Ridgepost Capital, Inc. (RPC)

Price$7.94Cached quoteAs of 2026-10-11 14:35 UTC

AI: Undervalued

Current multiple looks low relative to fee-related earnings growthAt $7.91, Ridgepost trades at roughly 8.2x annualized Q2 fully diluted adjusted net income per share of $0.24, while fee-paying AUM and fee-related earnings continue to grow double digits.

Q2 adjusted net income was $28.5 million and fee-related earnings were $38.8 million on $80.9 million of fee-related revenue, producing a 48% FRE margin. Using roughly 119 million fully diluted economic shares implied by ANI per share gives an economic equity value near $940 million. Applying the supplied June broad net debt of $482.4 million implies enterprise value near $1.42 billion, approximately 9.2x annualized Q2 FRE. The combination of a single-digit ANI multiple, 19% FPAUM growth and durable management-fee revenue supports an Undervalued assessment despite elevated acquisition leverage.

AUM growth and long-duration fee streams support earnings qualityRidgepost manages more than $50 billion across private equity, private credit and venture capital, with $34.3 billion of fee-paying AUM at June 30.

FPAUM increased 19% year over year, while approximately $1.1 billion of Q2 fundraising and deployment exceeded $417 million of stepdowns and expirations. Management says fee-related revenue represents about 99% of revenue and the weighted-average remaining duration of fee-paying capital exceeds seven years, limiting sensitivity to short-term public-market valuations. FY2025 revenue was $297.3 million, operating income $65.5 million and EBITDA $91.2 million; Q2 2026 revenue increased to $80.9 million with $24.0 million of EBITDA and $17.7 million of operating income.

Stellus expands private credit but materially increased leverageThe June acquisition added approximately $4 billion of lower-middle-market direct-lending AUM and strengthens Ridgepost's private-credit platform, but required substantial cash borrowing and equity issuance.

Final purchase accounting valued Stellus consideration at $230.9 million, including $129.8 million cash, $94.5 million equity and $6.6 million estimated contingent consideration, with contractual earnouts potentially reaching $60 million. Ridgepost drew $139 million on its revolver around closing. The supplied broad debt increased from $402.7 million at FY2025 year-end to $519.0 million at June, while broad net debt increased from $374.5 million to $482.4 million. Management subsequently repaid $20 million of revolver borrowings and reported $474 million of funded debt in early August, but acquisition integration and deleveraging remain central risks.

Cash generation and dividend are supportive, but alternative-asset fundraising iRidgepost generated positive operating cash flow and maintains a modest dividend, while its principal risks are fundraising, manager performance, acquisition execution and higher interest expense.

FY2025 operating cash flow was $23.0 million and Q2 2026 operating cash flow was $24.4 million using the supplied figures; June cash was approximately $36.6 million. The board declared a $0.04 quarterly dividend, equivalent to a roughly 2.0% annualized yield at the current share price. Risks include slower private-market fundraising, fee-base stepdowns, weak investment performance affecting client retention, competition for specialized managers, integration of Qualitas and Stellus, compensation inflation, contingent acquisition payments and the interest burden on the enlarged debt balance.

AI: News

September filing provides fuller financial picture of the Stellus acquisitionRidgepost's September 4 Form 8-K/A supplied audited Stellus financial statements and pro forma information for the acquisition completed June 22.

The filing confirms final preliminary acquisition accounting and provides investors additional information for evaluating Ridgepost with Stellus as if the businesses had been combined earlier. Stellus specializes in first-lien senior-secured loans to sponsor-backed lower-middle-market companies and adds approximately $4 billion of AUM. The strategic benefit is a larger recurring private-credit fee base; the counterweights are higher debt, integration risk, issued equity units and potential earnout payments tied to Stellus fee-related revenue in 2027 and 2029.

Q2 surpassed $50 billion of AUM and maintained a 48% FRE marginThe latest operating results showed $34.3 billion of FPAUM, $80.9 million of fee-related revenue and $28.5 million of adjusted net income.

FPAUM rose 19% year over year, fee-related revenue increased 11%, fee-related earnings grew 10% to $38.8 million and fully diluted ANI per share increased to $0.24 from $0.23. Ridgepost also declared a $0.04 dividend payable September 18. The company participated in IPEM Global in Paris during September, but no newer substantive operating earnings release had been posted as of September 17, making the Q2 report and September Stellus filing the latest material financial updates.

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Revenue

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Net income

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$297.3M	$296.4M	$241.7M	$198.4M	$150.5M	$67.4M	$44.9M
Operating expenses	$231.8M	$235.8M	$220.8M	$154.9M	$110.2M	$58.7M	$32.1M
Operating income	$65.5M	$60.6M	$20.9M	$43.4M	$40.3M	$8.7M	$12.8M
Operating margin	22.04%	20.45%	8.65%	21.89%	26.80%	12.90%	28.53%
EBITDA	$91.2M	$87.2M	$50.9M	$70.8M	$71.0M	$24.3M	$23.4M
EBITDA margin	30.69%	29.41%	21.05%	35.68%	47.20%	36.01%	52.10%
Net income	$19.5M	$18.7M	−$7.1M	$29.2M	$9.2M	$23.1M	$11.9M
Net profit margin	6.56%	6.31%	−2.95%	14.72%	6.09%	34.27%	26.59%
Basic EPSper basic share	$0.18	$0.17	-$0.06	$0.25	$0.13	$0.37	$0.19
Diluted EPSper diluted share	$0.17	$0.16	-$0.06	$0.24	$0.08	$0.36	$0.19

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈6.29%of listed shares

COVENANT RHA PARTNERS, L.P. / Alpert Robert H / 210 Capital, LLC / CCW/LAW Holdings, LLC / Webb C Clark / RHA Investments, Inc.4.97M shares · Dec 18, 2024

View holders

Top 20 reported holders of RPC
Holder	% owned
COVENANT RHA PARTNERS, L.P. / Alpert Robert H / 210 Capital, LLC / CCW/LAW Holdings, LLC / Webb C Clark / RHA Investments, Inc.	≈6.29%4.97M shares
BlackRock, Inc.	5.64%4.45M shares
Williams Mel	≈5.28%4.17M shares
Capital World Investors	4.93%3.89M shares
CAZ INVESTMENTS LP	4.91%3.88M shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	4.56%3.61M shares
River Road Asset Management, LLC	4.12%3.25M shares
FMR LLC	4.09%3.23M shares
Poston Edwin A.	≈3.85%3.04M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	3.64%2.88M shares
JPMORGAN CHASE & CO	3.51%2.77M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.50%2.77M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	3.15%2.49M shares
STATE STREET CORP	2.18%1.72M shares
GEODE CAPITAL MANAGEMENT, LLC	1.96%1.55M shares
Samjo Management, LLC	1.10%865.61K shares
DEPRINCE RACE & ZOLLO INC	0.89%702.32K shares
Russell Investments Group, Ltd.	0.80%632.86K shares
NORTHERN TRUST CORP	0.76%602.04K shares
D. E. Shaw & Co., Inc.	0.74%584.63K shares

Percentages use 78.98M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys10$1.71M disclosed value

Sells (SEC code S)81$129.36M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 31, 2026Form 4	Stewart Robert B JrDirector	BuyClass A Common Stock	7.0K	$7.27	$50.9K	156.5K
Mar 23, 2026Form 4/A	McCoy David M.Director,Other	BuyClass A Common Stock	70.0K	$7.37	$515.9K	270.1K
Mar 23, 2026Form 4	McCoy David M.Director,Other	BuyClass A Common Stock	70.0K	$7.37	$515.9K	270.1K
Mar 12, 2026Form 4	Charles K. Huebner TrustOther	BuyClass A Common Stock	12.5K	$7.31	$91.4K	188.6K
Feb 24, 2026Form 4	Stewart Robert B JrDirector	BuyClass A Common Stock	5.0K	$8.27	$41.4K	149.5K