P10, Inc. (NYSE:PX) shares rose nearly 7% yesterday after the company reported its Q1 financial results, with revenue growing 32% year-over-year to $57.3 million. Fee Paying Assets Under Management rose 23% year-over-year to $21.6 billion. Furthermore, the company hiked its annual dividend by 8% to $0.13 per share.

The big-picture takeaway from the print is that P10's operating business model is doing what it was designed to do—generate stable operating earnings that grow in line with upwardly trending AUM with relatively little volatility.