P10 acquires Stellus Capital Management for $250M, expanding into lower-middle market direct lending

Ridgepost Capital, Inc.

Initial consideration $250M ($125M cash + $125M units); up to $60M earnout based on 2027/2029 FRR.
Stellus adds ~$3.8B AUM ($2.6B fee-paying); >70% FRR from permanent capital vehicles.
Stellus senior team invested $10.3B across 375+ companies over 20+ years; annualized loss rate ~0.14%.
Transaction expected to close mid-2026; modestly accretive to ANI per share and FRE margin in first full year.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ridgepost Capital, Inc. entered into Purchase Agreement with certain entities affiliated with Stellus Capital Management, LLC and certain direct and indirect equityholders of Stellus valued at $125,000,000 in cash and 11,770,245 membership units (effective 2026-02-04).

Action: entry
Agreement: asset purchase
Counterparty: certain entities affiliated with Stellus Capital Management, LLC and certain direct and indirect equityholders of Stellus
Value: $125,000,000 in cash and 11,770,245 membership units
Effective: 2026-02-04

Exact text from the filing

On February 4, 2026, P10 Intermediate Holdings LLC, a Delaware limited liability company (“Purchaser”) and a subsidiary of P10, Inc., a Delaware corporation (the “Company”), entered into an interest purchase agreement (the “Purchase Agreement”) with certain entities (together, the “Sellers”) affiliated with Stellus Capital Management, LLC, a Delaware limited liability company (“Stellus”), and certain direct and indirect equityholders of Stellus, pursuant to which, subject to the satisfaction or waiver of specified conditions, Purchaser would acquire all of the issued and outstanding equity interests of Stellus (the “Transaction”).

View on SEC.gov

329 material agreements filed in the last 30 days. Browse all material agreements →

Ridgepost Capital, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-26-038508

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.