In Q2, PitchBook had a small increase in y/y license growth as compared to the prior 3 quarters. Can you share more color on any changes you've observed in terms of traction with clients? Can you share what types of users are driving the growth in PitchBook licenses, and are these new client wins or greater penetration with existing clients? How has client sentiment trended over the last 3 months and are there any notable trends within the venture capital and corporate client segments?

In Q2, PitchBook had a small increase in y/y license growth as compared to the prior 3 quarters. Can you share more color on any changes you've observed in terms of traction with clients? Can you share what types of users are driving the growth in PitchBook licenses, and are these new client wins or greater penetration with existing clients? How has client sentiment trended over the last 3 months and are there any notable trends within the venture capital and corporate client segments? August 25, 2026 Consistent with recent quarters, Q2 26 licensed user growth continued to be driven primarily by expansion within our existing core client base — private equity, asset management, and commercial banking — rather than new logo additions alone, reflecting deeper embedding across teams and use cases at the accounts we already serve. We’ve continued to see softness in the venture capital and corporate client segments. Venture capital continues to see lower retention and challenges in expansion efforts, and corporate clients tend to have more limited and budget-sensitive use cases. Our core investor and advisor segments have stayed more resilient.