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Apollo Global downgraded to Market Perform from Outperform at Keefe Bruyette » 18:32
01/02/23
01/02
18:32
01/02/23
18:32
APO

Apollo Global

$63.80 /

+0.255 (+0.40%)

, OWL

Blue Owl Capital

$10.62 /

-0.03 (-0.28%)

, CG

Carlyle Group

$29.85 /

-0.38 (-1.26%)

, KKR

KKR

$46.42 /

-0.315 (-0.67%)

, ARES

Ares Management

$68.38 /

-0.28 (-0.41%)

, PX

P10

$10.71 /

+0.37 (+3.58%)

, PAX

Patria Investments

$13.94 /

+0.07 (+0.50%)

, BX

Blackstone

$74.22 /

-0.53 (-0.71%)

Keefe Bruyette analyst…

Keefe Bruyette analyst Michael Brown downgraded Apollo Global to Market Perform from Outperform with a $77 price target. The analyst recommends a cautious approach to the alternative managers in 2023, based on his expectation "for many of 2022's frictions to persist into 2023." Brown narrowed his Outperform recommendations, resulting in downgrades of Apollo, Blue Owl Capital (OWL) and Carlyle Group (CG) to Market Perform. KKR (KKR) is his top pick, and he continues to recommend Outperform rated Ares Management (ARES), P10 (PX), and Patria Investments (PAX). Brown also offers a pair trade recommendation of overweight KKR, underweight Blackstone (BX). Volatile macro conditions, including interest rates and spreads, "could continue to be a source of friction, impacting the alternative asset flywheel," Brown tells investors in a research note. He says this concern will likely continue to weigh on near-term stock performance. The analyst cites the recent relative outperformance in Q4 for the three downgrades.

ShowHide Related Items >><<
PX P10
$10.71 /

+0.37 (+3.58%)

PAX Patria Investments
$13.94 /

+0.07 (+0.50%)

OWL Blue Owl Capital
$10.62 /

-0.03 (-0.28%)

KKR KKR
$46.42 /

-0.315 (-0.67%)

CG Carlyle Group
$29.85 /

-0.38 (-1.26%)

BX Blackstone
$74.22 /

-0.53 (-0.71%)

ARES Ares Management
$68.38 /

-0.28 (-0.41%)

APO Apollo Global
$63.80 /

+0.255 (+0.40%)

APO Apollo Global
$63.80 /

+0.255 (+0.40%)

12/19/22 Barclays
Apollo Global price target raised to $78 from $73 at Barclays
11/15/22 Deutsche Bank
Apollo Global price target raised to $83 from $81 at Deutsche Bank
11/03/22 Barclays
Apollo Global price target raised to $73 from $65 at Barclays
11/03/22 Deutsche Bank
Apollo Global price target raised to $81 from $78 at Deutsche Bank
OWL Blue Owl Capital
$10.62 /

-0.03 (-0.28%)

11/08/22 Deutsche Bank
Blue Owl Capital price target raised to $17 from $16 at Deutsche Bank
10/18/22 Credit Suisse
Blue Owl Capital initiated with a Neutral at Credit Suisse
10/14/22 Piper Sandler
Blue Owl Capital initiated with an Overweight at Piper Sandler
10/12/22 Deutsche Bank
Blue Owl Capital price target lowered to $16 from $19 at Deutsche Bank
CG Carlyle Group
$29.85 /

-0.38 (-1.26%)

12/22/22 Credit Suisse
Carlyle's CEO search difficulty well priced in, says Credit Suisse
11/15/22 Deutsche Bank
Carlyle Group price target raised to $35 from $33 at Deutsche Bank
11/15/22 UBS
Carlyle Group price target lowered to $31 from $40 at UBS
11/09/22 Deutsche Bank
Carlyle Group price target lowered to $33 from $36 at Deutsche Bank
KKR KKR
$46.42 /

-0.315 (-0.67%)

11/15/22 Deutsche Bank
KKR price target raised to $65 from $62 at Deutsche Bank
11/15/22 BofA
BofA starts 'complicated' Crescent Energy at Neutral
11/02/22 BofA
KKR upgraded to Buy at BofA on 'asymmetrical upside potential'
11/02/22 BofA
KKR upgraded to Buy from Neutral at BofA
ARES Ares Management
$68.38 /

-0.28 (-0.41%)

12/19/22 Barclays
Ares Management price target lowered to $82 from $90 at Barclays
11/15/22 UBS
Ares Management price target raised to $95 from $78 at UBS
11/14/22 BMO Capital
Ares Management downgraded to Market Perform from Outperform at BMO Capital
11/01/22 RBC Capital
Ares Management price target raised to $93 from $83 at RBC Capital
PX P10
$10.71 /

+0.37 (+3.58%)

12/19/22 Barclays
P10 price target lowered to $14 from $15 at Barclays
10/10/22 Barclays
P10 price target lowered to $14 from $15 at Barclays
08/31/22 Barclays
P10 initiated with an Overweight at Barclays
04/13/22 Oppenheimer
P10 price target lowered to $13 from $14 at Oppenheimer
PAX Patria Investments
$13.94 /

+0.07 (+0.50%)

09/07/22 BofA
BofA reinstates Patria Investments with a Neutral, $17 target
09/07/22 BofA
Patria Investments reinstated with a Neutral at BofA
BX Blackstone
$74.22 /

-0.53 (-0.71%)

12/21/22 Piper Sandler
Blackstone price target lowered to $111 from $114 at Piper Sandler
12/19/22 Barclays
Blackstone price target lowered to $80 from $90 at Barclays
12/05/22 BMO Capital
Blackstone price target lowered to $90 from $109 at BMO Capital
12/02/22 Morgan Stanley
Morgan Stanley says Blackstone share reaction to BREIT redemption cap 'overdone'
PX P10
$10.71 /

+0.37 (+3.58%)

PAX Patria Investments
$13.94 /

+0.07 (+0.50%)

OWL Blue Owl Capital
$10.62 /

-0.03 (-0.28%)

KKR KKR
$46.42 /

-0.315 (-0.67%)

CG Carlyle Group
$29.85 /

-0.38 (-1.26%)

BX Blackstone
$74.22 /

-0.53 (-0.71%)

ARES Ares Management
$68.38 /

-0.28 (-0.41%)

APO Apollo Global
$63.80 /

+0.255 (+0.40%)

  • 02
    Jun
OWL Blue Owl Capital
$10.62 /

-0.03 (-0.28%)

KKR KKR
$46.42 /

-0.315 (-0.67%)

CG Carlyle Group
$29.85 /

-0.38 (-1.26%)

BX Blackstone
$74.22 /

-0.53 (-0.71%)

ARES Ares Management
$68.38 /

-0.28 (-0.41%)

APO Apollo Global
$63.80 /

+0.255 (+0.40%)

OWL Blue Owl Capital
$10.62 /

-0.03 (-0.28%)

KKR KKR
$46.42 /

-0.315 (-0.67%)

CG Carlyle Group
$29.85 /

-0.38 (-1.26%)

BX Blackstone
$74.22 /

-0.53 (-0.71%)

ARES Ares Management
$68.38 /

-0.28 (-0.41%)

APO Apollo Global
$63.80 /

+0.255 (+0.40%)

PX P10
$10.71 /

+0.37 (+3.58%)

KKR KKR
$46.42 /

-0.315 (-0.67%)

BX Blackstone
$74.22 /

-0.53 (-0.71%)

APO Apollo Global
$63.80 /

+0.255 (+0.40%)

Over a month ago
Hot Stocks
P10 announces $20M increase to stock buyback program » 07:57
12/27/22
12/27
07:57
12/27/22
07:57
PX

P10

$9.75 /

-0.13 (-1.32%)

P10 announced that its…

P10 announced that its Board of Directors has authorized an increase to its stock buyback program pursuant to which P10 may purchase up to an additional $20M of P10's outstanding shares of Class A and Class B Common Stock, par value $0.001 per share. P10 intends to fund the program through available cash balances, the Company's existing credit facility, and future operating cash flows.

ShowHide Related Items >><<
PX P10
$9.75 /

-0.13 (-1.32%)

PX P10
$9.75 /

-0.13 (-1.32%)

12/19/22 Barclays
P10 price target lowered to $14 from $15 at Barclays
10/10/22 Barclays
P10 price target lowered to $14 from $15 at Barclays
08/31/22 Barclays
P10 initiated with an Overweight at Barclays
04/13/22 Oppenheimer
P10 price target lowered to $13 from $14 at Oppenheimer
PX P10
$9.75 /

-0.13 (-1.32%)

PX P10
$9.75 /

-0.13 (-1.32%)

Recommendations
P10 price target lowered to $14 from $15 at Barclays » 06:31
12/19/22
12/19
06:31
12/19/22
06:31
PX

P10

$10.37 /

-0.04 (-0.38%)

Barclays analyst Benjamin…

Barclays analyst Benjamin Budish lowered the firm's price target on P10 to $14 from $15 and keeps an Overweight rating on the shares. Barclays' house view calls for a likely recession in 2023, and it will be a more challenging year across the U.S. brokers, asset managers and exchanges, Budish tells investors in a research note. Rising rates may put some pressure on private equity returns and broader volatility is likely to continue to impact transaction levels, but absent a more material deterioration in credit, private credit across the space should continue to perform well for alternatives asset managers, says the analyst. For brokers, he thinks a more challenging macro environment should be a headwind to new account growth and trading activity going into 2023. And for crypto, Budish thinks it may still be some time before more practical and potentially disruptive use cases emerge more meaningfully. Increased regulation could be a positive catalyst, "though we caution that even with the passage of a bill next year, it could still take 12+ months before new rules are scripted and implemented," the analyst writes.

ShowHide Related Items >><<
PX P10
$10.37 /

-0.04 (-0.38%)

PX P10
$10.37 /

-0.04 (-0.38%)

10/10/22 Barclays
P10 price target lowered to $14 from $15 at Barclays
08/31/22 Barclays
P10 initiated with an Overweight at Barclays
04/13/22 Oppenheimer
P10 price target lowered to $13 from $14 at Oppenheimer
PX P10
$10.37 /

-0.04 (-0.38%)

PX P10
$10.37 /

-0.04 (-0.38%)

Earnings
P10 reports Q3 adjusted EPS 21c, consensus 20c » 06:32
11/10/22
11/10
06:32
11/10/22
06:32
PX

P10

$9.71 /

-0.19 (-1.92%)

Reports Q3 revenue $50M,…

Reports Q3 revenue $50M, consensus $47.66M. Fee Paying Assets Under Management were $19B, a 17% increase year-over-year. Robert Alpert, Chairman and Co-CEO, and Co-CEO Clark Webb said, "P10 continues to deliver double-digit organic growth. With best-in-class strategies that have long track records of investing through various market conditions, we remain confident in our ability to deliver attractive returns for clients and public shareholders."

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PX P10
$9.71 /

-0.19 (-1.92%)

PX P10
$9.71 /

-0.19 (-1.92%)

10/10/22 Barclays
P10 price target lowered to $14 from $15 at Barclays
08/31/22 Barclays
P10 initiated with an Overweight at Barclays
04/13/22 Oppenheimer
P10 price target lowered to $13 from $14 at Oppenheimer
11/15/21 Stephens
P10 initiated with an Overweight at Stephens
PX P10
$9.71 /

-0.19 (-1.92%)

PX P10
$9.71 /

-0.19 (-1.92%)

Syndicate
P10 files $300M mixed securities shelf  17:18
11/09/22
11/09
17:18
11/09/22
17:18
PX

P10

$9.71 /

-0.19 (-1.92%)

 
ShowHide Related Items >><<
PX P10
$9.71 /

-0.19 (-1.92%)

PX P10
$9.71 /

-0.19 (-1.92%)

10/10/22 Barclays
P10 price target lowered to $14 from $15 at Barclays
08/31/22 Barclays
P10 initiated with an Overweight at Barclays
04/13/22 Oppenheimer
P10 price target lowered to $13 from $14 at Oppenheimer
11/15/21 Stephens
P10 initiated with an Overweight at Stephens
PX P10
$9.71 /

-0.19 (-1.92%)

PX P10
$9.71 /

-0.19 (-1.92%)

Hot Stocks
Bonaccord Capital Partners announces minority investment in VMG Partners » 09:04
11/02/22
11/02
09:04
11/02/22
09:04
PX

P10

$10.50 /

+0.09 (+0.86%)

Bonaccord Capital…

Bonaccord Capital Partners, a part of P10, announced that it has acquired a passive minority equity interest in VMG Partners, a private equity firm focused on partnering with entrepreneurs and managers to support the growth and strategic development of leading branded consumer product and technology companies through its Growth and Catalyst funds. Bonaccord's investment provides an opportunity for VMG to source additional capital to further support its products and to invest on behalf of its employees. Bonaccord will serve as a strategic partner to VMG, and the investment will have no impact on the day-to-day management or operations of the firm.

ShowHide Related Items >><<
PX P10
$10.50 /

+0.09 (+0.86%)

PX P10
$10.50 /

+0.09 (+0.86%)

10/10/22 Barclays
P10 price target lowered to $14 from $15 at Barclays
08/31/22 Barclays
P10 initiated with an Overweight at Barclays
04/13/22 Oppenheimer
P10 price target lowered to $13 from $14 at Oppenheimer
11/15/21 Stephens
P10 initiated with an Overweight at Stephens
PX P10
$10.50 /

+0.09 (+0.86%)

PX P10
$10.50 /

+0.09 (+0.86%)

Over a quarter ago
Recommendations
P10 price target lowered to $14 from $15 at Barclays » 05:52
10/10/22
10/10
05:52
10/10/22
05:52
PX

P10

$10.59 /

-0.29 (-2.67%)

Barclays analyst Benjamin…

Barclays analyst Benjamin Budish lowered the firm's price target on P10 to $14 from $15 and keeps an Overweight rating on the shares. Citing challenging market conditions, the analyst revised expectations for realizations over the next few quarters and lowered price targets across brokers, asset managers and exchanges based on market multiples. That said, he expects fee-related earnings to "remain relatively steady" and thinks fundraising "should hold up OK despite some modestly soft pockets in private equity."

ShowHide Related Items >><<
PX P10
$10.59 /

-0.29 (-2.67%)

PX P10
$10.59 /

-0.29 (-2.67%)

08/31/22 Barclays
P10 initiated with an Overweight at Barclays
04/13/22 Oppenheimer
P10 price target lowered to $13 from $14 at Oppenheimer
11/15/21 Stephens
P10 initiated with an Overweight at Stephens
11/15/21 Morgan Stanley
Morgan Stanley starts P10 at Overweight, bullish on private markets platform
PX P10
$10.59 /

-0.29 (-2.67%)

  • 21
    Oct
PX P10
$10.59 /

-0.29 (-2.67%)

Options
Fifteen new option listings and one option delisting on September 28th » 08:30
09/28/22
09/28
08:30
09/28/22
08:30
HBT

HBT Financial

$17.77 /

-0.16 (-0.89%)

, INTR

Inter&Co

$3.52 /

-0.205 (-5.50%)

, MEC

Mayville Engineering

$6.82 /

+0.28 (+4.28%)

, ODV

Osisko Development

$4.43 /

+0.05 (+1.14%)

, POET

Poet Technologies

$2.90 /

-0.2 (-6.45%)

, PRTG

Portage Biotech

$5.87 /

-0.43 (-6.83%)

, PVBC

Provident Bancorp

$14.15 /

+0.04 (+0.28%)

, PX

P10

$10.50 /

-0.24 (-2.23%)

, RWAY

Runway Growth Finance

$11.27 /

-0.06 (-0.53%)

, SEVN

Seven Hills Realty Trust

$9.22 /

-0.24 (-2.54%)

, TIGO

Millicom

$11.52 /

-0.09 (-0.78%)

, IMPX

AEA-Bridges Impact Corp.

$9.35 /

+ (+0.00%)

New option listings for…

New option listings for September 28th include ENRG ETF (ENRG), EVAV ETF (EVAV), Envirotech Vehicles Inc (EVTV), HBT Financial Inc (HBT), IBRN ETF (IBRN), Inter & Co Inc (INTR), Mayville Engineering Company Inc (MEC), ODV Stock (ODV), POET Stock (POET), Portage Biotech Inc (PRTG), Provident Bancorp (PVBC), P10 Inc (PX), Runway Growth Finance Corp (RWAY), Seven Hills Realty Trust (SEVN), and Millicom International Cellular SA (USA) (TIGO). Option delistings effective September 28th include AEA-Bridges Impact Corp (IMPX).

ShowHide Related Items >><<
TIGO Millicom
$11.52 /

-0.09 (-0.78%)

SEVN Seven Hills Realty Trust
$9.22 /

-0.24 (-2.54%)

RWAY Runway Growth Finance
$11.27 /

-0.06 (-0.53%)

PX P10
$10.50 /

-0.24 (-2.23%)

PVBC Provident Bancorp
$14.15 /

+0.04 (+0.28%)

PRTG Portage Biotech
$5.87 /

-0.43 (-6.83%)

POET Poet Technologies
$2.90 /

-0.2 (-6.45%)

ODV Osisko Development
$4.43 /

+0.05 (+1.14%)

MEC Mayville Engineering
$6.82 /

+0.28 (+4.28%)

INTR Inter&Co
$3.52 /

-0.205 (-5.50%)

IMPX AEA-Bridges Impact Corp.
$9.35 /

+ (+0.00%)

HBT HBT Financial
$17.77 /

-0.16 (-0.89%)

HBT HBT Financial
$17.77 /

-0.16 (-0.89%)

07/01/22 JPMorgan
HBT Financial downgraded to Underweight from Neutral at JPMorgan
INTR Inter&Co
$3.52 /

-0.205 (-5.50%)

09/06/22 Goldman Sachs
Inter&Co upgraded to Neutral from Sell at Goldman Sachs
07/06/22 New Street
Inter&Co initiated with a Neutral at New Street after listing moved to U.S.
07/06/22 New Street
Inter & Co initiated with a Neutral at New Street
06/30/22 UBS
Inter&Co initiated with a Buy at UBS
MEC Mayville Engineering
$6.82 /

+0.28 (+4.28%)

01/21/22 Baird
Mayville Engineering downgraded to Neutral from Outperform at Baird
ODV Osisko Development
$4.43 /

+0.05 (+1.14%)

08/02/22 RBC Capital
Osisko Development price target lowered to C$16 from C$24 at RBC Capital
07/21/22 National Bank
Osisko Development price target lowered to C$10.25 from C$15 at National Bank
06/06/22 National Bank
Osisko Development price target lowered to C$15 from C$27 at National Bank
05/27/22 Desjardins
Osisko Development downgraded to Hold from Buy at Desjardins
POET Poet Technologies
$2.90 /

-0.2 (-6.45%)

05/25/22 Craig-Hallum
Craig-Hallum bullish on Poet Technologies, initiates with a Buy
05/25/22 Craig-Hallum
Poet Technologies initiated with a Buy at Craig-Hallum
PRTG Portage Biotech
$5.87 /

-0.43 (-6.83%)

09/20/22 H.C. Wainwright
Portage Biotech price target lowered to $22 from $32 at H.C. Wainwright
07/15/22 Oppenheimer
Portage Biotech assumed with an Outperform at Oppenheimer
03/07/22 H.C. Wainwright
Portage Biotech initiated with a Buy at H.C. Wainwright
PVBC Provident Bancorp
$14.15 /

+0.04 (+0.28%)

03/28/22 Stephens
Provident Bancorp initiated with an Overweight at Stephens
PX P10
$10.50 /

-0.24 (-2.23%)

08/31/22 Barclays
P10 initiated with an Overweight at Barclays
04/13/22 Oppenheimer
P10 price target lowered to $13 from $14 at Oppenheimer
11/15/21 Stephens
P10 initiated with an Overweight at Stephens
11/15/21 Morgan Stanley
Morgan Stanley starts P10 at Overweight, bullish on private markets platform
RWAY Runway Growth Finance
$11.27 /

-0.06 (-0.53%)

09/16/22 B. Riley
Runway Growth Finance resumed with a Buy at B. Riley
04/22/22 Ladenburg
Runway Growth Finance initiated with a Buy at Ladenburg
01/03/22 B. Riley
iStar, Aspen Aerogels among B. Riley's top 25 stock picks for 2022
11/15/21 B. Riley
Runway Growth Finance initiated with Buy, $15 target at B. Riley
SEVN Seven Hills Realty Trust
$9.22 /

-0.24 (-2.54%)

06/29/22 JMP Securities
Seven Hills upgraded to Outperform from Market Perform at JMP Securities
TIGO Millicom
$11.52 /

-0.09 (-0.78%)

08/29/22 UBS
Millicom initiated with a Neutral at UBS
05/19/22 Scotiabank
Millicom price target lowered to $26.30 from $36.10 at Scotiabank
03/31/22 JPMorgan
Millicom upgraded to Overweight from Neutral at JPMorgan
03/08/22 Scotiabank
Millicom upgraded to Outperform at Scotiabank with shares at 'all-time low'
IMPX AEA-Bridges Impact Corp.
$9.35 /

+ (+0.00%)

SEVN Seven Hills Realty Trust
$9.22 /

-0.24 (-2.54%)

RWAY Runway Growth Finance
$11.27 /

-0.06 (-0.53%)

PX P10
$10.50 /

-0.24 (-2.23%)

PRTG Portage Biotech
$5.87 /

-0.43 (-6.83%)

MEC Mayville Engineering
$6.82 /

+0.28 (+4.28%)

HBT HBT Financial
$17.77 /

-0.16 (-0.89%)

  • 21
    Oct
  • 21
    Oct
PRTG Portage Biotech
$5.87 /

-0.43 (-6.83%)

Initiation
P10 initiated with an Overweight at Barclays » 05:58
08/31/22
08/31
05:58
08/31/22
05:58
PX

P10

$12.46 /

-0.26 (-2.04%)

Barclays analyst Benjamin…

Barclays analyst Benjamin Budish initiated coverage of P10 with an Overweight rating and $15 price target. The analyst started the brokers, asset managers and exchange space with a Positive view. Budish sees the strongest secular trends in the alternative asset management space, where he thinks institutional and retail allocations remain low and the business models work well in all environments. The brokers, in contrast, are much more macro driven, "though at the moment we should see improving margins and growth from higher rates," Budish tells investors in a research note. In addition, he thinks crypto "could still be at the very beginning of a multi-decade transformation in IT and financial services," but finds the near-term outlook to be more challenging.

ShowHide Related Items >><<
PX P10
$12.46 /

-0.26 (-2.04%)

PX P10
$12.46 /

-0.26 (-2.04%)

04/13/22 Oppenheimer
P10 price target lowered to $13 from $14 at Oppenheimer
11/15/21 Stephens
P10 initiated with an Overweight at Stephens
11/15/21 Morgan Stanley
Morgan Stanley starts P10 at Overweight, bullish on private markets platform
11/15/21 JPMorgan
P10 initiated with an Overweight, $10 target at JPMorgan
PX P10
$12.46 /

-0.26 (-2.04%)

  • 21
    Oct
Hot Stocks
P10 to acquire Westech Investment Advisors in stock, cash transaction » 07:49
08/26/22
08/26
07:49
08/26/22
07:49
PX

P10

$12.67 /

+0.02 (+0.16%)

P10 entered into a…

P10 entered into a Purchase and Sale Agreement to acquire through its subsidiary, P10 Intermediate Holdings, all of the outstanding membership interests of Westech Investment Advisors. WTI has deployed $7.8B in loan commitments across more than 1,400 venture-backed companies since its founding in 1980. At closing of the Transaction, P10 will acquire 100% of the outstanding membership interests in WTI, the management company that receives management fees from all active WTI funds, in exchange for $97M in cash and 3,916,666 membership units of P10 Intermediate Holdings, LLC which can be exchanged into 3,916,666 shares of P10 common stock, following applicable restrictive periods. Further, the purchase agreement includes additional earnout milestones as EBITDA grows, with a total of $70M available in earnout payments, in the form of cash or shares of P10 common stock, if EBITDA builds to $25M. Earnout hurdles are at $20M, $22.5M, and $25M of EBITDA. P10 intends to use available cash and borrowings under its Credit Agreement to fund the cash portion of the purchase price. The Company entered into an Increase Joinder and First Amendment to its Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and its Lenders to increase the Revolving Commitments by approximately $37.5M and commitments in respect of Initial Term Loans by approximately $87.5M. Consistent with the P10 approach to long-term alignment, WTI employees will retain 100% of the carried interest generated by WTI funds. Furthermore, the existing WTI management team will continue to run day-to-day operations and oversee all investment decisions with no expected change in investment strategy. Upon the closing of the Transaction, P10 will grant an aggregate of four million stock options to acquire shares of common stock of P10 to WTI employees. In line with current P10 option grants, the stock options will have a five-year cliff vest to encourage long-term retention and firm performance. The closing of the Transaction is expected to occur in the fourth quarter of 2022, subject to customary closing conditions. P10 expects WTI to contribute more than $12.5M in Adjusted EBITDA in its first full year following the closing. The company said, "Moreover, assuming current and historic deployment pace, we expect the next WTI flagship fund to be raised and activated in 2024, with strong expected incremental margins on additional management fee revenues. Consistent with the P10 focus on compounding cash flows and the inherent value of tax assets, we expect the majority of the purchase price and potential earnout to add amortizable goodwill to existing P10 tax assets, bringing gross tax asset value to more than $650M. Additional earnout payments should further augment our tax asset. As a result of the above considerations, we expect the WTI Acquisition to be accretive to Adjusted Net Income Per Share in 2023 and beyond, while providing an additional piston to assist in long-term organic growth. Moreover, the transaction lengthens P10's average fee duration and increases average fee rate. With the addition of WTI, which runs at a higher fee rate and slightly lower EBITDA margin than P10's overall business, we project that pro forma with the acquisition, the P10 average fee rate should increase from 100bps to 105bps. Additionally, we expect WTI to add $1.4B to P10 fee paying assets under management in 2023. Please note that no underlying assumptions for the core P10 business were changed in reaching this new operating model; this change merely reflects the addition of WTI to the P10 platform. A WTI firm overview presentation can be found on the P10 investor relations website HERE."

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  • 21
    Oct

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