P10 acquires venture debt firm WTI for $97M cash + equity; earnout up to $70M

Ridgepost Capital, Inc.

Purchase price: $97M cash and 3,916,666 P10 Intermediate units exchangeable into PX stock one-for-one.
Earnout targets total $70M; EBITDA hurdles at $20M, $22.5M, $25M; expected close Q4 2022.
WTI has deployed $7.8B in loans across 1,400+ companies since 1980; management team stays.
P10 increased credit facility by $125M (revolver +$37.5M, term loan +$87.5M) to fund cash portion.
Expects WTI to contribute >$12.5M Adjusted EBITDA in first full year; accretive to ANI per share in 2023.

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