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what it is
RPC packages private-market funds so your money can reach private equity, venture capital, impact investing, and private credit managers.
how it gets paid
Last year Holdings Inc. made $297M in revenue. Private Equity Solutions was the main engine at $119M, or 40% of sales.
why it's growing
Revenue grew 0.3% last year. $216M matters because it is 72.7% of the company's $297M trailing annual revenue.
what just happened
Revenue hit $216M, up 185% vs. prior year, while EPS reached $0.09.
At a glance
B+ balance sheet — decent shape, but not bulletproof
25.7x trailing p/e — priced about right
2.1% dividend yield — cash in your pocket every quarter
4.7% return on capital — nothing to write home about
$0.16 fy2024 eps est
xvary composite: 51/100 — below average
What they do
RPC packages private-market funds so your money can reach private equity, venture capital, impact investing, and private credit managers.
RPC wins on access. You are not buying one fund manager; you are buying a platform that says it serves 4,500+ investors, works with 310+ fund managers, and reaches 690+ private-market funds. That network effect (more managers and investors in one place) → more ways to place capital → so what: scale makes the platform harder to replicate than a single fund.
How they make money
$297M
annual revenue · their business grew +0.3% last year
Private Equity Solutions
$119M
Private Credit Solutions
$74M
Venture Capital Solutions
$58M
Impact Investing
$28M
Secondary, Direct and Co-investments
$18M
The products that matter
recurring asset-management fees
Management Fees
$238M · about 80% of revenue
this is the base business. it brought in $238M and grew just 0.3%, which tells you the revenue floor is real but the growth engine is idling.
core fee stream
carry and realization income
Performance Fees
$59M · about 20% of revenue
this $59M stream was flat. it helps margins when realizations are working, but it does not fix a slow core fee business on its own.
lumpy upside
private debt expansion
Stellus acquisition
$250M deal · feb 2026
the $250M Stellus Capital acquisition is the growth bet. management is pairing it with a $10B organic fundraising target for 2026–2027, so this deal now has to show up in the numbers.
prove-it catalyst
Key numbers
$393M
long-term debt
That debt load matters because it equals 33% of capital, which is a lot for a company with $297M in annual revenue.
25.7x
trailing p/e
You are paying a full multiple for a business that earned just $0.16 per share in 2024.
22.0%
operating margin
Operating margin → profit left after running the business → so what: the core model can throw off decent fees when revenue shows up.
4.7%
return on capital
Return on capital → profit from invested money → so what: the business is profitable, but not especially efficient.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 45 / 100
- long-term debt $393M (33% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for RPC right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $216M, up 185% vs. prior year, while EPS reached $0.09.
That is a sharp contrast with full-year 2024 revenue growth of just 0.3% on $297M. Quiet part out loud: one quarter did a huge amount of the work.
$216M
revenue
$0.09
eps
22.0%
operating margin
the number that mattered
$216M matters because it is 72.7% of the company's $297M trailing annual revenue, which tells you this story is running on a very big quarter.
source: company earnings report, 2026
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What could go wrong
the #1 risk is stagnant management-fee growth after the stellus acquisition.
med
Management fees stay stuck
Management fees are $238M, or about 80% of revenue, and they grew just 0.3%. If the core fee stream does not pick up, the whole growth narrative starts leaning on hope instead of reported numbers.
impact: the stock is already down 25% since November 2025. Another quarter of peer-lagging growth invites more multiple compression.
med
Stellus integration disappoints
The $250M Stellus deal expands the platform into private debt. It also adds integration work, restructuring noise, and a bigger burden on management to show that the deal improves growth instead of just scale.
impact: if the acquisition lifts costs faster than revenue, the 22.0% operating margin is the next number investors will question.
med
The stock is not as cheap as the chart looks
After a 25% slide, investors like to say the bad news is priced in. Trailing p/e is still 25.7x, and the $0.16 EPS estimate implies 66x forward earnings at $10.50. That is not distress pricing.
impact: you do not need a collapse to lose more money here. You just need earnings to stay ordinary while the valuation stops pretending they are special.
$297M of revenue and a B+ balance sheet make this survivable. A premium multiple, 0.3% management-fee growth, and a $250M integration bill make it unforgiving.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number that matters
management fee growth above 0.3%
This is the core operating test. If the biggest revenue stream stays near flat, the rest of the story is decoration.
trend
whether $10B of fundraising becomes reported growth
Management's 2026–2027 fundraising target sounds good. You need to see it show up in fee revenue, not just on slides.
calendar
q1 2026 earnings
The next report is the first clean check on whether the post-rebrand, post-acquisition strategy is changing the numbers or just the narrative.
risk
margin pressure from integration
Operating margin is 22.0% today. If deal costs start eating into that while revenue stays soft, the stock loses one of its few support beams.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for RPC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$10
current price
n/a
target midpoint · n/a from current
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