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 ...

RIDGEPOST ↑ CAPITAL Fourth Quarter & Full Year 2025 Results Earnings Presentation 12 February 2026 Important Disclosures IMPORTANT NOTICES The inclusion of references to Ridegepost Capital" or the "Company") in this presentation is for information purposes only as the holding company of various subsidiaries. offer investment advisony seguires and this cresentation is sieliber an offer of any investment noducts on an an offer of and and any senines the British. By arcenting thi pital is not offering investme ...

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].

Core Insights - P10, Inc. and Bonaccord Capital Partners announced a collaboration with CAIS to enhance access to GP stakes solutions for financial advisors [1][2] - The partnership aims to broaden the reach of P10's middle-market expertise and support financial advisors in incorporating GP stakes into client portfolios [2][3] 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 access-constrained strategies [4][5] - Bonaccord Capital Partners specializes in providing growth capital and strategic support to mid-market private markets sponsors across various sectors, including private equity and real estate [5] Industry Trends - There is a significant increase in demand for alternative investments among financial advisors, with a recent survey indicating that 90% of advisors are currently allocating to alternatives and 88% plan to increase their allocations in the next two years [2][3] - Financial advisors are increasingly interested in GP stakes as a means to enhance diversification and gain exposure to established managers, which were historically dominated by institutional investors [3] CAIS Platform - CAIS serves over 2,000 wealth management firms and 62,000 financial advisors, overseeing approximately $7.5 trillion in end-client assets [7] - The platform is recognized for its innovation and leadership in the alternative investment space, providing a comprehensive operating system for financial advisors and alternative asset managers [8]

Core Viewpoint - Pelangio Exploration Inc. has amended and refiled its technical report for the Manfo Gold Project in Ghana to comply with the Ontario Securities Commission's requirements, ensuring adherence to National Instrument 43-101 standards [1]. Group 1: Technical Report Amendments - The amended Technical Report addresses issues identified during the Ontario Securities Commission's review, bringing it into conformity with regulatory standards [1]. - The report is now available on the Company's website and SEDAR+ [1]. Group 2: Company Overview - Pelangio Exploration Inc. focuses on acquiring and exploring land packages in gold belts located in Ghana and Canada [3]. - The Company owns two significant properties in Ghana: the 100 km² Manfo property, which has eight near-surface gold discoveries, and the 284 km² Obuasi property, adjacent to AngloGold Ashanti's high-grade Obuasi Mine [3].