Ridgepost Capital (RPC) Q3 2026 earnings summary

Executive summary

• Q3 Fee-Related Revenue was $88.9M (+17% YoY), Fee-Related Earnings were $43.0M (+19%) at a 48% margin, and Adjusted Net Income was $32.3M (+13%).

• FPAUM reached $35.2B at September 30, up 21% YoY; total AUM exceeded $50B.

• Fundraising and deployment totaled $1.3B in Q3 and ~$4.5B in 9M 2026, a year-to-date record; cross-sells contributed ~$1.7B to fundraising since June 2024.

Financial highlights

• Q3 revenue was $88.9M (+17% YoY), operating expenses were $63.5M (-3%), and operating income was $25.5M (+138%).

• Q3 Adjusted Net Income was $32.3M versus $28.6M; fully diluted ANI per share was $0.25.

• GAAP net income was $12.9M versus $3.0M; net income attributable to common stockholders was $9.9M versus $2.1M, with diluted EPS of $0.09 versus $0.02.

• 9M revenue was $244.9M (+13%), operating income $62.8M (+58%), and net income $31.1M (+161%).

• 9M Fee-Related Revenue was $244.7M (+13%), Fee-Related Earnings $114.7M (+12%), Adjusted Net Income $86.2M (+10%), and operating cash flow $75.1M.

Outlook and guidance

• 2026 core fee rate is expected at 103 bps; direct and secondary catch-up fees are forecast at $6M-$8M for FY 2026.

• Full-year 2026 FRE margin is expected to be similar to 2025; management said margins had troughed after 9M margin held steady YoY.

• Aggregate gross fundraising and deployment target is $10B for 2026-27; FPAUM target is $50B by year-end 2029.

• Fundraising pipeline remained strong into Q4, with ~15 funds in market; no large Q4 fee step-downs or expirations are expected, and annual step-downs remain forecast at 5%-7%.

• Stellus's next fund family and TrueBridge's next flagship vintage are expected to launch in 2027; the TrueBridge vintage is expected in early 2027.