Ridgepost Capital (RPC) Q1 2026 earnings summary

Executive summary

• Achieved record fundraising in Q1 2026, with fee-paying AUM reaching $31 billion, up 18% year-over-year, driven by strong performance in venture capital, private equity, and private credit strategies.

• Revenue increased 11% year-over-year to $75 million, and net income more than doubled to $9.7 million, reflecting improved operating leverage and fundraising momentum.

• Maintained a highly durable and diversified LP base, with most assets in long-dated, locked-up capital vehicles sourced from institutional and high net worth channels.

• Announced the acquisition of Stellus Capital Management, expected to close mid-2026, to expand direct lending capabilities and anticipated to be accretive to earnings and margins.

• Operates as a single segment, providing multi-asset class private market solutions across private equity, venture capital, and private credit.

Financial highlights

• Fee-paying AUM reached $31 billion, representing 18% year-over-year growth and 5% sequential growth.

• Total fee-related revenue was about $75 million for the quarter, up 11% from a year ago.

• Adjusted Net Income (ANI) rose to $25.5 million, and diluted EPS doubled to $0.08.

• FRE margin was approximately 44%, consistent with prior guidance.

• Cash and cash equivalents at quarter-end were about $29 million; outstanding debt totaled $362–375 million.

Outlook and guidance

• Management expects continued FPAUM growth through new fundraising, product launches, and stable fee rates, supported by long-term, locked-up funds.

• Core fee rate expected to expand in the second half of 2026, with a full-year target of 103 basis points, excluding Stellus.

• FRE margins anticipated to grow to near 50% over the next few years, excluding acquisitions.

• The Stellus acquisition is expected to close mid-2026, further expanding the private credit platform.

• Continued focus on organic and inorganic growth, with no plans to issue stock at current trading levels for new M&A.