Ridgepost Capital, Inc. Q1 FY2026 earnings call

Ridge Post had a strong start in Q1 2026 with fee-paying AUM crossing $30B for the first time and record fundraising/deployment. Highlighted TrueBridge's flagship funds' strong performance. Discussed the durability of the LP investor base with long-dated locked up capital. Announced the acquisition of Stellis Capital Management and rebranding to Ridge Post Capital. Mentioned favorable elements in fundraising, especially at TrueBridge, and key business differentiators such as the unique LP profile and focus on middle and lower middle markets.

Fee-paying assets under management increased to approximately $31 billion, up 18% year-over-year. Q1 fundraising and deployment totaled approximately $2 billion. TrueBridge's flagship funds had strong results with net ROIC of three to nearly six times as of Dec 31, 2025. Stellis had $3.8 billion AUM and $2.6 billion fee-paying AUM in 2025, with a weighted average management fee rate of approximately 120 basis points in 2025.

Anticipate a core fee rate of 103 basis points for the full year 2026 excluding the impact of the Stellis acquisition. FRE margin is expected to be in the mid-40s in 2026 and expand to near 50 in the coming years. Anticipate approximately $2 million in annual tax savings resulting from the upfront cash consideration for Stellis. The Board of Directors has approved an increase in the quarterly cash dividend.

Exposure to trends like private credit software/AI disruption and redemption requests in the alternative asset management space is minimal. Fundraising may not follow a linear path and is expected to have variability between quarters.

Q: Asked about performance holding up and differentiation in the context of market trends.

A: Spoke about the middle and lower middle market focus, which provides a robust opportunity set, selective best-of-breed managers, portfolio disposition in private equity including co-investments and secondaries, and the resilient GP stakes business in the segment, highlighting its insulation and protection from certain market dynamics