Ridgepost Capital, Inc. · NYSE:RPC
Ridgepost Capital — FY2025 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
HIGHLIGHTS Fourth Quarter and Full Year 2025 Financial Highlights Financial Results Three Months Ended Q4'25 vs Q4'24 Twelve Months Ended YTD'25 vs YTD'24 ($ in Millions, except as otherwise indicated) December 31, 2025 December 31, 2024 % Change December 31, 2025 December 31, 2024 % Change Actual F
Slide 4: Firm Overview
HIGHLIGHTS Firm Overview Ridgepost Capital is a leading private markets solutions provider with over $43 billion in AUM We invest across Private Equity, Private Credit, and Venture Capital in access-constrained strategies, with a focus on the middle and lower-middle market Private Equity Private Cre
Slide 5: Fourth Quarter 2025 Highlights
HIGHLIGHTS Fourth Quarter 2025 Highlights Key Business • Fee paying assets under management (FPAUM) of $29.4B represented a Drivers 15% increase from the prior year • In the quarter, $841M of fundraising and deployment was offset by $535M of stepdowns and expirations • Private Equity Solutions: $325
Slide 6: Fourth Quarter 2025 Highlights, continued
HIGHLIGHTS Fourth Quarter 2025 Highlights, continued • Declared a quarterly cash dividend of $0.0375 per share for Class A and Class B stock, payable on Balance Sheet & March 20, 2026, for holders as of the close of business on February 27, 2026 Capital Return • In the fourth quarter, we made a net
Slide 7: FPAUM and Average Fee Rate Detail
HIGHLIGHTS FPAUM and Average Fee Rate Detail Robust FPAUM growth and stable, attractive fee rates FPAUM Growth ($B) Average Fee Rate1 (Bps) Quarterly average fee rates show the basis points attributable to management & advisory fees excl. direct & co-invest/secondaries catch-up fees and direct & co-
Slide 8: Fee Paying AUM Growth Model
HIGHLIGHTS Fee Paying AUM Growth Model Long-term, contractually locked-up funds ensure highly sticky FPAUM base YTD FPAUM Roll Forward ($B) Quarterly FPAUM Roll Forward ($B) 1.0 0.1 1.4 29.4 29.1 0.5 0.4 29.4 3.7 25.7 (2.4) (0.0) (0.5) Dec-24 Raised Deployed Acquisition FX Stepdowns Dec-25 Sep-25 Ra
Slide 9: Financial Details
Financial Details
Slide 10: Consolidated Statements of Operations (unaudited)
FINANCIAL DETAILS Consolidated Statements of Operations (unaudited) Three Months Ended % Change Twelve Months Ended % Change (Dollars in thousands except share and per share amounts) December 31, 2025 December 31, 2024 Q4'25 vs Q4'24 December 31, 2025 December 31, 2024 YTD'25 vs YTD'24 Revenues Mana
Slide 11: Adjusted FRE (unaudited)
FINANCIAL DETAILS Adjusted FRE (unaudited) Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended December 31, 2025 December 31, 2025 December 31, 2025 December 31, 2025 (Dollars in thousands except share and per share amounts) Adjustments Adjusted Line Item Adjustments Adjust
Slide 12: Non-GAAP Financial Measures (unaudited)
FINANCIAL DETAILS Non-GAAP Financial Measures (unaudited) T hre e M o nt hs E nde d T we lv e M o nt hs E nde d % C ha nge (Do llars in tho usands except share and per share amo unts) D e c e m be r 3 1, 2 0 2 5 D e c e m be r 3 1, 2 0 2 4 D e c e m be r 3 1, 2 0 2 5 D e c e m be r 3 1, 2 0 2 4 Q 4
Slide 13: Consolidated Balance Sheets (unaudited)
FINANCIAL DETAILS Consolidated Balance Sheets (unaudited) (Dollars in thousands except share amounts) December 31, 2025 December 31, 2024 Assets Cash and cash equivalents $ 28,152 $ 67,455 Restricted cash 734 660 Accounts receivable 26,955 32,313 Notes receivable 7,205 7,534 Due from related parties
Slide 14: Consolidated Statements of Cash Flows (unaudited)
FINANCIAL DETAILS Consolidated Statements of Cash Flows (unaudited) Twe lve Months Ende d (Dollars in thousands) De c e mbe r 3 1, 2 0 2 5 De c e mbe r 3 1, 2 0 2 4 Ca sh Flows From O pe ra ting Ac tivitie s Net income $ 22,963 $ 19,667 Adjustments to reconcile net income to net cash provided by ope
Slide 15: Supplemental Materials – Ridgepost Capital Expands into Lower-Middle Market Direct Lending
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
STELLUS CAPITAL MANAGEMENT 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 $3.8B in AUM Extends Ridgepost Capital’s capabilitie
Slide 17: Overview of Stellus Capital Management
STELLUS CAPITAL MANAGEMENT Overview of Stellus Capital Management Fee-Paying Assets Under Management ($B) • Established direct lending platform based in Houston, TX ~21% providing senior-secured loans to sponsor-backed, lower- AUM ($B): 1.5 2.2 2.7 2.8 3.4 3.8 CAGR middle market companies in the US
Slide 18: Natural Fit with Ridgepost Capital's GP Ecosystem Creates Growth Opportunities
STELLUS CAPITAL MANAGEMENT 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 e
Slide 19: Proven Ability to Scale and Develop New Vehicles
STELLUS CAPITAL MANAGEMENT Proven Ability to Scale and Develop New Vehicles Evolution of Vehicle Launches Vehicle Names and Fund Sizes1 • Proven ability to develop new vehicles, including a publicly-traded BDC, a private BDC and private funds • History of sequentially larger private funds • Signific
Slide 20: Diversified Lower-Middle Market Portfolio and Strong Credit History
STELLUS CAPITAL MANAGEMENT Diversified Lower-Middle Market Portfolio and Strong Credit History Average Leverage Profile vs. the Middle Market Annualized Default and Loss Rate vs. Broader Market 5-year 0.46% Average: 1.66% 4.1x 4.2x 4.0x ~5.0x 3.9x 3.7x 3.4x 3.6x 3.5x 3.3x 5-year 2.9x Average: 1.10%
Slide 21: Compelling Transaction for Ridgepost Capital Shareholders
STELLUS CAPITAL MANAGEMENT Compelling Transaction for Ridgepost Capital Shareholders • Ridgepost Capital has agreed to acquire 100% of the issued and outstanding equity interests of Stellus Capital Management, LLC Transaction (“Stellus”) • Ridgepost Capital is acquiring 100% of Stellus’ fee-related
Slide 22: Appendix
Appendix
Slide 23: Compelling Business Model Built on Durable Fee-Related Earnings
APPENDIX Compelling Business Model Built on Durable Fee-Related Earnings FRE-Centric Business Aligned Incentives “Model” • Carried interest structured Predictable, Stable • Highly-recurring, diversified to stay overwhelmingly with investment teams to optimize Earnings Growth revenues composed almost
Slide 24: Focused Investment Strategies with Leadership in Attractive MM/LMM
APPENDIX Focused Investment Strategies with Leadership in Attractive MM/LMM Strategies investing in specialized and/or fragmented markets, with a particular focus Investment Long History on the attractive middle and lower-middle of Success Stategy market segment Focus • Capital availability / opport
Slide 25: Well-Positioned to Utilize Variety of Levers to Drive Growth
APPENDIX Well-Positioned to Utilize Variety of Levers to Drive Growth Robust Foundation for a Range of Levers to Drive Organic and Inorganic Growth Attractive Private Markets Ecosystem World-class private Leader in attractive Compelling business Large and diverse global markets strategies with MM/LM
Slide 26: Performance Summary – Private Equity
APPENDIX Performance Summary – Private Equity Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (Fund size as of 12/31/25, performa
Slide 27: Performance Summary – Private Equity
APPENDIX Performance Summary – Private Equity Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size (€M) Called Capital Net IRR Net ROIC GP Stakes Funds (Fund size as of 12/31/25, perfor
Slide 28: Performance Summary – Private Credit
APPENDIX Performance Summary – Private Credit Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC NAV Lending Funds (Fund size as of 12/31/25, perf
Slide 29: Performance Summary – Private Credit
APPENDIX Performance Summary – Private Credit Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Credit Funds (Fund size as of 12/31/25, performan
Slide 30: Performance Summary – Venture Capital
APPENDIX Performance Summary – Venture Capital Preeminent investment teams with a superior track record across portfolio solutions1 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
Slide 31: Premier Private Markets Solutions Provider
APPENDIX Premier Private Markets Solutions Provider Comprehensive suite of private market vehicles1 Primary Solutions Direct and Co-Investments Secondary Investments Asset Class • Private Equity • Private Equity • Private Equity • Venture Capital • Venture Capital • Venture Capital • Private Credit
Slide 32: Fee Paying AUM Across Diversified Vehicles
APPENDIX Fee Paying AUM Across Diversified Vehicles Multi-asset investment platform with strong organic growth Diversified Base and Growth Across Vehicles Key Metrics FPAUM Composition (As of Q4’25) Primary Solutions $15.8B 13% FPAUM as of Q4’25 Actual FPAUM CAGR Total Primary Solutions 54% Q4’20 –
Slide 33: Highly Diversified Investor Base
APPENDIX 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% S
Slide 34: Well Positioned in Attractive, Specialized, and Growing Markets
APPENDIX Well Positioned in Attractive, Specialized, and Growing Markets1 Capital Available Universe of Companies by Fund Size2 by Revenue Size3 $861B of capital available to PE Funds 6,708 over $1B 84% companies 7% w/ revenues >$250M Lower-Middle Market Benefits $170B of capital available to Funds
Slide 35: Unique Proprietary Data Set Driving Sourcing and Evaluation
APPENDIX Unique Proprietary Data Set Driving Sourcing and Evaluation Differentiation and Provides Asymmetric Information Advantage Distinct market access, deal flow, and data analytics to navigate private markets Overview • Unique and extensive proprietary analytics database • A competitive edge for
Slide 36: Tax Assets
APPENDIX Tax Assets Combination of intangible assets, goodwill, and NOLs generate tax benefits Commentary Size Intangible Assets • Tax basis intangible assets and tax-deductible and Goodwill goodwill are available to reduce federal income tax ratably over fifteen years Goodwill and • Currently, tax
Slide 37: Notes
Notes
Slide 38: Key Terms & Supplemental Information
NOTES Key Terms & Supplemental Information Below is a description of our unaudited non-GAAP financial measures. These are not FEE-RELATED EARNINGS measures of financial performance under GAAP and should not be construed as a substitute Fee-Related Earnings is a non-GAAP performance measure used to m
Slide 39: Disclosures
NOTES Disclosures PERFORMANCE DISCLOSURES RCP ADVISORS PERFORMANCE DISCLOSURES: The historical performance of our investments should not be considered as indicative of the future • Past performance does not predict, and is not a guarantee of, future results. The historical results of our investments
Slide 40: Disclosures
NOTES Disclosures RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): • The actual performance returns of each investor may vary (in some cases, materially) and are • Direct Fund Performance. With limited exceptions, Direct Funds generally do not pay t
Slide 41: Disclosures
NOTES Disclosures BONACCORD PERFORMANCE DISCLOSURES: QUALITAS PERFORMANCE DISCLOSURES: • Net Performance for BCP I is determined assuming a limited partner was admitted at the first • The information presented herein is for informational purposes only, reflects historical data as of closing and is s
Slide 42: Disclosures
NOTES Disclosures HARK PERFORMANCE DISCLOSURES: ENHANCED PERFORMANCE DISCLOSURES: • ROIC: Represents the return on invested capital. ROIC is calculated by dividing the sum of • Past performance is not indicative of future results. All investments bear the risk of loss. Risks distributions plus total
Slide 43: Disclosures
NOTES Disclosures ENHANCED PERFORMANCE DISCLOSURES (CONTINUED): ENHANCED PERFORMANCE DISCLOSURES (CONTINUED): • Project Finance, Small Business Lending Net reflects Client returns after allocation of • Project Finance – Tax Credit Investments returns include the pooling of Historic Tax Credit and ma
Slide 44: Disclosures
NOTES Disclosures ENHANCED PERFORMANCE DISCLOSURES (CONTINUED): ENHANCED PERFORMANCE DISCLOSURES (CONTINUED): Accordingly, the related delay of capital calls will increase the fund-level Net IRR reflected herein expected yield to maturity. These returns regress toward the expected yield to maturity
Slide 45: Disclosures
NOTES Disclosures WTI PERFORMANCE DISCLOSURES: WTI PERFORMANCE DISCLOSURES (CONTINUED): • The performance data in this presentation represents past performance only and is not a • Private Funds Entail Risks. Private funds are speculative investments and are not suitable for all guarantee of future r
Slide 46: Thank You
Thank You 2699 HOWELL STREET, SUITE 1000 DALLAS, TX 75204 214.865.7998 INFO@RIDGEPOSTCAPITAL.COM