Ridgepost Capital, formerly P10, Inc., released its Q4 2025 earnings on February 12 2026, marking the first quarterly report under the new corporate name.
Revenue for the quarter was $81.0 million, a 5 % year‑over‑year decline from $85.0 million in Q4 2024, yet it surpassed the consensus estimate of $80.63 million by $0.37 million (0.45 %). The beat was driven by strong fundraising activity that kept fee‑related revenue flat while the company added new fee‑paying assets, offsetting the revenue dip.
Fully diluted adjusted net income per share reached $0.26, beating the $0.25 consensus by $0.01 (4 %). The upside was largely a result of disciplined cost management and the growth of fee‑paying assets, which helped offset the decline in fee‑related earnings and margin pressure.
GAAP net income rose 94 % to $11.0 million from $5.7 million in Q4 2024, while adjusted net income fell 14 % to $30.2 million from $35.3 million. Fee‑related earnings margin contracted from 50 % to 48 % due to a shift toward lower‑margin fee‑paying assets, reflecting a mix change that weighed on profitability.
The company did not issue new guidance for the next quarter, but it noted that the acquisition of Stellus Capital Management—expected to add roughly $3.8 billion in assets under management—should be modestly accretive to adjusted net income per share and fee‑related earnings margin in the first full year after closing.
CEO Luke Sarsfield highlighted record fundraising of $5.1 billion and the strategic evolution under the Ridgepost name, emphasizing growth in fee‑paying assets and global expansion, including a new Dubai office and a partnership with CAIS.
Investors reacted mildly, with valuation concerns—particularly the company’s high price‑to‑earnings ratio—counterbalanced by the strategic initiatives and the declaration of a quarterly dividend of $0.0375 per share.
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