Ridgepost Capital Reports Fourth Quarter and Full Year 2025 Earnings Results

Rhea-AI Summary

Ridgepost Capital (NYSE: RPC) reported fourth-quarter and full-year 2025 results on Feb 12, 2026. Fee-paying AUM rose 15% to $29.4 billion and the firm reported record organic gross new fee-paying asset fundraising and deployment of $5.1 billion in 2025.

Q4 GAAP net income was $11.0 million and full-year GAAP net income was $23.0 million. The company repurchased $47.4 million of stock in 2025, declared a quarterly dividend of $0.0375 per share payable Mar 20, 2026, and announced the acquisition of Stellus Capital Management to add a direct lending franchise.

Positive

• Fee-paying AUM +15% to $29.4 billion
• Record organic gross new fee-paying assets deployed: $5.1 billion in 2025
• Q4 GAAP net income rose to $11.0 million (from $5.7 million)
• Full-year GAAP net income of $23.0 million
• Share repurchases of $47.4 million in 2025
• Announced acquisition of Stellus Capital Management to add direct lending

Negative

• None.

News Market Reaction – RPC

-19.66%

28 alerts

-19.66% News Effect

-17.7% Trough in 24 hr 8 min

-$267M Valuation Impact

$1.09B Market Cap

0.7x Rel. Volume

On the day this news was published, RPC declined 19.66%, reflecting a significant negative market reaction. Argus tracked a trough of -17.7% from its starting point during tracking. Our momentum scanner triggered 28 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $267M from the company's valuation, bringing the market cap to $1.09B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 revenue: $81.0M FY 2025 revenue: $297.3M Fee-paying AUM: $29.4B +5 more

8 metrics

Q4 2025 revenue $81.0M vs $85.0M in the prior year

FY 2025 revenue $297.3M vs $296.4M in the prior year

Fee-paying AUM $29.4B 15% increase year over year

Q4 GAAP net income $11.0M vs $5.7M in the prior year

FY adjusted net income $108.9M vs $120.2M in the prior year

2025 share repurchases $47.4M 4,348,949 shares at $10.91 average price

Quarterly dividend $0.0375 per share payable March 20, 2026 to holders of record Feb 27, 2026

2025 organic gross new fee-paying assets $5.1B record fundraising and deployment in 2025

Market Reality Check

Price: $6.91 Vol: Volume 493,389 is in line...

normal vol

$6.91 Last Close

Volume Volume 493,389 is in line with the 20-day average of 493,397. normal

Technical Price of 10.58 is trading very close to the 200-day MA at 10.58.

Market Pulse Summary

The stock dropped -19.7% in the session following this news. A negative reaction despite record fund...

Analysis

The stock dropped -19.7% in the session following this news. A negative reaction despite record fundraising would fit concerns over earnings quality and margin pressure. Q4 revenue declined to $81.0M from $85.0M, and FY adjusted net income fell to $108.9M from $120.2M, even as fee-paying AUM rose 15% to $29.4B. Investors may focus on whether profitability keeps pace with asset growth and how buybacks and dividends interact with future capital needs.

Key Terms

fee-paying assets under management, gaap net income, fee-related earnings, adjusted net income, +3 more

7 terms

fee-paying assets under management financial

"Fee-Paying Assets Under Management: $29.4 billion, a 15% increase..."

The portion of an investment manager’s total assets that are charged regular fees by clients—money the firm actively manages and earns a fee on, such as mutual funds, advisory accounts, or managed portfolios. It matters to investors because it directly drives a manager’s revenue and profit potential: more fee-paying assets are like more rented storage units bringing steady rent, while declines or lower fee rates shrink future income and make the business more sensitive to client withdrawals.

gaap net income financial

"GAAP Net Income: $11.0 million compared to $5.7 million..."

GAAP net income is a company’s profit calculated according to Generally Accepted Accounting Principles, the standardized rules accountants use to record revenue, costs, taxes and one-time items. Investors care because it provides a consistent, rule-bound measure of how much money a business earned or lost over a period—like comparing bank statements prepared the same way—so it helps with fair comparisons, earnings-per-share calculations and valuation.

fee-related earnings financial

"Fee-Related Earnings: $39.0 million compared to $42.7 million..."

Fee-related earnings are the portion of a financial firm's profit that comes from client charges for services such as advice, asset management, custody, and transaction fees, rather than from trading gains or market movements. Investors care because these fees act like a steady subscription income—more predictable and less tied to market swings—so higher fee-related earnings usually signal more reliable long-term revenue and lower earnings volatility.

adjusted net income financial

"Adjusted Net Income: $30.2 million compared to $35.3 million..."

Adjusted net income is a company's reported profit after removing unusual, one-time, or non-operational items so the number reflects the business’s regular earning power. Investors use it like a cleaned-up scorecard — similar to judging a player’s season performance without a few fluke games — to compare companies or assess trends without being misled by rare gains or losses that won’t affect future cash flow.

fully diluted gaap eps financial

"Fully Diluted GAAP EPS: $0.09 compared to $0.05 in the prior year."

Fully diluted GAAP EPS is a company’s net income per share calculated under standard accounting rules after assuming every potential share — such as stock options, warrants, convertible debt or preferred shares — has been converted into common stock. Investors use it as a conservative measure of earnings per share because it shows how profits would be divided if all possible shares existed, like cutting a pie into more slices when extra guests might arrive.

stock repurchase program financial

"Stock Repurchase Program In the fourth quarter, the Company repurchased..."

A stock repurchase program is when a company buys back its own shares from the market. This can make each remaining share more valuable and shows that the company believes its stock is a good investment. It’s like a business treating its shares like a limited resource, hoping to boost confidence and share prices.

dividend financial

"Declaration of Dividend The Board of Directors of the Company has declared..."

A dividend is a payment that a company gives to its shareholders, usually from its profits. It’s like a bonus or reward for owning the company's stock, and it can provide a steady income stream for investors. Companies pay dividends to share their success with the people who own their stock.

AI-generated analysis. Not financial advice.

Record Full Year Fundraising and Deployment of $5.1 Billion

Fee-Paying AUM increased 15% year over year

DALLAS, Feb. 12, 2026 (GLOBE NEWSWIRE) -- Ridgepost Capital, Inc (NYSE: RPC) (“Ridgepost Capital” or the “Company”), a leading private markets solutions provider, today reported financial results for the fourth quarter and year ended December 31, 2025.

Fourth Quarter 2025 Financial Highlights

• Revenue: $81.0 million compared to $85.0 million in the prior year.
• Fee-Related Revenue: $81.0 million compared to $85.0 million in the prior year.
• Fee-Paying Assets Under Management: $29.4 billion, a 15% increase year over year.
• GAAP Net Income: $11.0 million compared to $5.7 million in the prior year.
• Fee-Related Earnings: $39.0 million compared to $42.7 million in the prior year.
• Adjusted Net Income: $30.2 million compared to $35.3 million in the prior year.
• Fully Diluted GAAP EPS: $0.09 compared to $0.05 in the prior year.
• Fully Diluted ANI per share: $0.26 compared to $0.30 in the prior year.

Fiscal Year End 2025 Financial Highlights

• Revenue: $297.3 million compared to $296.4 million in the prior year.
• Fee-Related Revenue: $297.3 million compared to $291.3 million in the prior year.
• Fee-Paying Assets Under Management: $29.4 billion, a 15% increase year over year.
• GAAP Net Income: $23.0 million compared to $19.7 million in the prior year.
• Fee-Related Earnings: $141.1 million compared to $142.1 million in the prior year.
• Adjusted Net Income: $108.9 million compared to $120.2 million in the prior year.
• Fully Diluted GAAP EPS: $0.17 compared to $0.16 in the prior year.
• Fully Diluted ANI per share: $0.92 compared to $1.00 in the prior year.

A presentation of the quarterly financials may be accessed here and is available on the Company’s website.

“Today marks our first earnings report as Ridgepost Capital, an identity that represents the work we’ve done over the past few years to expand our platform and integrate our strategies,” said Luke Sarsfield, Ridgepost Capital Chairman and Chief Executive Officer. “During 2025, we raised and deployed a record $5.1 billion in organic gross new fee-paying assets and exceeded our initial annual organic fundraising guidance by over $1 billion. Additionally, subsequent to quarter end, we advanced our long-term strategy of partnering with best-in-class investment managers with the announced acquisition of Stellus Capital Management, adding a leading direct lending franchise to our platform. These milestones, along with the opening of our Dubai office and collaboration with CAIS, enable us to meaningfully increase our global footprint, scale our platform with intention, and capture the growing demand for alternatives in the wealth ecosystem.”

Stock Repurchase Program

In the fourth quarter, the Company repurchased approximately 522,728 shares at an average price of $9.54 per share. In 2025, the Company repurchased approximately 4,348,949 shares at an average price of $10.91 per share, for a total of $47.4 million in the year. The repurchase activity left approximately $21 million available under the repurchase authorization at the end of the fourth quarter.

Declaration of Dividend

The Board of Directors of the Company has declared a quarterly cash dividend of $0.0375 per share on Class A and Class B common stock, payable on March 20^th, 2026, to the holders of record as of the close of business on February 27^th, 2026.

Conference Call Details

The Company will host a conference call at 8:30 a.m. Eastern Time on Thursday, February 12, 2026. All participants must register prior to joining the event.

• To join and view the live webcast, please register here.
• To join by telephone, please register here.

For those unable to participate in the live event, a replay will be made available on Ridgepost Capital’s investor relations page at www.ridgepostcapital.com.

About Ridgepost Capital

Ridgepost Capital (NYSE: RPC) is a leading private markets solutions provider with over $43 billion in assets under management as of December 31, 2025. Ridgepost Capital invests across Private Equity, Private Credit, and Venture Capital in access-constrained strategies, with a focus on the middle and lower-middle market. Ridgepost Capital’s products have a global investor base and aim to deliver compelling risk-adjusted returns. For additional information, please visit www.ridgepostcapital.com.

Forward-Looking Statements

Some of the statements in this release may 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 “will,” “expect,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates, or expectations contemplated will be achieved. Forward-looking statements reflect management’s current plans, estimates, and expectations, and are inherently uncertain. All forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different, including risks related to: global and domestic market and business conditions; successful execution of business and growth strategies and regulatory factors relevant to our business; changes in our tax status; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; our ability to make acquisitions and successfully integrate the businesses we acquire, including Stellus Capital Management, LLC; assumptions relating to our operations, financial results, financial condition, business prospects and growth strategy; the timing and amount of any share repurchases and our ability to manage the effects of events outside of our control. The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the “Risk Factors” included in our annual report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2025, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.

Use of Non-GAAP Financial Measures by Ridgepost Capital

The non-GAAP financial measures contained in this press release (including, without limitation, Fee-Related Revenue (“FRR”), Fee-Related Earnings (“FRE”), Fee-Related Earnings Margin, Adjusted Net Income (“ANI”), and Fully Diluted ANI per share) are not GAAP measures of the Company’s financial performance or liquidity and should not be considered as alternatives to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. A reconciliation of such non-GAAP measures to their most directly comparable GAAP measure is included later in this press release. The Company believes the presentation of these non-GAAP measures provides useful additional information to investors because it provides better comparability of ongoing operating performance to prior periods. It is reasonable to expect that one or more excluded items will occur in future periods, but the amounts recognized can vary significantly from period to period. These non-GAAP measures should not be considered substitutes for net income or cash flows from operating, investing, or financing activities. You are encouraged to evaluate each adjustment to non-GAAP financial measures and the reasons management considers it appropriate for supplemental analysis. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Key Financial & Operating Metrics

Fee-paying assets under management reflect the assets from which we earn management and advisory fees. Our vehicles typically earn management and advisory fees based on committed capital, and in certain cases, net invested capital, depending on the fee terms. Management and advisory fees based on committed capital are not affected by market appreciation or depreciation.

Ridgepost Capital Investor Contact:
info@ridgepostcapital.com

Ridgepost Capital Media Contact:
Josh Clarkson
Taylor Donahue
pro-ridgepost@prosek.com

Reconciliation of Non-GAAP Financial Measures
(Dollars in thousands except share and per share amounts)		Three Months Ended							Twelve Months Ended							% Change
		December 31, 2025			December 31, 2024				December 31, 2025			December 31, 2024				Q4'25 vs Q4'24		YTD'25 vs YTD'24
GAAP Net Income		$	11,034		$	5,701			$	22,963		$	19,667			94	%	17	%
Adjustments:
Depreciation & amortization			7,081			6,902				26,537			28,314			3	%	-6	%
Interest expense, net			7,141			6,927				27,344			25,510			3	%	7	%
Income tax expense			6,749			1,967				9,445			8,698			243	%	9	%
Non-recurring expenses			4,750			10,388				25,651			17,520			-54	%	46	%
Non-cash stock based compensation			6,241			4,999				25,062			22,480			25	%	11	%
Non-cash stock based compensation - acquisitions			1,983			2,414				12,052			7,971			-18	%	51	%
Earn out related compensation			(5,931	)		3,597				(7,915	)		14,312			-265	%	-155	%
Non-Fee Related Income			-			(173	)			(39	)		(2,354	)		-100	%	-98	%
Fee-Related Earnings		$	39,048		$	42,722			$	141,100		$	142,118			-9	%	-1	%
Plus:
Non-Fee Related Income		$	—		$	173			$	39		$	2,354			-100	%	-98	%
Less:
Strategic alliance noncontrolling interests expense			(1,008	)		-				(2,349	)		-			N/A		N/A
Cash interest expense			(7,063	)		(6,497	)			(26,514	)		(21,727	)		9	%	22	%
Cash income taxes, net of taxes related to acquisitions			(793	)		(1,101	)			(3,355	)		(2,538	)		-28	%	32	%
Adjusted Net Income		$	30,184		$	35,297			$	108,921		$	120,208			-14	%	-9	%
Fully Diluted ANI per Share
Shares outstanding			109,741			111,333				110,394			112,549			-1	%	-2	%
Fully Diluted Shares outstanding			116,693			119,286				118,059			120,375			-2	%	-2	%
ANI per share		$	0.28		$	0.32			$	0.99		$	1.07			-13	%	-8	%
Fully Diluted ANI per share(1)		$	0.26		$	0.30			$	0.92		$	1.00			-13	%	-8	%
Fee-Related Revenue
Total Revenues		$	81,046		$	85,014			$	297,346		$	296,448			-5	%	0	%
Adjustments:
Non-Fee Related Revenue			-			13				(39	)		(5,179	)		-100	%	-99	%
Fee-Related Revenue		$	81,046		$	85,027			$	297,307		$	291,269			-5	%	2	%
Fee-Related Earnings Margin
Fee-Related Revenue		$	81,046		$	85,027			$	297,307		$	291,269			-5	%	2	%
Fee-Related Earnings		$	39,048		$	42,722			$	141,100		$	142,118			-9	%	-1	%
Fee-Related Earnings Margin			48	%		50	%			47	%		49	%		N/A		N/A

(1) Fully Diluted ANI per share calculations include the total of all common stock, outstanding restricted stock units and stock options under the treasury stock method, and the redeemable non-controlling interests of Ridgepost Capital, LLC converted to Class A stock as of each period presented.

Notes to Reconciliation of Non-GAAP Financial Measures

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. These measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these measures in isolation or as a substitute for GAAP measures. Other companies may calculate these measures differently than we do, limiting their usefulness as a comparative measure.

We use Adjusted Net Income, or ANI, Fee-Related Revenue, Fee-Related Earnings and Fee-Related Earnings Margin to provide additional measures of profitability. We use the measures to assess our performance relative to our intended strategies, expected patterns of profitability, and budgets, and use the results of that assessment to adjust our future activities to the extent we deem necessary. ANI reflects an estimate of our cash flows generated by our core operations. ANI is calculated as Fee-Related Earnings, plus Non-Fee Related Income, less strategic alliance noncontrolling interests expense, less actual cash paid for interest and federal, state, and foreign income taxes.

In order to compute Fee-Related Earnings, we adjust our GAAP Net Income for certain items, including:

• Expenses that typically do not require us to pay them in cash in the current period (such as depreciation, amortization and stock-based compensation);
• Earn out related compensation;
• The cost of financing our business;
• One-time expenses related to restructuring of the management team including placement/search fees;
• Expenses related to one-time technical accounting matters;
• Acquisition-related expenses which reflect the actual costs incurred during the period for the acquisition of new businesses, which primarily consists of fees for professional services including legal, accounting, and advisory, as well as bonuses paid to employees directly related to the acquisition;
• The effects of income taxes; and
• Non-Fee Related Income.

Fee-Related Revenue is calculated as Total Revenues less Non-Fee Related Revenue.

Fee-Related Earnings is a non-GAAP performance measure used to monitor our baseline earnings less any incentive fee revenue and excluding any incentive fee-related expenses.

Fee-Related Earnings Margin is calculated as Fee-Related Earnings divided by Fee-Related Revenue.

Adjusted Net Income reflects net cash paid for federal and state income taxes and cash interest expense.

FAQ

How much did Ridgepost Capital (RPC) grow fee-paying AUM in 2025?

RPC reported a 15% increase in fee-paying AUM to $29.4 billion in 2025. According to the company, that growth reflects organic fundraising and deployment across its private markets solutions platform.

What was Ridgepost Capital's record fundraising amount in 2025 and its significance for RPC?

Ridgepost Capital raised and deployed $5.1 billion of organic gross new fee-paying assets in 2025. According to the company, this exceeded its initial annual organic fundraising guidance by over $1 billion.

What were Ridgepost Capital's Q4 2025 GAAP net income and EPS (RPC)?

Q4 2025 GAAP net income was $11.0 million with fully diluted GAAP EPS of $0.09. According to the company, this compares to $5.7 million and $0.05 in the prior year quarter.

What share repurchase activity did Ridgepost Capital (RPC) report for 2025?

RPC repurchased approximately 4,348,949 shares in 2025 for a total of $47.4 million. According to the company, about $21 million remained available under the repurchase authorization at year-end.

Did Ridgepost Capital (RPC) declare a dividend and when will it be paid?

The board declared a quarterly cash dividend of $0.0375 per share, payable on March 20, 2026 to holders of record as of Feb 27, 2026. According to the company, this applies to Class A and Class B common stock.

What strategic acquisition did Ridgepost Capital (RPC) announce in connection with its 2025 results?

RPC announced the acquisition of Stellus Capital Management, adding a direct lending franchise to its platform. According to the company, the deal advances its strategy to partner with best-in-class investment managers.