Ridgepost Capital (RPC) Q4 2024 earnings summary

Executive summary

• Achieved record performance in 2024, with Q4 revenue of $85 million (up 35% YoY) and full-year revenue of $296.4 million (up 23% YoY), exceeding financial and operating guidance.

• Fee-paying AUM grew 10% year-over-year to $25.7 billion, with $3.8 billion raised in 2024, surpassing guidance.

• Advanced strategic initiatives, including leadership team expansion, M&A activity, operational improvements, and enhanced transparency.

• Announced and progressed the acquisition of Qualitas Funds, enhancing European presence and product offerings.

• Board authorized an additional $40 million for share repurchases; $10 million of shares repurchased in Q4.

Financial highlights

• Full-year revenue rose 23% to $296.4 million; Q4 revenue up 35% year-over-year to $85 million.

• Adjusted EBITDA grew 17% to $144.5 million for the year; Q4 Adjusted EBITDA margin was 50%.

• Full-year GAAP net income was $19.7 million, reversing a prior year loss.

• Catch-up fees totaled $39 million for 2024, driven by Bonaccord II's final close.

• Fully diluted ANI per share was $1 for the year; Q4 ANI per share was $0.30, up 44% year-over-year.

Outlook and guidance

• 2025 gross fundraising expected at least $4 billion, a 60% increase over 2024 guidance.

• Double-digit revenue growth projected for 2025, excluding catch-up fees and including Qualitas Funds post-close.

• FRE margins expected in the mid-40% range for 2025, with long-term expansion toward 50%.

• Step-downs and expirations anticipated at 5%-7% of fee-paying AUM, mostly in H1 2025.

• Management aims to meet or exceed long-term financial guidance set at the September 2024 Investor Day.