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Ridgepost Capital, Inc.

In its 2026 annual report the company says: “We are a leading multi-asset class private market solutions provider in the alternative asset management industry. We structure, manage, and monitor portfolios of private market investments, which include specialized funds and customized separate accounts within primary investment funds, secondary investments, direct investments, and co-investments across highly attractive asset classes and geographies in the middle and lower-middle markets that generate superior risk-adjusted returns.”6 It is headquartered in Dallas, United States.2 Its shares trade on NYSE under the symbol RPC.2

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Last updated Oct 21, 2026.

Overview

$297.3MRevenue, fiscal 20253
$19.5MNet income, fiscal 20253

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  • TickerRPC on NYSE2
  • IndustryInvestment Advice2
  • HeadquartersDallas, United States2
  • Incorporated inDE4
  • Business address2699 Howell Street, Suite 1000, Dallas, Tx 752044
  • Filer categoryLarge accelerated filer4
  • Legal formLimited Liability Company2
  • LEI2549008H0BW6FZ625S622
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 76493442

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We are a leading multi-asset class private market solutions provider in the alternative asset management industry. Our mission is to provide our investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. We structure, manage, and monitor portfolios of private market investments, which include specialized funds and customized separate accounts within primary investment funds, secondary investments, direct investments, and co-investments (collectively, “specialized investment vehicles”) across highly attractive asset classes and geographies in the middle and lower-middle markets that generate superior risk-adjusted returns. Our existing portfolio of private solutions includes Private Equity, Venture Capital, and Private Credit. Our deep industry relationships, differentiated investment access and structure, pro…6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

22.0%Operating margin3
6.6%Net margin3
0.3%Revenue growth, 20253
4.8%Return on equity3
0.93×Debt to equity3
$18.1MFree cash flow3

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs81¢$241.1M
  • Interest9¢$27.3M
  • Income tax3¢$9.4M
  • Profit7¢$19.5M

Out of $297.3M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Capital spending21¢$4.9M
  • Dividends paid71¢$16.3M
  • Kept or used elsewhere8¢$1.8M

Out of $23.0M of cash from operations.3

Financial statements

Revenue789103$297.3M in 2025+562% since 2019
0$100.0M$200.0M$300.0M2019: $44.9M$44.9M20192020: $67.4M$67.4M2020+50%2021: $150.5M$150.5M2021+123%2022: $198.4M$198.4M2022+32%2023: $241.7M$241.7M2023+22%2024: $296.4M$296.4M2024+23%2025: $297.3M$297.3M2025+0%
Operating income789103$65.5M in 2025+412% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $12.8M$12.8M20192020: $8.7M$8.7M2020−32%2021: $40.3M$40.3M2021+364%2022: $43.4M$43.4M2022+8%2023: $20.9M$20.9M2023−52%2024: $60.6M$60.6M2024+190%2025: $65.5M$65.5M2025+8%
Net income789103$19.5M in 2025+63% since 2019
-$10.0M0$10.0M$20.0M$30.0M2019: $11.9M$11.9M20192020: $23.1M$23.1M2020+93%2021: $9.2M$9.2M2021−60%2022: $29.2M$29.2M2022+218%2023: -$7.1M-$7.1M20232024: $18.7M$18.7M20242025: $19.5M$19.5M2025+4%
Fiscal year20182019202020212022202320242025
Revenue$44.9M7$67.4M8$150.5M9$198.4M10$241.7M3$296.4M3$297.3M3
Operating expenses$110.2M9$154.9M10$220.8M3$235.8M3$231.8M3
Operating income$12.8M7$8.7M8$40.3M9$43.4M10$20.9M3$60.6M3$65.5M3
Interest$9.4M7$10.7M8$21.4M9$9.5M10$21.9M3$25.5M3$27.3M3
Income before tax$3.7M9$35.5M10-$3.1M3$28.4M3$32.4M3
Income tax-$10.5M7-$26.8M8-$7.1M9$6.1M10$4.6M3$8.7M3$9.4M3
Net income$11.9M7$23.1M8$9.2M9$29.2M10-$7.1M3$18.7M3$19.5M3
Earnings per share$0.197$0.378$0.139$0.2510-$0.063$0.173$0.183
Earnings per share (diluted)$0.197$0.368$0.089$0.2410-$0.063$0.163$0.173
Shares (weighted, basic)72.7M shares9116.8M shares10116.1M shares3112.5M shares3110.4M shares3
Shares (weighted, diluted)112.3M shares9121.7M shares10116.1M shares3120.4M shares3118.1M shares3

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Corporate structure

Ridgepost Capital, Inc. sits at the top of its group. 3 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Ridgepost Capital, Inc.

  • CAZ INVESTMENTS LP Filed SCHEDULE 13G/A on Ridgepost Capital, Inc., latest Oct 8, 2026 (4 filings since Apr 23, 2024)
  • FMR LLC Filed SCHEDULE 13G/A on Ridgepost Capital, Inc., latest Aug 6, 2026 (5 filings since Nov 12, 2024)
  • BlackRock Filed SCHEDULE 13G on Ridgepost Capital, Inc., latest Jul 29, 2026
  • RJDT Holdings, L.P. Filed SCHEDULE 13G on Ridgepost Capital, Inc., latest Jul 15, 2026
  • River Road Asset Management, LLC Filed SCHEDULE 13G/A on Ridgepost Capital, Inc., latest Apr 30, 2026 (4 filings since May 2, 2024)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Ridgepost Capital, Inc., latest Mar 27, 2026 (6 filings since Feb 10, 2022)
  • Edwin A. Poston Filed SCHEDULE 13G/A on Ridgepost Capital, Inc., latest Feb 17, 2026 (3 filings since Feb 10, 2025)
  • MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Filed SCHEDULE 13G/A on Ridgepost Capital, Inc., latest Jan 28, 2026 (3 filings since Feb 13, 2025)
  • Nell M. Blatherwick Filed SCHEDULE 13G/A on Ridgepost Capital, Inc., latest Nov 14, 2025 (4 filings since Feb 14, 2023)
  • Macquarie Group Filed SCHEDULE 13G/A on Ridgepost Capital, Inc., latest May 15, 2025 (2 filings since Feb 7, 2025)
  • Souder Family LLC Filed SCHEDULE 13G on Ridgepost Capital, Inc., latest Feb 14, 2025
  • 210 Capital, LLC Filed SCHEDULE 13D/A on Ridgepost Capital, Inc., latest Jan 24, 2025 (12 filings since Feb 14, 2022)
  • Ridgepost Capital, Inc. Dallas, Texas, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; owners and owned firms from Form ADV, the registration investment advisers file with the SEC. Each entity in the chart links to its source.

What it owns

What Ridgepost Capital, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$15.4M3 Dec 31, 2025$10.4M3 Dec 31, 2024+48.6%
Accumulated depreciation$5.3M3 Dec 31, 2025$3.6M3 Dec 31, 2024+45.2%
Property and equipment, net$10.2M3 Dec 31, 2025$6.8M3 Dec 31, 2024+50.4%
Operating-lease assets (leased space)$23.2M3 Dec 31, 2025$17.5M10 Dec 31, 2024+32.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$28.2M3 Dec 31, 2025$67.5M3 Dec 31, 2024−58.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$559.0M3 Dec 31, 2025$506.0M3 Dec 31, 2024+10.5%
Intangible assets, net (excluding goodwill)$107.3M3 Dec 31, 2025$97.6M3 Dec 31, 2024+9.9%
Indefinite-lived intangibles (excluding goodwill)$17.4M10 Dec 31, 2024$17.4M10 Dec 31, 20230%
Finite-lived intangibles, gross$225.3M10 Dec 31, 2024$225.3M10 Dec 31, 20230%
Accumulated amortization-$166.8M3 Dec 31, 2025-$145.1M3 Dec 31, 2024−14.9%
Finite-lived intangibles, net$89.9M3 Dec 31, 2025$80.2M10 Dec 31, 2024+12.1%

Properties, in its own words

We lease our corporate headquarters and principal offices, which are located at 2699 Howell Street, Suite 1000, Dallas, Texas 75204. We also lease additional office space in Spain, Illinois, California, North Carolina, New York, Louisiana,

Missouri, Maryland, and Connecticut. We do not own any real property. We believe our current facilities are adequate for our current needs and that suitable additional space will be available as and when needed.

Item 2 of the 10-K filed Feb 27, 2026.6

Leadership

Who has led Ridgepost Capital, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. C. Clark Webb2021
  2. Luke A. Sarsfield Iii.2023–2025

Chief financial officer

  1. Amanda N. Coussens2021–now

Chief operating officer

  1. William F. Souder2021–2024
2025
Board members and other officers (19)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Qualitas Equity Funds, S.G.E.I.C., S.A. Spain5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • P10, Inc.Feb 12, 2021 to Feb 5, 20264

Timeline

  1. Sep 4, 20268-K Financial statements and exhibits35
  2. Aug 5, 20268-K Results of operations; Regulation FD disclosure36
  3. Jun 23, 20268-K Shareholder vote37
  4. Jun 22, 20268-K Completed an acquisition or sale; New debt or obligation; Unregistered sale of shares38
  5. May 8, 20268-K Results of operations; Regulation FD disclosure; Other events39
  6. Mar 23, 20268-K Executive or director change; Regulation FD disclosure40
  7. Feb 12, 20268-K Results of operations; Regulation FD disclosure; Other events41
  8. Feb 5, 20268-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure42
  9. Jan 12, 20268-K Bylaws or fiscal year changed; Regulation FD disclosure; Other events43
  10. Nov 6, 20258-K Results of operations; Regulation FD disclosure44
  11. Sep 19, 20258-K New debt or obligation45
  12. Aug 7, 20258-K Results of operations; Regulation FD disclosure46
  13. Oct 25, 2023New chief executive Luke A. Sarsfield Iii. becomes CEO15
  14. Oct 20, 2021New chief executive C. Clark Webb becomes CEO16
  15. Oct 9, 2019Founded Ridgepost Capital, Inc. is founded2

Calendar

Coming up

  1. Nov 4, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.24 a share, on Nov 6, 2025.47

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results36
  2. May 8, 2026Reported quarterly or annual results39
  3. Feb 12, 2026Reported quarterly or annual results41
  4. Nov 6, 2025Reported quarterly or annual results44
  5. Aug 7, 2025Reported quarterly or annual results46
  6. May 8, 2025Reported quarterly or annual results48
  7. Feb 12, 2025Reported quarterly or annual results49
  8. Nov 7, 2024Reported quarterly or annual results50

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

449 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 61 major events, 226 insider forms, 76 large holders, 66 other. The latest 20:

  1. Oct 8, 2026SCHEDULE 13G/A EDGAR
  2. Sep 18, 20264 EDGAR
  3. Sep 4, 20264 EDGAR
  4. Sep 4, 20268-K/A EDGAR
  5. Aug 7, 202610-Q EDGAR
  6. Aug 6, 2026SCHEDULE 13G/A EDGAR
  7. Aug 5, 20268-K EDGAR
  8. Jul 29, 2026SCHEDULE 13G EDGAR
  9. Jul 15, 20263 OWNERSHIP DOCUMENT EDGAR
  10. Jul 15, 2026SCHEDULE 13G EDGAR
  11. Jun 23, 20268-K EDGAR
  12. Jun 23, 20264 EDGAR
  13. Jun 23, 20264 EDGAR
  14. Jun 23, 20264 EDGAR
  15. Jun 23, 20264 EDGAR
  16. Jun 23, 20264 EDGAR
  17. Jun 23, 20264 EDGAR
  18. Jun 22, 20268-K EDGAR
  19. May 8, 202610-Q EDGAR
  20. May 8, 20268-K EDGAR

The 449 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

122 open-market trades by officers, directors and large owners since October 2021: 17 buys and 105 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 31, 2026Stewart Robert B JrDirectorBuy7,000$7.27$50.9KForm 4
Mar 23, 2026McCoy David M.DirectorBuy70,000$7.37$515.9KForm 4
Mar 23, 2026McCoy David M.DirectorBuy70,000$7.37$515.9KForm 4
Mar 12, 2026Charles K. Huebner TrustBuy12,500$7.31$91.4KForm 4
Feb 24, 2026Stewart Robert B JrDirectorBuy5,000$8.27$41.4KForm 4
Feb 19, 2026Charles K. Huebner TrustBuy20,000$8.68$173.6KForm 4
Feb 19, 2026Stewart Robert B JrDirectorBuy10,000$8.65$86.5KForm 4
Nov 21, 2025Poston Edwin A.DirectorSale18,427$9.02$166.2KForm 4
Nov 21, 2025Williams Mel10% ownerSale18,427$9.02$166.2KForm 4
Sep 26, 2025Abell Alexander I.Sale25,000$11.25$281.2KForm 4
Sep 23, 2025Williams Mel10% ownerSale66,218$12.03$796.6KForm 4
Sep 23, 2025Poston Edwin A.DirectorSale25,000$12.07$301.8KForm 4
Sep 22, 2025Poston Edwin A.DirectorSale8,683$11.87$103.1KForm 4
Sep 19, 2025McCoy David M.DirectorSale44,000$12.08$531.5KForm 4
Sep 19, 2025Poston Edwin A.DirectorSale7,344$12.08$88.7KForm 4
Sep 18, 2025Poston Edwin A.DirectorSale91,949$12.16$1.1MForm 4
Sep 17, 2025Williams Mel10% ownerSale23,494$12.02$282.4KForm 4
Sep 11, 2025Poston Edwin A.DirectorSale30,000$12.52$375.6KForm 4
Aug 28, 2025Poston Edwin A.DirectorSale15,000$12.57$188.6KForm 4
Aug 27, 2025Thomas P. Danis, Jr. Revocable Living Trust dated March 10, 2003Sale21,700$12.37$268.4KForm 4

All 122 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Luke A. Sarsfield III$1.0M$5.2M74
2025Amanda Coussens$500.0K$1.8M74
2025Richard J. (Arjay) Jensen$500.0K$1.7M74
2025Mark Hood$500.0K$1.6M74
2025Sarita Jairath$600.0K$1.5M74
2024Chief Executive Officer and Chairman of the Board$1.0M$3.1M74
2024Executive VicePresident and Chief Financial Officer$500.0K$1.8M74
2023Chief Executive Officer and Chairman of the Board$191.0K$7.3M74
2023Executive VicePresident and Chief Financial Officer$400.0K$1.2M74

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.4,452,743$35.0M0.0%+449,703
Capital World Investors3,892,773$30.6M0.0%+102,220
Caz Investments LP3,875,757$30.5M10.1%New
Nomura Asset Management International Inc.3,605,148$28.4M0.0%+6,764
River Road Asset Management, LLC3,250,951$25.6M0.3%−136,193
Fmr LLC3,228,648$25.4M0.0%−2,098,007
Vanguard Portfolio Management LLC2,876,221$22.6M0.0%+142,303
Vanguard Capital Management LLC2,767,362$21.8M0.0%−8,263
Jpmorgan Chase & Co2,770,943$21.1M0.0%+44,609
Massachusetts Financial Services Co /ma/2,490,717$19.6M0.0%−130,442
State Street Corp1,722,503$13.6M0.0%+57,543
Geode Capital Management, LLC1,551,349$12.2M0.0%+96,533
Samjo Management, LLC865,605$6.8M2.3%+165,970
Deprince Race & Zollo Inc702,316$5.5M0.1%+163,489
Russell Investments Group, Ltd.632,863$5.0M0.0%+141,055
Northern Trust Corp602,041$4.7M0.0%+45,863
D. E. Shaw & Co., Inc.584,629$4.6M0.0%New
American Financial Group Inc540,000$4.2M1.5%No change
Aqr Capital Management LLC534,491$4.2M0.0%+329,771
Charles Schwab Investment Management Inc521,280$4.1M0.0%+13,507
Algert Global LLC515,071$4.1M0.0%New
Nuveen, LLC505,620$4.0M0.0%+2,424
Vanguard Fiduciary Trust Co450,559$3.5M0.0%+8,725
Goldman Sachs Group Inc448,345$3.5M0.0%+184,053
Morgan Stanley417,225$3.3M0.0%+56,287

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Ridgepost Capital, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARRidgepost Capital, Inc.1
  • CIK0001841968
  • Employer ID (EIN)87-29081606
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 311
  • Industry code (SIC)6282 Investment Advice1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address2699 Howell Street, Suite 1000, Dallas, TX 752041
  • Phone(214) 999-60631
  • Shares outstanding78,241,277 Common Class A shares; 31,264,298 Common Class B shares as of Feb 23, 20266
  • Public float$700.7M as of Jun 30, 20256
  • AuditorKPMG LLP, Chicago, Illinois PCAOB ID 185; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceFeb 12, 20211
  • Filings466 in all: 4 (194), 8-K (59), 3 (21), SC 13G/A (21), SCHEDULE 13G/A (19), SC 13G (17), 10-Q (15), 144 (13)1
    All 38 form types

    CORRESP (10), 4/A (8), SCHEDULE 13G (8), UPLOAD (8), EFFECT (7), DEF 14A (6), SC 13D/A (6), 10-K (5), DRSLTR (5), SCHEDULE 13D/A (4), ARS (3), DRS/A (3), POS AM (3), S-1/A (3), S-8 (3), SEC STAFF LETTER (3), 3/A (2), 424B3 (2), 5 (2), 8-A12B (2), 8-K/A (2), CERT (2), S-1 (2), S-3 (2), 424B4 (1), DEFA14A (1), DRS (1), PRE 14A (1), S-3/A (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Aug 5, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, $0.001 par value per shareRPCNYSE

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Ridgepost Capital, Inc. names in Item 1A of its 10-K filed Feb 27, 2026: 51 risks under these headings, as written.6

  • Risks Relating to Our Business
  • Our revenue could decline materially if a significant number of our investors or clients were to exercise certain removal, termination, non-renewal and/or non-continuation rights.
  • If the investments we make on behalf of our specialized investment vehicles perform poorly, our ability to raise capital for future specialized investment vehicles may be materially and adversely affected.
  • The historical performance of our investments should not be considered as indicative of the future results of our investments or our operations.
  • The success of our business depends on the identification and availability of suitable investment opportunities for our investors.
  • Our failure to deal appropriately with conflicts of interest could damage our reputation and materially and adversely affect our business.
  • We have obligations to investors and may have obligations to other third parties that may conflict with interests of our stockholders.
  • Our ability to retain our senior leadership team and find, attract, retain and develop human capital in a highly competitive talent market is critical to our success.
  • We intend to expand our business and may enter into new lines of business or geographic markets, which may result in additional risks and uncertainties in our business.
  • Future transactions and recent acquisitions could pose risks.
  • Our organic growth with selective strategic acquisitions in recent years may be difficult to sustain, as it may place significant demands on our resources and employees and may increase our expenses.
  • The due diligence process that we undertake in connection with investments may not reveal all facts that may be relevant in connection with an investment.
The other 40 risks
  • Our indebtedness and our future indebtedness may expose us to substantial risks.
  • Restrictive covenants in agreements and instruments governing our debt may adversely affect our ability to operate our business and our failure to comply with any of these covenants may put us in default, which could have a material adverse effect on our business and financial condition.
  • Dependence on leverage by certain funds and portfolio companies subjects us to volatility and contractions in the debt financing markets and could adversely affect the ability of our specialized investment vehicles to achieve attractive rates of return on those investments.
  • Defaults by investors in certain of our specialized funds could adversely affect such funds' operations and performance.
  • Our failure to comply with investment guidelines set by our investors could result in damage awards against us or a reduction in FPAUM, either of which would cause our earnings to decline and adversely affect our business.
  • Misconduct by our employees, advisors or third-party service providers could harm us by impairing our ability to attract and retain investors and subject us to significant legal liability and reputational harm.
  • Valuation methodologies for certain assets in our specialized investment vehicles can be highly subjective, and the values of assets established pursuant to such methodologies may never be realized, which could result in significant losses for our specialized investment vehicles.
  • Our investment management activities often involve investments in relatively illiquid assets, and we and our investors may lose some or all the amounts invested in these activities or fail to realize any profits from these activities for a considerable period of time.
  • Our specialized investment vehicles face risks relating to undiversified investments.
  • Our specialized investment vehicles make investments in funds and companies that we do not control.
  • Investments by our specialized investment vehicles or advisory accounts frequently rank junior to investments made by other investors.
  • We may not be able to maintain our desired fee structure as a result of industry pressure from private markets investors to reduce fees.
  • Our risk management strategies and procedures may fail to properly identify, assess, or mitigate material risks.
  • Restrictions on our ability to collect and analyze data regarding our investors’ investments would negatively impact our business.
  • Operational risks, data security breaches, AI related cyber events, loss or leakage of data and other interruptions of our information technology systems or those of our third-party service providers may disrupt our business, compromise sensitive information related to our business, or prevent us from accessing critical information, which may result in losses or limit our growth.
  • We may face damage to our professional reputation and legal liability if our services are not regarded as satisfactory by our investors.
  • We operate in certain international markets, including markets in which we have limited experience, and we intend to continue to increase our international scope. As a result, we face additional risks in connection with certain of our international operations.
  • We are subject to risks in using custodians, counterparties, administrators and other agents.
  • Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations and financial condition and results of operations.
  • We may not be able to fully utilize our net operating loss (“NOL”) and other tax carryforwards.
  • The collectability of fees pursuant to the Advisory Services Agreements with Enhanced PC is dependent on future cash flows of Enhanced PC.
  • Risks Related to Our Industry
  • The investment management and investment advisory business is intensely competitive.
  • Emerging technologies, such as artificial intelligence, may disrupt the market, lead to greater legal and regulatory risks, and adversely affect our ability to compete.
  • Difficult market conditions can adversely affect our business by reducing the market value of the assets we manage and the level of private markets investment by our customized separate account investors.
  • Increased government regulation, compliance failures and changes in law or regulation could result in operational restrictions and uncertainty, increased costs, reputational damage, or other harm to our business.
  • We are subject to stringent and changing obligations related to data privacy and protection. Our actual or perceived failure to comply with such obligations could lead to regulatory investigations and actions; litigation; fines and penalties;
  • disruptions to our business operations; reputational harm; loss of revenue and profits; and other adverse business impacts.
  • New and evolving laws, government regulations and policy, including with respect to trade and tariffs, could adversely affect our business.
  • Changes in tax laws may adversely affect our business, and the IRS or a court may disagree with tax positions we take, which may result in adverse effects on our financial condition or the value of our common stock.
  • Federal, state and foreign anti-corruption and sanctions laws create the potential for significant liabilities and penalties and reputational harm.
  • Regulation of investment advisers outside the U.S. could adversely affect our ability to operate our business.
  • We have been, and may continue to be, subject to increasing scrutiny from institutional investors with respect to ESG costs of investments made by our funds, which could constrain investment opportunities for our funds and adversely affect our ability to raise capital from such investors.
  • The effect of global climate change may impact the operations of our products’ investments.
  • Risks Relating to Our Organizational Structure
  • A change of control of our company, including the occurrence of a “Sunset,” could result in an assignment of our investment advisory agreements.
  • If we were deemed an “investment company” under the Investment Company Act as a result of our ownership of our subsidiaries, applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business.
  • We are a “controlled company” within the meaning of the NYSE listing standards and, as a result, we qualify for, and may rely on, exemptions from certain corporate governance requirements.
  • Risks Relating to Ownership of our Common Stock
  • The disparity in the voting rights among the classes of our common stock and inability of the holders of our Class A common stock to influence decisions submitted to a vote of our stockholders may have an adverse effect on the price of our Class A common stock.
  • Our dual class structure may depress the trading price of our Class A common stock.
  • There can be no assurance that we will continue to declare cash dividends.
  • Provisions in our certificate of incorporation and bylaws or Delaware law may discourage, delay, or prevent a change of control of our Company or changes in our management and, therefore, may negatively affect the trading price of our Class A common stock.

Legal proceedings

In the ordinary course of business, we may be subject to various legal, regulatory and/or administrative proceedings from time to time. Although there can be no assurance of the outcome of such proceedings, our management does not believe it is probable that any pending or, to our knowledge, threatened legal proceeding or claim would individually or in the aggregate materially affect our consolidated financial statements.

The opening of Item 3, Legal Proceedings.6

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