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Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 19. Subsequent Events

On October 13, 2022, the Company completed the acquisition of all of the issued and outstanding membership interests of Westech Investment Advisors LLC ("WTI") for a purchase price consisting of $97.0 million in cash and earnout payments of up to an additional $70.0 million of cash and common stock and an aggregate of 3,916,666 membership units of P10 Intermediate which can be exchanged on a one-for-one basis into shares of P10 common stock, subject to certain conditions pursuant to the Exchange Agreement entered into on August 25, 2022. The Company is in the process of completing its accounting for the transaction.

In connection with the acquisition of WTI, the Company granted 3,595,000 options under the 2021 Incentive Plan. The options vest over five years and expire ten years from the grant date.

The Company drew on the accordion feature of the Credit Agreement in order to fund the cash portion of the purchase price of the WTI acquisition. The $125.0 million accordion was exercised as $87.5 million of term loan and $37.5 million of revolver. We drew $87.5 million of the term loan and $6.0 million of the revolver in cash to complete the WTI acquisition.

The Board of Directors of the Company has declared a quarterly dividend of $0.03 per share of Class A and Class B common stock, payable on December 20, 2022, to the holders of record as of the close of business on November 30, 2022.

In accordance with ASC 855, Subsequent Events, the Company evaluated all material events or transactions that occurred after September 30, 2022, the Consolidated Balance Sheet date, through the date the Consolidated Financial Statements were issued, and determined there have been no additional events or transactions that would materially impact the Consolidated Financial Statements.