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.

• Adjusted Net Income for Q4 was $35 million (up 39% YoY); fully diluted ANI per share was $0.30 in Q4 and $1.00 for the year.

• Advanced strategic initiatives, including leadership hires, M&A activity, platform expansion, and operational efficiencies.

• Board authorized an additional $40 million for share repurchases; $59.1 million spent on repurchases in 2024.

Financial highlights

• Full-year revenue was $296.4 million (+23% YoY); Q4 revenue was $85 million (+35% YoY).

• Adjusted EBITDA for 2024 was $144.5 million (+17% YoY); Q4 Adjusted EBITDA margin was 50%.

• GAAP net income for 2024 was $19.7 million, reversing a prior year loss.

• Fully diluted ANI per share for 2024 was $1.00, up 22% year over year.

• Gross fundraising reached $3.8 billion for 2024, exceeding guidance.

Outlook and guidance

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

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

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

• Step-downs and expirations expected to remain 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.