Ridgepost Capital, Inc. · NYSE:RPC
Ridgepost Capital — Q4 2025 Earnings Presentation
46 slides from Ridgepost Capital's earnings presentation, Feb 12, 2026
Slide 1: Fourth Quarter & Full Year 2025 Results
Fourth Quarter & Full Year 2025 Results Earnings Presentation 12 February 2026
Slide 2: Important Disclosures
Important Disclosures IMPORTANT NOTICES The inclusion of references to Ridgepost Capital, Inc. (“Ridgepost Capital” or the “Company”) in this presentation is for information purposes only as the holding company of various subsidiaries. Ridgepost Capital does not offer investment advisory services an
Slide 3: Fourth Quarter and Full Year 2025 Financial Highlights
Fourth Quarter and Full Year 2025 Financial Highlights Adjusted Net Income, Fully Diluted ANI per share, Fee-Related Revenue, Fee-Related Earnings and Fee-Related Earnings Margin are non-GAAP financial measures. Please refer to the Non-GAAP Financial Measures slide for a reconciliation of non-GAAP t
Slide 4: Firm Overview
Firm Overview All data herein is as of 12/31/2025, unless otherwise noted. Data above includes Qualitas Funds AUM and FPAUM based on EUR/USD exchange rate of 1.17392. Please refer to the Additional Disclaimers slides at the back of this presentation. Ridgepost Capital is a leading private markets so
Slide 5: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights Adjusted Net Income, Fully Diluted ANI per share, Fee-Related Revenue, Fee-Related Earnings and Fee-Related Earnings Margin are non-GAAP financial measures. Please refer to the Non-GAAP Financial Measures slide for a reconciliation of non-GAAP to GAAP measures. Key Bus
Slide 6: Balance Sheet & Capital Return
Balance Sheet & Capital Return Declared a quarterly cash dividend of $0.0375 per share for Class A and Class B stock, payable on March 20, 2026, for holders as of the close of business on February 27, 2026 In the fourth quarter, we made a net paydown of $17M on the revolver and $4M on the term loan.
Slide 7: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail FPAUM Growth ($B) The average fee rates shown in the graph are calculated as management and advisory fees divided by average FPAUM. Catch-up fees are earned from investors that committed during the fundraising period of funds originally launched in prior periods, an
Slide 8: Fee Paying AUM Growth Model
Fee Paying AUM Growth Model YTD FPAUM Roll Forward ($B) Prior to Q4 2024, we presented capital deployed and stepdowns on a combined, or net basis for Hark Capital. Starting in Q4 2024, we present capital deployed and stepdowns separately, or on a gross basis for Hark Capital. NAV change impact on Ri
Slide 9: Financial Details
Financial Details
Slide 10: Consolidated Statements of Operations (unaudited)
Consolidated Statements of Operations (unaudited)
Slide 11: Adjusted FRE (unaudited)
Adjusted FRE (unaudited) Compensation and benefits, excluding all non-cash stock based compensation. Includes the accrual of the earnout related to the WTI acquisition. Non-cash stock based compensation including acquisition related RSUs and option expense granted in connection with the Bonaccord an
Slide 12: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) Above is a calculation of our unaudited non-GAAP financial measures. These are not measures of financial performance under GAAP and should not be construed as a substitute for the most directly comparable GAAP measures, which are reconciled in the table above.
Slide 13: Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited)
Slide 14: Consolidated Statements of Cash Flows (unaudited)
Consolidated Statements of Cash Flows (unaudited)
Slide 15: Supplemental Materials – Acquisition of Stellus Capital Management
Supplemental Materials – Ridgepost Capital Expands into Lower-Middle Market Direct Lending with Acquisition of Stellus Capital Management
Slide 16: Strategic Expansion into Lower-Middle Market Direct Lending
Strategic Expansion into Lower-Middle Market Direct Lending Ridgepost Capital, Inc. (“Ridgepost Capital”) to acquire Stellus Capital Management, LLC (“Stellus”), a US direct lender focused on the lower-middle market with $3.8B in AUM Stellus’ disciplined investment and underwriting process coupled w
Slide 17: Overview of Stellus Capital Management
Overview of Stellus Capital Management Established direct lending platform based in Houston, TX providing senior-secured loans to sponsor-backed, lower-middle market companies in the US Senior team established the direct lending practice at D.E. Shaw in 2004 and spun-out to form Stellus in 2012 Stel
Slide 18: Natural Fit with Ridgepost Capital's GP Ecosystem Creates Growth Opportunities
Natural Fit with Ridgepost Capital’s GP Ecosystem Creates Growth Opportunities Stellus’ sponsor client base profile fits extremely well with the middle and lower-middle market GP ecosystem of Ridgepost Capital’s existing strategies, particularly RCP, creating origination expansion opportunities Midd
Slide 19: Proven Ability to Scale and Develop New Vehicles
Proven Ability to Scale and Develop New Vehicles Evolution of Vehicle Launches Vehicle Names and Fund Sizes1 2 3 Permanent Capital Vehicles Commingled Funds Proven ability to develop new vehicles, including a publicly-traded BDC, a private BDC and private funds History of sequentially larger private
Slide 20: Diversified Lower-Middle Market Portfolio and Strong Credit History
Diversified Lower-Middle Market Portfolio and Strong Credit History Annualized Default and Loss Rate vs. Broader Market Average Leverage Profile vs. the Middle Market Highly diversified portfolio of first lien loans to lower-middle market, sponsor-backed companies in the US Granular portfolio with n
Slide 21: Compelling Transaction for Ridgepost Capital Shareholders
Compelling Transaction for Ridgepost Capital Shareholders Transaction Ridgepost Capital has agreed to acquire 100% of the issued and outstanding equity interests of Stellus Capital Management, LLC (“Stellus”) Ridgepost Capital is acquiring 100% of Stellus’ fee-related earnings1 and the transaction d
Slide 22: Appendix
Appendix
Slide 23: Compelling Business Model Built on Durable Fee-Related Earnings
Compelling Business Model Built on Durable Fee-Related Earnings Based on LTM Q4 2025. Fee-Related Revenue is a non-GAAP financial measure. Please refer to the Non-GAAP Financial Measures slide for a reconciliation of non-GAAP to GAAP measures. Past performance does not guarantee future results. Ther
Slide 24: Focused Investment Strategies with Leadership in Attractive MM/LMM
Focused Investment Strategies with Leadership in Attractive MM/LMM Capital availability / opportunity imbalance creates attractive competitive dynamic Importance of proprietary data continuously guiding disciplined investment processes Valuations structurally lower Meaningfully less utilization of f
Slide 25: Attractive Private Markets Ecosystem
Attractive Private Markets Ecosystem World-class private markets strategies with long track records of alpha generation1 Leader in attractive MM/LMM, underpinned by data and insights Compelling business model built on durable FRE Large and diverse global client base Well-Positioned to Utilize Variet
Slide 26: Performance Summary – Private Equity
Performance Summary – Private Equity Preeminent investment teams with a superior track record across portfolio solutions1 See Disclosure slides at the back of this presentation. Past performance is not indicative of future results. There is no guarantee that an investment with Ridgepost Capital will
Slide 27: Performance Summary – Private Equity
Performance Summary – Private Equity Preeminent investment teams with a superior track record across portfolio solutions1 See Disclosure slides at the back of this presentation. Past performance is not indicative of future results. There is no guarantee that an investment with Ridgepost Capital will
Slide 28: Performance Summary – Private Credit
Performance Summary – Private Credit Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC NAV Lending Funds (Fund size as of 12/31/25, performance as of 9/30/25) Fund I 2013 $106 119% 11.0% 1.3x Fund II 2017 $203 75% 11.4% 1.6x Fund III 2021 $408 84% 11.8% 1.3x Fund IV 2022 $646 84% 11.4% 1.1
Slide 29: Performance Summary – Private Credit
Performance Summary – Private Credit Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Credit Funds (Fund size as of 12/31/25, performance as of 9/30/25) VLL I 1994 $47 100% 63.3% 5.9x VLL II 1997 $110 100% 61.4% 2.7x VLL III 2000 $217 75% 4.3% 1.2x VLL IV 2004 $250 100% 15.9% 2.2x VLL V 2
Slide 30: Performance Summary – Venture Capital
Performance Summary – Venture Capital Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (Fund size as of 12/31/25, performance as of 9/30/25) Fund I 2007 $311 93% 13.1% 2.9x Fund II 2010 $342 83% 20.3% 5.6x Fund III 2013 $409 92% 16.7% 3.5x Fund IV 2015 $408 91% 24.3% 4.0x Fu
Slide 31: Primary Solutions, Direct and Co-Investments, Secondary Investments
Primary Solutions Direct and Co-Investments Secondary Investments Asset Class Private Equity Venture Capital Private Equity Venture Capital Private Credit Impact Investing Private Equity Venture Capital Structure Description Invests in diversified portfolio of funds across- asset classes with define
Slide 32: Fee Paying AUM Across Diversified Vehicles
Fee Paying AUM Across Diversified Vehicles Diversified Base and Growth Across Vehicles Key Metrics FPAUM Composition (As of Q4’25) Direct & Co-Investments Secondary Investments FPAUM Composition (As of Q4’25) Actual FPAUM Growth $16.7B Primary Solutions 54% Direct & Co-Investments 36% Secondary Inve
Slide 33: Highly Diversified Investor Base
Highly Diversified Investor Base Multi-asset class investment platform creates differentiated offerings for our investors Investor Type by Channel Investor Channel Breakdown Wealth Manager / HNW 36% Pension Fund 19% Endowment / Foundation 17% Financial Institution 13% Insurance Company 9% Sovereign
Slide 34: Well Positioned in Attractive, Specialized, and Growing Markets
Well Positioned in Attractive, Specialized, and Growing Markets1 There is no guarantee that recent market dynamics will continue. Source: PitchBook. Capital available to invest by fund size represents U.S. private equity overhang for vintage years 2018-2025. U.S. PE Funds: includes buyout, growth, c
Slide 35: Unique Proprietary Data Set Driving Sourcing and Evaluation
Unique Proprietary Data Set Driving Sourcing and Evaluation Differentiation and Provides Asymmetric Information Advantage Overview Unique and extensive proprietary analytics database A competitive edge for systematic sourcing, diligence, and monitoring processes enable more informed investment decis
Slide 36: Tax Assets
Commentary Size Intangible Assets and Goodwill Tax basis intangible assets and tax-deductible goodwill are available to reduce federal income tax ratably over fifteen years Currently, tax amortization relates to goodwill and intangibles acquired in tax years 2017 – 2022 Management plans to pursue di
Slide 37: Notes
Notes
Slide 38: Key Terms & Supplemental Information
Key Terms & Supplemental Information Below is a description of our unaudited non-GAAP financial measures. These are not measures of financial performance under GAAP and should not be construed as a substitute for the most directly comparable GAAP measures. These measures have limitations as analytic
Slide 39: Disclosures
Disclosures Performance Disclosures The historical performance of our investments should not be considered as indicative of the future results of our investments or our operations or any returns expected on an investment in our Class A common stock. In considering the performance information contain
Slide 40: Disclosures: RCP Advisors Performance Disclosures
Disclosures RCP Advisors Performance Disclosures (continued): Direct Fund Performance. With limited exceptions, Direct Funds generally do not pay third-party management fees since the Direct Funds invest directly (or indirectly through special purpose vehicles) in equity investments and not in other
Slide 41: Disclosures: Qualitas Performance Disclosures
Disclosures Qualitas Performance Disclosures: The information presented herein is for informational purposes only, reflects historical data as of September 30, 2025, and does not constitute an offer to sell or a solicitation of an offer to purchase any securities. The data should not be relied upon
Slide 42: Disclosures: Enhanced Performance Disclosures
Disclosures Enhanced Performance Disclosures: Past performance is not indicative of future results. All investments bear the risk of loss. Risks include non-payment of loans by borrowers and recapture of tax credits due to lack of following program compliance rules. Investments in tax credits are no
Slide 43: Disclosures: Enhanced Performance Disclosures (continued)
Disclosures Enhanced Performance Disclosures (continued): Project Finance – Tax Credit Investments returns include the pooling of Historic Tax Credit and Renewable Energy Tax Credit transactions. Historic Tax Credit deals with a 1-year credit assume a 0% Management Fee and a 30% Profit Share. Histor
Slide 44: Disclosures: Enhanced Performance Disclosures (continued)
Disclosures Enhanced Performance Disclosures (continued): expected yield to maturity. These returns regress toward the expected yield to maturity over the full duration of the investment. Actual returns may differ materially. Loan performance only includes impact investments in which Enhanced has so
Slide 45: Disclosures: WTI Performance Disclosures (continued)
Disclosures WTI Performance Disclosures (continued): Private Funds Entail Risks. Private funds are speculative investments and are not suitable for all investors, nor do they represent a complete investment program. The Funds are available only to qualified investors who are comfortable with the sub
Slide 46: Thank You
RIDGEPOST A\ CAPITAL Thank You 7 2699 HOWELL STREET, SUITE 1000 DALLAS, TX 75204 7 214.865.7998 71 INFO@RIDGEPOSTCAPITAL.COM