Ridgepost Capital, Inc. · NYSE:RPC
Ridgepost Capital — P10 — Merger or Acquisition (February 2026)
9 slides from Ridgepost Capital's merger presentation, Feb 5, 2026
Slide 1: P10 Expands into Lower-Middle Market Direct Lending with Acquisition of Stellus Capital Management
P10 Expands into Lower-Middle Market Direct Lending with Acquisition of Stellus Capital Management February 5, 2026 Note: P10, Inc. to become Ridgepost Capital, Inc. on February 11, 2026
Slide 2: Strategic Expansion into Lower-Middle Market Direct Lending
Strategic Expansion into Lower-Middle Market Direct Lending Stellus’ disciplined investment and underwriting process coupled with structurally low financial leverage in the lower-middle market have driven low historical default and loss rates 3 Shared values with a focus on investment excellence, cl
Slide 3: 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 Stellus has grown FPAUM at a ~17% CAGR sinc
Slide 4: Natural Fit with P10's GP Ecosystem Creates Growth Opportunities
Many of P10’s existing strategies have a particular focus on the attractive middle and lower-middle market segment (RCP, Qualitas, Bonaccord, Hark, Five Points, Enhanced) RCP, P10’s largest strategy focused on small buyout PE managers and their portfolio companies in North America through primary, s
Slide 5: Proven Ability to Scale and Develop New Vehicles
Proven Ability to Scale and Develop New Vehicles Proven ability to develop new vehicles, including a publicly-traded BDC, a private BDC and private funds History of sequentially larger private funds Significant AUM and revenue from permanent capital vehicles Evolution of Vehicle Launches Vehicle Nam
Slide 6: Diversified Lower-Middle Market Portfolio and Strong Credit History
5-year Average: ~3.4x Highly diversified portfolio of first lien loans to lower-middle market, sponsor-backed companies in the US Granular portfolio with no single position representing over 2% of overall portfolio < 8% of portfolio in SaaS / software businesses Stellus’ five-year average leverage a
Slide 7: Compelling Transaction for P10 Shareholders
Compelling Transaction for P10 Shareholders Transaction P10 has agreed to acquire 100% of the issued and outstanding equity interests of Stellus Capital Management, LLC (“Stellus”) P10 is acquiring 100% of Stellus’ fee-related earnings1 and the transaction does not include any existing private fund
Slide 8: Footnotes
Strategic Expansion into Lower-Middle Market Direct Lending (slide 2) Includes investments consistent with Stellus’ credit strategy since 2004 including predecessor firm. Overview of Stellus Capital Management (slide 3) Note: Past performance is not indicative of future results. Fee-Related Revenue
Slide 9: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Some of the statements in this presentation constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “