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Acquisitions | 6 Months Ended
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Jun. 30, 2026
Business Combination [Abstract] |
Acquisitions | Note 3. Acquisitions Qualitas Acquisition On April 4, 2025, the Company completed the Qualitas purchase for total consideration of $73.8 million. The acquisition was accounted for as a business combination under the acquisition method of accounting pursuant to ASC 805. Qualitas is a Madrid-based private equity investing platform that provides fund-of-funds, direct co-investing and NAV financing opportunities in the European lower-middle market to limited partners across the ultra-high-net-worth, family office, and institutional channels. The fair value consisted of $24.4 million in net assets and $49.4 million in goodwill. The following is a summary of consideration paid:
|  | Fair Value |
Cash |  | $ | 42,705 |
Fair value of equity consideration |  |  | 19,283 |
Fair value of contingent consideration |  |  | 11,846 |
Total purchase consideration |  | $ | 73,834 |
The fair value of the contingent consideration was calculated using a Monte Carlo simulation based on future net revenue projections of Qualitas, acquisition-specific terms and conditions, and a risk-adjusted discount rate. The determined risk-adjusted discount rate for the contingent consideration of 12.8% is a significant unobservable input. The following table presents the fair value of the net assets acquired as of the acquisition date:
|  | Fair Value |
ASSETS |  |  |
Cash and cash equivalents |  | $ | 2,468 |
Accounts receivable |  |  | 1,409 |
Due from related parties |  |  | 51 |
Prepaid expenses and other assets |  |  | 351 |
Property and equipment, net |  |  | 170 |
Right-of-use assets |  |  | 775 |
Intangible assets, net |  |  | 31,306 |
Total assets acquired |  | $ | 36,530 |
LIABILITIES |  |  |
Accounts payable and accrued expenses |  | $ | 2,105 |
Accrued compensation and benefits |  |  | 176 |
Deferred revenues |  |  | 1,246 |
Lease liabilities |  |  | 775 |
Deferred tax liabilities |  |  | 7,826 |
Total liabilities assumed |  | $ | 12,128 |
Net identifiable assets acquired |  | $ | 24,402 |
Goodwill |  |  | 49,432 |
Net assets acquired |  | $ | 73,834 |
The fair value of the identifiable intangible assets was calculated using a discounted cash flow model based on risk-adjusted discount rates, and projections of future fund revenues. The determined risk-adjusted discount rates for the identifiable intangible assets ranged from 15.5% to 17.0%. The determined risk-adjusted discount rates were a significant unobservable input. The following table presents the fair value of the identifiable intangible assets acquired:
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
|  |  |  |  | Amortization |
|  | Fair Value |  |  | Period |
Value of management and advisory contracts |  | $ | 20,102 |  |  | 10 |
Value of direct investors and intermediary relationships |  |  | 9,776 |  |  | 13 |
Value of trade name |  |  | 879 |  |  |  | 20 |
Value of technology |  |  | 549 |  |  | 4 |
Total identifiable intangible assets |  | $ | 31,306 |  |  |  |
Goodwill The goodwill recorded as part of the acquisition includes the expected benefits that management believes will result from the acquisition, including the Company's build-out of its investment product offering. Stellus Acquisition On June 22, 2026, the Company completed the Stellus purchase for total consideration of $230.9 million. The acquisition was accounted for as a business combination under the acquisition method of accounting pursuant to ASC 805. Stellus is a Houston, Texas-based private credit investment firm focused on providing first-lien, senior secured loans to lower middle-market, private equity-sponsored companies across the U.S. The provisional fair value consisted of $183.6 million in net assets and $55.1 million in goodwill. The following is a summary of consideration paid:
|  | Fair Value |
Cash |  | $ | 129,809 |
Fair value of equity consideration |  |  | 94,515 |
Fair value of contingent consideration |  |  | 6,600 |
Total purchase consideration |  | $ | 230,924 |
The provisional fair value of the contingent consideration was calculated using a Black-Scholes-Merton model based on future revenue projections of Stellus, acquisition-specific terms and conditions, and a risk-adjusted discount rate. The determined risk-adjusted discount rates for the 2027 and 2029 contingent considerations of 11.8% to 12.0%, respectively, are significant unobservable inputs. The acquisition date fair value of certain assets and liabilities, including intangible assets acquired and related weighted average expected lives are provisional and subject to revision within one year of the acquisition date. As such, our estimates of fair value are pending finalization, which may result in adjustments to goodwill. The following table presents the provisional fair value of the net assets acquired as of the acquisition date:
|  | Fair Value |
ASSETS |  |  |
Cash and cash equivalents |  | $ | 2,634 |
Accounts receivable |  |  | 6,340 |
Due from related parties |  |  | 208 |
Prepaid expenses and other assets |  |  | 529 |
Property and equipment, net |  |  | 73 |
Right-of-use assets |  |  | 259 |
Intangible assets, net |  |  | 178,400 |
Total assets acquired |  | $ | 188,443 |
LIABILITIES |  |  |
Accounts payable and accrued expenses |  | $ | 1,611 |
Accrued compensation and benefits |  |  | 2,841 |
Deferred revenues |  |  | 159 |
Lease liabilities |  |  | 259 |
Total liabilities assumed |  |  | 4,870 |
Net identifiable assets acquired |  | $ | 183,573 |
Goodwill |  |  | 55,070 |
Less: fair value of noncontrolling interests |  |  | (7,719 | )
Net assets acquired |  | $ | 230,924 |
The provisional fair value of the identifiable intangible assets was calculated using a discounted cash flow model based on risk-adjusted discount rates. The determined risk-adjusted discount rates for the identifiable intangible assets ranged from 15.5% to 17.0%. The determined risk-adjusted discount rates are significant unobservable inputs. The following table presents the provisional fair value of the identifiable intangible assets acquired:
|  |  |  |  | Weighted- |
|  |  |  |  | Average |
|  |  |  |  | Amortization |
|  | Fair Value |  |  | Period |
Value of management and advisory contracts |  | $ | 172,800 |  |  |  | 23 |
Value of direct investors and intermediary relationships |  |  | 4,000 |  |  | 8 |
Value of trade name |  |  | 1,600 |  |  | 10 |
Total identifiable intangible assets |  | $ | 178,400 |  |  |  |
Goodwill The goodwill recorded as part of the acquisition includes the expected benefits that management believes will result from the acquisition, including the Company's build-out of its investment product offering. Pro Forma Financial Information The following unaudited pro forma condensed consolidated results of operations of the Company assumes the acquisition of Stellus was completed on January 1, 2025, including the results from operations for the acquired business as well as the impact of assumed financing of the transaction and the impact of the purchase price allocation (including the amortization of acquired intangible assets and interest expense based on debt issued). Additionally, this does not reflect any pro forma adjustments related to the acquisition which occurred in 2025.
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Revenue |  | $ | 89,115 |  |  | $ | 81,714 |  |  | $ | 172,706 |  |  | $ | 158,261 |
Net income attributable to Ridgepost Capital |  |  | 7,439 |  |  |  | 4,437 |  |  |  | 14,774 |  |  |  | 9,416 |

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