PX Insider Report: Conversions Increase Class A-Equivalent Holdings to ~2.11M

Rhea-AI Filing Summary

Thomas P. Danis, Jr. Revocable Living Trust reported transactions in P10, Inc. (PX) securities. On 08/14/2025 the trust sold 22,698 Class A shares at $12.6161 per share. On 08/16/2025 the reporting person converted or received 17,700 Class B shares into Class A shares, and on 08/19/2025 an additional 4,000 Class B shares were converted or received into Class A shares, resulting in reported beneficial ownership of 2,113,270 Class A-equivalent shares after the 08/16 transaction and 2,109,270 Class A-equivalent shares after the 08/19 transaction. The filing notes transfers to the reporting person’s ex-spouse pursuant to a domestic relations order and indicates some shares are held through an LLC controlled by Mr. Danis. The form may indicate the reporting person is part of a group owning over 10% of the company.

Positive

• Timely and detailed disclosure of insider transactions, including sale prices and conversion activity
• Conversion mechanics of Class B to Class A are documented, clarifying share class equivalence for investors

Negative

• Insider sale of 22,698 Class A shares on 08/14/2025 at $12.6161
• Transfers pursuant to a domestic relations order reduced holdings previously reported and may complicate ownership clarity

Insights

Securities Analyst

TL;DR: Insider reported a small open-market sale and conversions of Class B to Class A, with remaining beneficial ownership above 2.1M shares.

The 08/14/2025 sale of 22,698 Class A shares at $12.6161 appears to be a routine disposition rather than a large, unexpected divestiture relative to the roughly 2.1 million Class A-equivalent shares reported post-transactions. Conversions of Class B into Class A on 08/16 and 08/19 increased the reported Class A-equivalent share count while maintaining indirect holdings via an LLC and a revocable trust. The filing discloses transfers under a domestic relations order, which help explain changes in holdings. From an investor-materiality perspective, the transactions are transparent but not clearly material to company control.

Corporate Governance Expert

TL;DR: Disclosure is timely and notes governance-relevant details like a domestic relations order and possible Section 13(d) group membership.

The Form 4 provides important governance context: shares held through an LLC and a trust, transfers pursuant to a domestic relations order, and a remark that the reporting person may be part of a Section 13(d) group exceeding 10% ownership. Those elements are relevant for assessing voting control and potential future filings. No explicit change to board composition or control is reported here; the filing documents individual trading and ownership structure rather than corporate action.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Thomas P. Danis, Jr. Revocable Living Trust dated March 10, 2003

(Last) (First) (Middle)

C/O P10, INC.

2699 HOWELL ST. SUITE 1000

(Street)

DALLAS TX 75204

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
P10, Inc. [ PX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/14/2025		S		22,698(1)	D	$12.6161	3	D(2)
Class A Common Stock	08/16/2025		C		17,700	A	(3)	17,703	D
Class A Common Stock	08/19/2025		C		4,000	A	(3)	21,703	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(3)	08/16/2025		C			17,700	(3)	(3)	Class A Common Stock	17,700	(3)	2,113,270(2)	D(4)
Class B Common Stock	(3)	08/19/2025		C			4,000	(3)	(3)	Class A Common Stock	4,000	(3)	2,109,270	D(4)

Explanation of Responses:

1. Reflects shares held and sold by a limited liability company owned and controlled by Thomas P. Danis, Jr., who is the trustee of the Thomas P. Danis, Jr. Revocable Living Trust.

2. Since the date of the reporting person's last ownership report, shares of Class A common stock and Class B common stock were transferred to Mr. Danis' ex-spouse pursuant to a domestic relations order.

3. Holders of Class B Common Stock may elect to convert such shares on a one-for-one basis into Class A common stock at any time. Upon the occurrence of an event constituting a Sunset (as defined in the Issuer's Amended and Restated Certificate of Incorporation), each share of Class B common stock will automatically convert into Class A common stock.

4. Includes Class B common stock held through a limited liability company owned and controlled by Thomas P. Danis, Jr.

Remarks:

The reporting person may be deemed to be a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's Common Stock.

	/s/Amanda Coussens, as Attorney in Fact for the Reporting Person	08/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did the Form 4 for P10, Inc. (PX) report?

The Form 4 reported a sale of 22,698 Class A shares on 08/14/2025 and conversions of 17,700 and 4,000 Class B shares into Class A on 08/16/2025 and 08/19/2025.

What price were shares sold at in the reported transaction?

The sale price on 08/14/2025 was $12.6161 per Class A share.

How many Class A-equivalent shares does the reporting person beneficially own after the transactions?

Reported beneficial ownership was 2,113,270 Class A-equivalent shares after the 08/16 conversion and 2,109,270 after the 08/19 conversion.

Were there any special circumstances affecting holdings?

Yes. The filing notes transfers to the reporting person’s ex-spouse under a domestic relations order and that some shares are held through an LLC controlled by the reporting person.

Does the filing indicate potential group ownership exceeding 10%?

Yes. The remarks state the reporting person may be deemed a member of a Section 13(d) group collectively owning more than 10% of the issuer's common stock.