Second Quarter 2026
Filed Aug 5, 2026Second Quarter 2026 Highlights
Fee-paying assets under management, fee-related revenue, fee-related earnings, adjusted net income and fully diluted ANI per share all increased year over year, while the company declared a quarterly dividend. The reported net revolver drawdown and fundraising and deployment being partly offset by stepdowns and expirations warrant attention.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Assets under managementother | over $50 billion | – | – |
| Fee paying assets under management (FPAUM)other | $34.3B | – | 19% |
| Fundraising and deploymentother | approximately $1.1B | – | – |
| Stepdowns and expirationsother | $417M | – | – |
| Private Equity Solutions fundraising and deploymentother | $410M | – | – |
| Private Credit Solutions fundraising and deploymentother | $231M | – | – |
| Venture Capital Solutions fundraising and deploymentother | $509M | – | – |
| Fee-Related Revenue (FRR)non-GAAP | $80.9M | – | 11% |
| Fee-Related Earnings (FRE)non-GAAP | $38.8M | – | 10% |
| Fee-Related Earnings Marginnon-GAAP | 48% | – | – |
| Adjusted Net Income (ANI)non-GAAP | $28.5M | – | 6% |
| Fully Diluted ANI per sharenon-GAAP | $0.24 | – | – |
| Private Equity assets under managementother | $25B+ | – | – |
| Private Equity fee paying assets under managementother | $18.3B | – | – |
| Private Equity vehiclesother | 71 | – | – |
| Private Equity inceptionother | 2001 | – | – |
| Private Credit assets under managementother | $11B+ | – | – |
| Private Credit fee paying assets under managementother | $7.8B | – | – |
| Private Credit vehiclesother | 57 | – | – |
| Private Credit inceptionother | 1980 | – | – |
| Venture Capital assets under managementother | $15B+ | – | – |
| Venture Capital fee paying assets under managementother | $8.2B | – | – |
| Venture Capital vehiclesother | 24 | – | – |
| Venture Capital inceptionother | 2007 | – | – |
| EUR/USD exchange rate used for Qualitas Funds AUM and FPAUMother | 1.13971 | – | – |
Capital returns
- Declared a quarterly cash dividend of $0.04 per share for Class A and Class B stock, payable on September 18, 2026, for holders as of the close of business on August 31, 2026.
What drove it
- Fee paying assets under management (FPAUM) of $34.3B represented an 19% increase from the prior year.
- In the quarter, approximately $1.1B of fundraising and deployment was offset by $417M of stepdowns and expirations.
- Fee-Related Revenue of $80.9M represented an 11% year-over-year growth.
- Fee-Related Earnings of $38.8M represented a 10% year-over-year growth.
- Adjusted Net Income of $28.5M represented a 6% year-over-year growth.
Concerns
- Approximately $1.1B of fundraising and deployment was offset by $417M of stepdowns and expirations.
- The company made a net drawdown of $120M on the revolver in the second quarter.
- The filing excerpt does not provide GAAP financial results, a full balance sheet, cash flow statement, debt balance or forward financial guidance.
What to watch
- Fundraising and deployment relative to stepdowns and expirations.
- FPAUM growth and its relationship to Fee-Related Revenue.
- Fee-Related Earnings Margin, reported at 48%.
- Further revolver activity following the net drawdown of $120M.
- The quarterly dividend payable on September 18, 2026.
Balance sheet and cash flow
- In the second quarter, made a net drawdown of $120M on the revolver.
Analysis
Ridgepost reported expanding fee-paying assets under management, with FPAUM of $34.3B representing a 19% increase from the prior year. The firm described approximately $1.1B of fundraising and deployment during the quarter, offset by $417M of stepdowns and expirations. Reported fundraising and deployment included $410M in Private Equity Solutions, $231M in Private Credit Solutions and $509M in Venture Capital Solutions.
The fee-related earnings profile was positive. Fee-Related Revenue was $80.9M and grew 11% year over year, while Fee-Related Earnings was $38.8M and grew 10% year over year. The reported FRE margin was 48%, and Adjusted Net Income was $28.5M, up 6% year over year. Fully Diluted ANI per share was $0.24, compared to $0.23 in Q2’2025.
The disclosed operating mix spans Private Equity, Private Credit and Venture Capital. As of 6/30/2026, the presentation showed $18.3B of Private Equity FPAUM, $7.8B of Private Credit FPAUM and $8.2B of Venture Capital FPAUM. The presentation states that Qualitas Funds AUM and FPAUM use a EUR/USD exchange rate of 1.13971.
Capital allocation included a declared quarterly cash dividend of $0.04 per share for Class A and Class B stock, payable on September 18, 2026, to holders of record as of the close of business on August 31, 2026. The company also reported a net drawdown of $120M on the revolver in the second quarter. No forward financial guidance was provided in the filing text, leaving future revenue, margin, expense and tax assumptions undisclosed.
The principal reported watchpoint is whether fundraising and deployment continue to exceed stepdowns and expirations, supporting further FPAUM growth and fee-related revenue. Investors should also focus on the relationship between FPAUM growth, the 48% FRE margin and further revolver activity. The supplied filing excerpt does not include the GAAP income statement, cash flow statement, full debt position or non-GAAP reconciliations needed to assess reported earnings and liquidity comprehensively.
Not in the filing
stated, not guessed- GAAP total revenue
- GAAP gross margin
- GAAP operating income
- GAAP net income
- GAAP earnings per share
- Prior-year and prior-quarter GAAP financial comparisons
- Prior-year and prior-quarter amounts for Fee-Related Revenue, Fee-Related Earnings and Adjusted Net Income
- Total operating expenses
- Operating cash flow
- Free cash flow
- Cash and cash equivalents
- Total debt balance
- Share repurchases
- Segment revenue and segment revenue growth
- Forward revenue guidance
- Forward gross-margin guidance
- Forward operating-expense guidance
- Forward tax-rate guidance
- Complete non-GAAP reconciliations
- Named executive commentary or quotes
- Complete financial statements and notes
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.