瑞奇波斯特资本 (RPC) 2026财年第三季度业绩电话会：收费资产管理规模达到352亿美元

核心要点

• 2026年第三季度调整后每股净收益为0.25美元。费用相关收益（FRE）同比增长19%至4300万美元，FRE利润率为48%。
• 收费资产管理规模（Fee-paying AUM）达到352亿美元，环比增长2.4%，同比增长21%。若剔除Stellus，同比增长为11%。
• 本季度总募资与投资部署新增13亿美元。前九个月累计创下公司历史新高，带来近45亿美元的收费资产管理规模。
• 管理层维持了2026和2027两年合计100亿美元的总募资与投资部署目标，以及截至2029年底实现500亿美元收费资产管理规模的目标。
• TrueBridge收费资产管理规模同比增长32%至87亿美元。其S基金二期（Secondaries II）以超过5亿美元的规模完成募集，是S基金一期的两倍多。
• Ridgepost Capital预计2026全年核心管理费率约为103个基点，这意味着较第三季度的99个基点将显著提升。

核心财务数据

业务与经营业绩

Ridgepost Capital在2026年前九个月募集并部署了近45亿美元的收费资产管理规模，刷新了公司今年迄今的历史最高纪录。其中风险投资贡献20亿美元，私募股权贡献17亿美元，私募信贷贡献约7亿美元。

公司有超过15只基金在市场上募集。当前的募资项目包括Bonaccord的GP股权策略、TrueBridge的风险投资、Hark Capital的NAV贷款策略、RCP和Qualitas的中端市场私募股权，以及Enhanced的项目融资与税收抵免策略。Ridgepost还计划于2027年初推出Stellus的下一期中低端市场直接贷款基金。

交叉销售对募资的贡献日益扩大。自2024年6月以来，全公司交叉销售总额约为17亿美元，占募资总额的约15%；而在2024年9月投资者日上，跨多策略投资的有限合伙人比例不足5%。管理层表示，公司服务于5000多家客户，并已投资于技术与客户数据整合，以支持进一步的交叉营销。

TrueBridge仍是主要的增长驱动力。其收费资产管理规模达到87亿美元，同比增长32%；自2020年第三季度以来，其有机年化增长率达17%。成立5年以上的母基金实现平均净内部收益率（IRR）19.8%，而S基金一期和直接基金三期的净IRR分别为43%和23%。

TrueBridge的S基金二期以超过5亿美元的规模完成募集，是上一期基金规模的两倍多。截至9月，其最新旗舰母基金已募集8.51亿美元，管理层预计将于2027年初推出下一期基金。

管理层业绩指引

• 管理层继续预计2026全年核心管理费率约为103个基点。管理层指出，基金交割延迟以及第四季度季节性更强的税收抵免业务活跃度是推动第四季度费率预回升的主要因素。
• 预计2026年直接投资和S基金的补缴管理费总计为600万至800万美元，而前九个月确认的金额为210万美元。
• 在今年前九个月FRE利润率维持在47%之后，管理层预计2026全年FRE利润率将与去年相比保持相对稳定。
• 预计第四季度不会出现重大费率下调或到期。管理层继续预计全年的费率下调与到期影响约为5%至7%。
• 预计净杠杆率将从季度末的约2.7倍下降至年底的2倍中段区间。
• 预计2026年的现金税率将在高个位数至低两位数区间，2027年将在15%左右的区间。
• Ridgepost Capital维持了2026和2027两年合计100亿美元的总募资与投资部署目标，以及截至2029年底实现500亿美元收费资产管理规模的目标。

风险与关注事项

管理层将宏观经济环境描述为充满变数。受利率波动、对软件、SaaS及超大规模云服务商的担忧，以及战争带来的地缘政治不确定性影响，第三季度的信贷部署相对平静。

募资和税收抵免业务在第三季度表现出更显著的季节性特征，导致部分业务推迟至第四季度，并将季度核心管理费率拉低至99个基点。能否如期恢复至103个基点的全年费率，部分取决于年底的募资交割及季节性更强税收抵免业务的活跃度。

Ridgepost继续对分销、技术和基础设施进行投资。管理层表示，公司仍专注于盈利性增长，并认为FRE利润率已经见底，但未提供具体的2027年利润率指引。

分析师问答要点

• 第四季度募资与Stellus：管理层预计涉及约15只基金的第四季度募资储备表现强劲。管理层表示Stellus未出现与收购相关的延迟或中断，并计划于2027年带着其第五个基金系列及相关单独账户重返市场。
• 管理费率：第三季度的下降主要反映了时间节点与业务组合的影响，包括基金交割推迟至第四季度以及季节性税收抵免业务的影响。管理层表示，约103个基点仍是预计的2027年核心管理费率起点。
• 交叉销售：自2024年投资者日以来，共享客户占筹集资金的15%，高于此前的不足5%。管理层认为，通过客户数据整合以及引入Stellus直接贷款等产品，未来仍具备进一步提升的潜能。
• 利润率与投资支出：Ridgepost计划在管理成本的同时继续投资于其平台。管理层预计2026年FRE利润率将与2025年大致相当，并表示利润率似乎已经见底。
• WTI风险债权：管理层目前专注于部署WTI的现有基金。后续基金将在适当的时候进行募集，但尚未提供规模或发行时间表。
• 资本回报：Ridgepost在第三季度以8.36美元的平均价格回购了近180万股股票，总计约1500万美元。董事会批准了额外的3000万美元回购授权，同时季度股息维持在每股0.04美元。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Good morning, and welcome to Ridgepost Capital's Third Quarter 2026 Earnings Conference Call. My name is Latif, and I will be coordinating your call today. [Operator Instructions] As a reminder, today's conference call is being recorded.

I will now pass the call to your host, Brian McKenna, Vice President, Investor Relations. Brian, please go ahead.

Brian McKenna

Thank you, operator, and thank you all for joining our call this morning. With us today, we have Luke Sarsfield, Chairman and Chief Executive Officer; and Amanda Coussens, EVP, Chief Financial Officer. We also have other members of our executive team here that will be available for the Q&A session.

Before we begin, I'd like to remind everyone that this conference call as well as the presentation slides may include forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current plans, estimates and expectations and are inherently uncertain. Actual results for future periods may differ materially from those expressed or implied by forward-looking statements due to a number of risks and uncertainties that are described in greater detail in our earnings release and in our periodic reports filed from time to time with the SEC. The forward-looking statements included are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements as a result of new information or future events, except as otherwise required by law. Please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase any interest in any fund sponsored by affiliates of Ridgepost Capital.

During this call, we'll reference certain non-GAAP measures that we believe can be useful in evaluating the company's performance. A reconciliation of these measures to the most directly comparable GAAP measures is available in the presentation slides posted on our website and in our filings with the SEC. In addition, we will provide certain historical performance metrics for our funds and further details can be found in the presentation slides. Of course, past performance does not guarantee future results.

With that, I'll turn the call over to Luke.

Luke A. Sarsfield

Thank you, Brian. Good morning, everyone, and thank you for joining our call today. It was another very strong quarter for Ridgepost Capital, characterized by our stability and consistency against the backdrop of a rapidly evolving and highly dynamic macro environment. Adjusted net income per share totaled $0.25, while fee-paying AUM ended the quarter at $35.2 billion, up 2.4% sequentially and 21% year-over-year or 11% year-over-year, excluding the impact of Stellus. The growth in fee-paying AUM during the period was primarily driven by $1.3 billion of gross fundraising and deployment, including $475 million in Venture Capital, $450 million in Private Equity and $385 million in Private Credit.

Importantly, fundraising activity remains broad-based as we were in the market raising capital for more than 15 funds. Across the first 9 months of 2026, gross fundraising and deployment totaled nearly $4.5 billion in fee-paying AUM, representing a year-to-date record for Ridgepost Capital. Within that, $2 billion came from Venture Capital, $1.7 billion from Private Equity and approximately $700 million from Private Credit.

As we look forward to the fourth quarter and 2027, capital raising and deployment pipelines are strong, including ongoing fundraising for: one, our GP stake strategy, Bonaccord; two, our venture capital strategy, TrueBridge; three, our NAV Lending strategy, Hark Capital; and four, our middle market private equity strategies, RCP and Qualitas. We are also preparing to launch our next vintage at Stellus early next year as we expand our lower middle market Direct Lending fundraising efforts, while our project Finance and tax credit strategy Enhanced will continue to be in the market.

Bottom line, we are well on our way to achieving our aggregate $10 billion gross fundraising and deployment target for 2026 and 2027 as well as our 2029 year-end fee-paying AUM target of $50 billion.

Now I would like to spend a moment discussing the drivers of the consistency and stability in our results. We believe we benefit from 3 key factors: One is the underlying structure of our business; two is the complementary nature of our platform, which is built to optimize our strategies, both individually and collectively. And three, are the positively differentiated investment performance across our middle and lower middle market strategies as well as our venture funds. Said another way, the contractual nature of our model, our complementary platform and differentiated investment performance work synergistically to drive the consistency and strength of our results.

In terms of the underlying structure of our business, the majority of our fee-paying AUM sits within traditional drawdown funds where management fees are earned on committed capital basis, meaning we generally do not earn management fees on net asset values. Importantly, drawdown fund structures are not subject to investor-initiated redemptions and in fact, the weighted average remaining duration of our fee-paying AUM stands at approximately 7 years.

In addition, approximately 98% of our third quarter fee-related revenue was generated by management and advisory fees. Ridgepost Capital also has no direct exposure to realizations. So, not only are our fee-related revenues driven by management fees, but bottom line earnings are driven entirely by fee-related earnings. We operate a capital-light business model and the conversion of our adjusted net income to operating cash flow is high. Through the first 9 months of this year, we have generated $86 million of adjusted net income and $75 million of GAAP operating cash flow with modest ongoing CapEx needs across the business.

Moving on, the clearest example of how our complementary platform optimizes our strategies is the meaningful increase in cross-selling activity. As a reminder, at the time of our September 2024 Investor Day, less than 5% of our LPs had invested across multiple strategies. Over the last 2 years, we have diligently worked to increase our cross-marketing capabilities and enhance our client data integration across our strategies. These synergies have positively contributed to our fundraising efforts, and we're pleased to report that aggregate firm-wide cross-sells since June 2024 total approximately $1.7 billion or roughly 15% of firm-wide fundraising.

This cross-sell activity has been driven primarily by the flagship funds across our strategies. For example, we've seen clients from our Private Equity business invest in our venture capital strategy across several investor channels, including wealth management and pension funds. We also have had insurance LPs who historically invested in our private credit strategies commit to funds within our Private Equity strategies as these investors expand their private equity allocations.

Furthermore, given our broad network of investors across distribution channels, we're also excited about the capital raising opportunities of Stellus, our lower middle market Direct Lending platform and across our Private Credit businesses more generally.

Cross-selling is just one example of how our strategies benefit from the One Ridgepost platform. But when combined with differentiated investment performance, we believe these platform benefits create a powerful foundation for organic growth. Given that we're seeing significant momentum across a number of fronts in our Venture Capital strategy, I also want to spend a few minutes on TrueBridge, who has been a leader investing in this part of the market since 2007. Investment performance remains a standout. TrueBridge's primary funds that are more than 5 years old have generated an average net IRR of 19.8%, while Secondaries I and Direct Fund III at TrueBridge have generated net IRRs of 43% and 23%, respectively.

On the back of this differentiated performance, fee-paying AUM at TrueBridge has organically increased 17% annually since the third quarter of 2020 and recent trends suggest that momentum has accelerated as related fee-paying AUM ended the third quarter at $8.7 billion, up 32% year-on-year. Equally important, it's clear that the velocity of capital being raised and deployed in the Venture ecosystem continues to be robust, and TrueBridge remains at the very center of this.

In September, TrueBridge announced the final closing of Secondaries II, raising more than $500 million of capital. Notably, this was more than double the size of Secondaries I, and Secondaries II was raised in roughly 1 year, highlighting the demand that exists from LPs for Secondaries in the Venture ecosystem, not to mention the growing opportunity set from a deployment perspective.

We're also seeing strong demand for TrueBridge's flagship primary funds. The latest vintage continues to be in the market, raising $851 million of capital through the end of September with continued momentum into year-end. We expect to launch the next vintage in early 2027. One other observation from TrueBridge's fund table on Page 24 in our earnings deck. Looking at fund sizes from Fund IV, a 2015 vintage, through Fund VIII, a 2023 vintage, flagship successor funds have increased in size by more than 20% on average from vintage to vintage.

Given that virtually all of our fee-related revenue is driven by management fees, the vast majority of which are earned on a committed basis, not on net asset value, increasing fund sizes are an important driver of Ridgepost Capital growth longer term. This growth in fund sizes, coupled with ongoing product innovation, creates a straightforward growth formula across our business. We're seeing this play out real time at TrueBridge, as I just highlighted, while the same dynamic is also occurring at many of our other strategies.

With that, I'll turn it over to Amanda.

Amanda Coussens

Thanks, Luke. As highlighted earlier in the call, we delivered another strong quarter of results in the third quarter. We generated $0.25 per share of adjusted net income in the period. Fee-related earnings totaled $43 million, up 19% year-over-year, while the FRE margin came in at 48%. Fee-related revenue totaled $89 million in the quarter, up 17% year-over-year. Management and advisory fees represented nearly all of fee-related revenue in the third quarter, totaling $87 million, reinforcing the durability and stability of the earnings profile at Ridgepost Capital. The average core fee rate, excluding direct and secondary catch-up fees, totaled 99 basis points in the third quarter, down 1 basis point from the second quarter.

Similar to trends across the industry and broader capital markets activity during the period, we experienced more pronounced seasonality across our business in the third quarter, specifically for fundraising and our tax credit business, which modestly impacted our core fee rate in the period. Some fundraising activity shifted from the third quarter given the timing of specific fund closings, although fundraising momentum remains strong as we head into year-end. As it relates to our tax credit business, the pipeline continues to build for what's typically a seasonally strong end of the year. In terms of the outlook for the core fee rate, despite the third quarter seasonality, we continue to expect it will total approximately 103 basis points for the full year in 2026, implying a healthy step-up in the fourth quarter. We also expect direct and secondary catch-up fees will total $6 million to $8 million in 2026. And for reference, these catch-up fees totaled $2.1 million in the first 9 months of this year, including $1.1 million in the third quarter.

I did want to spend a minute on the FRE margin. As I mentioned earlier, the FRE margin came in at 48% in the third quarter, bringing the year-to-date total to 47%, which is in line with the first 9 months of 2025. Notably, our FRE margin through the first 9 months of 2026 was stable year-over-year for the first time in a few years. And given the momentum we have across the business into year-end as well as some year-end seasonality, we expect similar year-over-year trends for the FRE margin on the full year in 2026.

Moving on to capital management. We continue to operate with a balanced and flexible approach. As Luke mentioned earlier, through the first 9 months of the year, we've generated $86 million of adjusted net income and $75 million of GAAP operating cash flow with modest ongoing CapEx needs across the business. This cash generation supports our capital allocation priorities, including maintaining our $0.04 quarterly dividend and offsetting dilution from annual employee stock issuance through share repurchases. Following the Stellus acquisition in June, we also continue to prioritize deleveraging. At the end of the quarter, net leverage totaled approximately 2.7x, and we're on track to end the year in the mid-2s.

During the third quarter, we did lean into buybacks, repurchasing nearly 1.8 million shares at an average cost of $8.36 per share, totaling approximately $15 million. The Board has approved an additional $30 million of repurchase authorization under our program. To conclude, a few reminders. The borrowing rate on our credit facilities totaled SOFR+ 260 basis points. We continue to expect our cash tax rate to be in the high single-digit to low double-digit range for full-year 2026 and in the mid-teens for full-year 2027. And fully diluted shares outstanding, including partnership units exchangeable for shares, totaled approximately $129.2 million in the third quarter.

With that, I'll turn it back to Luke for a few closing comments before we open it up to Q&A.

Luke A. Sarsfield

Thanks, Amanda. Before we move to Q&A, I want to share a few closing remarks. The macro backdrop clearly remains quite fluid. But as we've discussed at length, the structure of our business, the complementary nature of our platform and our differentiated investment performance generate a well-balanced, highly durable earnings stream across all operating environments. We continue to focus on what we can control. First and foremost, that includes delivering differentiated returns for our LPs. It also involves expanding the breadth of our fundraising initiatives, including scaling our existing funds, developing new products and leaning into cross-marketing opportunities.

Given our management fee-centric model, our growth formula is straightforward. We have to continue to deliver for our LPs while also finding ways to incrementally grow our AUM base. These 2 objectives are not mutually exclusive. In fact, they very much work together. We believe we've created a winning formula on this front with Venture Capital and Private Equity as notable examples.

Finally, I want to acknowledge an important milestone for Ridgepost Capital as we celebrated the fifth anniversary of our IPO 2 weeks ago. We've made tremendous progress over that time, deepening our capabilities across Private Equity, Private Credit and Venture Capital. I'm incredibly grateful to our entire team for the hard work and dedication that's driven our success. I'm so proud of what we've built together and even more excited about the opportunity ahead. Bottom line, we have significant momentum across the business as we close out the year, and we're excited about the opportunities ahead in 2027.

Thank you for your time today. I'll pass the call back over to the operator to begin the Q&A session.

Operator

[Operator Instructions] Our first question comes from the line of Kenneth Worthington of JPMorgan.

分析师问答

Kenneth Worthington

Maybe first, how does 4Q look from a fundraising and fee expiration and step-down perspective? From fundraising, are there new funds that are in market in 4Q? And then to what extent did Stellus commitments get postponed at all by the acquisition? And from a deployment perspective, is there some further strength expected just from seasonality in the fourth quarter and anything with expirations?

Luke A. Sarsfield

Great. Well, thanks, Ken. Great to talk to you. A couple of observations. One is, as we noted, we think the fourth quarter pipeline for fundraising continues to be very strong. We highlighted, I think, that we have about 15 funds in the market across a number of our strategies. And I think that number is going to stay pretty consistent in the fourth quarter. And so there are a number of strategies that have been and will continue to be in market across many of our strategies, but particularly RCP and Qualitas, certainly Bonaccord, Hark and TrueBridge. And so we have a number of things that are in the market and will continue to be in the market.

We think that there is good momentum in many of those fundraises, and we think we'll see tangible progress through the fourth quarter. Obviously, year-end, I think, is a very natural time for a number of allocators to sort of consider finishing off their allocations for the year. And so typically, we see some positive seasonality in the fourth quarter, and I think we would expect this to be very similar to that.

As it relates to Stellus, and I'll generalize the comment a little bit more to credit broadly. As we noted, I would say the third quarter, given a lot of the puts and takes in the wider world, obviously, the interest rate moves, some of the concerns around software and SaaS and hyperscalers and the like and then geopolitics, I guess, I would say, with the war, I would say it was a fine, if somewhat muted macro backdrop across credit deployment. I think we're seeing some signs as we head into the fourth quarter that things are improving. There's also generally some seasonality in that business as well as transactions aim to accelerate and close before year-end. I'd make a couple of comments to your question specifically on Stellus. Number one, I will tell you, we saw no sort of delays vis-a-vis Stellus or any disruptions as it related to the acquisition or anything that we did. Recall that we closed, kind of, the complete set of fourth fund and fourth fund related, kind of, separate accounts in April of this year.

And so, we see a lot of momentum in that business. I think as we noted on the call, we anticipate being back in the market raising kind of the fifth family of funds and related separate accounts in 2027. And so we're really, really optimistic around the momentum in Stellus from both a fundraising perspective and also from a capital deployment perspective as we head into the fourth quarter and beyond.

Kenneth Worthington

Great. And anything on step-downs and expirations?

Amanda Coussens

Ken, thank you for the question. We are not expecting any large step-downs or expirations in the fourth quarter and still expecting about 5% to 7% for the year.

Operator

Our next question comes from the line of Michael Cyprys of Morgan Stanley.

Michael Cyprys

Maybe just on the management fee rate, we've seen some variability there over the last couple of quarters on a core basis, while fee-paying AUM continues to grow at a healthy pace. So, I was hoping you could speak to what's driving some of the volatility on the fee rate trend? How much is mix versus timing? I heard you reiterate the 103 core fee rate for the full year. It seems like that would imply quite a bit of a step-up in the fourth quarter to maybe even over 110 basis points. I want to make sure we're thinking about that right.

And then how should we be thinking about a normalized fee rate as we're looking into '27? Should we be thinking about that 103 as a good starting point? And how to think about some of the moving pieces from there?

Amanda Coussens

Michael, thank you for the question. Yes, we did experience more pronounced seasonality, specifically for fundraising and our tax credit business. We did have some fundraising that we expect that was pushed from the third quarter to the fourth quarter. Generally, we do still expect 103 basis points for the full year, which does imply a healthy step-up in the fourth quarter, as you mentioned. Our fundraising pipeline remains really strong heading into year-end. The primary driver, again, is the tax credit business that typically experiences its strongest activity in the fourth quarter as well as the fundraises that were pushed from the third quarter to the fourth quarter. In terms of our overall fee rate or core fee rate, it's still at 103 and that is generally the expectation as we go into next year as well.

Michael Cyprys

Okay. Great. And then just a follow-up question on the cross-sell. I think, Luke, you mentioned about half of the fundraising over the last couple of years was coming from cross-sell. I was hoping you could elaborate on that a bit. What sort of goals and aspirations do you have for the firm over the next couple of years with respect to cross-sell? Talk about some of the steps you're taking to drive further traction and acceleration there.

Luke A. Sarsfield

Great. So thank you for the question. Just to clarify on the math, we said 15%, one five percent of the capital we've raised since Investor Day has come from shared clients. So, that number, one five, 15% is up from less than 5% at the time of Investor Day. And so I just -- I wanted to make sure we were talking about the same numbers.

But more generally -- sure thing. You're on a very important topic, right? Cross-sell is something that from the very start, I've been here just over 3 years now. Sarita leading the GCS team has been here coming up on a little over 2 years. And one of the big opportunities, we saw among many other opportunities, was the opportunity to go more deeply and more broadly with our existing clients. And I think it's important to note that across, kind of, the full spectrum of Ridgepost Capital clients, we have over 5,000 clients that we're interacting with that have done business with us that have invested with us.

And I'm a big believer in the old saw that the easiest client to do more with is an existing client. It's much harder to create a new client. We're focused on it. We're doing it every day, by the way, but that is a harder yard than doing more with our existing clients. And so, when you look at kind of the composition of that client base, a couple of things stand out. One is they're generally clients that have been very happy given the robust investment performance that we've generated. So, a happy client is also more amenable to doing more with you.

The second thing is the disposition of those clients tend to very much match with the disposition of our platform. They're focused on alpha generation. They're focused on the middle and lower middle market. They're focused on our fundamental approach in many ways to the world. And so building that awareness, building that engagement and engaging them more broadly across the full spectrum of offerings is something that we've been laser-focused on doing. We spent a lot of time, kind of, building our technology architecture to enable us to do that in a more efficient and effective way. I think we can now say that we've accomplished that. And so, we have a much better insight into that client base and how we're doing. We continue to work every day with those clients. Many are very close to us and have been great supporters and advocates and are looking for ways to do more with us. And so that, I think, is very appealing from our perspective.

And then, I think the other thing that's really important is our ability to continue to engage with them with some of the new additions to the platform, right? And so, I think about Stellus, for instance, right? Historically, we might have had clients who are very interested in middle market direct lending, but it was just something that we couldn't offer them. And as we continue to round out the product suite, the opportunity that we -- the chance that we have something in our broader panoply of offerings that's going to match what our client is interested in only goes up.

And so, I think when you put that all together, we're really excited about where we are. Obviously, 15% is a lot better than less than 5%, but I don't think the work is done. And I think there's a lot of progress we can continue to make over the quarters and years ahead.

Operator

Our next question comes from the line of Benjamin Budish of Barclays.

Benjamin Budish

Maybe following up a little bit there and tying that into the margin question. I think earlier in the year or maybe it was the end of last year, you kind of, guided like a mid-40s target. You called out some higher comp from marketing, platform and placement fees. So Luke, maybe just following up on your comments in terms of how much more work there is to do. And as we think about the margin trajectory on the way to your 2029 target, is there a lot more spend in the near term? Should we start seeing more of a margin inflection next year? Or does it sort of remain the expectation that things will sort of be more evenly paced on the way there?

Luke A. Sarsfield

So I'll say a couple of things. One is, to your question, we're going to continue to, in a thoughtful way, invest in our platform because we see real opportunities to do that to obviously accelerate what we're delivering for clients to accelerate our opportunities to do more with clients, and to continue to grow and scale and raise more capital. Having said that, I want to be clear on this. We are laser, laser-focused on the margin. The margin is very important to us, and we understand that delivering profitable growth is absolutely critical from a shareholder perspective, and that is, we are all big shareholders here. And so, we are very, very focused on that.

And so, what I think you've seen, right, is over the last few years, we've taken some margin points and made some, kind of, fundamental investments in things like our distribution capabilities and our technology capabilities and our broader infrastructure capabilities so that we can continue to grow and scale the platform and we can continue to engage our clients in broader ways. I think what -- in Amanda's commentary, hopefully, you heard on the call, is for the first time in a long time over the first 9 months, the margin is effectively flat with last year's margin through the 9 months of 2025. And I think we expect for the full year, you'll see a similar trend, i.e., the margin this year will be relatively, kind of, flat to the margin last year. That doesn't mean we're not making investments. We're going to continue to make investments, but we're going to make them in a prudent balanced way. We're going to make them in a smart and margin-conscious way.

And we think we can do both of those things at the same time. We don't view them as mutually exclusive. And so we're very focused on that. I don't want to get into '27 at this point. We'll give '27 guidance, but I think it's a reasonable expectation that we think we've, kind of, troughed and the margins here this year will be relatively equivalent to the margins last year from an FRE basis.

Benjamin Budish

Okay. Very helpful. And then maybe just a couple of strategy-specific questions. So, I think TrueBridge, you didn't quite say it, but it, kind of, led us there, maybe a 20% uplift versus the predecessor fund and I think fair to assume something similar for, I think, Fund X, which should be back with next year. Maybe just on WTI, that's one I think we expected to be back with next year that's been pretty consistently every 3 years. How should we think about the potential sizing there? When we look at Fund XI, the cadence of sort of called capital, is that sort of on track with what you would typically expect? Should we see more of like a rebound to where Fund IX and X were in terms of overall fund size? Any other color there would be helpful.

Luke A. Sarsfield

Great. I'd say a few things. So I would say, first of all, on TrueBridge, I don't want to call any specific fund size, but I think generally, you've identified the trend and the trajectory we've seen in the business, particularly in the primary funds. And then, I'd also note the acceleration in the related strategies, particularly Secondaries, as we commented on. And so, we think there is a lot of general momentum in that venture equity ecosystem. I would say, as it relates to WTI and venture debt, number one, we raised that fund, and I think we're very, very focused on successfully and appropriately deploying that fund. And so right now, I would say at WTI, we are focused from a deployment perspective. We are seeing, I think, some very interesting opportunities in the venture debt ecosystem.

Remember that there's probably a little bit of a differential in terms of where TrueBridge plays in the Venture ecosystem relative to where WTI plays in the Venture ecosystem. And so, while that dynamics may be similar, they are not the same. But I think we're seeing some very interesting deployment opportunities in WTI. Obviously, when it's appropriate, we'll be back out to raise a successor fund. We think there's a lot of momentum in that business. We think there's a lot of things we can do in that business more broadly. And so, we're excited about the WTI franchise. But as we sit here right now, we are focused on deployment.

Operator

I would now like to turn the conference back to Luke Sarsfield for closing remarks. Sir?

Luke A. Sarsfield

Thank you, Latif, and thank you, everybody, for your time today and your continued support of the Ridgepost Capital story. Please reach out to our team with any additional follow-up questions, and we very much look forward to updating you on the fourth quarter results in February. Thank you for joining us this morning.

Operator

This concludes today's conference call. Thank you for participating. You may now disconnect.