Patria Investments Limited reported a 19% year-over-year increase in fee-related earnings during its first quarter of 2026 [1].
The results signal the firm's ability to scale its operations through a combination of organic fundraising and the strategic integration of new assets. This growth occurs as the company expands its footprint in the Brazilian real estate investment trust (REIT) and collateralized loan obligation (CLO) sectors [1].
During a public webcast call held Thursday, May 7, 2026, the company said fee-related earnings (FRE) were $50.5 million [2, 12]. This represents a rise from the $42.6 million reported in the first quarter of 2025 [2]. The company reported an FRE margin of 54.6% for the period [2].
Total revenue for the first quarter reached $97.1 million [8], while adjusted revenue was $92.6 million [9]. The company's net income attributable to Patria was $2.3 million [5].
Distributable earnings for the quarter totaled $42.4 million [6]. This resulted in distributable earnings of $0.27 per share [7]. In comparison, the unadjusted profit per share was one cent [10], while adjusted earnings per share stood at 27 cents [11].
Headquartered in Camana Bay, Cayman Islands, Patria Investments Limited is listed on the Nasdaq under the ticker PAX [0, 4]. The company said the growth in its earnings was due to the momentum of its organic fundraising efforts and the successful absorption of recent acquisitions [1].
“Fee-related earnings grew 19% year-over-year to $50.5 million.”
The disparity between Patria's unadjusted profit per share and its distributable earnings highlights the impact of non-cash items and accounting adjustments typical in alternative asset management. By focusing on fee-related earnings and distributable cash, the firm is emphasizing the stability of its recurring revenue streams from its Brazilian REIT and CLO expansions over GAAP net income.
