Q4 2025 P10 Inc Earnings Call Transcript
Key Points
- Ridgepost Capital Inc (RPC) reported a 15% year-over-year increase in fee-paying assets under management, reaching $29.4 billion.
- The company successfully raised and deployed a record $5.1 billion in organic gross new fee-paying assets under management in 2025.
- RPC's acquisition of Stellus is expected to be modestly accretive to both margin and ANI EPS per share in the first full year.
- The company exceeded its initial annual organic fundraising guidance by over $1 billion.
- RPC expanded its global footprint by opening a new office in Dubai and completing the acquisition of Qualitas Funds, establishing a presence outside the US.
- Step downs and expirations for 2025 exceeded initial expectations, primarily due to early paydowns in the credit business and the expiration of a large separately managed account.
- Adjusted net income (ANI) for the fourth quarter decreased by 14% compared to the same period in 2024.
- Operating expenses in 2025 were slightly lower than in 2024, but the decrease was attributed to adjustments related to prior acquisitions.
- The core fee rate is expected to be lower than 103 basis points in the first half of 2026, potentially impacting revenue.
- FRE margins are anticipated to be slightly lower than mid-40s during the first quarter of 2026 due to additional investments made across the platform.
Hello, and welcome to Ridgepost Capital's fourth-quarter and full year 2025 conference call. My name is Kevin, and I'll be coordinating your call today. (Operator Instructions) As a reminder, today's conference call is being recorded. I will now pass the call over to your host, Mark Hood, EVP and Chief Administrative Officer. Mark, please go ahead.
Thank you, operator, and thank you all for joining us. On today's call, we'll be joined by Luke Sarsfield, Chairman and Chief Executive Officer, and Amanda Coussens, EVP and Chief Financial Officer. After our prepared remarks, Arjay Jensen, EVP, Head of Strategy and M&A, and Sarita Jairath, EVP, Global Head of Client Solutions, will join us for our Q&A session.
Before we begin, I'd like to remind everyone that this conference call, as well as the presentation slides, may constitute forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act
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