Key Highlights

  • Ridgepost Capital (NYSE:RPC) reported third-quarter 2026 adjusted Net Income of USD 32.3 million, up 13%, or USD 0.25 per fully diluted share, compared with USD 0.24 in the third quarter of 2025.
  • Fee-paying Assets under management reached USD 35.2 billion, up 21% year over year but only 11% excluding the Stellus acquisition, and up 2.4% from the prior quarter.
  • Fee-related Earnings rose 19% to USD 43.0 million on fee-related Revenue of USD 88.9 million, up 17%, producing a fee-related earnings Margin of 48%.
  • The board declared a USD 0.04 quarterly Dividend payable December 18, 2026, and added USD 30 million to the buyback, leaving about USD 30 million of authorization.

Acquisition Lifts the 21% Fee-Paying AUM Growth Rate

Ridgepost Capital (NYSE:RPC) reported third-quarter results on November 4, 2026, for the quarter ended September 30. Fee-paying assets under management, the base on which it earns management fees, ended at USD 35.2 billion. Management said the 21% annual gain falls to 11% when the Stellus Acquisition is excluded, so roughly half of the growth came from the deal. Gross fundraising and deployment in the quarter was USD 1.3 billion, split between USD 475 million in venture capital, USD 450 million in Private Equity and USD 385 million in private credit. Nine-month fundraising reached nearly USD 4.5 billion, which it called a year-to-date record. Total assets under management exceeded USD 50 billion as of September 30, 2026.

Fee-Related Earnings Drive a Stable Earnings Profile

The company describes itself as a private markets solutions provider across private equity, private Credit and venture capital. Its earnings come almost entirely from fees. Management and advisory fees were USD 87 million of the USD 88.9 million fee-related revenue, and management said it has no direct exposure to realizations. Most fee-paying assets sit in drawdown funds, where fees are earned on committed capital rather than net asset value, with a weighted average remaining duration of about seven years. The average core fee rate was 99 basis points, down one basis point from the second quarter, which management linked to seasonality in fundraising and its tax credit business. For nine months, adjusted net income was USD 86 million and GAAP Operating Cash Flow was USD 75 million. The material reviewed does not give GAAP net income for the quarter.

Cross-Selling, TrueBridge and the Capital Return Plan

Management said cross-selling has added about USD 1.7 billion, roughly 15% of firmwide fundraising, since June 2024. TrueBridge, its venture platform, ended the quarter with USD 8.7 billion of fee-paying assets, up 32%, after closing a Secondaries II fund above USD 500 million. Targets include USD 10 billion of combined gross fundraising and deployment across 2026 and 2027 and USD 50 billion of fee-paying assets by year-end 2029. On capital return, Ridgepost Capital (NYSE:RPC) repurchased about 1.78 million shares at an average of USD 8.36 for roughly USD 15 million in the quarter. The risks are concentration in fundraising timing, as some activity shifted out of the third quarter, and integration of acquisitions.

Where Things Stand

Partly, yes. About half of the 21% growth in fee-paying assets came from Stellus, with the organic rate at 11%. Even so, Ridgepost Capital (NYSE:RPC) grew fee-related earnings 19% to USD 43.0 million and held a 48% margin, with fees tied to committed capital. Adjusted Earnings Per Share moved only from USD 0.24 to USD 0.25, and the core fee rate slipped a basis point. Next markers are the Stellus fund launch planned for early next year, the next TrueBridge flagship vintage in early 2027, fourth quarter fundraising and the December 18 dividend payment.