UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission File Number: 001-40937 Ridgepost Capital, Inc. (Exact Name of Registrant as Specified in its Charter) Delawar ...

Core Viewpoint - Pelangio Exploration Inc. has commissioned a controlled-source electromagnetic (CSEM) survey for its Obuasi and Manfo projects to explore mineral targets at depths exceeding 1 kilometer [1][11]. CSEM Survey Details - The CSEM survey will be conducted by SEMS Exploration Services of Ghana, utilizing an IRIS Instruments TIP 12000 transmitter powered by a 20kVA generator [2]. - The survey will cover the Obuasi Targets Area, spanning 9.2 km² with 295 stations spaced 170 meters apart, while a parallel survey by AngloGold Ashanti will cover 10.4 km² with 333 stations [4]. Survey Methodology - CSEM is effective for detecting conductive features and mapping resistive bodies at depths up to several kilometers, particularly suitable for identifying Obuasi-style mineralization [3]. - The Magneto-Telluric (MT) method, while capable of deep imaging, offers lower resolution and requires longer survey times compared to CSEM [3]. Project Locations and Context - The Obuasi survey targets areas interpreted to be on strike with the Obuasi Mine's Main Au Trend, with the nearest known ore shoot located approximately 4.2 kilometers from Pelangio's property boundary at a depth of over 700 meters [5][11]. - The Manfo project will follow with a smaller CSEM survey covering 2.8 km² and 100 EM stations, aimed at exploring deeper mineralization than current drilling programs [7][11]. Timeline and Future Plans - The Obuasi surveys are expected to commence in mid-April and will take approximately two months to complete, followed by an additional month for data modeling and reporting [6]. - Resource extensional diamond drilling continues on the Manfo project, focusing on the Pokukrom deposits, with three out of fifteen planned holes nearly complete [8].

Financial Data and Key Metrics Changes - As of the end of Q4 2025, fee-paying assets under management (AUM) reached $29.4 billion, reflecting a 15% year-over-year increase [19] - For the full year 2025, fee-paying AUM increased by 15%, fee-related revenues (excluding direct and secondary catch-up fees) rose by 13%, and fee-related earnings (FRE) margins were better than expected at 47% [11][19] - GAAP net income for Q4 was $11 million, up from $5.7 million in the prior year's Q4, while for the full year 2025, net income was $23 million, an increase from $19.7 million in 2024 [25] Business Line Data and Key Metrics Changes - In Q4 2025, private equity strategies raised and deployed $325 million, venture capital solutions raised and deployed $178 million, and private credit strategies added $338 million to fee-paying AUM [24] - The average core fee rate was 109 basis points in Q4 and 104 basis points for 2025, with an expectation of averaging 103 basis points for 2026 [23] Market Data and Key Metrics Changes - The company raised and deployed a record $5.1 billion in organic gross new fee-paying AUM in 2025, exceeding initial annual fundraising guidance by over $1 billion [11] - AUM, including NAV and uncalled capital commitments, was over $43 billion across the platform as of December 31, 2025 [22] Company Strategy and Development Direction - The company aims to double fee-paying AUM to $50 billion by the end of 2029, primarily through organic growth [15] - The acquisition of Stellus, a direct lending platform, is expected to enhance capabilities in the middle and lower middle market, which is viewed as an underserved segment with significant opportunities [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory and the strategic transformation undertaken over the past two years, which has led to meaningful improvements across the platform [4][5] - The company anticipates strong fundraising in 2026 and 2027, targeting at least $10 billion of gross fee-paying AUM over the next two years, excluding acquisitions [19][16] Other Important Information - The company completed the acquisition of Qualitas Funds, establishing a presence outside the U.S. and opening a new office in Dubai [13][14] - A quarterly cash dividend of $0.0375 per share was approved, payable on March 20, 2026 [27] Q&A Session Summary Question: AI exposure and risks to private markets - Management indicated a meaningful exposure to AI through its venture portfolio, with investments performing well, while overall exposure to SaaS and software is less than 10% [30][31] Question: Private markets wealth strategy build-out - Management clarified that private wealth clients represent about 36% of their client base and emphasized a strategic approach to maximizing distribution through partnerships like CAIS [34][37] Question: Details on Stellus acquisition and its impact - Management stated that Stellus is expected to be modestly accretive to margins and ANI EPS in the first year, with further guidance to be provided closer to the acquisition closing [41][42] Question: Stellus's sourcing funnel and growth acceleration - Management highlighted the strong fit between Stellus's focus on the middle and lower middle market and the company's existing sponsor ecosystem, indicating plans to enhance sourcing and growth [49][50] Question: Capital management and allocation strategy - Management plans to buy back stock to offset dilution while also focusing on paying down debt post-acquisition, with ongoing interest in M&A opportunities in private credit and real assets [55][56]

Financial Data and Key Metrics Changes - As of the end of Q4 2025, fee-paying assets under management (AUM) reached $29.4 billion, reflecting a 15% year-over-year increase [19] - Fee-related revenues (FRR) for 2025 were $297.3 million, a 13% increase from 2024, excluding direct and secondary catch-up fees [22] - Adjusted net income (ANI) for Q4 was $30.2 million, a 14% decrease from the previous year, primarily due to high catch-up fee revenue in Q4 2024 [26] Business Line Data and Key Metrics Changes - The company raised and deployed a record $5.1 billion in organic gross new fee-paying AUM in 2025, exceeding initial guidance by over $1 billion [11] - Private equity strategies raised and deployed $325 million, venture capital solutions raised and deployed $178 million, and private credit strategies added $338 million to fee-paying AUM in Q4 [24] - The average core fee rate was 109 basis points in Q4 and 104 basis points for 2025, with expectations of 103 basis points for 2026 [23] Market Data and Key Metrics Changes - The company has expanded its product set to meet investor demand for private markets, including launching its first evergreen product and a fund directed at European investors [13] - The acquisition of Qualitas Funds established the company's presence outside the U.S., complemented by the opening of a new office in Dubai [14] Company Strategy and Development Direction - The company aims to double fee-paying AUM to $50 billion by the end of 2029, primarily through organic growth [15] - The strategic acquisition of Stellus is expected to enhance direct lending capabilities and align with the company's focus on the middle and lower middle market [9] - The company is committed to returning capital to shareholders, having repurchased nearly 11 million shares since the beginning of 2024 [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory and the potential for further expansion in the middle and lower middle market [18] - The company anticipates strong fundraising in 2026 and 2027, targeting at least $10 billion in gross fee-paying AUM [16] - Management highlighted the importance of strong fund performance and product innovation to sustain growth [12] Other Important Information - The company appointed two new independent directors to enhance governance and broaden its brand reach [14] - Operating expenses decreased in 2025 to $231.8 million from $235.8 million in 2024, reflecting adjustments related to prior acquisitions [25] Q&A Session Summary Question: AI's impact on private markets - Management noted a meaningful exposure to AI through its venture portfolio, with investments performing well, while maintaining modest exposure to SaaS and software [30][31] Question: Private markets wealth strategy - Management clarified that while private wealth was not a primary focus, they are leveraging existing products and partnerships, such as with CAIS, to enhance distribution in the private wealth channel [33][37] Question: Details on Stellus acquisition - Management indicated that Stellus's acquisition would be modestly accretive and that more detailed guidance would be provided closer to the closing date [41][42] Question: Stellus's sourcing funnel and growth acceleration - Management emphasized the strong fit between Stellus and the company's existing sponsor ecosystem, with plans to enhance sourcing and accelerate growth post-acquisition [49][52] Question: Capital management and M&A strategy - Management stated intentions to balance stock buybacks with debt reduction post-acquisition, while remaining focused on strategic M&A opportunities in private credit and real assets [55][58]

Ridgepost Capital (NYSE:PX) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Speaker6Hello, and welcome to Ridgepost Capital's fourth quarter and full year 2025 conference call. My name is Kevin, and I'll be coordinating your call today. Currently, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. As a reminder, today's conference call is being recorded. I will now pass the call over to your host, Mark Hood, EVP and Chief Administrati ...

Fourth Quarter & Full Year 2025 Results Earnings Presentation 12 February 2026 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 and this presentation is neither an offer of any investment products nor an offer of advisory services by Ridgepost Capital. By accepti ...

Financial Performance - Fee-paying assets under management (FPAUM) reached $29.4 billion, representing a 15% increase from the prior year[8] - Revenue for Q4 2025 was $81.0 million, a decrease of 5% compared to Q4 2024, while total revenue for the year was $297.3 million, showing no significant change from the previous year[8] - GAAP net income for Q4 2025 was $11.0 million, a 94% increase year-over-year, with a fully diluted GAAP EPS of $0.09, up 80% from Q4 2024[8] - Adjusted net income for Q4 2025 was $30.2 million, down 14% from the previous year, with a fully diluted ANI per share of $0.26, a decrease of 13%[8] - Fee-related revenue for the year was $297.3 million, a 2% increase compared to $291.3 million in 2024[8] - Total revenues for Q4 2025 decreased by 5% to $81.046 million compared to $85.014 million in Q4 2024[29] - Management and advisory fees fell by 5% year-over-year to $79.922 million in Q4 2025, while other revenue increased by 14% to $1.124 million[29] - Net income attributable to Ridgepost increased by 79% to $9.451 million in Q4 2025, compared to $5.280 million in Q4 2024[29] - The company reported a 132% increase in income before income taxes, reaching $17.783 million in Q4 2025, up from $7.666 million in Q4 2024[29] - Adjusted net income for the year decreased by 14% to $30.184 million compared to $35.297 million in the previous year[32] - The company experienced a 243% increase in income tax expense, amounting to $6.749 million in Q4 2025, compared to $1.965 million in Q4 2024[32] - Total operating expenses decreased by 11% to $55.161 million in Q4 2025, down from $62.158 million in Q4 2024[29] - Net income for the twelve months ended December 31, 2025, was $22,963,000, up from $19,667,000 in 2024, representing an increase of about 12%[36] Shareholder Actions - The company declared a quarterly cash dividend of $0.0375 per share, payable on March 20, 2026[14] - In Q4 2025, the company repurchased 522,728 shares at an average price of $9.54, totaling nearly $5 million, with approximately $21 million remaining on the repurchase authorization[14] Acquisitions and Market Position - The company announced an agreement to acquire Stellus Capital Management, LLC, which has $3.8 billion in AUM, enhancing its market position[14] - Ridgepost Capital announced the acquisition of Stellus Capital Management, which has $3.8 billion in assets under management (AUM)[38] - Ridgepost Capital has agreed to acquire 100% of Stellus Capital Management for a total upfront consideration of $250 million, consisting of $125 million in cash and $125 million in Ridgepost Capital units[58] - The transaction is expected to be modestly accretive to adjusted net income (ANI) per share in the first full year post-close and to the fee-related earnings (FRE) margin[58] - The transaction is expected to close in mid-2026, pending shareholder approval and other customary conditions[58] Fund Performance and Metrics - Stellus Capital has achieved a compound annual growth rate (CAGR) of approximately 17% in fee-paying assets under management since 2020[45] - The annualized default rate for Stellus is significantly lower than the broader market, averaging around 0.46%[53] - The annualized default rate across all Stellus vehicles is 1.10%, with an annualized loss rate of approximately 0.14% since inception[57] - Stellus Capital's fee-related revenue (FRR) represents 99% of its total revenue, highlighting a highly recurring revenue model[61] - The average net internal rate of return (IRR) for Stellus Capital's funds ranges from 3.1% to 21.1%, with several funds achieving over 15%[69] - Fund IV of Hark Capital has a size of $646 million with a net IRR of 11.4% and a net ROIC of 1.1x as of September 30, 2025[74] - EnhancedCapital's Project Finance fund from 2021 has a size of $2,386 million with a net IRR of 9.8% and a net ROIC of 1.3x[75] - The VLL I fund from Ridgepost Capital has a size of $47 million with a remarkable net IRR of 63.3% and a net ROIC of 5.9x[77] - The net IRR for Fund III of TrueBridge is 16.7% with a net ROIC of 3.5x, indicating strong performance in the venture capital space[80] - The WTI XI fund from Ridgepost Capital has a size of $389 million with only 14% called capital and no reported net IRR or ROIC as of September 30, 2025[77] Assets and Liabilities - Total assets increased to $928,302,000 from $869,275,000, reflecting a growth of approximately 7%[35] - Debt obligations rose to $373,204,000 from $319,783,000, an increase of about 17%[35] - The company reported net cash provided by operating activities of $22,988,000, a significant decrease from $100,970,000 in the previous year[36] - The company reported a total equity of $403,459,000, up from $386,890,000, indicating an increase of about 4%[35] - Cash and cash equivalents decreased to $28,152,000 from $67,455,000 year-over-year, a decline of approximately 58%[35] Investment Strategies and Risks - Ridgepost Capital's investment strategies focus on the middle and lower-middle market, leveraging proprietary data to guide disciplined investment processes[66] - The company emphasizes disciplined growth through acquisitions to create additional intangibles and goodwill amortization[96] - The performance of funds is subject to market conditions and investment opportunities, which may affect future results[118] - Past performance of investments is not indicative of future results, and there is no guarantee of achieving comparable returns[119] - Private funds are speculative investments and not suitable for all investors, with substantial risks associated with investing[131] - Investors in the Fund have no right to redeem or transfer interests, and interests will not be listed on an exchange[131] Tax Considerations - The company has $318 million in remaining tax amortization related to goodwill and intangibles, which can reduce federal income tax over fifteen years[96] - Federal Net Operating Losses (NOLs) amount to $54 million, expected to be fully utilized during 2026[96] Fee Structures and Returns - The management fee for Client equity owners is set at 1.5% on deployed capital, with a 15% carried interest above a 7% hurdle[127] - The fee structure for Project Finance includes a 50% split of origination fees and a 12.5% carried interest above a 7% hurdle[125] - The Fund's performance includes closing fees realized at investment inception, leading to early investment return metrics exceeding expected yield to maturity[127] - Unrealized returns are based on the fair value of investments as of December 31, 2024, assuming liquidation at that FMV on January 1, 2025[127] - Investments in tax credits are not securities investments, and returns shown do not reflect returns achieved on investment securities[128]

Core Viewpoint - Stellus Capital Management has entered into a definitive agreement to be acquired by P10, Inc., enhancing Stellus' resources and expertise while maintaining its existing investment processes and operations [1][2]. Group 1: Company Overview - Stellus Capital Management specializes in senior secured loans in the lower-middle market, with $3.8 billion in assets under management (AUM) and a track record of over $10.3 billion invested in more than 375 portfolio companies [5]. - P10, Inc. is a private markets solutions provider with over $40 billion in AUM, focusing on the middle and lower-middle market across various investment strategies [6]. Group 2: Strategic Rationale - The acquisition is seen as a strategic partnership that will broaden access to direct lending opportunities for Stellus' clients while preserving its core investment philosophy [2][3]. - Stellus' management team will retain control over day-to-day operations, ensuring continuity in investment decisions and processes [1]. Group 3: Leadership Insights - Robert Ladd, Managing Partner of Stellus, emphasized the alignment of investment approaches between Stellus and P10, which will enhance their ability to develop new strategies and investment vehicles [3]. - Luke Sarsfield, Chairman and CEO of P10, highlighted the acquisition as part of P10's long-term strategy to partner with specialized investment managers, adding a strong direct lending franchise to their platform [3]. Group 4: Transaction Details - The transaction is expected to close in mid-2026, pending shareholder approvals and customary closing conditions [3]. - Goldman, Sachs & Co. is acting as the exclusive financial advisor for Stellus, while legal advisors include Eversheds Sutherland (US) LLP and Winston & Strawn LLP [4].

Core Viewpoint - P10, Inc. has announced a definitive agreement to acquire Stellus Capital Management for an initial purchase price of $250 million, which will add approximately $3.8 billion in assets under management to P10's portfolio [1][2][4]. Company Overview - P10, Inc. is a leading private markets solutions provider with over $40 billion in assets under management as of September 30, 2025, focusing on private equity, private credit, and venture capital in the middle and lower-middle market [8]. - Stellus Capital Management specializes in senior secured loans in the lower-middle market and has a track record of investing over $10.3 billion across more than 375 companies [2][9]. Transaction Details - The acquisition involves 100% of Stellus's equity interests and fee-related earnings, excluding existing private fund carried interest or performance fees [4]. - The initial consideration of $250 million consists of $125 million in cash and $125 million in units of P10 Intermediate Holdings, LLC, which can be exchanged for P10 common stock [5]. - An additional earnout consideration of up to $60 million may be payable based on fee-related revenue in 2027 and 2029 [5]. Strategic Fit - The acquisition aligns with P10's long-term strategy to partner with specialized investment managers in the middle and lower-middle market, enhancing its direct lending capabilities [3]. - Stellus's existing management team will continue to operate the firm, maintaining its investment decision-making processes [1][3]. Future Outlook - The transaction is expected to close in mid-2026, subject to shareholder approvals and customary closing conditions, and is anticipated to be modestly accretive to P10's ANI per share and FRE margin in the first full year post-close [6].

Core Insights - Bonaccord Capital Partners has been awarded the title of 2025 Middle Market GP Stakes Firm of the Year by GP Stakes News, highlighting its strong performance and strategic focus in the middle market [1][2]. Group 1: Company Achievements - Bonaccord's disciplined investment approach and strong alignment with partner sponsors have contributed to its recognition as a leading firm in the middle market [2]. - The award reflects the strength of Bonaccord's relationships with mid-market partner sponsors and the commitment to delivering long-term value [2]. Group 2: About P10 - P10, Inc. is a prominent private markets solutions provider with over $40 billion in assets under management as of September 30, 2025, focusing on Private Equity, Private Credit, and Venture Capital [4][5]. - P10 aims to deliver compelling risk-adjusted returns through investments in access-constrained strategies, particularly in the middle and lower-middle market [4][5]. Group 3: About Bonaccord - Bonaccord specializes in providing growth capital and strategic support to mid-market private markets sponsors across various sectors, including private equity, private credit, and real estate [5]. - The firm leverages its strategic relationships and institutional capabilities to support transformative initiatives for its partner sponsors [5]. Group 4: About GP Stakes News - The GP Stakes News Awards recognize firms and individuals in the GP stakes ecosystem, with the inaugural 2025 awards featuring 23 categories and receiving hundreds of nominations [3]. - Winners were determined based on votes from professionals across major funds, banks, and law firms active in the GP stakes market [3].