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 ...

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].