 2039. Utilization of the NOLs and tax credits may be subject to substantial annual limitation due to the “change of ownership” provisions of the Internal Revenue Code of 1986. The annual limitation may result in the expiration of net operating losses and credit carryforwards before utilization.

Tax positions are evaluated utilizing a two-step process. The Company first determines whether any of its tax positions are more-likely-than-not to be sustained upon examination, based solely on the technical merits of the position. Once it is determined that a position meets this recognition threshold, the position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.

The reconciliation of the Company's unrecognized tax benefits at the beginning and end of the year is as follows:


	For the Years Ended
	December 31,
	2022			2021
Balance at January 1	$	7,017		$	7,378
Additions based on tax positions related to the current year		-			-
Additions for tax positions of prior years		-			-
Reductions for tax positions of prior years		(275	)		(361	)
Settlements		-			-
Balance at December 31	$	6,742		$	7,017

The uncertain tax position is primarily related to transfer pricing, research and development credits and state exposure due to intercompany interest expense.

The Company does not anticipate any significant changes to the unrecognized tax benefits within the next twelve months. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2022, the Company has $0.1 million of accrued interest and penalties related to uncertain tax positions.

The Company is subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The Company is not currently under audit in any other income tax jurisdictions. We are generally subject to U.S. federal and state tax examinations for all tax years since 1999 due to our net operating loss carryforwards and the utilization of the carryforwards in years still open under statute.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

Note 16. Stockholders' Equity

Equity-Based Compensation

On July 20, 2021, the Board of Directors approved the P10 Holdings, Inc. 2021 Stock Incentive Plan (the "Plan"), which replaced the 2018 Incentive Plan ("2018 Plan"), our previously existing equity compensation plan. The Compensation Committee of the Board of Directors may issue equity-based awards including stock options, stock appreciation rights, restricted stock units and restricted stock awards. Options previously granted under the 2018 Plan cliff vest over a period of four or five years. The term of each option is no more than ten years from the date of grant. When the options are exercised, the Board of Directors has the option of issuing shares of common stock or paying a lump sum cash payment on the exercise date equal to the difference between the common stock’s fair market value on the exercise date and the option price. Terms of all future awards will be granted under the Plan, and no additional awards will be granted under the 2018 Plan. Awards granted under the 2018 Plan continue to follow the 2018 Plan.

The 2018 Plan provided for an initial 6,300,000 shares (adjusted for the reverse stock split). 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 March 15, 2022, the Board of Directors approved the settlement of 1.1 million options from a grantee with a fair market value option price of $11.83, less a negotiated discount of 2.5%, totaling $12.5 million. This was paid on April 4, 2022.

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 creating a total of 14,300,000 shares available for grant under the Plan and the 2018 Plan. On October 21, 2022, a special meeting of stockholders was held to increase the number of shares issuable under the Plan by 4,000,000 shares. As of December 31, 2022, there are 7.1 million shares available for grant.

A summary of stock option activity for the years ended December 31, 2022 and December 31, 2021 is as follows:


						Weighted Average
						Contractual Life		Aggregate
	Number of			Weighted Average		Remaining		Intrinsic Value
	Shares			Exercise Price		(in years)		(whole dollars)
Outstanding as of December 31, 2020		5,350,800		$	1.69		7.75	$	41,442,250
Granted		2,224,250			8.54
Exercised		—			—
Expired/Forfeited		(472,114	)		3.27
Outstanding as of December 31, 2021		7,095,936		$	3.71		7.45	$	73,156,722

Exercisable as of December 31, 2021		1,483,445		$	0.93		5.76	$	27,661,727

Outstanding as of December 31, 2021		7,095,936		$	3.71		7.45	$	73,156,722
Granted		4,948,733			10.90
Exercised		(47,905	)		6.34
Settled		(1,120,000	)		0.41
Expired/Forfeited		(264,533	)		9.73
Outstanding as of December 31, 2022		10,612,231		$	7.25		8.09	$	39,004,141
Exercisable as of December 31, 2022		314,105		$	3.74		5.74	$	2,176,407

The weighted average assumptions used in calculating the fair value of stock options granted during the years ended December 31, 2022 and December 31, 2021 were as follows:


	For the Year Ended December 31,
	2022			2021
Expected life	7.5 (yrs)			7.5 (yrs)
Expected volatility		36.57	%		41.65	%
Risk-free interest rate		3.50	%		0.82	%
Expected dividend yield		0.85	%		0.00	%

The Company has granted restricted stock awards ("RSAs") to certain employees. Holders of RSAs have no voting rights and accrue dividends until vesting with payment being made once they vest. All of the shares currently vest one year from the grant date.


	Number of			Weighted-Average Grant
	RSAs			Date Fair Value Per RSA
Outstanding as of December 31, 2020	$	-		$	-
Granted		36,033			12.49
Vested		-			-
Forfeited		-			-
Outstanding as of December 31, 2021		36,033			12.49

Outstanding as of December 31, 2021		36,033		$	12.49
Granted		33,346			12.37
Vested		(36,033	)		12.49
Forfeited		—			—
Outstanding as of December 31, 2022		33,346		$	12.37

The Company has granted restricted stock units ("RSUs") to certain employees. Holders of RSUs have no voting rights and are not eligible to receive dividends or other distributions paid with respect to any RSUs that have not vested. All of the shares currently vest one year from the grant date excluding the restricted stock units at Hark and Bonaccord which are discussed in more detail below.

At the time of the Bonaccord acquisition, the Company entered into a Notice of Restricted Stock Units with certain employees of Bonaccord for grants of Restricted Stock Units ("Bonaccord Units") to be allocated to employees at a later date for meeting certain performance metrics. The Bonaccord Units may not be transferred, sold, pledged, exchanged, assigned or otherwise encumbered or disposed of by any grantee until it has become vested. On August 16, 2022, allocations were finalized pursuant to which an aggregate a value of $17.5 million of units may vest at each future achievement of performance metrics. As of December 31, 2022, certain performance metrics have been met and 345,765 units have been allocated and issued to specific employees. The Company evaluates whether it is probable that the Bonaccord Units will vest and applies the tranche method to determine the amount of expense to recognized during the period. An expense of $7.0 million has been recorded for the year ended December 31, 2022 on the Consolidated Statements of Operations. The unrecognized expense associated with the Bonaccord Units was $5.0 million as of December 31, 2022.

At the time of the Hark acquisition, the Company entered into a Notice of Restricted Stock Units with an employee, which grants Restricted Stock Units ("Hark Units") for meeting a certain performance metric. The Hark Units may not be transferred, sold, pledged, exchanged, assigned or otherwise encumbered or disposed of by any grantee until they have become vested. As of December 31, 2022, no Hark Units have vested but the Company believes it is probable that the RSUs will be earned. An expense of $1.3 million has been recorded for the year ended December 31, 2022 on the Consolidated Statements of Operations. Unvested units are recognized ratably as a liability on the Consolidated Balance Sheets and expense is recognized over the expected vesting period. The unrecognized expense associated with the Hark Units was $0.3 million as of December 31, 2022.

The below table does not include Bonaccord or Hark Units that were issued outside of the Plan, that have not vested and are recorded as a liability.


	Number of			Weighted-Average Grant
	RSUs			Date Fair Value Per RSU
Outstanding as of December 31, 2020	$	-		$	-
Granted		59,654			12.74
Vested		-			-
Forfeited		-			-
Outstanding as of December 31, 2021		59,654			12.74

Outstanding as of December 31, 2021		59,654		$	12.74
Granted		853,900			11.16
Vested		(405,419	)		12.65
Forfeited		—			—
Outstanding as of December 31, 2022		508,135		$	11.34

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 on our Consolidated Statements of Operations. The stock-based compensation expense was $18.6 million, $3.5 million and $0.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. Of the $18.6 million of stock-based compensation expense recognized during the year ended December 31, 2022, $8.3 million relates to the Bonaccord Units and Hark Units. Unrecognized stock-based compensation expense related to outstanding unvested stock options as of December 31, 2022 was $5.8 million and is expected to be recognized over a weighted average period of 3.14 years. Any future forfeitures will impact this amount.

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 17. Earnings Per Share

The Company presents basic EPS and diluted EPS for our common stock. 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. Additionally, diluted EPS reflects the potential dilution that could occur if convertible preferred shares of P10 Intermediate were converted into common shares of P10 Intermediate. This is only applicable to fiscal year 2020 as the preferred shares of P10 Intermediate converted to shares of Class B common stock effective with the IPO. For the year ended December 31, 2022, diluted EPS reflects the potential dilution that could occur assuming the exercise of partnership units in P10 Intermediate, that were granted as a result of the WTI acquisition.

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


	For the Year Ended December 31,

	2022		2021		2020
Numerator:
Numerator for basic calculation—Net income
Numerator for basic calculation—Net income attributable to P10	$	29,206	$	9,174	$	23,086
Adjustment for:
Net income attributable to noncontrolling interest in P10 Intermediate		193		-		-
Numerator for earnings per share
Numerator for earnings per share assuming dilution	$	29,399	$	9,174	$	23,086
Denominator:
Denominator for basic calculation—Weighted- average shares		116,751		72,660		62,465
Weighted shares assumed upon conversion of partnership units		979		-		-
Weighted shares assumed upon exercise of stock options and vesting of RSUs		3,924		39,670		2,440
Denominator for earnings per share assuming dilution		121,655		112,332		64,905
Earnings per share—basic	$	0.25	$	0.13	$	0.37
Earnings per share—diluted	$	0.24	$	0.08	$	0.36

The computations of diluted earnings per share excluded options to purchase 6.7 million shares of common stock for the year ended December 31, 2022 and 0.1 million options for the year ended December 31, 2021, respectively, because the options were anti-dilutive.

Redeemable Noncontrolling Interest

12 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

Note 18. Redeemable Noncontrolling Interest

In connection with the closing of the acquisition of Five Points on April 1, 2020, the Company formed a new subsidiary, P10 Intermediate, which was the acquiring entity of Five Points. On April 1, 2020, P10 Intermediate issued three series (A, B and C) of redeemable convertible preferred shares. On October 2, 2020 and December 14, 2020, P10 Intermediate issued two additional series (D and E) in connection with the acquisitions of TrueBridge and Enhanced. The preferred shares on an as-if-converted basis represent approximately 40.9% of the aggregate issued and outstanding share capital of P10 Intermediate with P10 owning the remaining 59.1% through its 100% ownership of the outstanding common stock of P10 Intermediate. The third-party ownership interest represents a noncontrolling interest in P10 Intermediate, which we have a controlling interest in. Dividends on the preferred shares were recognized as preferred dividends attributable to redeemable non-controlling interest in our Consolidated Statements of Operations. In connection with the IPO on October 20, 2021, all preferred shares were contractually converted to Class B common shares.

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 19. Subsequent Events

On March 9, 2023, the Company granted to employees 2,677,974 options under the 2021 Incentive Plan. The options vest over five years and expire ten years from the grant date.

On March 9, 2023, the Company granted to employees 906,343 restricted stock units under the 2021 Incentive Plan. The options vest over one year.

The Board of Directors of the Company has declared a quarterly dividend of $0.03 per share of Class A and Class B common stock, payable on March 31, 2023, to the holders of record as of the close of business on March 16, 2023.

In accordance with ASC 855, Subsequent Events, the Company evaluated all material events or transactions that occurred after December 31, 2022, the Consolidated Balance Sheet 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.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

Reclassification

Reclassifications

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

Use of Estimates

Cash and Cash Equivalents

Restricted Cash

Restricted cash as of December 31, 2022 and December 31, 2021 was primarily cash that is restricted due to certain deposits being held by the Company for its customers.

Accounts Receivable and Due from Related Parties

Notes Receivable

Note Receivable

Investment in Unconsolidated Subsidiaries

Property and Equipment


Computers and purchased software				3 - 5 years
Furniture and fixtures				7 - 10 years

Long-lived Assets

Leases

Revenue Share and Repurchase Arrangement

Goodwill and Intangible Assets

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

Contingent Consideration and Business Acquisitions

Contingent Consideration

Business Acquisitions

Debt Issuance Costs

Noncontrolling Interest

Treasury Stock

The Company records common stock purchased for treasury at cost. At the date of subsequent reissuance, the treasury stock account is reduced by the cost of such stock using the average cost method.

Fair Value Measurement

Fair Value Measurements

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

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

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.

Revenue Recognition

Management and Advisory Fees

Other Revenue

advance, these fees are recorded as deferred revenues on our Consolidated Balance Sheets. Referral fee revenue is recognized upon closing of certain opportunities.

Income Tax

Income Taxes

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

Earnings Per Share

Accrued Compensation and Benefits Stock-Based Compensation Expense

Accrued Compensation and Benefits

Stock-Based Compensation Expense

Segment Reporting

Dividends

Dividends are reflected in the consolidated financial statements when declared.

Recent Accounting Pronouncements

Pronouncements Not Yet Adopted

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Various Assets

The estimated useful lives of the various assets are as follows:


Computers and purchased software				3 - 5 years
Furniture and fixtures				7 - 10 years

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Bonaccord

Business Acquisition [Line Items]

Summary of the Consideration Paid

The following is a summary of consideration paid:


	Fair Value
Cash	$	38,927
Contingent consideration		17,435
Total purchase consideration	$	56,362

Summary of 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:


	Fair Value
ASSETS
Prepaid expenses and other assets		9
Investment in partnership		1,396
Intangible assets		12,940
Total assets acquired	$	14,345
LIABILITIES
Accrued expenses	$	919
Total liabilities assumed	$	919

Net identifiable assets acquired	$	13,426
Goodwill		42,936
Net assets acquired	$	56,362

Summary of the Fair Value of Identifiable Intangible Assets Acquired

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


			Weighted-
			Average
			Amortization
	Fair Value		Period
Value of management and advisory contracts	$	9,450	8
Value of trade name		3,490	10
Total identifiable intangible assets	$	12,940

Summary of Unaudited Pro Forma Condensed Consolidated Results of Operations Attributable to the Acquisitions

The following unaudited pro forma condensed consolidated results of operations of the Company assumes the acquisition of Bonaccord was completed on January 1, 2020:


	For the Year Ended December 31,

	2021		2020

Revenue	$	169,728	$	74,864

Net income attributable to P10		12,834		19,915

Westech Investment Advisors LLC

Business Acquisition [Line Items]

Summary of the Consideration Paid

The following is a summary of consideration paid:


	Fair Value
Cash	$	105,262
Fair value of equity consideration		40,733
Total purchase consideration	$	145,995

Summary of Fair Value of the Net Assets Acquired as of the Acquisition Date

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


	Fair Value
ASSETS
Cash and cash equivalents		8,807
Accounts receivable		12,632
Right-of-use assets		2,904
Prepaid expenses and other assets		378
Property and equipment		138
Intangible assets, net		49,700
Total assets acquired	$	74,559
LIABILITIES
Accounts payable and accrued expenses	$	13,555
Lease liabilities	$	2,957
Total liabilities assumed	$	16,512

Net identifiable assets acquired	$	58,047
Goodwill		87,948
Net assets acquired	$	145,995

Summary of the Fair Value of Identifiable Intangible Assets Acquired

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


			Weighted-
			Average
			Amortization
	Fair Value		Period
Value of management and advisory contracts	$	42,900	9
Value of trade name		6,800	10
Total identifiable intangible assets	$	49,700

Summary of Unaudited Pro Forma Condensed Consolidated Results of Operations Attributable to the Acquisitions

The following unaudited pro forma condensed consolidated results of operations of the Company assumes the acquisition of WTI was completed on January 1, 2021:


	For the Year Ended December 31,

	2022		2021

Revenue	$	224,500	$	182,446
Net income attributable to P10		24,513		6,044

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Product Offering

The following presents revenues disaggregated by product offering:


	For the Year Ended December 31,

	2022		2021		2020
Management and advisory fees	$	196,546	$	149,424	$	66,125
Subscriptions		642		641		671
Other revenue		1,172		469		572
Total revenues	$	198,360	$	150,534	$	67,368

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consist of the following:


	As of December 31,			As of December 31,

	2022			2021
Computers and purchased software	$	631		$	387
Furniture and fixtures		2,201			461
Leasehold improvements		2,197			601
Other		—			3
	$	5,029		$	1,452
Less: accumulated depreciation		(2,151	)		(471	)
Total property and equipment, net	$	2,878		$	981

Goodwill and Intangibles (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in goodwill for the years ended December 31, 2022 and December 31, 2021 are as follows:


Balance at December 31, 2020	$	369,982
Purchase price adjustment		1,103
Increase from acquisitions		47,616
Balance at December 31, 2021	$	418,701
Purchase price adjustment		(11	)
Increase from acquisition		87,948
Balance at December 31, 2022	$	506,638

Schedule of Intangible Assets

Intangibles consists of the following:


	As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,350	$	—		$	17,350
Technology		30		—			30
Total indefinite-lived intangible assets		17,380		—			17,380
Finite-lived intangible assets:
Trade names		28,251		(3,472	)		24,779
Management and advisory contracts		194,066		(85,563	)		108,503
Technology		2,374		(1,241	)		1,133
Total finite-lived intangible assets		224,691		(90,276	)		134,415
Total intangible assets	$	242,071	$	(90,276	)	$	151,795


	As of December 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,350	$	—		$	17,350
Technology		30		—			30
Total indefinite-lived intangible assets		17,380		—			17,380
Finite-lived intangible assets:
Trade names		21,440		(1,785	)		19,655
Management and advisory contracts		151,166		(60,934	)		90,232
Technology		8,160		(6,639	)		1,521
Total finite-lived intangible assets		180,766		(69,358	)		111,408
Total intangible assets	$	198,146	$	(69,358	)	$	128,788

Estimated Future Amortization Expense

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


2023		30,501
2024		26,794
2025		22,367
2026		17,625
2027		12,810
Thereafter		24,318
Total amortization	$	134,415

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Liabilities

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


	As of December 31, 2022
	Level I		Level II		Level III		Total
Liabilities
Contingent consideration obligation	$	-	$	-	$	17,337	$	17,337
Total liabilities	$	-	$	-	$	17,337	$	17,337


	As of December 31, 2021
	Level I		Level II		Level III		Total
Liabilities
Contingent consideration obligation	$	-	$	-	$	22,963	$	22,963
Total liabilities	$	-	$	-	$	22,963	$	22,963

Schedule of Changes in the Fair Value of Level III Financial Instruments

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


Contingent Consideration Liability	For the Year Ended December 31,
	2022			2021
Balance, beginning of period:	$	22,963		$	593
Additions		-			19,625
Change in fair value		1,717			3,472
Settlements		(7,343	)		(727	)
Balance, end of period:	$	17,337		$	22,963

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Debt obligations consists of the following:


	As of			As of
	December 31,			December 31,
	2022			2021
Gross revolving credit facility state tax credits	$	—		$	-
Debt issuance costs		—			(8	)
Revolving credit facility state tax credits, net	$	—		$	(8	)
Revolver facility	$	80,900		$	90,900
Debt issuance costs		(2,783	)		(2,981	)
Revolver facility, net	$	78,117		$	87,919
Term loan	$	212,500		$	125,000
Debt issuance costs		(1,393	)		(415	)
Term loan, net	$	211,107		$	124,585
Total debt obligations	$	289,224		$	212,496

The table below summarizes terms of the debt obligations.


	December 31, 2022
										Weighted
	Maturity Date	Aggregate Facility Size		Outstanding Debt		Amount Available		Net Carrying Value		Average Interest Rate
Term Loan	12/22/2025	$	212,500	$	212,500	$	—	$	211,107		4.08	%
Revolver Facility	12/22/2025		162,500		80,900		81,600		78,117		4.14	%
Total		$	375,000	$	293,400	$	81,600	$	289,224

Schedule of Maturities of Long-term Debt

Future principal maturities of debt as of December 31, 2022 are as follows:


2023	$	10,625
2024		10,625
2025		272,150
	$	293,400

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Company's Operating Leases

The following table presents information regarding the Company’s operating leases as of December 31, 2022:


Operating lease right-of-use assets	$	15,923
Operating lease liabilities	$	18,558
Cash paid for lease liabilities	$	2,346
Weighted-average remaining lease term (in years)		6.81
Weighted-average discount rate		2.83	%

Schedule of Future Contractual Lease Payments

The future contractual lease payments as of December 31, 2022 are as follows:


2023		3,003
2024		3,881
2025		2,741
2026		2,417
2027		2,338
Thereafter		7,201
Total undiscounted lease payments		21,581
Less discount		(3,023	)
Total lease liabilities	$	18,558

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of the provision (benefit) for income taxes attributable to continuing operations are as follows:


	For the Years Ended
	December 31,
	2022			2021			2020
Current
Federal	$	193		$	918		$	2,104
State		2,178			152			1,333
Total Current	$	2,371		$	1,070		$	3,437
Deferred
Federal	$	3,995		$	(6,727	)		(28,906	)
State		(302	)		(1,413	)		(1,368	)
Total Deferred	$	3,693		$	(8,140	)	$	(30,274	)
Total provision (benefit)	$	6,064		$	(7,070	)	$	(26,837	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The reconciliation of the Company's federal statutory rate to the effective tax rate is as follows:


	For the Years Ended
	December 31,
	2022			2021			2020
Federal statutory rate		21.0	%		21.0	%		21.0	%
Noncontrolling interest		(0.1	%)		0.0	%		0.0	%
State taxes, net of federal benefit		4.0	%		(20.8	%)		7.4	%
Permanent items and other		0.6	%		(4.6	%)		2.0	%
Expiration of net operating losses and tax credits		(7.3	%)		70.0	%		(125.7	%)
Valuation allowance increase/decrease		(0.3	%)		(247.8	%)		1168.7	%
Uncertain tax positions		(0.8	%)		(9.8	%)		(145.2	%)
Return to provision adjustments and change in tax rates		(0.4	%)		0.9	%		(42.8	%)
Other		0.4	%		0.0	%		0.0	%
Effective rate		17.1	%		(191.1	%)		885.4	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Significant components of the Company's deferred taxes are as follows:


	As of			As of
	December 31,			December 31,
	2022			2021
Deferred tax assets:
Deferred revenue	$	-		$	675
Capitalized legal costs		-			1,249
Stock compensation		2,428			762
Interest expense		5,107			4,837
Other		1,382			1,307
Right of use assets - operating leases		-			3,998
Investment in partnership		9,029			5,740
Debt obligations		-			10,430
Suspended losses		-			28
Intangibles		1,365			-
Net operating losses and credit carryforwards		34,736			47,205
Total deferred tax assets		54,047			76,231
Valuation allowance for deferred tax assets		(12,763	)		(12,857	)
Deferred tax assets, net of valuation allowance	$	41,284		$	63,374

Deferred tax liabilities:
Goodwill		-			(8,455	)
Intangibles		-			(5,728	)
Investment in partnership		-			(147	)
Property and equipment		(9	)		(127	)
Right of use assets—operating leases		-			(3,766	)
Total deferred tax liabilities		(9	)		(18,223	)
Deferred tax assets, net	$	41,275		$	45,151

Schedule Of Components Of Company's Deferred Taxes

The reconciliation of the Company's unrecognized tax benefits at the beginning and end of the year is as follows:


	For the Years Ended
	December 31,
	2022			2021
Balance at January 1	$	7,017		$	7,378
Additions based on tax positions related to the current year		-			-
Additions for tax positions of prior years		-			-
Reductions for tax positions of prior years		(275	)		(361	)
Settlements		-			-
Balance at December 31	$	6,742		$	7,017

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Summary of Stock Option Activity

A summary of stock option activity for the years ended December 31, 2022 and December 31, 2021 is as follows:


						Weighted Average
						Contractual Life		Aggregate
	Number of			Weighted Average		Remaining		Intrinsic Value
	Shares			Exercise Price		(in years)		(whole dollars)
Outstanding as of December 31, 2020		5,350,800		$	1.69		7.75	$	41,442,250
Granted		2,224,250			8.54
Exercised		—			—
Expired/Forfeited		(472,114	)		3.27
Outstanding as of December 31, 2021		7,095,936		$	3.71		7.45	$	73,156,722

Exercisable as of December 31, 2021		1,483,445		$	0.93		5.76	$	27,661,727

Outstanding as of December 31, 2021		7,095,936		$	3.71		7.45	$	73,156,722
Granted		4,948,733			10.90
Exercised		(47,905	)		6.34
Settled		(1,120,000	)		0.41
Expired/Forfeited		(264,533	)		9.73
Outstanding as of December 31, 2022		10,612,231		$	7.25		8.09	$	39,004,141
Exercisable as of December 31, 2022		314,105		$	3.74		5.74	$	2,176,407

Summary of Weighted Average Assumptions Used In Calculating Fair Value of Stock Options Granted

The weighted average assumptions used in calculating the fair value of stock options granted during the years ended December 31, 2022 and December 31, 2021 were as follows:


	For the Year Ended December 31,
	2022			2021
Expected life	7.5 (yrs)			7.5 (yrs)
Expected volatility		36.57	%		41.65	%
Risk-free interest rate		3.50	%		0.82	%
Expected dividend yield		0.85	%		0.00	%

Summary of Restricted Stock Activity


	Number of			Weighted-Average Grant
	RSAs			Date Fair Value Per RSA
Outstanding as of December 31, 2020	$	-		$	-
Granted		36,033			12.49
Vested		-			-
Forfeited		-			-
Outstanding as of December 31, 2021		36,033			12.49

Outstanding as of December 31, 2021		36,033		$	12.49
Granted		33,346			12.37
Vested		(36,033	)		12.49
Forfeited		—			—
Outstanding as of December 31, 2022		33,346		$	12.37

Summary of Restricted Stock Units

The below table does not include Bonaccord or Hark Units that were issued outside of the Plan, that have not vested and are recorded as a liability.


	Number of			Weighted-Average Grant
	RSUs			Date Fair Value Per RSU
Outstanding as of December 31, 2020	$	-		$	-
Granted		59,654			12.74
Vested		-			-
Forfeited		-			-
Outstanding as of December 31, 2021		59,654			12.74

Outstanding as of December 31, 2021		59,654		$	12.74
Granted		853,900			11.16
Vested		(405,419	)		12.65
Forfeited		—			—
Outstanding as of December 31, 2022		508,135		$	11.34

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted EPS

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


	For the Year Ended December 31,

	2022		2021		2020
Numerator:
Numerator for basic calculation—Net income
Numerator for basic calculation—Net income attributable to P10	$	29,206	$	9,174	$	23,086
Adjustment for:
Net income attributable to noncontrolling interest in P10 Intermediate		193		-		-
Numerator for earnings per share
Numerator for earnings per share assuming dilution	$	29,399	$	9,174	$	23,086
Denominator:
Denominator for basic calculation—Weighted- average shares		116,751		72,660		62,465
Weighted shares assumed upon conversion of partnership units		979		-		-
Weighted shares assumed upon exercise of stock options and vesting of RSUs		3,924		39,670		2,440
Denominator for earnings per share assuming dilution		121,655		112,332		64,905
Earnings per share—basic	$	0.25	$	0.13	$	0.37
Earnings per share—diluted	$	0.24	$	0.08	$	0.36

Description of Business - Additional Information (Details)			12 Months Ended
	Oct. 13, 2022 shares	Oct. 20, 2021	Dec. 31, 2022	Dec. 14, 2020
Conversion of Stock [Line Items]
Reverse stock split		0.7-for-1
Stock split, conversion ratio		0.7
Year founded			1992
Entity incorporation, state code			DE
Enhanced
Conversion of Stock [Line Items]
Percentage of business acquisition				100.00%
Westech Investment Advisors LLC
Conversion of Stock [Line Items]
Aggregate membereship units	3,916,666
Westech Investment Advisors LLC \| Common Class A
Conversion of Stock [Line Items]
Aggregate membereship units	3,916,666

Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts	$ 0	$ 0
Goodwill impairment loss	0	$ 0
Eligible earnout	$ 70,000
Earnout period	The earnout period is eligible through December 31, 2027 with the potential to extend an additional two years
Stock-based compensation award, requisite service period	5 years
Westech Investment Advisors LLC \| Milestone 1
Earnout payment milestone recognized	$ 35,000
Westech Investment Advisors LLC \| Milestone 2
Earnout payment milestone recognized	17,500
Westech Investment Advisors LLC \| Milestone 3
Earnout payment milestone recognized	17,500
Westech Investment Advisors LLC \| EBITDA \| Milestone 1
Earnout payment milestone recognized	20,000
Westech Investment Advisors LLC \| EBITDA \| Milestone 2
Earnout payment milestone recognized	22,500
Westech Investment Advisors LLC \| EBITDA \| Milestone 3
Earnout payment milestone recognized	$ 25,000
Finite-Lived Management and Advisory Contracts \| Minimum
Finite-lived intangible assets, useful life	7 years
Finite-Lived Management and Advisory Contracts \| Maximum
Finite-lived intangible assets, useful life	16 years
Finite-Lived Technology
Finite-lived intangible assets, useful life		4 years
Trade names
Finite-lived intangible assets, useful life	10 years
Money Market Funds
Cash Equivalents	$ 7,800	$ 10,700

Significant Accounting Policies - Schedule of Estimated Useful Lives of Various Assets (Details)	12 Months Ended
	Dec. 31, 2022
Computers and Purchased Software \| Maximum
Property, Plant and Equipment, Estimated Useful Life	5 years
Computers and Purchased Software \| Minimum
Property, Plant and Equipment, Estimated Useful Life	3 years
Furniture and Fixtures \| Maximum
Property, Plant and Equipment, Estimated Useful Life	10 years
Furniture and Fixtures \| Minimum
Property, Plant and Equipment, Estimated Useful Life	7 years

Acquisitions - Additional Information (Details) - USD ($)			9 Months Ended	12 Months Ended
	Oct. 13, 2022	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 14, 2020
Business Acquisition [Line Items]
Aggregate membership units				4,948,733	2,224,250
Outstanding Debt	$ 125,000,000
Professional fees				$ 12,856,000	$ 11,508,000	$ 13,953,000
Contingent consideration obligation				14,300,000	0.0	0.0
Goodwill				506,638,000	418,701,000	369,982,000
Revolving Credit Facility
Business Acquisition [Line Items]
Outstanding Debt				10,000,000
Revolver facility				80,900,000	90,900,000
Enhanced
Business Acquisition [Line Items]
Percentage of business acquisition							100.00%
Bonaccord
Business Acquisition [Line Items]
Business acquisition effective date		Sep. 30, 2021
Expenses related to business acquisition		$ 700,000	$ 700,000
Purchase consideration		56,362,000
Contingent consideration		17,435,000		7,300,000
Amount of term loan credit facility		35,000,000.0	35,000,000.0
Contingent consideration obligation				$ 12,000,000.0
Payments to acquire business		38,927,000
Goodwill		42,936,000	42,936,000
Business acquisition, goodwill, expected tax deductible amount		42,900,000	42,900,000
Net identifiable assets acquired		$ 13,426,000	$ 13,426,000
Bonaccord \| Third Party
Business Acquisition [Line Items]
Percentage of net management fee earnings rights		15.00%	15.00%	15.00%
Bonaccord \| Maximum
Business Acquisition [Line Items]
Contingent consideration		$ 20,000,000
Bonaccord \| Professional Fees
Business Acquisition [Line Items]
Expenses related to business acquisition				$ 200,000	500,000	0
Hark
Business Acquisition [Line Items]
Business acquisition effective date		Sep. 30, 2021
Purchase consideration		$ 7,200,000
Contingent consideration obligation		2,200,000	$ 2,200,000
Payments to acquire business		5,000,000.0
Goodwill		4,700,000	4,700,000
Net identifiable assets acquired		2,500,000	$ 2,500,000
Hark \| Maximum
Business Acquisition [Line Items]
Contingent consideration		$ 5,400,000
Business Acquisitions
Business Acquisition [Line Items]
Business acquisition completed proforma date of acquisition			Jan. 01, 2020
Westech Investment Advisors LLC
Business Acquisition [Line Items]
Business acquisition effective date	Oct. 13, 2022
Expenses related to business acquisition	$ 3,200,000
Aggregate membership units	3,916,666
Purchase consideration	$ 145,995,000
Payments to acquire business	105,262,000
Goodwill	87,948,000
Business acquisition, goodwill, expected tax deductible amount	87,900,000
Net identifiable assets acquired	58,047,000
Westech Investment Advisors LLC \| Professional Fees
Business Acquisition [Line Items]
Expenses related to business acquisition				$ 3,200,000	$ 0	$ 0
Westech Investment Advisors LLC \| Term Loan
Business Acquisition [Line Items]
Outstanding Debt	87,500,000
Withdraw in cash	87,500,000
Westech Investment Advisors LLC \| Revolving Credit Facility
Business Acquisition [Line Items]
Outstanding Debt	37,500
Revolver facility	$ 6,000,000.0

Acquisitions - Summary of the Consideration Paid (Details) - USD ($) $ in Thousands			12 Months Ended
	Oct. 13, 2022	Sep. 30, 2021	Dec. 31, 2022
Bonaccord
Business Acquisition [Line Items]
Cash		$ 38,927
Contingent consideration		17,435	$ 7,300
Total purchase consideration		$ 56,362
Westech Investment Advisors LLC
Business Acquisition [Line Items]
Cash	$ 105,262
Fair value of equity consideration	40,733
Total purchase consideration	$ 145,995

Acquisitions - Summary of Fair Value of the Net Assets Acquired as of the Acquisition Date (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Oct. 13, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
LIABILITIES
Lease liabilities	$ 18,558		$ 15,700
Goodwill	506,638		418,701		$ 369,982
Bonaccord
ASSETS
Prepaid expenses and other assets				$ 9
Investment in partnership				1,396
Intangible assets				12,940
Total assets acquired				14,345
LIABILITIES
Accrued expenses				919
Total liabilities assumed				919
Net identifiable assets acquired				13,426
Goodwill				42,936
Net assets acquired				$ 56,362
Westech Investment Advisors LLC
ASSETS
Cash and cash equivalents		$ 8,807
Accounts receivable		12,632
Prepaid expenses and other assets		378
Property and equipment		138
Right-of-use assets		2,904
Intangible assets		49,700
Total assets acquired	$ 5,200	74,559	$ 0		$ 0
LIABILITIES
Accounts payable and accrued expenses		13,555
Lease liabilities		2,957
Total liabilities assumed		16,512
Net identifiable assets acquired		58,047
Goodwill		87,948
Net assets acquired		$ 145,995

Acquisitions - Summary of the Fair Value of Identifiable Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Oct. 13, 2022	Sep. 30, 2021
Bonaccord
Business Acquisition [Line Items]
Fair value of identifiable intangible assets		$ 12,940
Bonaccord \| Management and Advisory Contracts
Business Acquisition [Line Items]
Fair value of identifiable intangible assets		$ 9,450
Weighted-Average Amortization Period		8 years
Bonaccord \| Trade names
Business Acquisition [Line Items]
Fair value of identifiable intangible assets		$ 3,490
Weighted-Average Amortization Period		10 years
Westech Investment Advisors LLC
Business Acquisition [Line Items]
Fair value of identifiable intangible assets	$ 49,700
Westech Investment Advisors LLC \| Management and Advisory Contracts
Business Acquisition [Line Items]
Fair value of identifiable intangible assets	$ 42,900
Weighted-Average Amortization Period	9 years
Westech Investment Advisors LLC \| Trade names
Business Acquisition [Line Items]
Fair value of identifiable intangible assets	$ 6,800
Weighted-Average Amortization Period	10 years

Acquisitions - Summary of Pro Forma Condensed Consolidated Results of Operations Attributable to Acquisitions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Westech Investment Advisors LLC
Business Acquisition [Line Items]
Revenues	$ 224,500	$ 182,446
Net income attributable to P10	$ 24,513	6,044
Bonaccord
Business Acquisition [Line Items]
Revenues		169,728	$ 74,864
Net income attributable to P10		$ 12,834	$ 19,915

Revenue - Disaggregation of Revenue By Product (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 198,360	$ 150,534	$ 67,368
Management and Advisory Fees
Disaggregation of Revenue [Line Items]
Total revenues	196,546	149,424	66,125
Subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	642	641	671
Other Revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,172	$ 469	$ 572

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Strategic Alliance Expense - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Business Combination, Separately Recognized Transactions [Line Items]
Strategic alliance expense	$ 678,000	$ 152,000	$ 0
Third Party [Member] \| Bonaccord [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Percentage of net management fee earnings rights	15.00%			15.00%
Bonaccord Fund II [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Percentage of Equity Rights Available to Acquire Equity Interest In Acquiree Percentage	5.00%
Percentage of additional net management fee earnings rights	5.00%
Bonaccord Fund III [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Investment Company, Committed Capital	$ 5,000,000.0
Percentage of Equity Rights Available to Acquire Equity Interest In Acquiree Percentage	4.90%
Maximum [Member] \| Bonaccord Fund II [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Investment Company, Committed Capital	$ 250,000,000.0
Minimum [Member] \| Bonaccord Fund II [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Investment Company, Committed Capital	$ 5,000,000.0

Note Receivable - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Due from related parties	$ 36,538	$ 12,357
Interest paid		0
Interest received	100
BCP Partners Holdings, LP \| Promissory Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note to partners	5,000
Amount drawn from notes	$ 4,200
Notes, interest rate description	The note will earn interest at the greater of (i) the applicable federal rate that must be charged to avoid imputation of interest under Section 1274(d) of the U.S. Internal Revenue Code and (ii) 5.5%. Interest will be paid on December 31st of each year commencing December 31, 2021, with any unpaid accrued interest being capitalized and added to the outstanding principal balance.
Due from related parties	$ 4,200	2,600
Maturity Date	Sep. 30, 2031
Interest rate of notes	5.50%
Interest revenue	$ 100	$ 100	$ 0

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Assets of the consolidated variable interest entities	$ 826,360	$ 676,217
Total Liabilities	392,477	281,053
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets of the consolidated variable interest entities	568,000	413,200
Total Liabilities	$ 96,300	$ 53,600

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

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+ Details

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 5,029	$ 1,452
Less: accumulated depreciation	(2,151)	(471)
Total property and equipment, net	2,878	981
Computers and Purchased Software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	631	387
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,201	461
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,197	601
Other
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 0	$ 3

Goodwill and Intangibles - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Beginning Balance	$ 418,701	$ 369,982
Purchase price adjustment	(11)	1,103
Increase from acquisitions	87,948	47,616
Goodwill, Ending Balance	$ 506,638	$ 418,701

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 17,380	$ 17,380
Total Finite-lived intangible assets, gross carrying amount	224,691	180,766
Intangible assets, accumulated amortization	(90,276)	(69,358)
Total amortization	134,415	111,408
Total intangible assets, gross carrying amount	242,071	198,146
Intangible Assets, Net (Excluding Goodwill), Total	151,795	128,788
Trade Name
Indefinite-Lived Intangible Assets [Line Items]
Total Finite-lived intangible assets, gross carrying amount	28,251	21,440
Intangible assets, accumulated amortization	(3,472)	(1,785)
Total amortization	24,779	19,655
Management and Advisory Contracts
Indefinite-Lived Intangible Assets [Line Items]
Total Finite-lived intangible assets, gross carrying amount	194,066	151,166
Intangible assets, accumulated amortization	(85,563)	(60,934)
Total amortization	108,503	90,232
Technology
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	30	30
Total Finite-lived intangible assets, gross carrying amount	2,374	8,160
Intangible assets, accumulated amortization	(1,241)	(6,639)
Total amortization	1,133	1,521
Trade names
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 17,350	$ 17,350

Goodwill and Intangibles - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Purchase price		$ 1.3
Trade names \| Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Total amortized life	16 years
Trade names \| Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Total amortized life	7 years
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Total amortized life	4 years

Goodwill and Intangibles - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 30,501
2024	26,794
2025	22,367
2026	17,625
2027	12,810
Thereafter	24,318
Total amortization	$ 134,415	$ 111,408

Fair Value Measurements - Schedule of Fair Value of Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation	$ 14,300	$ 0	$ 0
Fair Value Measurements Recurring Member
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation	17,337	22,963
Total liabilities	17,337	22,963
Fair Value Measurements Recurring Member \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation	0	0
Total liabilities	0	0
Fair Value Measurements Recurring Member \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation	0	0
Total liabilities	0	0
Fair Value Measurements Recurring Member \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation	17,337	22,963
Total liabilities	$ 17,337	$ 22,963

Fair Value Measurements - Schedule of Changes in the Fair Value of Level III Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Balance, beginning of period:	$ 22,963	$ 593
Additions	$ 0	$ 19,625
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
Change in fair value	$ 1,717	$ 3,472
Settlements	(7,343)	(727)
Balance, end of period:	$ 17,337	$ 22,963

Investment In Unconsolidated Subsidiaries - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ 1,532	$ 1,087	$ 0
Enhanced Capital Group LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated subsidiaries	2,300	1,800
Enhanced Capital Group LLC \| Asset Management Businesses
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated subsidiaries	200	1,600
Income (Loss) from Equity Method Investments	1,500	1,100
Partners' Capital Account, Contributions	0	0
Partners' Capital Account, Distributions	1,000	1,400
Enhanced Capital Group LLC \| Tax Credit Finance Businesses
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated subsidiaries	2,100	200
Enhanced Tax Credit Finance, LLC \| Tax Credit Finance Businesses
Schedule of Equity Method Investments [Line Items]
Partners' Capital Account, Contributions	0	0
Partners' Capital Account, Distributions	$ 0	$ 0

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 22, 2021	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Total debt obligations		$ 289,224	$ 212,496
Term Loan
Line of Credit Facility [Line Items]
Debt issuance costs		(1,393)	(415)
Term loan		212,500	125,000
Total debt obligations		211,107	124,585
Revolving Credit Facility
Line of Credit Facility [Line Items]
Gross revolving credit facility state tax credits		0	0
Debt issuance costs		0	(8)
Revolving credit facility state tax credits, net		0	8
Revolver facility		80,900	90,900
Debt issuance costs		(2,783)	(2,981)
Revolver facility, net		78,117	87,919
Total debt obligations		$ 80,900	$ 90,900
Revolving Credit Facility \| Term Loan
Line of Credit Facility [Line Items]
Term loan	$ 125,000

Debt Obligations - Summary of Terms of Debt Obligations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Aggregate Facility Size	$ 375,000
Outstanding Debt	293,400
Amount Available	81,600
Net Carrying Value	$ 289,224
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maturity Date	Dec. 22, 2025
Aggregate Facility Size	$ 162,500
Outstanding Debt	80,900
Amount Available	81,600
Net Carrying Value	$ 78,117
Weighted Average Interest Rate	4.14%
Term Loan [Member]
Line of Credit Facility [Line Items]
Maturity Date	Dec. 22, 2025
Aggregate Facility Size	$ 212,500
Outstanding Debt	212,500
Net Carrying Value	$ 211,107
Weighted Average Interest Rate	4.08%
Term Loan [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maturity Date	Dec. 22, 2025

Debt Obligations - Additional Information (Details) - USD ($) $ in Thousands						12 Months Ended
	Dec. 22, 2021	Oct. 28, 2021	Jan. 03, 2018	Oct. 07, 2017	Oct. 05, 2017	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2023	Oct. 31, 2022	Oct. 13, 2022	Sep. 30, 2021	Dec. 14, 2020	Oct. 02, 2020
Line of Credit Facility [Line Items]
Net Carrying Value						$ 289,224	$ 212,496
Outstanding Debt											$ 125,000
Payment during period		$ 88,600
Optional Repayment		86,800
Prepayment Penalty		1,200
Debt interest payment		$ 600
Extinguishment Fee						0	4,813	$ 0
Amortization of debt issuance costs						1,100	6,000	1,100
Debt issuance costs						$ 1,900	4,400
Interest expense							9,200
Debt Extinguishment amount							8,400
Revolving Credit Facility
Line of Credit Facility [Line Items]
Notes payable maturity date						Dec. 22, 2025
Net Carrying Value						$ 80,900	90,900
Gross revolving credit facility state tax credits						0	0
Outstanding Debt						$ 10,000
Principal Balance	$ 200,000
Debt interest payment	2,100
Extinguishment Fee	3,700
Available balance	125,000
Line of credit facility with accordian feature										$ 37,500
Interest rate above prime rate						0.25%
Matures date						Jun. 15, 2022
Unamortized debt issuance expense						$ 0	8
Term Loan
Line of Credit Facility [Line Items]
Notes payable maturity date						Dec. 22, 2025
Net Carrying Value						$ 211,107	124,585
Term Loan						$ 212,500	125,000
Line of credit facility with accordian feature										$ 87,500
Term Loan \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Notes payable maturity date						Dec. 22, 2025
Term Loan	125,000
Line of credit facility with accordian feature	$ 125,000
Unamortized debt issuance expense						$ 4,200	3,400
2018 TAB Payments
Line of Credit Facility [Line Items]
Interest expense						0	9,200	$ 1,000
Term SOFR Loans
Line of Credit Facility [Line Items]
Interest Rate Plus	0.10%
Principal contractually repaid rate									1.25%
Senior Secured Credit Facility
Line of Credit Facility [Line Items]
Amount of term loan credit facility				$ 130,000
Unamortized debt issuance expense						$ 0	0
Credit and guaranty facility							$ 2,100
Senior Secured Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Outstanding Debt				$ 5,000
Senior Secured Credit Facility \| Term Loan
Line of Credit Facility [Line Items]
Aggregate on the term loan in tranches				Jul. 31, 2019
Debt instrument, Term				5 years
Outstanding Debt				$ 125,000								$ 35,000	$ 68,000	$ 91,400
Senior Secured Credit Facility \| Term Loan \| Maximum
Line of Credit Facility [Line Items]
Amount of term loan credit facility				$ 125,000
RCP 2 \| 2017 Seller Note
Line of Credit Facility [Line Items]
Notes payable					$ 81,300
Notes payable maturity date					Jan. 15, 2025
RCP 3 \| 2018 Seller Note
Line of Credit Facility [Line Items]
Notes payable			$ 22,100
Notes payable maturity date			Jan. 15, 2025
RCP 3 \| 2018 TAB Payments
Line of Credit Facility [Line Items]
Notes payable maturity date			Apr. 15, 2023
Amortized tax benefit			$ 48,400

Debt Obligations - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument, Redemption [Line Items]
2023	$ 10,625
2024	10,625
2025	272,150
Long-term Debt, Total	$ 293,400

Related Party Transactions - Additional Information (Details) - USD ($)					3 Months Ended	12 Months Ended			24 Months Ended
	Aug. 01, 2022	Jul. 06, 2022	Jan. 01, 2021	Apr. 01, 2020	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
Related Party Transaction [Line Items]
Reimbursable expenses						$ 6,200,000	$ 1,600,000
Rent expense							300,000
Accounts receivable related parties					$ 16,800,000	16,800,000	2,400,000		$ 16,800,000
Accounts receivable					16,800,000	16,800,000	2,400,000		16,800,000
Management And Advisory Fees						198,360,000	150,534,000	$ 67,368,000
Stock issued during period value new issues							129,375,000
Due from related parties					36,538,000	36,538,000	12,357,000		36,538,000
Acquisition Partners, LLC
Related Party Transaction [Line Items]
Accounts receivable related parties					10,600,000	10,600,000	800,000		10,600,000
Accounts receivable					$ 10,600,000	10,600,000	800,000		10,600,000
Common Stock Purchase Agreement \| Common Stock
Related Party Transaction [Line Items]
Shares issued	1,394,052	4,646,840
Shares issued, price per share	$ 10.76	$ 10.76
Stock issued during period value new issues		$ 50,000,000
Advisory Agreement
Related Party Transaction [Line Items]
Service fee		1.50%			0.375%
Advisory Agreement \| Maximum
Related Party Transaction [Line Items]
Incentive fee		15.00%
Advisory Agreement \| Minimum
Related Party Transaction [Line Items]
Hurdle Rate		7.00%
210 Capital LLC
Related Party Transaction [Line Items]
Rent expense			$ 20,300			300,000	200,000	0
Lease expiration date			Dec. 31, 2029
Additional contributed amount of office space					$ 3,400
Keystone Capital XXX, LLC
Related Party Transaction [Line Items]
Management fee expense				$ 250,000		0	800,000	500,000
Enhanced Capital Group LLC
Related Party Transaction [Line Items]
Advisory Fees			$ 76,000,000.0				$ 22,000,000.0		98,000,000.0
Advisory fee term			7 years				7 years
Revenue recognized from advisory fees									41,200,000
Due from related parties					28,500,000	28,500,000	$ 9,500,000		28,500,000
Enhanced Capital Holding Inc.
Related Party Transaction [Line Items]
Compensation And Benefits						11,500,000	8,300,000	400,000
BCP Partners Holdings, LP \| Promissory Note
Related Party Transaction [Line Items]
Due from related parties					$ 4,200,000	4,200,000	2,600,000		$ 4,200,000
Advisory Fees \| Enhanced Capital Group LLC
Related Party Transaction [Line Items]
Management And Advisory Fees						22,200,000	19,000,000	0
Management and Advisory Fees
Related Party Transaction [Line Items]
Management And Advisory Fees						196,546,000	149,424,000	66,125,000
Management and Advisory Fees \| Common Stock Purchase Agreement
Related Party Transaction [Line Items]
Management And Advisory Fees						100,000	0	0
Management and Advisory Fees \| Crossroad Impact Corp
Related Party Transaction [Line Items]
Management And Advisory Fees						$ 2,800,000	$ 200,000	$ 0

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Oct. 13, 2022
Loss Contingencies [Line Items]
Rent expense		$ 300
Accrued compensation and benefits	$ 18,900	6,465
Compensation and benefits	94,297	54,755	$ 24,529
Accrued contingent liability	14,300	0	0
Contingent payments to customers asset	13,600	0	0
Operating Expense
Loss Contingencies [Line Items]
Rent expense	3,500	2,000
Management and Advisory Fees
Loss Contingencies [Line Items]
Amortization of contingent payments to customers	700	0	0
Westech Investment Advisors LLC
Loss Contingencies [Line Items]
Earnout payment	70,000
Earnout payment recognized	5,200	0	0	$ 74,559
Accrued compensation and benefits	5,200	0	0
Westech Investment Advisors LLC \| Milestone 1
Loss Contingencies [Line Items]
Earnout payment milestone recognized	35,000
Westech Investment Advisors LLC \| Milestone 2
Loss Contingencies [Line Items]
Earnout payment milestone recognized	17,500
Westech Investment Advisors LLC \| Milestone 3
Loss Contingencies [Line Items]
Earnout payment milestone recognized	17,500
Westech Investment Advisors LLC \| EBITDA \| Milestone 1
Loss Contingencies [Line Items]
Earnout payment milestone recognized	20,000
Westech Investment Advisors LLC \| EBITDA \| Milestone 2
Loss Contingencies [Line Items]
Earnout payment milestone recognized	22,500
Westech Investment Advisors LLC \| EBITDA \| Milestone 3
Loss Contingencies [Line Items]
Earnout payment milestone recognized	25,000
Westech Investment Advisors LLC \| Sellers
Loss Contingencies [Line Items]
Earnout payment	50,000
Westech Investment Advisors LLC \| Employees
Loss Contingencies [Line Items]
Earnout payment	20,000
Westech Investment Advisors LLC, Bonus
Loss Contingencies [Line Items]
Accrued compensation and benefits	400	0	0
Compensation and benefits	400	$ 0	$ 0
Minimum \| Westech Investment Advisors LLC, Bonus
Loss Contingencies [Line Items]
Bonus payment	20,000
Maximum \| Westech Investment Advisors LLC
Loss Contingencies [Line Items]
Earnout payment	70,000
Maximum \| Westech Investment Advisors LLC, Bonus
Loss Contingencies [Line Items]
Cash payment	5,000
Maximum bonus payment	$ 10,000

Commitments and Contingencies - Schedule of Company's Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Operating lease right-of-use assets	$ 15,923	$ 14,789
Operating lease liabilities	18,558	$ 15,700
Cash paid for lease liabilities	$ 2,346
Weighted-average remaining lease term (in years)	6 years 9 months 21 days
Weighted-average discount rate	2.83%

Commitments and Contingencies - Schedule of Future Contractual Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2023	$ 3,003
2024	3,881
2025	2,741
2026	2,417
2027	2,338
Thereafter	7,201
Total undiscounted lease payments	21,581
Less discount	(3,023)
Operating lease liabilities	$ 18,558	$ 15,700

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Valuation allowance for deferred tax assets	$ 12.8
Valuation allowance for deferred tax assets decrease	0.1	$ 4.2
Accrued interest and penalties	$ 0.1
Minimum
Operating Loss Carryforwards [Line Items]
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-Based Payment Arrangement, Percent	50.00%
2024
Operating Loss Carryforwards [Line Items]
Expiration of NOL carryforward, amount	$ 24.3
Research and Development
Operating Loss Carryforwards [Line Items]
NOL carryforwards	5.3
Federal
Operating Loss Carryforwards [Line Items]
NOL carryforwards	177.4
Federal \| 2023
Operating Loss Carryforwards [Line Items]
Expiration of NOL carryforward, amount	2.8
Federal \| 2025 - 2037
Operating Loss Carryforwards [Line Items]
Expiration of NOL carryforward, amount	150.3
State
Operating Loss Carryforwards [Line Items]
NOL carryforwards	21.8
State \| 2023 - 2029
Operating Loss Carryforwards [Line Items]
Expiration of NOL carryforward, amount	4.5
State \| 2030 and 2039
Operating Loss Carryforwards [Line Items]
Expiration of NOL carryforward, amount	$ 17.2

Income Taxes - Summary of Provision Benefit for Income Taxes Attributable to Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Current Federal	$ 193	$ 918	$ 2,104
Current state	2,178	152	1,333
Total Current	2,371	1,070	3,437
Deferred Federal	3,995	(6,727)	(28,906)
Deferred State	(302)	(1,413)	(1,368)
Deferred Total	3,693	(8,140)	(30,274)
Total provision (benefit)	$ 6,064	$ (7,070)	$ (26,837)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
Noncontrolling interest	(0.10%)	0.00%	0.00%
State taxes, net of federal benefit	4.00%	(20.80%)	7.40%
Permanent items and other	0.60%	(4.60%)	2.00%
Expiration of net operating losses and tax credits	(7.30%)	70.00%	(125.70%)
Valuation allowance increase/decrease	(0.30%)	(247.80%)	1168.70%
Uncertain tax positions	(0.80%)	(9.80%)	(145.20%)
Return to provision adjustments and change in tax rates	(0.40%)	0.90%	(42.80%)
Other	0.40%	0.00%	0.00%
Effective rate	17.10%	(191.10%)	885.40%

Income Taxes - Schedule Of Components Of Company's Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets, Net [Abstract]
Deferred revenue	$ 0	$ 675
Capitalized legal costs	0	1,249
Stock compensation	2,428	762
Interest expense	5,107	4,837
Other	1,382	1,307
Right of use assets - operating leases	0	3,998
Investment in partnership	9,029	5,740
Debt obligations	0	10,430
Suspended losses	0	28
Intangibles	1,365	0
Net operating losses and credit carryforwards	34,736	47,205
Total deferred tax assets	54,047	76,231
Valuation allowance for deferred tax assets	(12,763)	(12,857)
Deferred tax assets, net of valuation allowance	41,284	63,374
Deferred Tax Liabilities, Net [Abstract]
Goodwill	0	(8,455)
Intangibles	0	(5,728)
Investment in partnership	0	(147)
Property and equipment	(9)	(127)
Right of use assets - operating leases	0	(3,766)
Total deferred tax liabilities	(9)	(18,223)
Deferred tax assets, net	$ 41,275	$ 45,151

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Beginning Balance	$ 7,017	$ 7,378
Additions based on tax positions related to the current year	0	0
Additions for tax positions of prior years	0	0
Reductions for tax positions of prior years	275	361
Settlements	0	0
Ending Balance	$ 6,742	$ 7,017

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions						12 Months Ended
	Oct. 21, 2022	Aug. 16, 2022	Jun. 17, 2022	Mar. 15, 2022	Jul. 20, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense						$ 5.8
Unrecognized stock-based compensation expense, weighted-average recognition period						3 years 1 month 20 days
Stock-based compensation expense						$ 18.6	$ 3.5	$ 0.7
Stock purchased under share buyback				$ 1.1
Fair market value option price				$ 11.83
Negotiated discount				2.50%
Share buyback program				12,500,000
Stock Options \| 2018 Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized			14,300,000		6,300,000
Date of grant					10 years
Number of shares available for grant						7,100,000
Stock issued during period total shares issued for reverse stock splits					9,300,000
Number of additional shares authorized	4,000,000		5,000,000
Stock Options \| 2018 Incentive Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					4 years
Stock Options \| 2018 Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					5 years
Stock Options \| 2021 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for grant					3,000,000
Bonaccord Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense						$ 5.0
Stock-based compensation expense						$ 7.0
Future achievement of performance metrics		$ 17.5
Employee performance obligation met						345,765
Hark Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense						$ 0.3
Stock-based compensation expense						1.3
Bonaccord Units And Hark Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense						$ 8.3

Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning balance	7,095,936	5,350,800
Aggregate membership units	4,948,733	2,224,250
Exercised	(47,905)	0
Settled	$ (1,120,000,000)
Expired/Forfeited	(264,533)	(472,114)
Number of Shares, Ending balance	10,612,231	7,095,936	5,350,800
Number of Shares, Exercisable	314,105	1,483,445
Weighted Average Exercise Price, Beginning balance	$ 3.71	$ 1.69
Granted	10.90	8.54
Exercised	$ 6.34	0
Settled	0.41%
Expired/Forfeited	$ 9.73	3.27
Weighted Average Exercise Price, Ending balance	7.25	3.71	$ 1.69
Exercisable as of December 31, 2021	$ 3.74	$ 0.93
Weighted Average Contractual Life Remaining (in years), Outstanding	8 years 1 month 2 days	7 years 5 months 12 days	7 years 9 months
Weighted Average Contractual Life Remaining (in years), Exercisable	5 years 8 months 26 days	5 years 9 months 3 days
Aggregate Intrinsic Value, Beginning balance	$ 73,156,722,000	$ 41,442,250,000
Aggregate Intrinsic Value, Ending balance	39,004,141,000	73,156,722,000	$ 41,442,250,000
Aggregate Intrinsic Value Exercisable	$ 2,176,407,000	$ 27,661,727,000

Stockholders' Equity - Summary of Weighted Average Assumptions Used in Calculating Fair Value of Stock Options Granted (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected life	7 years 6 months	7 years 6 months
Expected volatility	36.57%	41.65%
Risk-free interest rate	3.50%	0.82%
Expected dividend yield	0.85%	0.00%

Stockholders' Equity - Summary of Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	36,033	0
Granted	33,346	36,033
Vested	(36,033)	0
Forfeited		0
Number of Shares, Ending Balance	33,346	36,033
Weighted-Average Grant Date Fair Value Per RSU
Weighted-Average Grant Date Fair Value, Beginning balance	$ 12.49	$ 0
Granted	12.37	12.49
Vested	12.49	0
Forfeited	0	0
Weighted-Average Grant Date Fair Value, Ending Balance	$ 12.37	$ 12.49
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Beginning Balance	59,654	0
Granted	853,900	59,654
Vested	(405,419)
Forfeited	0
Number of Shares, Ending Balance	508,135	59,654
Weighted-Average Grant Date Fair Value Per RSU
Weighted-Average Grant Date Fair Value, Beginning balance	$ 12.74	$ 0
Granted	11.16	12.74
Vested	12.65	0
Forfeited	0	0
Weighted-Average Grant Date Fair Value, Ending Balance	$ 11.34	$ 12.74

Earnings Per Share - Schedule of Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Numerator for basic calculation-Net income attributable to P10	$ 29,206	$ 9,174	$ 23,086
Net income attributable to noncontrolling interest in P10 Intermediate	193	0	0
Numerator for earnings per share assuming dilution	$ 29,399	$ 9,174	$ 23,086
Denominator:
Denominator for basic calculation - Weighted-average shares	116,751	72,660	62,465
Weighted shares assumed upon conversion of partnership units	979	0	0
Weighted shares assumed upon exercise of stock options and vesting of RSUs	3,924	39,670	2,440
Denominator for earnings per share assuming dilution	121,655	112,332	64,905
Earnings per share - basic	$ 0.25	$ 0.13	$ 0.37
Earnings per share - diluted	$ 0.24	$ 0.08	$ 0.36

Earnings Per Share - Additional Information (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock Options \| Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	6.7	0.1

Redeemable Noncontrolling Interest - Additional Information (Details) - P10 Intermediate	Dec. 31, 2022
Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Percentage of aggregate shares outstanding, issued to third party	40.90%
Percentage of aggregate shares outstanding, issued to parent	59.10%
Common Stock
Class of Stock [Line Items]
Percentage of aggregate shares outstanding, issued to parent	100.00%

Subsequent Events - Additional Information (Details) - $ / shares		12 Months Ended
	Mar. 09, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Aggregate membership units		4,948,733	2,224,250
Restricted Stock Units
Subsequent Event [Line Items]
Restricted stock units granted		853,900	59,654
Subsequent Event \| Common Class A
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.03
Subsequent Event \| Common Class B
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.03
Subsequent Event \| Incentive Plan [Member]
Subsequent Event [Line Items]
Aggregate membership units	2,677,974
Vesting period	5 years
Date of grant	10 years
Subsequent Event \| Incentive Plan [Member] \| Restricted Stock Units
Subsequent Event [Line Items]
Vesting period	1 year
Restricted stock units granted	906,343