Ridgepost Capital (RPC) Q4 2025 earnings summary

Executive summary

• Rebranded as Ridgepost Capital, reflecting strategic transformation and integration across private equity, private credit, and venture capital, with a focus on the middle and lower middle market.

• Achieved record full-year fundraising and deployment of $5.1B, surpassing guidance by over $1B, and expanded globally with the opening of a Dubai office and acquisition of Stellus Capital Management, a direct lending platform with $3.8B AUM.

• Fee-paying AUM reached $29.4B at year-end 2025, up 15% year-over-year, with total AUM exceeding $43B.

• GAAP net income for 2025 was $23M, up from $19.7M in 2024; Q4 net income was $11M, up from $5.7M.

• Adjusted net income (ANI) for Q4 was $30.2M, down 14% year-over-year; full-year ANI was $108.9M, down 9%.

Financial highlights

• Fee-related revenues (FRR), excluding catch-up fees, increased 13% for 2025; FRE margins at 47%.

• Q4 2025 revenue was $81.0M, down from $85.0M year-over-year; full-year revenue was $297.3M, up slightly from $296.4M.

• Fee-related earnings for Q4 were $39.0M (down from $42.7M); full-year was $141.1M (down from $142.1M).

• Operating expenses for 2025 were $231.8M, down from $235.8M in 2024.

• Fully diluted GAAP EPS for Q4 was $0.09, up 80% year-over-year; full-year EPS was $0.17, up 7%.

Outlook and guidance

• Targeting $10B in gross organic fundraising and deployment over 2026–2027, excluding acquisitions.

• FRE margins expected in the mid-40s% for 2026, with expansion toward 50% over the next few years.

• Core fee rate anticipated to average 103 bps in 2026, lower in H1 and expanding in H2 due to seasonality.

• Transaction to acquire Stellus Capital Management expected to close mid-2026, anticipated to be accretive to ANI per share and FRE margin.

• Management highlighted continued execution of long-term strategy and expects to capture growing demand for alternatives in the wealth ecosystem.