Ridgepost Capital (RPC) Q1 2026 earnings summary

Executive summary

• Achieved record fundraising and deployment in Q1 2026, with fee-paying AUM reaching $31 billion, up 18% year-over-year, and strong investment performance across private equity, venture capital, 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 gains from acquisitions.

• Announced the acquisition of Stellus Capital Management, expected to close mid-2026, expanding direct lending capabilities and platform diversification.

• Maintained a highly durable and diversified LP base, with long-dated, locked-up capital and a weighted average remaining duration of approximately seven years.

• Minimal exposure to recent industry volatility in software, AI, and private credit, insulating the business from sector-specific risks.

Financial highlights

• Fee-paying AUM reached $31 billion, up 18% year-over-year, with over $45 billion in total AUM as of March 31, 2026.

• GAAP revenue grew 11% to $75 million; net income more than doubled to $9.7 million; adjusted net income rose to $25.5 million.

• Gross fundraising and deployment totaled nearly $2 billion in Q1 2026.

• Fee-related revenue was approximately $75 million, up 11% year-over-year, with a 44% FRE margin.

• Core fee rate was 97 basis points in Q1 and 103 basis points on an LTM basis.

Outlook and guidance

• Management expects continued FPAUM growth, stable or expanding fee rates, and ongoing investment in talent and infrastructure.

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

• FRE margins anticipated to grow throughout 2026, targeting mid-40s for the year and near 50 over the next few years, excluding acquisitions.

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

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