0000950170-24-056908 | 10-Q | XBRL Viewer

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	59,983,472	59,340,269
Common stock shares outstanding	54,582,698	57,622,895
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	58,562,814	58,597,718
Common stock shares outstanding	58,439,363	58,474,267

Notes Receivable	3 Months Ended
Mar. 31, 2024
Receivables [Abstract]
Notes Receivable	Note 5. Notes Receivable The Company has two types of notes receivable. The first is 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 $4.8 million was drawn as of March 31, 2024 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%. The stated interest rate is the effective rate. 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. Principal payments will be made periodically from mandatorily required payments from available cash flows at BCP. The second consists of Secured Promissory Notes that were executed on October 13, 2023 between the Company and certain employees of Bonaccord to lend funds to be used to pay general partner commitments to certain funds managed by Bonaccord. The notes provided $1.0 million of cash, in aggregate, to certain employees and is collateralized by such employees' privately owned shares of the Company. The term of the additional notes is five years, maturing on October 13, 2028 with all principal due at maturity. The notes will accrue interest at SOFR plus 2.10% and is payable annually in arrears. As of March 31, 2024 and December 31, 2023, the total notes receivable balance was $5.8 million and $5.8 million, respectively. The Company recognized interest income of $0.1 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively.

Notes Receivable

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Notes Receivable

Note 5. Notes Receivable

The Company has two types of notes receivable. The first is 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 $4.8 million was drawn as of March 31, 2024 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%. The stated interest rate is the effective rate. 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. Principal payments will be made periodically from mandatorily required payments from available cash flows at BCP.

The second consists of Secured Promissory Notes that were executed on October 13, 2023 between the Company and certain employees of Bonaccord to lend funds to be used to pay general partner commitments to certain funds managed by Bonaccord. The notes provided $1.0 million of cash, in aggregate, to certain employees and is collateralized by such employees' privately owned shares of the Company. The term of the additional notes is five years, maturing on October 13, 2028 with all principal due at maturity. The notes will accrue interest at SOFR plus 2.10% and is payable annually in arrears.

As of March 31, 2024 and December 31, 2023, the total notes receivable balance was $5.8 million and $5.8 million, respectively. The Company recognized interest income of $0.1 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively.

Debt Obligations - Summary of Terms of Debt Obligations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Principal Amount	$ 316,419
Revolving Credit Facility
Line of Credit Facility [Line Items]
Principal Amount	$ 16,500
Rate Expiration Date	May 29, 2024
Revolving Credit Facility \| Base Rate
Line of Credit Facility [Line Items]
Rate	2.10%
Revolving Credit Facility \| SOFR Rate
Line of Credit Facility [Line Items]
Rate	5.34%
Revolving Credit Facility 1 Member
Line of Credit Facility [Line Items]
Principal Amount	$ 9,500
Rate Expiration Date	Apr. 29, 2024
Revolving Credit Facility 1 Member \| Base Rate
Line of Credit Facility [Line Items]
Rate	2.10%
Revolving Credit Facility 1 Member \| SOFR Rate
Line of Credit Facility [Line Items]
Rate	5.32%
Revolving Credit Facility 2 Member
Line of Credit Facility [Line Items]
Principal Amount	$ 14,000
Rate Expiration Date	Jun. 27, 2024
Revolving Credit Facility 2 Member \| Base Rate
Line of Credit Facility [Line Items]
Rate	2.10%
Revolving Credit Facility 2 Member \| SOFR Rate
Line of Credit Facility [Line Items]
Rate	5.31%
Revolving Credit Facility 3 Member
Line of Credit Facility [Line Items]
Principal Amount	$ 12,000
Rate Expiration Date	Jun. 14, 2024
Revolving Credit Facility 3 Member \| Base Rate
Line of Credit Facility [Line Items]
Rate	2.10%
Revolving Credit Facility 3 Member \| SOFR Rate
Line of Credit Facility [Line Items]
Rate	5.33%
Revolving Credit Facility 4 Member
Line of Credit Facility [Line Items]
Principal Amount	$ 2,000
Rate Expiration Date	Apr. 08, 2024
Revolving Credit Facility 4 Member \| Base Rate
Line of Credit Facility [Line Items]
Rate	2.10%
Revolving Credit Facility 4 Member \| SOFR Rate
Line of Credit Facility [Line Items]
Rate	5.33%
Revolving Credit Facility 5 Member
Line of Credit Facility [Line Items]
Principal Amount	$ 3,500
Rate Expiration Date	Apr. 30, 2024
Revolving Credit Facility 5 Member \| Base Rate
Line of Credit Facility [Line Items]
Rate	2.10%
Revolving Credit Facility 5 Member \| SOFR Rate
Line of Credit Facility [Line Items]
Rate	5.32%
Revolving Credit Facility 6 Member
Line of Credit Facility [Line Items]
Principal Amount	$ 5,500
Rate Expiration Date	May 28, 2024
Revolving Credit Facility 6 Member \| Base Rate
Line of Credit Facility [Line Items]
Rate	2.10%
Revolving Credit Facility 6 Member \| SOFR Rate
Line of Credit Facility [Line Items]
Rate	5.34%
Revolving Credit Facility 7 Member
Line of Credit Facility [Line Items]
Principal Amount	$ 12,100
Rate Expiration Date	Apr. 08, 2024
Revolving Credit Facility 7 Member \| Base Rate
Line of Credit Facility [Line Items]
Rate	2.10%
Revolving Credit Facility 7 Member \| SOFR Rate
Line of Credit Facility [Line Items]
Rate	5.32%
Revolving Credit Facility 8 Member
Line of Credit Facility [Line Items]
Principal Amount	$ 4,600
Rate Expiration Date	Jun. 11, 2024
Revolving Credit Facility 8 Member \| Base Rate
Line of Credit Facility [Line Items]
Rate	2.10%
Revolving Credit Facility 8 Member \| SOFR Rate
Line of Credit Facility [Line Items]
Rate	5.32%
Revolving Credit Facility 9 Member
Line of Credit Facility [Line Items]
Principal Amount	$ 2,000
Rate Expiration Date	May 23, 2024
Revolving Credit Facility 9 Member \| Base Rate
Line of Credit Facility [Line Items]
Rate	2.10%
Revolving Credit Facility 9 Member \| SOFR Rate
Line of Credit Facility [Line Items]
Rate	5.32%
Revolving Credit Facility 10 Member
Line of Credit Facility [Line Items]
Principal Amount	$ 7,500
Rate Expiration Date	Apr. 15, 2024
Revolving Credit Facility 10 Member \| Base Rate
Line of Credit Facility [Line Items]
Rate	2.10%
Revolving Credit Facility 10 Member \| SOFR Rate
Line of Credit Facility [Line Items]
Rate	5.33%
Revolving Credit Facility 11 Member
Line of Credit Facility [Line Items]
Principal Amount	$ 10,500
Rate Expiration Date	Jun. 03, 2024
Revolving Credit Facility 11 Member \| Base Rate
Line of Credit Facility [Line Items]
Rate	2.10%
Revolving Credit Facility 11 Member \| SOFR Rate
Line of Credit Facility [Line Items]
Rate	5.34%
Revolving Credit Facility 12 Member
Line of Credit Facility [Line Items]
Principal Amount	$ 17,500
Rate Expiration Date	Apr. 22, 2024
Revolving Credit Facility 12 Member \| Base Rate
Line of Credit Facility [Line Items]
Rate	2.10%
Revolving Credit Facility 12 Member \| SOFR Rate
Line of Credit Facility [Line Items]
Rate	5.33%
Term Loan
Line of Credit Facility [Line Items]
Principal Amount	$ 117,188
Rate Expiration Date	Jun. 28, 2024
Term Loan \| Base Rate
Line of Credit Facility [Line Items]
Rate	2.10%
Term Loan \| SOFR Rate
Line of Credit Facility [Line Items]
Rate	5.18%
Term Loan1 Member
Line of Credit Facility [Line Items]
Principal Amount	$ 82,031
Rate Expiration Date	Apr. 18, 2024
Term Loan1 Member \| Base Rate
Line of Credit Facility [Line Items]
Rate	2.10%
Term Loan1 Member \| SOFR Rate
Line of Credit Facility [Line Items]
Rate	5.45%

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 10. Fair Value Measurements

The Company measures certain liabilities at fair value on a recurring basis which are discussed below. The credit facility's estimated fair value was $314.0 million and $289.8 million as of March 31, 2024 and December 31, 2023, respectively using Level 2 inputs.

Earnouts associated with the acquisitions of Bonaccord and Hark

Included in total consideration of the acquisition of Bonaccord is an earnout payment not to exceed $20 million. The amount ultimately owed to the sellers is based on achieving specific fundraising targets and any amounts paid to the sellers will be paid by October 2027, at which point the earnout expires. Payments are made after each close. As of March 31, 2024, $13.4 million has been paid in total contingent consideration associated with the earnout, of which $0.2 million was paid in the three months ended March 31, 2024. Total remeasurement expense recognized for the three months ended March 31, 2024 and March 31, 2023 was $0 and $0.3 million, respectively. This is included in contingent consideration expense on the Consolidated Statements of Operations. The Company's contingent consideration is considered to be a Level 3 fair value measurement as the significant inputs are unobservable and require significant judgment or estimation. The remainder of the earnout is highly probable to be achieved given the fundraising amount to date and projected fundraising should satisfy the targets. As of March 31, 2024, the estimated fair value of the remaining contingent consideration totaled $6.5 million. Following March 31, 2024, through the date these financial statements were issued, the Company has paid $1.0 million towards the remaining contingent consideration.

Included in the total consideration of the acquisition of Hark is an earnout not to exceed $5.4 million. Total remeasurement expense recognized for the three months ended March 31, 2024 and March 31, 2023 totaled $0 and $0.1 million, respectively. This is included in contingent consideration expense on the Consolidated Statements of Operations. The entirety of the Hark contingent consideration of $5.4 million was paid during the year ended December 31, 2023.

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


	As of March 31, 2024
	Level I		Level II		Level III		Total
Liabilities
Contingent consideration obligation	$	-	$	-	$	6,509	$	6,509
Total liabilities	$	-	$	-	$	6,509	$	6,509


	As of December 31, 2023
	Level I		Level II		Level III		Total
Liabilities
Contingent consideration obligation	$	-	$	-	$	6,693	$	6,693
Total liabilities	$	-	$	-	$	6,693	$	6,693

For the liabilities presented in the tables above, there were no changes in fair value hierarchy levels during the three months ended March 31, 2024 and December 31, 2023.

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


Contingent Consideration Liability	For the Three Months Ended March 31,
	2024			2023
Balance, beginning of year:	$	6,693		$	17,337
Change in fair value		30			390
Settlements		(214	)		(688	)
Balance, end of period:	$	6,509		$	17,039

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

Commitments and Contingencies - Schedule of Company's Operating Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Operating lease right-of-use assets	$ 19,551
Operating lease liabilities	22,498
Cash paid for operating lease liabilities	$ 1,038
Weighted-average remaining lease term (in years)	6 years 11 months 1 day
Weighted-average discount rate	4.95%

Fair Value Measurements - Schedule of Fair Value of Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation	$ 16,200	$ 16,200
Fair Value Measurements Recurring Member
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation	6,509	6,693
Total liabilities	6,509	6,693
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	6,509	6,693
Total liabilities	$ 6,509	$ 6,693

Debt Obligations - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Dec. 22, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Oct. 31, 2022
Line of Credit Facility [Line Items]
Interest expense		$ 5,400	$ 4,800
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 125,000
Line of credit facility with accordian feature					$ 37,500
Term Loan
Line of Credit Facility [Line Items]
Term Loan		$ 199,219		$ 201,875
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
Term SOFR Loans Member
Line of Credit Facility [Line Items]
Principal contractually repaid rate			1.25%
Interest rate plus	2.10%

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective rate	25.11%
Effective income tax rate of discrete item	29.44%	28.64%
Federal statutory rate	21.00%
Valuation allowance for deferred tax assets	$ 12.8

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

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

Debt Obligations - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Instrument, Redemption [Line Items]
2024	$ 7,969
2025	308,450
2026	0
Thereafter	0
Long-term Debt, Total	$ 316,419

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Company's Operating Leases

The following table presents information regarding the Company’s operating leases as of March 31, 2024:


Operating lease right-of-use assets	$	19,551
Operating lease liabilities	$	22,498
Cash paid during three months ended March 31, 2024 for operating lease liabilities	$	1,038
Weighted-average remaining lease term (in years)		6.92
Weighted-average discount rate		4.95	%

Schedule of Future Contractual Lease Payments

The future contractual lease payments as of March 31, 2024 are as follows:


2024	$	2,123
2025		3,175
2026		3,909
2027		3,829
2028		3,549
Thereafter		10,745
Total undiscounted lease payments		27,330
Less imputed interest		(4,832	)
Total operating lease liabilities	$	22,498

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
	Level I		Level II		Level III		Total
Liabilities
Contingent consideration obligation	$	-	$	-	$	6,509	$	6,509
Total liabilities	$	-	$	-	$	6,509	$	6,509


	As of December 31, 2023
	Level I		Level II		Level III		Total
Liabilities
Contingent consideration obligation	$	-	$	-	$	6,693	$	6,693
Total liabilities	$	-	$	-	$	6,693	$	6,693

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 Three Months Ended March 31,
	2024			2023
Balance, beginning of year:	$	6,693		$	17,337
Change in fair value		30			390
Settlements		(214	)		(688	)
Balance, end of period:	$	6,509		$	17,039

Acquisitions - Summary of the Consideration Paid (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Business Acquisition [Line Items]
Total purchase consideration	$ 0.2

Goodwill and Intangibles

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Note 9. Goodwill and Intangibles

Changes in goodwill for the three months ended March 31, 2024 are as follows:


Balance at December 31, 2023	$	506,038
Increase from acquisitions		-
Balance at March 31, 2024	$	506,038

Intangibles consists of the following:


	As of March 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,375	$	—		$	17,375
Technology		30		—			30
Total indefinite-lived intangible assets		17,405		—			17,405
Finite-lived intangible assets:
Trade names		28,240		(6,422	)		21,818
Management and advisory contracts		194,666		(117,528	)		77,138
Technology		2,380		(1,983	)		397
Total finite-lived intangible assets		225,286		(125,933	)		99,353
Total intangible assets	$	242,691	$	(125,933	)	$	116,758


	As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,375	$	—		$	17,375
Technology		30		—			30
Total indefinite-lived intangible assets		17,405		—			17,405
Finite-lived intangible assets:
Trade names		28,240		(5,789	)		22,451
Management and advisory contracts		194,666		(111,873	)		82,793
Technology		2,380		(1,834	)		546
Total finite-lived intangible assets		225,286		(119,496	)		105,790
Total intangible assets	$	242,691	$	(119,496	)	$	123,195

Management and advisory contracts and finite lived trade names are amortized over 7 - 16 years and are being amortized in line 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:


2024	$	19,175
2025		21,269
2026		16,640
2027		13,307
2028		9,986
Thereafter		18,976

Total amortization	$	99,353

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions						3 Months Ended		5 Months Ended
	Oct. 23, 2023	Dec. 09, 2022	Aug. 16, 2022	Jun. 17, 2022	Jul. 20, 2021	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense						$ 14.2		$ 14.2
Unrecognized stock-based compensation expense, weighted-average recognition period						3 years 2 months 19 days
Stock-based compensation expense						$ 2.8	$ 1.6
Quarterly dividend rate						$ 0.0325		$ 0.0325
2021 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of vesting options						25.00%
Employee Stock Option \| 2021 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock issued during period total shares issued for reverse stock splits					9,300,000
Number of shares authorized		18,300,000			6,300,000
Number of additional shares authorized		4,000,000		5,000,000
Date of grant					10 years
Number of shares available for grant					3,000,000
Employee Stock Option \| 2021 Stock Incentive Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					4 years
Employee Stock Option \| 2021 Stock Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period					5 years
Bonaccord Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense						$ 4.3		$ 4.3
Stock-based compensation expense						0.4	3.6
Future achievement of performance metrics			$ 17.5
Performance achievements issued in shares						6.6		6.6
Performance achievements issued in cash						2.2		2.2
Total performance achievements earned						8.8		8.8
Hark Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense						$ 0.0	0.3
Executive Transition Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period						1 year
Unrecognized stock-based compensation expense						$ 2.9		$ 2.9
Stock-based compensation expense						$ 0.6	0.0
Award worth granted/ issued						2,000,000		4,000,000
Quarterly increment amount								$ 1.0
Increments vested on issuance						$ 1.0
Executive Market Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense						9.6		9.6
Stock-based compensation expense						0.7	$ 0.0
Performance achievements issued in shares						$ 2.0		2.0
Award worth granted/ issued						8,000,000
Applicable stock price performance						$ 8.0
Fair value of determined amount	$ 10.8
Vested						0
Executive Market Units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance achievements issued in shares						$ 40.0		$ 40.0

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES
Total revenues	$ 66,115	$ 57,253
OPERATING EXPENSES
Compensation and benefits	37,109	35,642
Professional fees	3,768	3,842
General, administrative and other	6,057	4,857
Contingent consideration expense	30	390
Amortization of intangibles	6,437	7,248
Strategic alliance expense	615	403
Total operating expenses	54,016	52,382
INCOME FROM OPERATIONS	12,099	4,871
OTHER (EXPENSE)/INCOME
Interest expense, net	(5,776)	(5,172)
Other income	678	113
Total other (expense)	(5,098)	(5,059)
Net income/(loss) before income taxes	7,001	(188)
Income tax (expense)/benefit	(1,758)	957
NET INCOME	5,243	769
Less: net income attributable to noncontrolling interests in P10 Intermediate	(222)	(164)
NET INCOME ATTRIBUTABLE TO P10	$ 5,021	$ 605
Earnings per share
Basic earnings per share	$ 0.04	$ 0.01
Diluted earnings per share	$ 0.04	$ 0.01
Weighted average shares outstanding, basic	115,129	115,921
Weighted average shares outstanding, diluted	122,841	123,926
Management and Advisory Fees
REVENUES
Total revenues	$ 65,122	$ 56,587
Other Revenue
REVENUES
Total revenues	$ 993	$ 666

Acquisitions - Summary of Fair Value of the Net Assets Acquired as of the Acquisition Date (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
LIABILITIES
Lease liabilities	$ 22,498
Goodwill	506,038	$ 506,038
Westech Investment Advisors LLC
ASSETS
Total assets acquired	$ 3,000		$ 5,900

- 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 - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 19,175
2025	21,269
2026	16,640
2027	13,307
2028	9,986
Thereafter	18,976
Total amortization	$ 99,353	$ 105,790

Variable Interest Entities

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Note 6. 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. The assets of the consolidated VIEs totaled $566.6 million and $579.4 million as of March 31, 2024 and December 31, 2023, respectively. The liabilities of the consolidated VIEs totaled $422.6 million and $397.6 million as of March 31, 2024 and December 31, 2023, respectively. With the exception of the Credit Facility, the assets of our consolidated VIEs are owned by those entities and not generally available to satisfy P10’s obligations. The liabilities of our consolidated VIEs 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 relating to these unconsolidated entities. These variable interests are included in investment in unconsolidated subsidiaries on the accompanying Consolidated Balance Sheets.

Description of Business - Additional Information (Details) $ in Millions		3 Months Ended
	Oct. 20, 2021	Mar. 31, 2024 USD ($) shares	Feb. 27, 2024 USD ($)	Dec. 31, 2022 USD ($)	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
Stock repurchased under the plan \| $		$ 59.5
Class A Common Stock
Conversion of Stock [Line Items]
Aggregate membereship units \| shares		0
Repurchase of shares \| $			$ 40.0	$ 40.0
Class B Common Stock
Conversion of Stock [Line Items]
Repurchase of shares \| $			$ 40.0	$ 40.0
Enhanced
Conversion of Stock [Line Items]
Percentage of business acquisition					100.00%
Westech Investment Advisors LLC [Member]
Conversion of Stock [Line Items]
Aggregate membereship units \| shares		3,916,666
Westech Investment Advisors LLC [Member] \| Class A Common Stock
Conversion of Stock [Line Items]
Aggregate membereship units \| shares		3,916,666

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 5,243	$ 769
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	6,715	7,099
Depreciation expense	218	155
Amortization of intangibles	6,437	7,248
Amortization of debt issuance costs and debt discount	348	330
Income from unconsolidated subsidiaries	(272)	(114)
Deferred tax expense/(benefit)	1,338	(1,053)
Amortization of contingent payment to customers	410	367
Remeasurement of contingent consideration	30	390
Change in operating assets and liabilities:
Accounts receivable	(2,673)	(915)
Due from related parties	(5,060)	(4,518)
Prepaid expenses and other assets	1,738	442
Right-of-use assets	1,310	658
Accounts payable and accrued expenses	(881)	3,281
Accrued compensation and benefits	(417)	3,896
Due to related parties	(1,658)	(1,766)
Other liabilities	(556)	1,337
Deferred revenues	238	3,486
Lease liabilities	(1,549)	(315)
Net cash provided by operating activities	10,959	20,777
CASH FLOWS USED IN INVESTING ACTIVITIES
Purchase of intangible assets	0	(21)
Funding of notes receivable	(111)	(211)
Proceeds from notes receivable	44	2
Investments in unconsolidated subsidiaries	(3)	0
Distributions from investments in unconsolidated subsidiaries	68	22
Software capitalization	0	(9)
Purchases of property and equipment	(258)	(484)
Net cash (used in) investing activities	(260)	(701)
CASH FLOWS USED IN FINANCING ACTIVITIES
Borrowings on debt obligations	47,500	16,000
Repayments on debt obligations	(23,656)	(21,657)
Repurchase of Class A common stock for employee tax withholding	(2,207)	(3,038)
Payment of contingent consideration	(214)	(688)
Dividends paid	(3,774)	(3,477)
Distributions to non-controlling interests	(336)	0
Net cash used in financing activities	(12,725)	(13,711)
Net change in cash, cash equivalents and restricted cash	(2,026)	6,365
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	32,057	29,492
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	30,031	35,857
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	5,406	2,863
Net cash paid (received) for income taxes	19	58
NON-CASH OPERATING, INVESTING AND FINANCING ACTIVITIES
Additions to right-of-use assets	3,947	3,475
Dividends declared	23	1
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	28,996	25,050
Restricted Cash	1,035	10,807
Total cash, cash equivalents and restricted cash	30,031	35,857
Class A Common Stock
CASH FLOWS USED IN FINANCING ACTIVITIES
Repurchase of common stock	(30,038)	0
Class B Common Stock
CASH FLOWS USED IN FINANCING ACTIVITIES
Repurchase of common stock	$ 0	$ (851)

Investment In Unconsolidated Subsidiaries - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
RCP Investment
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated subsidiaries	$ 900	$ 0
Enhanced Capital Group LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated subsidiaries	2,800	1,700
Enhanced Capital Group LLC \| Asset Management Businesses
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated subsidiaries	1,900	1,700
Enhanced Tax Credit Finance, LLC \| Tax Credit Finance
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated subsidiaries	0	$ 0
Enhanced Capital Partners, LLC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated subsidiaries	$ 0

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 13. 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 $1.0 million for the three months ended March 31, 2024 and $0.8 million for the three months ended March 31, 2023.

The Company leases an insignificant amount of office equipment under non-cancelable financing leases, with the longest lease expiring in 2028. The finance lease right-of-use asset is included in right-of-use assets and the finance lease liability is included in lease liabilities in the Consolidated Balance Sheets. Amortization and interest expense for the finance leased equipment is included in general, administrative, and other in the Consolidated Statements of Operations.

The following table presents information regarding the Company’s operating leases as of March 31, 2024:


Operating lease right-of-use assets	$	19,551
Operating lease liabilities	$	22,498
Cash paid during three months ended March 31, 2024 for operating lease liabilities	$	1,038
Weighted-average remaining lease term (in years)		6.92
Weighted-average discount rate		4.95	%

The future contractual lease payments as of March 31, 2024 are as follows:


2024	$	2,123
2025		3,175
2026		3,909
2027		3,829
2028		3,549
Thereafter		10,745
Total undiscounted lease payments		27,330
Less imputed interest		(4,832	)
Total operating lease liabilities	$	22,498

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 continued employment and, therefore, these earnout payments are recorded as compensation and benefits expense on the Consolidated Statements of Operations. Payments will be made in cash, with the option to pay up to 50.0% in units of P10 Intermediate, no later than 90 days following the last day of the calendar quarter in which a milestone payment is achieved. Total payments will not exceed $70.0 million and any amounts paid will be paid by October 2027, at which point the earnout expires. 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 March 31, 2024, the Company has determined that only the first two EBITDA hurdles are probable of being achieved. For the three months ended March 31, 2024 and March 31, 2023, $3.0 million and $5.9 million of expense was recognized, respectively, which is included in compensation and benefits in the Consolidated Statements of Operations. As of March 31, 2024 and December 31, 2023, the balance was $29.2 million and $26.2 million, respectively, which is included in accrued compensation and benefits in the Consolidated Balance Sheets. No payments have been made on the earnout.

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 three months ended March 31, 2024 and March 31, 2023, the Company recognized $0.5 million and $0.5 million of expense, respectively, which is included in compensation and benefits in the Consolidated Statements of Operations. As of March 31, 2024 and December 31, 2023, the balance was $2.9 million and $2.4 million, respectively, and is included in accrued compensation and benefits in the Consolidated Balance Sheets.

Revenue Share Arrangement

The Company recognizes accrued contingent liabilities and contingent payments to customers assets in our Consolidated Balance Sheets for agreements that exist between ECG and third party customers. The agreements require ECG to share in certain revenues earned with the third parties and also include an option for the third parties to sell back the revenue share to ECG at a set multiple. The Company’s contingent liabilities and corresponding contingent payments to customers are recognized once determined to be probable and estimable. The contingent payments to customers are amortized and recorded within management and advisory fees on the Consolidated Statements of Operations over the revenue share agreements. As of March 31, 2024, the Company has determined that the put options are probable of being exercised and have accrued estimated contingent liabilities and contingent payments to customers. As of March 31, 2024 and December 31, 2023, the associated liabilities were $16.2 million and $16.2 million, respectively, and are included in accrued contingent liabilities on the Consolidated Balance Sheets. The associated contingent payments to customers assets were $13.6 million and $14.0 million as of March 31, 2024 and December 31, 2023, respectively. The Company recognized $0.4 million

and $0.4 million of amortization of contingent payments to customers for the three months ended March 31, 2024 and March 31, 2023, respectively, which is included in management and advisory fees on the Consolidated Statements of Operations. The Company will reassess each period and recognize all changes as if they occurred at inception.

Departure of Chief Operating Officer

The Company announced that William "Fritz" Souder, the Company's Chief Operating Officer ("COO"), will be retiring from P10 in May of 2024. Associated with his termination, the COO will receive $1.2 million of severance payments. As of March 31, 2024 and December 31, 2023, the Company has $1.2 million of severance payable related to the retirement, which is included in accrued compensation and benefits in the Consolidated Balance Sheets. The severance expense was accrued in the fourth quarter of 2023 and has no impact on the Consolidated Statements of Operations for the three months ended March 31, 2024 and March 31, 2023. In addition, the COO will be granted options to purchase 34,608 shares of common stock of the Company.

Contingencies

We may be involved, either as plaintiff or defendant, in a variety of ongoing claims, demands, suits, investigations, tax matters and proceedings that arise from time to time in the ordinary course of our business. We evaluated all potentially significant litigation, government investigations, claims or assessments in which we are involved and disclosed anything more likely than not to be recognized below, if any are applicable. We do not believe that any of these matters, individually or in the aggregate, will result in losses that are materially in excess of amounts already recognized, if any.

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consist of the following:


	As of March 31,			As of December 31,
	2024			2023
Computers and purchased software	$	1,611		$	1,528
Furniture and fixtures		1,671			1,666
Leasehold improvements		3,058			2,894
		6,340			6,088
Less: accumulated depreciation		(2,975	)		(2,763	)
Total property and equipment, net	$	3,365		$	3,325

Earnings Per Share - Schedule of Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income	$ 5,021	$ 605
Net income attributable to noncontrolling interests in P10 Intermediate	222	164
Numerator for earnings per share assuming dilution	$ 5,243	$ 769
Denominator:
Denominator for basic calculation - Weighted - average shares outstanding, basic attributable to P10	115,129	115,921
Weighted shares assumed upon exercise of partnership units	3,917	3,917
Weighted shares assumed upon exercise of stock options	3,795	4,088
Denominator for earnings per share assuming dilution	122,841	123,926
Earnings per share - basic	$ 0.04	$ 0.01
Earnings per share - diluted	0.04	0.01
Class A Common Stock
Denominator:
Earnings per share - basic	0.04	0.01
Earnings per share - diluted	0.04	0.01
Class B Common Stock
Denominator:
Earnings per share - basic	0.04	0.01
Earnings per share - diluted	$ 0.04	$ 0.01

Debt Obligations

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt Obligations

Note 11. Debt Obligations

Debt obligations consists of the following:


	As of			As of
	March 31,			December 31,
	2024			2023

Revolver facility	$	117,200		$	90,700
Debt issuance costs		(1,615	)		(1,848	)
Revolver facility, net	$	115,585		$	88,852

Term Loan	$	199,219		$	201,875
Debt issuance costs		(768	)		(883	)
Term loan, net	$	198,451		$	200,992
Total debt obligations, net	$	314,036		$	289,844

The principal balance consists of the following tranches:



	March 31, 2024
	Principal Amount		Base Rate			SOFR Rate			Rate Expiration Date


Term Loan	$	117,188		2.10	%		5.18	%	6/28/2024
Term Loan		82,031		2.10	%		5.45	%	4/18/2024

Revolver Facility		16,500		2.10	%		5.34	%	5/29/2024
Revolver Facility		9,500		2.10	%		5.32	%	4/29/2024
Revolver Facility		14,000		2.10	%		5.31	%	6/27/2024
Revolver Facility		12,000		2.10	%		5.33	%	6/14/2024
Revolver Facility		2,000		2.10	%		5.33	%	4/8/2024
Revolver Facility		3,500		2.10	%		5.32	%	4/30/2024
Revolver Facility		5,500		2.10	%		5.34	%	5/28/2024
Revolver Facility		12,100		2.10	%		5.32	%	4/8/2024
Revolver Facility		4,600		2.10	%		5.32	%	6/11/2024
Revolver Facility		2,000		2.10	%		5.32	%	5/23/2024
Revolver Facility		7,500		2.10	%		5.33	%	4/15/2024
Revolver Facility		10,500		2.10	%		5.34	%	6/3/2024
Revolver Facility		17,500		2.10	%		5.33	%	4/22/2024
Total	$	316,419

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 two facilities. The first is a revolving credit facility with an available balance of $125 million (the "Revolver Facility"). The second is a term loan for $125 million (the "Term Loan"). In addition to the Term Loan and Revolver Facility, the Credit Agreement also includes a $125 million accordion feature. In October 2022, the accordion feature was exercised with the acquisition of WTI at which point it was split into $87.5 million worth of term loan and $37.5 million of revolver.

Both facilities are "Term SOFR Loans" meaning loans bearing interest based upon the "Adjusted Term SOFR Rate". The Adjusted Term SOFR Rate is the Secured Overnight Financing Rate ("SOFR") at the date of election, plus 2.10%. The Company can elect one or three months for the Revolver Facility and three or six months for the Term Loan. Principal for the Term Loan 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 March 31, 2024, P10 was in compliance with its financial covenants required under the facility. For the three months ended March 31, 2024 and March 31, 2023, $5.4 million and $4.8 million of interest expense was incurred, respectively.

Debt Payable

Future principal maturities of debt as of March 31, 2024 are as follows:


2024	$	7,969
2025		308,450
2026		-
Thereafter		-
	$	316,419

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Investment In Unconsolidated Subsidiaries

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Subsidiaries

Note 7. Investment in Unconsolidated Subsidiaries

The Company’s investment in unconsolidated subsidiaries consist of unconsolidated equity method investments primarily related to ECG’s tax credit finance and asset management activities. Additionally, the investment in Enhanced Capital Partners and Enhanced PC is recorded at zero. The Company, therefore, suspended the use of the equity method of accounting because the Company has no guaranteed obligations or commitments to provide financial support to the investee.

As of March 31, 2024, investment in unconsolidated subsidiaries totaled $2.8 million, of which $0.9 million related to RCP's investment in a privately held investment manager, $1.9 million related to ECG’s asset management businesses, and $0 related to ECG’s tax credit finance businesses. As of December 31, 2023, investment in unconsolidated subsidiaries totaled $1.7 million, of which $0 related to RCP's investment in a privately held investment manager, $1.7 million related to ECG’s asset management businesses, and $0 related to ECG’s tax credit finance businesses.

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 14. Income Taxes

The Company calculates its tax provision using the estimated annual effective tax rate methodology. The tax expense or benefit caused by an unusual or infrequent item is recorded in the quarter in which it occurs. To the extent that information is not available for the Company to fully determine the full year estimated impact of an item of income or tax adjustment, the Company calculates the tax impact of such item discretely.

Based on these methodologies, the Company’s effective income tax rate was 25.11% for the three months ended March 31, 2024. The Company's effective income tax rate for the three months ended March 31, 2023 was not meaningful due to the impact of a discrete item recognized in the tax rate for the period that related to windfall tax benefits associated with employee stock options exercised during the period. Absent any discrete items for both years, the Company's effective tax rates would be 29.44% and 28.64% for the three months ended March 31, 2024 and March 31, 2023, respectively. The effective tax rate differs from the federal statutory rate of 21% due to executive compensation subject to Section 162(m) limitation, state taxes, and a discrete period recognition of windfall tax adjustments related to options exercised year-to-date.

The Company records deferred tax assets and liabilities for the future tax benefit or expense that will result from differences between the carrying value of its assets for income tax purposes and for financial reporting purposes, as well as for operating loss and tax credit carryovers. A valuation allowance is recorded to bring the net deferred tax assets to a level that, in management's view, is more likely than not to be realized in the foreseeable future. This level will be estimated based on a number of factors, especially the amount of net deferred tax assets of the Company that are actually expected to be realized, for tax purposes, in the foreseeable future. As of March 31, 2024, the Company has recorded a $12.8 million valuation allowance against deferred tax assets, primarily related to a note impairment. There was no change to the valuation allowance during the period.

The Company monitors federal and state legislative activity and other developments that may impact our tax positions and their relation to the income tax provision. Any impacts will be recorded in the period in which the legislation is enacted or new regulations are issued. The Company is subject to examination by the United States Internal Revenue Service as well as state and local tax authorities. The Company is not currently under audit.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements - Schedule of Changes in the Fair Value of Level III Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Balance, beginning of year:	$ 6,693	$ 17,337
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	$ 30	$ 390
Settlements	(214)	(688)
Balance, end of year:	$ 6,509	$ 17,039

Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning balance	12,715,381
Granted	2,470,917
Exercised	(288,575)
Expired/Forfeited	(38,584)
Number of Shares, Ending balance	14,859,139	12,715,381
Number of Shares, Exercisable	2,563,271
Weighted Average Exercise Price, Beginning balance	$ 8.15
Granted	7.99
Exercised	1.17
Expired/Forfeited	9.49
Weighted Average Exercise Price, Ending balance	8.25	$ 8.15
Exercisable as of March 31, 2024	$ 4.37
Weighted Average Contractual Life Remaining (in years), Outstanding	7 years 11 months 26 days	7 years 9 months 25 days
Weighted Average Contractual Life Remaining (in years), Exercisable	6 years 2 months 4 days
Aggregate Intrinsic Value, Beginning balance	$ 30,872,113
Aggregate Intrinsic Value, Ending balance	19,536,214	$ 30,872,113
Aggregate Intrinsic Value Exercisable	$ 11,036,795

Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Note 3. Revenue

The following presents revenues disaggregated by product offering:


	For the Three Months Ended March 31,

	2024		2023
Management fees	$	63,844	$	55,536
Advisory fees		1,278		1,051
Subscriptions		169		134
Other revenue		824		532
Total revenues	$	66,115	$	57,253

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Strategic Alliance Expense - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Combination, Separately Recognized Transactions [Line Items]
Strategic alliance expense	$ 615	$ 403
Third Party [Member] \| Bonaccord [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Percentage of net management fee earnings rights	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
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
Minimum [Member] \| Bonaccord Fund II [Member]
Business Combination, Separately Recognized Transactions [Line Items]
Investment Company, Committed Capital	$ 5,000

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Dec. 22, 2021	Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Total debt obligations		$ 314,036	$ 289,844
Term Loan
Line of Credit Facility [Line Items]
Debt issuance costs		(768)	(883)
Term Loan		199,219	201,875
Total debt obligations		198,451	200,992
Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolver facility		117,200	90,700
Debt issuance costs		(1,615)	(1,848)
Total debt obligations		$ 115,585	$ 88,852
Revolving Credit Facility \| Term Loan
Line of Credit Facility [Line Items]
Term Loan	$ 125,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Stockholders' Equity - Summary of Weighted Average Assumptions Used in Calculating Fair Value of Stock Options Granted (Details)		3 Months Ended
	Oct. 23, 2023	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life		6 years 9 months	7 years 6 months
Expected volatility		37.50%	38.77%
Risk-free interest rate		4.23%	4.08%
Expected dividend yield		1.63%	1.13%
Executive Market Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life	5 years
Expected volatility	40.00%
Risk-free interest rate	4.81%
Expected dividend yield	1.42%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Prepaid expense and other assets	$ 12,423,000	$ 15,011,000
Eligible Earnout	$ 70,000,000
Earnout period	The earnout period is through December 31, 2027 with the potential to extend an additional two years.
Liabilities measured at fair value on a recurring basis	$ 6,509,000	6,693,000	$ 17,039,000	$ 17,337,000
Westech Investment Advisors LLC \| Milestone 1
Earnout payment milestone recognized	35,000,000
Westech Investment Advisors LLC \| Milestone 2
Earnout payment milestone recognized	17,500,000
Westech Investment Advisors LLC \| Milestone 3
Earnout payment milestone recognized	17,500,000
Westech Investment Advisors LLC \| EBITDA \| Milestone 1
Earnout payment milestone recognized	20,000,000
Westech Investment Advisors LLC \| EBITDA \| Milestone 2
Earnout payment milestone recognized	22,500,000
Westech Investment Advisors LLC \| EBITDA \| Milestone 3
Earnout payment milestone recognized	$ 25,000,000
Minimum [Member]
Perform obligaton expected satisfied period	1 year
Maximum [Member]
Perform obligaton expected satisfied period	10 years
Finite-Lived Management and Advisory Contracts \| Minimum [Member]
Finite-lived intangible assets, useful life	7 years
Finite-Lived Management and Advisory Contracts \| Maximum [Member]
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
Technology, Insurance And Professional Fees
Prepaid expense and other assets	$ 8,500,000	9,600,000
Money Market Funds
Cash Equivalents	$ 11,300,000	$ 11,100

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets of the consolidated variable interest entities	$ 832,810	$ 834,074
Total Liabilities	432,724	408,912
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets of the consolidated variable interest entities	566,600	579,400
Total Liabilities	$ 422,600	$ 397,600

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(14))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 22: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Product Offering

The following presents revenues disaggregated by product offering:


	For the Three Months Ended March 31,

	2024		2023
Management fees	$	63,844	$	55,536
Advisory fees		1,278		1,051
Subscriptions		169		134
Other revenue		824		532
Total revenues	$	66,115	$	57,253

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

Note 15. 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. Starting with options granted in 2024 under the Plan, vesting occurs on a graded schedule with 25% vesting on each of the second, third, fourth, and fifth anniversary of the grant date, but only if the grantee is continuously employed by the Company or a subsidiary through each such date. Options granted prior to 2024 under both the Plan and 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 June 17, 2022, at the Annual Meeting of Stockholders, the shareholders authorized an increase of 5,000,000 shares that may be issued under the Plan. On December 9, 2022, a special meeting of stockholders was held to increase the number of shares issuable under the Plan by 4,000,000 shares, resulting in a total of 18,300,000 shares available for grant under the Plan and the 2018 Plan.

A summary of stock option activity for the three months ended March 31, 2024 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, 2023		12,715,381		$	8.15		7.82	$	30,872,113
Granted		2,470,917			7.99
Exercised		(288,575	)		1.17
Expired/Forfeited		(38,584	)		9.49
Outstanding as of March 31, 2024		14,859,139		$	8.25		7.99	$	19,536,214
Exercisable as of March 31, 2024		2,563,271		$	4.37		6.18	$	11,036,795

Compensation expense equal to the grant date fair value is recognized for these awards over the vesting period and is included in compensation and benefits in our Consolidated Statements of Operations. 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. Until October 2023, stock price volatility was estimated based on a group of similar publicly traded companies determined to be most reflective of the expected volatility of the Company due to the nature of operations of these entities. Since October 2023, stock price volatility is estimated using a weighted average of P10 and a group of similar publicly traded companies determined to be most reflective of the expected volatility of the Company due to the nature of operations of these entities. The risk-free rates are based on the U.S. Treasury yield in effect at the time of grant. The dividend yield is based on a $0.0325 per share quarterly dividend. The stock-based compensation expense for stock options was $2.8 million and $1.6 million for the three months ended March 31, 2024 and March 31, 2023, respectively. Unrecognized stock-based compensation expense related to outstanding unvested stock options as of March 31, 2024 was $14.2 million and is expected to be recognized over a weighted average period of 3.22 years. Any future forfeitures will impact this amount.

The weighted average assumptions used in calculating the fair value of stock options granted during the three months ended March 31, 2024 and March 31, 2023 were as follows:


	For the Three Months Ended March 31,
	2024			2023
Expected life (in years)	6.75			7.5
Expected volatility		37.50	%		38.77	%
Risk-free interest rate		4.23	%		4.08	%
Expected dividend yield		1.63	%		1.13	%

The Company has granted restricted stock awards ("RSAs") to certain non-employee directors. Holders of RSAs have no voting rights and accrue dividends until vesting with payment being made once they vest. 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, 2023		32,722	$	11.46
Granted		—		—
Vested		—		—
Forfeited		—		—
Outstanding as of March 31, 2024		32,722	$	11.46

The Company has granted restricted stock units ("RSUs") to certain employees. Holders of RSUs have no voting rights and generally are not eligible to receive dividends or other distributions paid with respect to any RSUs that have not vested. All of the shares currently vest one year from the grant date excluding the Hark, Bonaccord, and Executive Market Units, 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 March 31, 2024, certain performance metrics have been met and specific employees have earned $8.8 million in value, which $6.6 million was issued in shares and $2.2 million was issued in cash. 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. Future vested tranches will be settled in cash. An expense of $0.4 million and $3.6 million has been recorded for the three months ended March 31, 2024 and March 31, 2023, respectively, on the Consolidated Statements of Operations. The unrecognized expense associated with the Bonaccord Units was $4.3 million as of March 31, 2024.

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. All Hark Units have vested and been issued in 2023. An expense of $0 and $0.3 million has been recorded for the three months ended March 31, 2024 and March 31, 2023, respectively, on the Consolidated Statements of Operations.

At the time of Executive Transition, the Company entered into an Executive Transition Agreement with a certain former executive, which granted Restricted Stock Units ("Executive Transition Units") for meeting a service requirement. The Executive Transition Units may not be transferred, sold, pledged, exchanged, assigned or otherwise encumbered or disposed of by any grantee until they have become vested. The award has a stated value of $4.0 million and will be issued in $1.0 million increments quarterly beginning on October 20, 2023 and at the start of each of the following three quarters. Each $1.0 million increment will vest one year following issuance. Attributes of this award include graded vesting and service conditions, therefore, the expense recognition of this award is recognized on straight-line basis over the requisite service period of the award in line with the policy election discussed in Note 2. As of March 31, 2024, $2.0 million has been issued. For the three months ended March 31, 2024, $0.6 million of stock compensation was recognized on the Consolidated

Statements of Operations. No stock compensation expense for these units was incurred for the three months ended March 31, 2023. The unrecognized expense associated with the Executive Transition Units was $2.9 million as of March 31, 2024.

At the time of Executive Transition, the Company entered into an Employment Agreement with a certain executive, which granted Restricted Stock Units ("Executive Market Units") for meeting a service requirement and achieving certain share price performance hurdles based on the thirty-day volume-weighted average price ("VWAP"). The executive is entitled to receive RSUs upon the thirty-day VWAP of the Company's common stock reaching certain per share prices at any time prior to the fifth anniversary of the start date. There are five price per share performance hurdles for the executive to meet with each hurdle achievement allowing for the issuance of $8.0 million of units, with the number of shares determined by dividing $8.0 million by the applicable stock price performance hurdle, for a total of up to $40.0 million of units or approximately 2 million shares. The Executive Market Units may not be transferred, sold, pledged, exchanged, assigned or otherwise encumbered or disposed of by any grantee until they have become vested. The RSUs shall vest ratably on the third, fourth, and fifth anniversaries of the executive's start date, provided that no such units shall vest earlier than the first anniversary of the applicable issuance date of such units. The fair value was determined using a Monte Carlo simulation as of the executive's start date of October 23, 2023, and was determined to be $10.8 million. As of March 31, 2024, none of the Executive Market Units have vested. For the three months ended March 31, 2024, $0.7 million of stock compensation was recognized on the Consolidated Statements of Operations. No stock compensation was incurred for the three months ended March 31, 2023. The unrecognized expense associated with the Executive Market Units was $9.6 million as of March 31, 2024.

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


		As of
		October 23, 2023
Expected life		5.0 (yrs)
Expected volatility		40.00%
Risk-free interest rate		4.81%
Expected dividend yield		1.42%

The below table excludes Executive Market Units that the market conditions have not been satisfied, Executive Transition Units that have not vested and are recorded as a liability, and Bonaccord or Hark that were issued outside of the Plan, that have not vested and are recorded as a liability or vested and settled in cash.


	Number of			Weighted-Average Grant
	RSUs			Date Fair Value Per RSU
Outstanding as of December 31, 2023		1,418,094		$	9.15
Granted		943,242			8.22
Vested		(618,623	)		9.93
Forfeited		—			—
Outstanding as of March 31, 2024		1,742,713		$	8.37

Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

Note 12. 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 $0.1 million and $0.1 million in rent to 210 Capital, LLC for the three months ended March 31, 2024 and March 31, 2023, respectively.

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 March 31, 2024, the total accounts receivable from the Funds totaled $23.8 million, of which $6.9 million related to reimbursable expenses and $16.9 million related to fees earned but not yet received. As of December 31, 2023, the total accounts receivable from the Funds totaled $18.9 million, of which $5.5 million related to reimbursable expenses and $13.4 million related to fees earned but not yet received. Reimbursable expenses and fees earned but not yet received are included in due from related parties and accounts receivable on the Consolidated Balance Sheets, respectively. In certain instances, the Company may incur expenses related to specific products that never materialize.

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, that is commensurate with the level of services being performed as the projects expire. The Company did not adjust the promised amount of consideration for the effects of a significant financing component at each contract inception as the Company expected that the period between services being provided and cash collection would be less than one year. The total advisory fees are $110.1 million over ten years inclusive of new projects added since inception. This agreement is subject to customary termination provisions. Since inception, $66.2 million of the total $110.1 million advisory fees have been recognized as revenue. There was $43.9 million in remaining performance obligations related to this agreement, which will be recognized between April 1, 2024 and December 31, 2031. For the three months ended March 31, 2024 and March 31, 2023, advisory fees earned or recognized under this agreement were $4.2 million and $4.9 million, respectively, and is reported in management and advisory fees on the Consolidated Statements of Operations. The Company also earns interest income on the balance outstanding. Revenues from interest were $0.2 million and $0.1 million for the three months ended March 31, 2024 and March 31, 2023, respectively, which is included in management and advisory fees on the Consolidated Statements of Operations. As of March 31, 2024 and December 31, 2023, the associated receivable was $52.7 million and $48.5 million and is included in due from related parties on the Consolidated Balance Sheets. Payment is expected to be collected as the permanent capital subsidiaries complete and liquidate multi-year projects covered under this agreement.

Upon the closing of the Company’s acquisition of ECG and ECP, the Administrative Services Agreement between ECG and Enhanced Capital Holdings, Inc. (“ECH”), the entity which holds a controlling equity interest in ECP, immediately became effective. Under this agreement, ECG pays ECH for the use of their employees to provide services to Enhanced PC at the direction of ECG. The invoice associated with this agreement is paid quarterly in arrears and subject to 5% of interest per annum. The Company recognized $3.2 million and $3.2 million for the three months ended March 31, 2024 and March 31, 2023, respectively, related to this agreement within compensation and benefits in our Consolidated Statements of Operations. As of March 31, 2024 and December 31, 2023, the associated accrual was $0.4 million and $2.1 million, respectively, and is included in due to related parties on the Consolidated Balance Sheets.

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

On July 6, 2022, Crossroads entered into the Advisory Agreement (the "Crossroads Advisory Agreement") with ECG. The Crossroads Advisory Agreement provides for ECG to receive a services fee of approximately 1.5% per year of the capital deployed by Crossroads under the Crossroads Advisory Agreement (0.375% quarterly) and an incentive fee of 15% over a 7% hurdle rate. In relation to the strategic partnership with Crossroads effective September 10, 2021 and the Crossroads Advisory Agreement, the Company recognized $2.2 million and $2.3 million for the three months ended March 31, 2024 and March 31, 2023, respectively, which is included in management and advisory fees on the Consolidated Statements of Operations.

On July 6, 2022, certain funds managed by the Company purchased 4,646,840 shares of Crossroads common stock at $10.76 per 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 funds managed by the Company do not have the ability to change the investment strategy of Crossroads. Two members of the Board of Directors of the Company, including the Executive Chairman, are directors of Crossroads and have recused themselves from any decisions related to Crossroads or CPF. The Company recognizes an annual fee from the funds of $20 thousand of which $5 thousand and $5 thousand have been recognized for the three months ended March 31, 2024 and March 31, 2023, which is included in management and advisory fees on the Consolidated Statements of Operations.

Upon the closing of the Bonaccord acquisition on September 30, 2021, an Advance Agreement and Secured Promissory Note was signed with BCP, an entity that was formed by employees of the Company. Additional Secured Promissory Notes were signed with certain Bonaccord employees on October 13, 2023. For details, see Note 5.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Commitments and Contingencies - Schedule of Future Contractual Lease Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract]
2024	$ 2,123
2025	3,175
2026	3,909
2027	3,829
2028	3,549
Thereafter	10,745
Total undiscounted lease payments	27,330
Less imputed interest	(4,832)
Total operating lease liabilities	$ 22,498

Strategic Alliance Expense

3 Months Ended

Mar. 31, 2024

Business Combination, Separately Recognized Transactions [Abstract]

Strategic Alliance Expense

Note 4. Strategic Alliance Expense

In connection with the Bonaccord acquisition, Bonaccord entered into a Strategic Alliance Agreement ("SAA") with a third-party investor. This SAA provides the third-party the right to receive 15% of the net management fee earnings, which includes the management fees minus applicable expenses, for Bonaccord Fund I and subsequent funds, paid quarterly, in exchange for funding certain amounts of capital commitments to the fund. Net management fee earnings the third-party has the right to receive is based on the total capital committed. For the three months ended March 31, 2024 and 2023, the strategic alliance expense reported was $0.6 million and $0.4 million, respectively. This is reported on the Consolidated Statements of Operations as strategic alliance expense in operating expenses.

Within 60 days following the final closing of 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. The third party would be entitled to receive distributions of net management fee earnings by the percentage acquired, retroactive to the date of the first close in Fund II. The maximum commitment requirement has been met as of March 31, 2024. Fund II has not yet reached the final close but the Company believes it is probable that the third-party will exercise the option to acquire equity in Bonaccord and has begun to accrue an additional 5% of net management fee earnings, which is included in the strategic alliance expense. If executed, the purchase price shall be reduced by the amount of management fee distributions which the third-party would have been paid as of the initial closing of Fund II.

Similar terms apply for Bonaccord Fund III ("Fund III") with the exception that the third-party can acquire 9.8 basis points for every $5.0 million committed up to 4.9%. This commitment has not yet been met as of March 31, 2024 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.

Stockholders' Equity - Summary of Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
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 \| shares	32,722
Granted \| shares	0
Vested \| shares	0
Forfeited \| shares	0
Number of Shares, Ending Balance \| shares	32,722
Weighted-Average Grant Date Fair Value Per RSU
Weighted-Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 11.46
Granted \| $ / shares	0
Vested \| $ / shares	0
Forfeited \| $ / shares	0
Weighted-Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 11.46
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 \| shares	1,418,094
Granted \| shares	943,242
Vested \| shares	(618,623)
Forfeited \| shares	0
Number of Shares, Ending Balance \| shares	1,742,713
Weighted-Average Grant Date Fair Value Per RSU
Weighted-Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 9.15
Granted \| $ / shares	8.22
Vested \| $ / shares	9.93
Forfeited \| $ / shares	0
Weighted-Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 8.37

Subsequent Events - Additional Information (Details) - Scenario Forecast [Member]	Jun. 20, 2024 $ / shares
Common Class A [Member]
Subsequent Event [Line Items]
Dividends declared per share	$ 0.035
Common Class B [Member]
Subsequent Event [Line Items]
Dividends declared per share	$ 0.035

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Aggregate membership units	2,470,917
Purchase consideration	$ 200
Revolving Credit Facility
Business Acquisition [Line Items]
Revolver facility	$ 117,200	$ 90,700

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Debt obligations consists of the following:


	As of			As of
	March 31,			December 31,
	2024			2023

Revolver facility	$	117,200		$	90,700
Debt issuance costs		(1,615	)		(1,848	)
Revolver facility, net	$	115,585		$	88,852

Term Loan	$	199,219		$	201,875
Debt issuance costs		(768	)		(883	)
Term loan, net	$	198,451		$	200,992
Total debt obligations, net	$	314,036		$	289,844

The principal balance consists of the following tranches:



	March 31, 2024
	Principal Amount		Base Rate			SOFR Rate			Rate Expiration Date


Term Loan	$	117,188		2.10	%		5.18	%	6/28/2024
Term Loan		82,031		2.10	%		5.45	%	4/18/2024

Revolver Facility		16,500		2.10	%		5.34	%	5/29/2024
Revolver Facility		9,500		2.10	%		5.32	%	4/29/2024
Revolver Facility		14,000		2.10	%		5.31	%	6/27/2024
Revolver Facility		12,000		2.10	%		5.33	%	6/14/2024
Revolver Facility		2,000		2.10	%		5.33	%	4/8/2024
Revolver Facility		3,500		2.10	%		5.32	%	4/30/2024
Revolver Facility		5,500		2.10	%		5.34	%	5/28/2024
Revolver Facility		12,100		2.10	%		5.32	%	4/8/2024
Revolver Facility		4,600		2.10	%		5.32	%	6/11/2024
Revolver Facility		2,000		2.10	%		5.32	%	5/23/2024
Revolver Facility		7,500		2.10	%		5.33	%	4/15/2024
Revolver Facility		10,500		2.10	%		5.34	%	6/3/2024
Revolver Facility		17,500		2.10	%		5.33	%	4/22/2024
Total	$	316,419

Schedule of Maturities of Long-term Debt

Future principal maturities of debt as of March 31, 2024 are as follows:


2024	$	7,969
2025		308,450
2026		-
Thereafter		-
	$	316,419

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 5,021	$ 605

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

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. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ended December 31, 2024.

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 determining 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 6 for further information.

Primarily due to the governance structure at subsidiaries, the Company has determined that certain of its subsidiaries are VIEs, and that the Company is the primary beneficiary of the entities, because it has the power to direct activities of the entities that most significantly impact the VIE’s economic performance and has a controlling financial interest in each entity. Accordingly, the Company consolidates these entities, which includes P10 Intermediate, Holdco, RCP 2, RCP 3, TrueBridge, Bonaccord, Hark, and WTI. The assets and liabilities of the consolidated VIEs are presented on a gross basis in the Consolidated Balance Sheets. See Note 6 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, 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 March 31, 2024, and December 31, 2023, cash equivalents include money market funds of $11.3 million and $11.1 million, respectively, which approximates fair value. The Company maintains its cash balances at various financial institutions among multiple accounts, which may periodically exceed the Federal Deposit Insurance Corporation (“FDIC”)

insured limits. The Company's credit risk in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions' credit worthiness in conjunction with balances on deposit to minimize risk. The Company from time to time may have amounts on deposit in excess of the insured limits.

Restricted Cash

Restricted cash as of March 31, 2024 and December 31, 2023 was primarily cash on deposit from third parties related to pending tax credit projects. There are deposit liabilities associated with restricted cash reported in other liabilities on the Consolidated Balance Sheets.

Accounts Receivable and Due from Related Parties

Accounts receivable is equal to contractual amounts reduced for allowances, if applicable. 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, and management fees collected by a related party of RCP 2 that are owed to RCP 2. Additionally, fees owed to the Company for the advisory agreement entered into upon the closing of the acquisitions of ECG and ECP ("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.

Notes Receivable

Notes receivable is related to contractual amounts owed from signed, secured promissory notes with BCP Partners Holdings, LP ("BCP") as well as certain employees. In addition to contractual amounts, borrowers are obligated to pay interest on outstanding amounts. Refer to Note 5 for further information.

Current Expected Credit Losses

We evaluate our accounts receivable, due from related parties, and notes receivable using the current expected credit loss model. We determine a current estimate of all expected credit losses over the life of each financial instrument, which may result in recognition of credit losses on loans and receivables before an actual event of default. We establish reserves for any estimated credit losses with a corresponding charge in our Consolidated Statements of Operations.

The Company estimates that accounts receivable, due from related parties, and notes receivable are fully collectible; based on historical events, current conditions, and reasonable and supportable forecasts; accordingly, no allowances have been established as of March 31, 2024 and December 31, 2023. If accounts are subsequently determined to be uncollectible, they will be expensed in the period that determination is made.

Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist primarily of prepaid expenses related to technology, insurance, and professional fees. From time to time, there are also investments in allocable state tax credits on the Consolidated Balance Sheets due to timing differences associated with the purchase and sale of state tax credits in the tax credit finance business. As of March 31, 2024 and December 31, 2023, respectively, there is $8.5 million and $9.6 million within prepaid expenses and other assets on the Consolidated Balance Sheets associated with allocable state tax credits purchases.

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 discontinues applying the equity method if the investment (and net advances) is reduced to zero and shall not record

additional losses unless the Company has guaranteed obligations of the investee or is otherwise committed to provide further financial support for the investee. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. The Company accounts for its investment in ECP, Enhanced PC, and the ECG's asset management businesses using the equity method of accounting.

For certain entities in which the Company does not have significant influence and fair value is not readily determinable, these investments are not accounted for on the equity method, but instead as equity securities and we value these investments under the measurement alternative. Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 825, Financial Instruments, requires equity securities to be recorded at cost and adjusted to 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. The Company accounts for RCP's investment in a privately held investment manager and ECG's tax credit finance division under this method. Distributions from investments in unconsolidated subsidiaries are presented on the accompanying Consolidated Statements of Cash Flows consistent with the nature of the underlying distribution.

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, and the Company would account for this 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 when incurred. 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 exercisable starting in July 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 contractual term of the management contract. The amortization is reported in management and advisory fees on the Consolidated Statements of Operations. The Company will reassess the fair value at each reporting period. Refer to Note 13 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 March 31, 2024, goodwill recorded on our Consolidated Balance Sheets relates to the acquisitions of RCP 2, RCP 3, Five Points, TrueBridge, Enhanced, Bonaccord, Hark, and WTI. As of March 31, 2024, the intangible assets are comprised of indefinite-lived intangible assets and finite-lived intangible assets related to the acquisitions of RCP 2, RCP 3, Five Points, TrueBridge, Enhanced, Bonaccord, Hark, and WTI.

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 and indefinite lived intangibles are reviewed for impairment at least annually as of September 30 utilizing a qualitative or quantitative approach and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill and indefinite lived intangibles 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 or asset is less than the respective carrying value. The reporting unit is the reporting level for testing the impairment of goodwill and indefinite lived intangibles. If it is determined that it is more likely than not that an asset's or reporting unit’s fair value is less than its carrying value, then the Company will determine the fair value of the reporting unit or asset and record an impairment charge for the difference between fair value and carrying value (not to exceed the carrying amount of goodwill or indefinite lived intangible).

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 operating expenses on our Consolidated Statements of Operations. As of March 31, 2024 and December 31, 2023, the contingent consideration is related to the acquisition of Bonaccord on the Consolidated Balance Sheets.

Accrued Compensation and Benefits

Accrued compensation and benefits consists of employee salaries, bonuses, benefits, severance, and acquisition-related earnouts (contingent on employment) that has not yet been paid. The acquisition-related earnout contingent on employment is a result of the acquisition of WTI. The sellers and certain employees of WTI are eligible to earn up to $70.0 million

contingent upon meeting certain EBITDA related hurdles and continued 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 through December 31, 2027 with the potential to extend an additional two years. Refer to Note 13 for further information.

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 Interests

Noncontrolling interests ("NCI") reflect the portion of income or loss and the corresponding equity attributable to third-party equity holders and employees in certain consolidated subsidiaries that are not 100% owned by the Company. Noncontrolling interests is presented as a separate component in our Consolidated Statements of Operations to clearly distinguish between our interests and the economic interest of third parties in those entities. Net income attributable to P10, as reported in the Consolidated Statements of Operations, is presented net of the portion of net income 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 March 31, 2024 and December 31, 2023, 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, restricted cash, prepaid assets, accounts payable, accounts receivable, and due from related parties approximate fair values due to the short-term maturities of these instruments. We estimate the fair value of the credit facility using level two inputs. We discount the future cash flows using current interest rates at which we could obtain similar borrowings. The Company has a contingent consideration liability related to the acquisition of Bonaccord that is measured at fair value and is remeasured on a recurring basis. The Company also had a contingent consideration liability related to the acquisition of Hark, which was paid in full on July 27, 2023. See Note 10 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 the customer is in a contractual arrangement will be made on a contract-by-contract basis, the customer will generally be the investment fund for the Company’s significant management and advisory contracts.

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 due to the performance obligation not being satisfied at the time of collection.

For asset management and advisory services, the Company typically satisfies its performance obligations over time as the services are provided as a distinct series of daily performance obligations that the customer simultaneously benefits from as they are performed. Asset management fees are based on the contractual terms of each contract which differ, such as fees calculated based on committed capital or deployed capital, fees initially calculated based on committed capital during the investment period and on net invested capital through the remainder of the fund’s term, fees that step down during specified periods of the fund's term, or in limited instances, fees based on assets under management. At contract inception, no revenue is estimated as the fees are dependent variable amounts which are susceptible to factors outside of our control. Fees are recognized for services provided during the period, which are distinct from services provided in other periods. In certain asset management and advisory agreements progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice.

Advisory services fees are determined using fixed-rate fees and are recognized over time as the related services are completed. Other advisory services include transaction and management fees associated with managing the origination and ongoing compliance of certain investments.

The Company is applying the optional disclosure exemption for variable consideration for unsatisfied performance obligations, as the variable consideration relates to these unsatisfied performance obligations being fulfilled as a series. The performance obligations related to these contracts are expected to be satisfied over the next 1 -10 years as services are provided to the customer.

Catch-up fees are earned from investors that make commitments to the fund after the first fund closing occurs during the fundraising period of funds originally launched in prior periods, and as such the investors are required to pay a catch-up fee as if they had committed to the fund at the first closing. Catch-up fees are recorded as revenue when such commitments are made as variable consideration.

Other Revenue

Other revenue on our Consolidated Statements of Operations primarily consists of subscriptions, consulting agreements, interest income, and referral fees. Interest income is from interest bearing fund bank accounts managed by the Company and is additional consideration per the Limited Partner Agreements. Interest income is recognized as it is earned. 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, if the Company is in a net income position. Because the impact of these items is generally anti-dilutive during periods of net loss, there is no difference between basic and diluted loss per common share for periods with net losses. See Note 16 for additional information.

When the Company is in a net income position, the denominator in the computation of diluted EPS is impacted by additional common shares that would have been outstanding if dilutive potential shares of common stock had been issued. Potential shares of common stock that may be issued by the Company include shares of common stock that may be issued upon exercise of outstanding stock options as well as the vesting of restricted stock units. Also included in the diluted EPS denominator are the units of P10 Intermediate owned by the sellers of WTI, assuming the option to exchange the units for shares of Class A common stock of the Company is exercised in full. 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 awards that cliff-vest after a service period is recorded ratably over the vesting period at the fair market value on the grant date. For awards with graded vesting, and vesting only requires a service condition, the Company elected, in accordance with ASC 718, Compensation - Stock Compensation ("ASC 718"), to treat these awards as single awards for recognition purposes and recognize compensation on a straight-line basis over the requisite service period of the entire award. For awards with graded vesting and require either a performance condition or market condition to vest, the Company treats each expected vesting tranche as an individual award and recognizes expense ratably over the vesting period at the fair market value on the grant date. Certain acquisition-related RSUs vest after meeting certain performance metrics. For these, the Company uses the tranche method and recognizes expense for each tranche of RSUs deemed probable of vesting on a straight-line basis 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. Refer to Note 15 for further discussion. Forfeitures are recognized as they occur.

Segment Reporting

According to ASC 280, Disclosures about Segments of an Enterprise and Related Information, operating segments are defined as components of an enterprise for which discrete financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company operates our business as a single operating segment, which is how our chief operating decision maker (our Chief Executive Officer) evaluates financial performance and makes decisions regarding the allocation of resources.

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 operating expenses 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

Effective January 1, 2024, the Company adopted ASU 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 adoption of ASU 2022-03 did not have a material impact on the Company's Consolidated Financial Statements.

Pronouncements Not Yet Adopted

On November 27, 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosure ("ASU 2023-07"), which requires incremental disclosures related to a public entity’s reportable segments. Required disclosures include, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, an amount for other segment items (which is the difference between segment revenue less segment expenses and less segment profit or loss) and a description of its composition, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The standard also permits disclosure of more than one measure of segment profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and

interim periods within fiscal years beginning after December 15, 2024. We are evaluating the effects of these amendments on our financial reporting.

On December 14, 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09") to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025. We are evaluating the effects of these amendments on our financial reporting.

Consolidated Statements of Changes in Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends paid per share	$ 0.03	$ 0.03

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 17. Subsequent Events

The Board of Directors of the Company has declared a quarterly cash dividend of $0.035 per share of Class A and Class B common stock, payable on June 20, 2024, to the holders of record as of the close of business on May 31, 2024.

On May 9, 2024 an amendment to the Transition Agreement with Robert Alpert was executed, resigning him as Executive Chairman and Chairman of the Board effective as of the Company's Annual Meeting on June 14, 2024.

In accordance with ASC 855, Subsequent Events, the Company evaluated all material events or transactions that occurred after March 31, 2024, the Consolidated Balance Sheets date, through the date the Consolidated Financial Statements were issued, and determined there have been no additional events or transactions that would materially impact the Consolidated Financial Statements.

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

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

Accounts Receivable and Due from Related Parties

Notes Receivable

Current Expected Credit Losses

Prepaid Expenses and Other Assets

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

Contingent Consideration and Business Acquisitions

Contingent Consideration

Business Acquisitions

Accrued Compensation and Benefits Stock-Based Compensation Expense

Accrued Compensation and Benefits

Stock-Based Compensation Expense

Debt Issuance Costs

Noncontrolling Interests

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

As of March 31, 2024 and December 31, 2023, 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.

Revenue Recognition

Management and Advisory Fees

Other Revenue

Income Taxes

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.

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

Segment Reporting

Dividends

Dividends are reflected in the Consolidated Financial Statements when declared.

Recent Accounting Pronouncements

Pronouncements Not Yet Adopted

interim periods within fiscal years beginning after December 15, 2024. We are evaluating the effects of these amendments on our financial reporting.

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

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 Three Months Ended March 31,

	2024		2023
Numerator:
Numerator for basic calculation—Net income
Numerator for basic calculation—Net income attributable to P10	$	5,021	$	605
Adjustment for:
Net income attributable to noncontrolling interests in P10 Intermediate		222		164
Numerator for earnings per share
Numerator for earnings per share assuming dilution	$	5,243	$	769
Denominator:
Denominator for basic calculation—Weighted- average shares outstanding, basic attributable to P10		115,129		115,921
Weighted shares assumed upon exercise of partnership units		3,917		3,917
Weighted shares assumed upon exercise of stock options		3,795		4,088
Denominator for earnings per share assuming dilution		122,841		123,926
Earnings per Class A share—basic	$	0.04	$	0.01
Earnings per Class A share—diluted	$	0.04	$	0.01
Earnings per Class B share—basic	$	0.04	$	0.01
Earnings per Class B share—diluted	$	0.04	$	0.01

The computations of diluted earnings per share on a weighted average basis would exclude 12.0 million options for the three months ended March 31, 2024, and 5.1 million options for the three months ended March 31, 2023, respectively, because the options were anti-dilutive.

Significant Accounting Policies - Schedule of Estimated Useful Lives of Various Assets (Details)	Mar. 31, 2024
Computers and Purchased Software \| Maximum [Member]
Property, Plant and Equipment, Estimated Useful Life	5 years
Computers and Purchased Software \| Minimum [Member]
Property, Plant and Equipment, Estimated Useful Life	3 years
Furniture and Fixtures \| Maximum [Member]
Property, Plant and Equipment, Estimated Useful Life	10 years
Furniture and Fixtures \| Minimum [Member]
Property, Plant and Equipment, Estimated Useful Life	7 years

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Treasury stock	Additional Paid-in-capital	Accumulated Deficit	Noncontrolling Interest	Common Class A [Member] Common Stock	Common Class B [Member] Common Stock
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
Net income	769			605	164
Stock-based compensation	3,252		3,252
Issuance of restricted stock units	1					$ 1
Issuance of restricted stock units (in shares)						354
Exchange of Class B common stock for Class A common stock (Share)						76	(76)
Exercise of stock options (net of tax and strike price) (in shares)						294
Repurchase of common stock for employee tax witholding and exercised stock option strike price (Amount)	(3,038)		(3,038)
Treasury Stock, Stock repurchase	(851)		(851)
Treasury Stock, Stock repurchase (Shares)							(100)
Accrual for excise tax associated with stock repurchases	(7)		(7)
Distributions to non-controlling interest, net	(122)				(122)
Dividends declared	(1)		(1)
Dividends paid	(3,477)		(3,477)
Balance at Mar. 31, 2023	430,409	$ (9,926)	624,706	(225,274)	40,787	$ 43	$ 73
Balance (in shares) at Mar. 31, 2023		1,061				43,089	72,832
Balance at Dec. 31, 2023	425,162	$ (17,588)	636,073	(233,012)	39,573	$ 58	$ 58
Balance (in shares) at Dec. 31, 2023		1,841				57,623	58,474
Net income	5,243			5,021	222
Stock-based compensation	6,175		6,175
Issuance of restricted stock units	$ 1					$ 1
Issuance of restricted stock units (in shares)						619
Exchange of Class B common stock for Class A common stock (Share)						35	(35)
Exercise of stock options (net of tax and strike price) (in shares)	288,575					289
Repurchase of common stock for employee tax witholding and exercised stock option strike price ,shares						(300)
Repurchase of common stock for employee tax witholding and exercised stock option strike price (Amount)	$ (2,207)		(2,207)
Treasury Stock, Stock repurchase	(30,038)	$ (30,034)				$ (4)
Treasury Stock, Stock repurchase (Shares)		3,683				(3,683)
Accrual for excise tax associated with stock repurchases	(300)		(300)
Distributions to non-controlling interest, net	(153)				(153)
Dividends declared	(23)		(23)
Dividends paid	(3,774)		(3,774)
Balance at Mar. 31, 2024	$ 400,086	$ (47,622)	$ 635,944	$ (227,991)	$ 39,642	$ 55	$ 58
Balance (in shares) at Mar. 31, 2024		5,524				54,583	58,439

Goodwill and Intangibles (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in goodwill for the three months ended March 31, 2024 are as follows:


Balance at December 31, 2023	$	506,038
Increase from acquisitions		-
Balance at March 31, 2024	$	506,038

Schedule of Intangible Assets

Intangibles consists of the following:


	As of March 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,375	$	—		$	17,375
Technology		30		—			30
Total indefinite-lived intangible assets		17,405		—			17,405
Finite-lived intangible assets:
Trade names		28,240		(6,422	)		21,818
Management and advisory contracts		194,666		(117,528	)		77,138
Technology		2,380		(1,983	)		397
Total finite-lived intangible assets		225,286		(125,933	)		99,353
Total intangible assets	$	242,691	$	(125,933	)	$	116,758


	As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,375	$	—		$	17,375
Technology		30		—			30
Total indefinite-lived intangible assets		17,405		—			17,405
Finite-lived intangible assets:
Trade names		28,240		(5,789	)		22,451
Management and advisory contracts		194,666		(111,873	)		82,793
Technology		2,380		(1,834	)		546
Total finite-lived intangible assets		225,286		(119,496	)		105,790
Total intangible assets	$	242,691	$	(119,496	)	$	123,195

Estimated Future Amortization Expense

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


2024	$	19,175
2025		21,269
2026		16,640
2027		13,307
2028		9,986
Thereafter		18,976

Total amortization	$	99,353

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Property and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 8. Property and Equipment

Property and equipment consist of the following:


	As of March 31,			As of December 31,
	2024			2023
Computers and purchased software	$	1,611		$	1,528
Furniture and fixtures		1,671			1,666
Leasehold improvements		3,058			2,894
		6,340			6,088
Less: accumulated depreciation		(2,975	)		(2,763	)
Total property and equipment, net	$	3,365		$	3,325

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Loss Contingencies [Line Items]
Accrued compensation and benefits	$ 45,204		$ 45,081
Compensation and benefits	37,109	$ 35,642
Accrued contingent liability	16,200		16,200
Contingent payments to customers asset	13,600		14,000
Severance payments	1,200
Severance expense related to the retirement	$ 1,200		1,200
Granted	2,470,917
Operating Expense
Loss Contingencies [Line Items]
Rent expense	$ 1,000	800
Management and Advisory Fees
Loss Contingencies [Line Items]
Amortization of contingent payments to customers	$ 400	400
Common Stock
Loss Contingencies [Line Items]
Granted	34,608
Westech Investment Advisors LLC
Loss Contingencies [Line Items]
Earnout payment	$ 70,000
Percentage of share unit for milestone payment	50.00%
Earnout payment recognized	$ 3,000	5,900
Accrued compensation and benefits	29,200		26,200
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	2,900		$ 2,400
Compensation and benefits	500	$ 500
Minimum [Member] \| Westech Investment Advisors LLC, Bonus
Loss Contingencies [Line Items]
Bonus payment	20,000
Maximum [Member] \| Westech Investment Advisors LLC
Loss Contingencies [Line Items]
Earnout payment	70,000
Maximum [Member] \| Westech Investment Advisors LLC, Bonus
Loss Contingencies [Line Items]
Cash payment	5,000
Maximum bonus payment	$ 10,000

Related Party Transactions - Additional Information (Details) - USD ($)				3 Months Ended			12 Months Ended
	Aug. 01, 2022	Jul. 06, 2022	Jan. 01, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2023
Related Party Transaction [Line Items]
Reimbursable expenses				$ 6,900,000			$ 5,500,000
Accounts receivable				23,293,000			20,620,000
Management and advisory fees				66,115,000	$ 57,253,000
Due to related parties				458,000			2,116,000
Remaining performance obligation amount				43,900,000
Due from related parties				62,756,000			57,696,000
Common Stock Purchase Agreement
Related Party Transaction [Line Items]
Management and advisory fees				$ 20,000
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%
Related Party
Related Party Transaction [Line Items]
Accounts receivable				$ 23,800,000			18,900,000
Contract with customer performance obligation satisfied In previous period				66,200,000
Related Party \| Acquisition Partners, LLC
Related Party Transaction [Line Items]
Accounts receivable				16,900,000			$ 13,400,000
210 Capital LLC
Related Party Transaction [Line Items]
Rent expense			$ 20,300	100,000	100,000
Lease expiration date			Dec. 31, 2029
Additional contributed amount of office space						$ 3,400
Enhanced Capital Group LLC
Related Party Transaction [Line Items]
Advisory Fees			$ 110,100,000	110,100,000
Revenue performance obligation description of timing			ten years
Due to related parties				400,000	2,100,000
Due from related parties					52,700,000	$ 48,500,000
Enhanced Capital Holding Inc.
Related Party Transaction [Line Items]
Compensation and benefits				$ 3,200,000	3,200,000
Enhanced Capital Holding Inc. \| Advisory Agreement
Related Party Transaction [Line Items]
Service fee arrears interest rate				5.00%
Advisory Fees
Related Party Transaction [Line Items]
Management and advisory fees				$ 1,278,000	1,051,000
Advisory Fees \| Enhanced Capital Group LLC
Related Party Transaction [Line Items]
Management and advisory fees				4,200,000	4,900,000
Revenues from interest				200,000	100,000
Management and Advisory Fees
Related Party Transaction [Line Items]
Management and advisory fees				65,122,000	56,587,000
Management and Advisory Fees \| Common Stock Purchase Agreement
Related Party Transaction [Line Items]
Management and advisory fees				5,000	5,000
Management and Advisory Fees \| Crossroads Impact Corp
Related Party Transaction [Line Items]
Management and advisory fees				$ 2,200,000	$ 2,300,000

Revenue - Disaggregation of Revenue By Product (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 66,115	$ 57,253
Management fees
Disaggregation of Revenue [Line Items]
Total revenues	63,844	55,536
Advisory Fees
Disaggregation of Revenue [Line Items]
Total revenues	1,278	1,051
Subscriptions
Disaggregation of Revenue [Line Items]
Total revenues	169	134
Other Revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 824	$ 532

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Description of Business

3 Months Ended

Mar. 31, 2024

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

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

On October 5, 2017, we closed on the acquisition of RCP Advisors 2, LLC ("RCP 2") and entered into a purchase agreement to acquire RCP Advisors 3, LLC ("RCP 3") 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. In 2022, Five Points established the Reynolda brand that specializes in direct equity funds. 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”, and collectively with ECG, “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.

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

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

The Company reports noncontrolling interests related to the partnership interests which are owned by the WTI sellers. This is recorded as noncontrolling interests on the Consolidated Balance Sheets. Noncontrolling interests is allocated a share of income or loss in the respective consolidated subsidiaries in proportion to their relative ownership interest. Additionally, the Company makes periodic distributions to the WTI sellers for tax related and other agreed upon expenses in accordance with the terms of the P10 Intermediate operating agreement.

During 2022, the Board approved a program to repurchase up to $40.0 million of outstanding shares of our Class A and Class B common stock. On February 27, 2024, the Board approved an additional $40.0 million to be used towards repurchases. These shares may be repurchased from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades, in accordance with Rule 10b5-1 trading plans and/or through other legally permissible means. As of March 31, 2024, $59.5 million has been spent to buy back shares under this program.

On October 20, 2023, the Company had a transition of executives ("Executive Transition") and entered into an executive transition agreement with each of Mr. Alpert and Mr. Webb (each, a “Transition Agreement”). Pursuant to the Transition Agreements, Mr. Alpert and Mr. Webb ceased to serve as Co-Chief Executive Officer, and Mr. Alpert and Mr. Webb were appointed as Executive Chairman and Executive Vice Chairman, respectively, for a one-year period. Additionally, Mr. Webb's Transition Agreement provides a one year transition period to continue serving the Company in a mergers and acquisitions capacity. Effective October 23, 2023, the board of the Company appointed Luke A. Sarsfield III as Chief Executive Officer (“CEO”) of the Company. In connection with his appointment as CEO, the Company entered into an employment agreement with Mr. Sarsfield (the “Employment Agreement”) setting forth the terms of his employment and compensation. In connection with both the Transition Agreements and the Employment Agreement, provisions were made for severance and sign-on compensation, respectively. The associated expenses were recorded in compensation and benefits on the Consolidated Statements of Operations.

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 16. 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. For the three months ended March 31, 2024 and March 31, 2023, diluted EPS also reflects the potential dilution that could occur assuming that all units in P10 Intermediate that were granted as a result of the WTI acquisition are converted to shares of Class A common stock. Because the impact of these items is generally anti-dilutive during periods of net loss, there is no difference between basic and diluted loss per common share for periods with net losses.

The Company has Class A and Class B shares outstanding, therefore follows the two-class method. However the shares are entitled to the same amount of the Company's earnings therefore the earnings per share calculation for Class A and Class B shares will always be equivalent.

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


	For the Three Months Ended March 31,

	2024		2023
Numerator:
Numerator for basic calculation—Net income
Numerator for basic calculation—Net income attributable to P10	$	5,021	$	605
Adjustment for:
Net income attributable to noncontrolling interests in P10 Intermediate		222		164
Numerator for earnings per share
Numerator for earnings per share assuming dilution	$	5,243	$	769
Denominator:
Denominator for basic calculation—Weighted- average shares outstanding, basic attributable to P10		115,129		115,921
Weighted shares assumed upon exercise of partnership units		3,917		3,917
Weighted shares assumed upon exercise of stock options		3,795		4,088
Denominator for earnings per share assuming dilution		122,841		123,926
Earnings per Class A share—basic	$	0.04	$	0.01
Earnings per Class A share—diluted	$	0.04	$	0.01
Earnings per Class B share—basic	$	0.04	$	0.01
Earnings per Class B share—diluted	$	0.04	$	0.01

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 06, 2024
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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 Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	false
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
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		54,673,874
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		58,348,721
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

Goodwill and Intangibles - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Beginning Balance	$ 506,038
Increase from acquisitions	0
Goodwill, Ending Balance	$ 506,038

- Definition

+ References + Details

Goodwill and Intangibles - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 17,405	$ 17,405
Total Finite-lived intangible assets, gross carrying amount	225,286	225,286
Intangible assets, accumulated amortization	(125,933)	(119,496)
Total amortization	99,353	105,790
Total intangible assets, gross carrying amount	242,691	242,691
Intangible Assets, Net (Excluding Goodwill), Total	116,758	123,195
Trade Names
Indefinite-Lived Intangible Assets [Line Items]
Total Finite-lived intangible assets, gross carrying amount	28,240	28,240
Intangible assets, accumulated amortization	(6,422)	(5,789)
Total amortization	21,818	22,451
Management and Advisory Contracts
Indefinite-Lived Intangible Assets [Line Items]
Total Finite-lived intangible assets, gross carrying amount	194,666	194,666
Intangible assets, accumulated amortization	(117,528)	(111,873)
Total amortization	77,138	82,793
Technology
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	30	30
Total Finite-lived intangible assets, gross carrying amount	2,380	2,380
Intangible assets, accumulated amortization	(1,983)	(1,834)
Total amortization	397	546
Trade names
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 17,375	$ 17,375

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Apr. 01, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt obligations	$ 314,036		$ 289,844
Contingent consideration	13,400
Contingent consideration obligation	16,200		16,200
Contingent consideration expense	30	$ 390
Contingent consideration	200
Bonaccord
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earnout payment	20,000
Contingent consideration obligation	6,500
Contingent consideration expense	0	300
Bonaccord \| Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation				$ 1,000
Hark
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration expense	0	$ 100
Contingent consideration			$ 5,400
Hark \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 5,400

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 6,340	$ 6,088
Less: accumulated depreciation	(2,975)	(2,763)
Total property and equipment, net	3,365	3,325
Computers and Purchased Software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,611	1,528
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,671	1,666
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 3,058	$ 2,894

Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Option \| Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	12.0	5.1

Notes Receivable - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Oct. 13, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Due from related parties		$ 62,756		$ 57,696
Secured Promissory Notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Funds from extened notes	$ 1,000
Note term	5 years
Notes payable maturity date	Oct. 13, 2028
Debt instrument, Interest rate terms	The notes will accrue interest at SOFR plus 2.10% and is payable annually in arrears.
BCP Partners Holdings, LP \| Promissory Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Note to partners		5,000
Amount drawn from notes		$ 4,800
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%. The stated interest rate is the effective rate. 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		$ 5,800		$ 5,800
Interest rate of notes		5.50%
Notes payable maturity date		Sep. 30, 2031
Interest Income, Operating		$ 100	$ 100

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Option Activity

A summary of stock option activity for the three months ended March 31, 2024 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, 2023		12,715,381		$	8.15		7.82	$	30,872,113
Granted		2,470,917			7.99
Exercised		(288,575	)		1.17
Expired/Forfeited		(38,584	)		9.49
Outstanding as of March 31, 2024		14,859,139		$	8.25		7.99	$	19,536,214
Exercisable as of March 31, 2024		2,563,271		$	4.37		6.18	$	11,036,795

Summary of Weighted Average Assumptions Used In Calculating Fair Value of Stock Options Granted and Executive Market Units

The weighted average assumptions used in calculating the fair value of stock options granted during the three months ended March 31, 2024 and March 31, 2023 were as follows:


	For the Three Months Ended March 31,
	2024			2023
Expected life (in years)	6.75			7.5
Expected volatility		37.50	%		38.77	%
Risk-free interest rate		4.23	%		4.08	%
Expected dividend yield		1.63	%		1.13	%

Summary of Restricted Stock Activity


	Number of		Weighted-Average Grant
	RSAs		Date Fair Value Per RSA
Outstanding as of December 31, 2023		32,722	$	11.46
Granted		—		—
Vested		—		—
Forfeited		—		—
Outstanding as of March 31, 2024		32,722	$	11.46

Summary of Restricted Stock Units


	Number of			Weighted-Average Grant
	RSUs			Date Fair Value Per RSU
Outstanding as of December 31, 2023		1,418,094		$	9.15
Granted		943,242			8.22
Vested		(618,623	)		9.93
Forfeited		—			—
Outstanding as of March 31, 2024		1,742,713		$	8.37

Executive Market Units

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Weighted Average Assumptions Used In Calculating Fair Value of Stock Options Granted and Executive Market Units

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


		As of
		October 23, 2023
Expected life		5.0 (yrs)
Expected volatility		40.00%
Risk-free interest rate		4.81%
Expected dividend yield		1.42%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Intangibles - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024
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

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 28,996	$ 30,467
Restricted cash	1,035	1,590
Accounts receivable	23,293	20,620
Notes receivable	5,822	5,755
Due from related parties	62,756	57,696
Investment in unconsolidated subsidiaries	2,795	1,738
Prepaid expense and other assets	12,423	15,011
Property and equipment, net	3,365	3,325
Right-of-use assets	19,724	17,087
Contingent payments to customers	13,624	14,034
Deferred tax assets, net	36,181	37,518
Intangibles, net	116,758	123,195
Goodwill	506,038	506,038
Total assets	832,810	834,074
LIABILITIES:
Accounts payable and accrued expenses	14,313	15,054
Accrued compensation and benefits	45,204	45,081
Due to related parties	458	2,116
Other liabilities	298	854
Contingent consideration	6,509	6,693
Accrued contingent liabilities	16,222	16,222
Deferred revenues	13,008	12,770
Lease liabilities	22,676	20,278
Debt obligations	314,036	289,844
Total liabilities	432,724	408,912
COMMITMENTS AND CONTINGENCIES (NOTE 13)
EQUITY:
Treasury stock	(47,622)	(17,588)
Additional paid-in-capital	635,944	636,073
Accumulated deficit	(227,991)	(233,012)
Noncontrolling interests	39,642	39,573
Total equity	400,086	425,162
TOTAL LIABILITIES AND EQUITY	832,810	834,074
Class A Common Stock
EQUITY:
Common stock value	55	58
Class B Common Stock
EQUITY:
Common stock value	$ 58	$ 58