Ridgepost Capital, Inc. (RPC) is an alternative asset management platform (investment advice industry) reporting as of March 31, 2026. Under a liquidation lens, recovery to equity is deeply negative. MFFAIS estimates cash liquidation value at approximately -$385M, consistent with the balance sheet structure: total assets of $910M are dominated by goodwill ($558M) and intangible assets ($184M combined finite-lived plus goodwill), which receive a 0% recovery haircut. After applying standard haircuts, recoverable assets are limited to cash/restricted cash ($30M at 100%), accounts receivable and other receivables ($124M net, at 90-95% recovery or approximately $115-118M), PP&E net ($10M at 50-70% recovery or approximately $5-7M), and operating lease ROU assets ($22M, recoverable only to the extent sublease value exists, likely minimal). Total estimated liquidation recovery on assets approximates $150-160M against total liabilities of $506M carried at face value. This yields a liquidation shortfall to equity of roughly $345-355M before NCI allocation, consistent with MFFAIS CLV. The primary drivers of negative recovery are: (1) $558M of goodwill and $101M of finite-lived intangibles representing 73% of total assets, all zeroed under liquidation; (2) $375M of senior secured debt (Term Loan $317M + Revolver $62M, both due August 2028 at SOFR+260bps) that stays at face value; and (3) $29M operating lease liability ($6M undiscounted excess) representing a continuing obligation. Since the prior filing (10-K for year ended December 31, 2025, filed February 27, 2026), the balance sheet has moved marginally: total assets declined $18.6M (-2%), driven primarily by $7.6M of intangible amortization and $3.5M decrease in prepaid/other assets. Debt increased $1.8M (net revolver draw of $5.5M offset by $4.1M term loan principal repayment). Goodwill declined $1.4M via FX translation. Accrued compensation dropped $10.6M (-52%) due to payment of year-end bonuses, reducing near-term cash claims. The contingent consideration liability for the Qualitas acquisition was remeasured down $4.0M in Q1 2026 (from $11.2M remaining balance), modestly reducing the liability stack. The Qualitas acquisition (April 2025) added both goodwill/intangibles and the contingent consideration liability now sitting at $11.2M face. An interest rate collar ($211M notional, cap 4.25%, floor 2.31%, expires August 2028) partially hedges the variable rate debt but has no liquidation value. Filing discusses the Clifford Guarantee structure (ECG put/call option guarantee) and contingent payments-to-customers asset in MD&A, but the specific balance of the guarantor contingent liability is not separately XBRL-tagged; this represents an additional off-balance-sheet exposure that could increase the liability stack in a wind-down scenario. Operating lease obligations total $29M ($35M undiscounted) and do not extinguish on liquidation. WTI earnout up to $70M (due by October 2027) is discussed in MD&A as compensation expense accrual but the remaining unpaid balance is not separately tagged in XBRL as of this period.
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