As of June 30, 2025, PitchBook’s total client count was down slightly compared to year-end 2024, reflecting a modest net decrease in the
first half of the year. We continued to add new clients during this period, but these additions were offset by churn, primarily in our
corporate client segment. Corporates often have more limited use cases for private market data, research, and tools in periods of slower
deal activity and can be more sensitive to budget constraints in uncertain macroeconomic environments.
PitchBook’s revenue growth in the first half of 2025 was primarily driven by existing clients expanding their license counts and price
increases on existing accounts. We observed expansion of license counts particularly among larger customers in our core private equity,
asset management, and commercial banking segments. We continue to see runway for seat growth within these large accounts, which
are a key driver of our expansion activity.