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 vehicles and significant investor overlap across strategies.

• Announced the acquisition of Stellus Capital Management, expected to close mid-2026, to expand direct lending capabilities and anticipated to be modestly 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, up 18% year-over-year, with total AUM over $45 billion as of March 31, 2026.

• Total fee-related revenue was about $75 million in Q1, up 11% from the prior year; management and advisory fees rose 10% to $73.6 million.

• Fee-Related Earnings margin was 44% for Q1 2026, consistent with prior guidance.

• Adjusted Net Income (ANI) was $25.5 million, up from $19.9 million in Q1 2025; diluted EPS doubled to $0.08.

• Cash and cash equivalents at quarter-end were $29.9 million; outstanding debt totaled $375 million.

Outlook and guidance

• Management expects continued FPAUM growth through new fundraising, product launches, and expanding asset class solutions and geographic reach.

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

• Management anticipates stable average fee rates and ongoing investment in talent and infrastructure to support growth.