Ridgepost Capital, Inc. Segments Disclosure
Note 18. Segment Reporting
The accounting policies of the Company's single operating segment are the same as those described in the summary of significant accounting policies in Note 2.
Customer Information
No individual client constituted more than 10% of the Company's total revenues for the years ended December 31, 2025, 2024, and 2023, respectively. Refer to Note 4 for further details provided on the Company's source of revenues. From time to time, a fund managed by the Company will constitute more than 10% of the Company's total revenue due to catch-up fees, which are described in Note 2. Catch-up fees are non-recurring in nature and as such these funds do not represent a concentration risk for the Company's revenue.
Geographic Information
The primary geographic region in which the Company invests is in the United States and the majority of its revenues are generated in the United States. For the years ended December 31, 2025, 2024, and 2023, most of the Company's revenues
were generated in the United States. No individual foreign country constituted more than 10% of the Company's revenues for the years ended December 31, 2025, 2024, and 2023.
The Company's long-lived assets consist of property and equipment, lease right-of-use assets, and finite-lived intangibles. As of December 31, 2025, 77% of the Company's long-lived assets were in the United States and 23% of the Company's long-lived assets were in Spain. As of December 31, 2024, most of the Company's long-lived assets were in the United States. No individual foreign country constituted more than 10% of the Company's long-lived assets as of December 31, 2024.
Significant Segment Expense
The following table presents information about reported segment revenue, segment profit or loss, and significant segment expenses for the years ended December 31, 2025, 2024, and 2023:
|
|
For the Year Ended December 31, |
||||
|
|
2025 |
|
2024 |
|
2023 |
Total Revenues |
|
$297,346 |
|
$296,448 |
|
$241,734 |
Less: cash compensation and benefits, net of one-time expenses |
|
(107,174) |
|
(99,520) |
|
(88,471) |
Less: stock-based compensation |
|
(37,114) |
|
(30,451) |
|
(34,653) |
Less: management profit share(2) |
|
(4,102) |
|
(11,033) |
|
(2,058) |
Less: professional fees, net of one-time expenses |
|
(14,619) |
|
(13,408) |
|
(8,482) |
Less: general, administrative and other, net of one-time expenses |
|
(26,418) |
|
(21,354) |
|
(16,610) |
Less: placement agent expenses |
|
(6,386) |
|
(6,039) |
|
(3,422) |
Less: other segment items (1) |
|
(78,570) |
|
(94,976) |
|
(95,810) |
Net income/(loss) |
|
$22,963 |
|
$19,667 |
|
$(7,772) |
(1) Other segment items included in net income/(loss) includes (i) contingent consideration expense, amortization of intangibles, strategic alliance expense, income tax expense, interest expense, net, as well as other loss, and (ii) one-time expenses excluded from the significant segment expenses.
(2) Management profit share represents compensation expense attributable to variable compensation structures tied to the profitability of our business, paid to senior employees.
The following table reconciles the components of cash compensation and benefits, net of one-time expenses to their equivalent GAAP measures, reported in the Consolidated Statement of Operations for the years ended December 31, 2025, 2024, and 2023:
|
|
For the year ended December 31, |
||||
|
|
2025 |
|
2024 |
|
2023 |
Compensation and benefits |
|
$143,632 |
|
$155,316 |
|
$154,286 |
Adjustments: |
|
|
|
|
|
|
Stock-based compensation |
|
(37,114) |
|
(30,451) |
|
(34,653) |
Management profit share(2) |
|
(4,102) |
|
(11,033) |
|
(2,058) |
One-time expenses (1) |
|
4,758 |
|
(14,312) |
|
(29,104) |
Cash compensation and benefits, net of one-time expenses |
|
$107,174 |
|
$99,520 |
|
$88,471 |
(1) The adjustments for one-time expenses relate primarily to (i) restructuring of the management team including signing bonus and severance; and (ii) acquisition-related expenses which reflects the actual costs incurred during the period for the acquisition of new businesses, which primarily consists of bonuses paid to employees directly related to the acquisition of new businesses.
(2) Management profit share represents compensation expense attributable to variable compensation structures tied to the profitability of our business, paid to senior employees.
The following table reconciles the components of professional fees, net of one-time expenses to their equivalent GAAP measures, reported in the Consolidated Statement of Operations for the years ended December 31, 2025, 2024, and 2023:
|
|
For the year ended December 31, |
||||
|
|
2025 |
|
2024 |
|
2023 |
Professional fees |
|
$25,545 |
|
$21,464 |
|
$12,668 |
Adjustments: |
|
|
|
|
|
|
One-time expenses (1) |
|
(10,926) |
|
(8,056) |
|
(4,186) |
Professional fees, net of one-time expenses |
|
$14,619 |
|
$13,408 |
|
$8,482 |
(1) The adjustments for one-time expenses relate primarily to (i) restructuring of the management team including placement/search fees; (ii) acquisition-related expenses which reflects the actual costs incurred during the period for the acquisition of new businesses, which primarily consists of fees for professional services including legal, accounting, and advisory related to the acquisition; (iii) the cost of financing our business and (iv) one-time advisory services related to technical accounting matters.
The following table reconciles the components of general, administrative and other, net of one-time expenses to their equivalent GAAP measures, reported in the Consolidated Statement of Operations for the years ended December 31, 2025, 2024, and 2023:
|
|
For the year ended December 31, |
||||
|
|
2025 |
|
2024 |
|
2023 |
General, administrative and other |
|
$35,149 |
|
$28,780 |
|
$22,584 |
Adjustments: |
|
|
|
|
|
|
Placement agent expenses |
|
(6,386) |
|
(6,039) |
|
(3,422) |
One-time expenses (1) |
|
(2,345) |
|
(1,387) |
|
(2,552) |
General, administrative and other, net of one-time expenses |
|
$26,418 |
|
$21,354 |
|
$16,610 |
(1) The adjustments for one-time expenses relate primarily to (i) expenses that typically do not require us to pay them in cash in the current period (such as depreciation and amortization); (ii) the cost of financing our business; and (iii) acquisition-related expenses which reflects the actual costs incurred during the period for the acquisition of new businesses.
Other Segment Information
Interest expense is reported on the Consolidated Statements of Operations as interest expense, net. Interest income is reported on the Consolidated Statements of Operations within other loss and was $1.3 million and $1.3 million for the years ended December 31, 2025 and December 31, 2024, respectively. Interest income was insignificant for the years ended December 31, 2023.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.