Track market-moving stories before they get noisy

 | Source: StepStone Group Inc

NEW YORK, Aug. 31, 2026 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP) today announced that Mike McCabe, Head of Strategy, and Jason Ment, President and Co-Chief Operating Officer, are scheduled to present at the Barclays Global Financial Services Conference on Monday, September 14, 2026, at 9:00 am ET. A live webcast and replay will be accessible through the StepStone website at https://shareholders.stepstonegroup.com.

About StepStone Group

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of June 30, 2026, StepStone was responsible for approximately $913 billion of total capital, including $245 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

Contacts

Shareholder Relations:
Seth Weiss
[email protected]
1-212-351-6106

Media:
Jordan Niezelski / Maggie Duffy
Edelman
[email protected]

HOUSTON, Aug. 10, 2026 (GLOBE NEWSWIRE) -- HyOrc Corporation (OTCQB: HYOR), an integrated clean energy infrastructure and technology company, today announced significant progress across its Portuguese commercial deployment and corporate capital strategy. HyOrc has completed the restructuring of its Portuguese partnership with MO.RE.DA.

StepStone Group Inc. (STEP) Q1 2027 Earnings Call Transcript

StepStone Group Inc. (STEP - Free Report) came out with quarterly earnings of $0.48 per share, missing the Zacks Consensus Estimate of $0.51 per share. This compares to earnings of $0.4 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -5.88%. A quarter ago, it was expected that this company would post earnings of $0.51 per share when it actually produced earnings of $0.57, delivering a surprise of +11.76%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

StepStone Group, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $300.6 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 2.14%. This compares to year-ago revenues of $237.47 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

StepStone Group shares have lost about 22.4% since the beginning of the year versus the S&P 500's gain of 12.8%.

What's Next for StepStone Group?While StepStone Group has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for StepStone Group was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.58 on $344.33 million in revenues for the coming quarter and $2.54 on $1.67 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, AlTi Global, Inc. (ALTI - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10.

This company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of +166.7%. The consensus EPS estimate for the quarter has been revised 16.7% lower over the last 30 days to the current level.

AlTi Global, Inc.'s revenues are expected to be $61.8 million, up 16.3% from the year-ago quarter.

StepStone Group Inc. (STEP - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 6. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $0.52 per share in its upcoming report, which represents a year-over-year change of +30%.

Revenues are expected to be $307.17 million, up 29.4% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 5.33% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for StepStone Group?For StepStone Group, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -3.38%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that StepStone Group will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that StepStone Group would post earnings of $0.51 per share when it actually produced earnings of $0.57, delivering a surprise of +11.76%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

StepStone Group doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAnother stock from the Zacks Financial - Miscellaneous Services industry, Chime Financial, Inc. (CHYM - Free Report) , is soon expected to post loss of $0.01 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +99.9%. Revenues for the quarter are expected to be $640.6 million, up 21.3% from the year-ago quarter.

The consensus EPS estimate for Chime Financial, Inc. has been revised 5.6% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -25.81%.

When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Chime Financial, Inc. will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

July 23, 2026 08:05 ET  | Source: StepStone Group Inc

NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP) today announced that the Company will release its results for the quarter ended June 30, 2026, after the market closes on Thursday, August 6, 2026. This represents results for the first quarter of the fiscal year ending March 31, 2027.

Webcast and Earnings Conference Call

Management will host a webcast and conference call on Thursday, August 6, 2026, at 5:00 pm ET to discuss the Company’s results for the first quarter of the fiscal year ending March 31, 2027. The webcast will be made available on the Shareholders section of the Company's website at https://shareholders.stepstonegroup.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register. A replay will also be available on the shareholders website approximately two hours after the conclusion of the event.

To join as a live participant in the question and answer portion of the call, participants must register at https://register-conf.media-server.com/register/BIb7358a7075e744b1b4ef2e638196914a. Upon registering you will receive the dial-in number and a PIN to join the call as well as email confirmation with the details.

About StepStone

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of March 31, 2026, StepStone was responsible for approximately $885 billion of total capital, including $233 billion of assets under management. StepStone's clients include some of the world's largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

Contacts

Shareholder Relations:
Seth Weiss
[email protected]
1-212-351-6106

Media:
Jordan Niezelski / Maggie Duffy
Edelman
[email protected]

StepStone Group (STEP) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock doesn't suggest further strength down the road.

From a technical perspective, StepStone Group Inc. (STEP - Free Report) is looking like an interesting pick, as it just reached a key level of support. STEP recently overtook the 20-day moving average, and this suggests a short-term bullish trend.

A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.

The 20-day moving average can show signals that are similar to other SMAs as well. If a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.

STEP has rallied 10.1% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests STEP could be on the verge of another move higher.

The bullish case solidifies once investors consider STEP's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, while the consensus estimate has increased too.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on STEP for more gains in the near future.

$1.58 billion fund builds on StepStone’s credit platform to pursue relative value across the cycle April 23, 2026 08:05 ET  | Source: StepStone Group Inc

NEW YORK, April 23, 2026 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP), a global private markets investment firm, today announced the final closing of StepStone Credit Opportunities Fund II (“SCOF II” or the “Fund”), with over $1.58 billion in commitments, exceeding its target of $750 million. The Fund held its final close on March 31, 2026.

Through SCOF II, StepStone seeks to invest in various strategies across the private credit spectrum predominantly through secondaries and co-investment transactions. The investment strategy identifies attractive relative value through the credit cycle, addressing liquidity needs of companies, GPs, LPs and banks. Building on the strategy and experience of its predecessor fund, SCOF II is designed to provide investors with diversified exposure to compelling credit opportunities across multiple asset classes.

The Fund attracted a broad and diverse group of limited partners globally, reflecting strong investor demand for flexible credit strategies. It also reflects confidence in StepStone’s private debt platform, in particular its access to data and GPs to support origination and underwriting. “We are very pleased with the successful closing of SCOF II and grateful for the continued support of both returning and new limited partners,” said Marcel Schindler, Head of StepStone Private Debt. “In an environment characterized by general market and interest rate volatility, as well as periodic dislocations, we believe the opportunity set for credit investors remains attractive and elevated. SCOF II is well positioned to capitalize on these dynamics across multiple sectors and structures.”

Owing to StepStone’s global scale, deep relationships, and integrated private markets platform, SCOF II benefits from a robust and differentiated pipeline of investment opportunities. This has been further supported by the continued growth of the credit secondaries market. The Fund’s flexible mandate, combined with StepStone’s broad market coverage and the expertise of its approved managers, allows the team to deploy capital dynamically and selectively. The team can do so across a wide range of credit asset classes and situations.

“Our global sourcing capabilities, combined with our experience navigating multiple credit cycles, position SCOF II to identify differentiated opportunities and seek attractive risk-adjusted returns for our investors,” said John Bohill, partner at StepStone Private Debt and SCOF II portfolio manager. “We believe this strategy further strengthens and builds the role private debt can play in client portfolios, particularly in periods of market uncertainty.”

Dechert LLP advised on the formation of the fund.

About StepStone Group

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2025, StepStone was responsible for approximately $811 billion of total capital, including $220 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

Contacts

Shareholder Relations:
Seth Weiss
[email protected]
+1 (212) 351-6106

Media:
Brian Ruby / Chris Gillick / Matt Lettiero, ICR
[email protected]
+1 (203) 682-8268

May 06, 2026 07:30 ET  | Source: StepStone Group Inc

NEW YORK, May 06, 2026 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP) today announced that the Company will release its results for the fourth quarter and fiscal year ended March 31, 2026, after the market closes on Wednesday, May 20, 2026.

Webcast and Earnings Conference Call

Management will host a webcast and conference call on Wednesday, May 20, 2026, at 5:00 pm ET to discuss the Company’s results for the fourth quarter and fiscal year ended March 31, 2026. The webcast will be made available on the Shareholders section of the Company's website at https://shareholders.stepstonegroup.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register. A replay will also be available on the shareholders website approximately two hours after the conclusion of the event.

To join as a live participant in the question and answer portion of the call, participants must register at https://register-conf.media-server.com/register/BI9163fe26cabd4cc5b21fbe0592aac5b7.

Upon registering you will receive the dial-in number and a PIN to join the call as well as an email confirmation with the details.

About StepStone

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2025, StepStone was responsible for approximately $811 billion of total capital, including $220 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

Contacts

Shareholder Relations:
Seth Weiss
[email protected] 
1-212-351-6106

Media:
Jordan Niezelski / Maggie Duffy
Edelman
[email protected]

May 07, 2026 04:15 ET  | Source: StepStone Group Inc

LONDON, May 07, 2026 (GLOBE NEWSWIRE) -- StepStone Group (Nasdaq: STEP), a leading global private markets investment firm, today announced it has joined LSEG’s Digital Markets Infrastructure (DMI) platform.

Fully integrated within LSEG Workspace, the DMI platform streamlines professional investor access to private funds and utilises distributed ledger technology to support private fund distribution, helping to reduce structural barriers to private markets access for investors.

StepStone is among the first private markets managers launching on the DMI platform, with StepStone’s evergreen strategies across private equity, private debt and infrastructure available.

This collaboration builds on StepStone’s existing relationship with LSEG. In October 2025, the two launched the FTSE StepStone Global Private Market Indices, which offer daily, private market benchmarks.

Together, these initiatives exemplify StepStone’s commitment to improving access, transparency, benchmarking and integration of private markets within diversified portfolios.

David Jeffrey, Head of Europe at StepStone, said: "The continued evolution of private markets requires infrastructure and data integrity consistent with institutional investing. LSEG’s DMI platform represents an important step in that development. By launching our evergreen strategies on the platform, we are supporting more efficient access to private markets through established market infrastructure. We believe innovation in distribution and access will be vital to the long-term success of private markets in the UK Wealth market.”

Dr Darko Hajdukovic, Head of Digital Markets Infrastructure, LSEG, said: “StepStone’s decision to bring its evergreen strategies onto our DMI platform marks another important milestone in opening up access to private markets. DMI now enhances access for professional investors in the wealth segment and delivers blockchain-powered scale and efficiency, enabling fund managers to distribute their products more effectively and support the evolving needs of clients. We’re delighted to deepen our relationship with StepStone as we continue to drive innovation and broaden participation in private markets.”

Contacts
Shareholder Relations:
Seth Weiss
[email protected]
1-212-351-6106

Media:
Maggie Duffy / Sam Adams
Edelman
[email protected]

About StepStone Group

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2025, StepStone was responsible for approximately $811 billion of total capital, including $220 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

About LSEG

LSEG is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world’s financial system.

With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing and risk management across multiple asset classes.

LSEG is headquartered in the United Kingdom, with significant operations in 65 countries across EMEA, North America, Latin America and Asia Pacific. We employ over 26,000 people globally, more than half located in Asia Pacific.

LSEG’s ticker symbol is LSEG.

Contacts

LSEG Press Office
Harriet Leatherbarrow / Laura Banks
+44 (0)20 7797 1222
[email protected]
www.lseg.com

May 18, 2026 08:00 ET  | Source: StepStone Group Inc

New U.S. initiative focuses on helping retirement fiduciaries thoughtfully integrate diversified private markets exposure aligned with plan governance

Taylor Benson will lead StepStone’s U.S. defined contribution business, focused on helping retirement fiduciaries evaluate and implement diversified private markets exposure within a disciplined fiduciary framework.

NEW YORK, May 18, 2026 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP), a leading global private markets investment firm, today announced that Taylor Benson has joined as Head of U.S. Defined Contribution. In this role, Benson will lead the continued expansion of StepStone’s retirement efforts, working closely with stakeholders across the retirement ecosystem.

The role reflects growing interest among retirement plan sponsors and fiduciaries in private markets and the need for retirement-specific solutions. The retirement business will help fiduciaries evaluate and implement diversified private markets exposure aligned with plan governance, including portfolio construction, liquidity management, valuation practices, and fiduciary oversight.

Benson joins StepStone from BlackRock, where she spent more than seven years and most recently served as Managing Director and Head of the East Coast Institutional Defined Contribution Team. Prior to BlackRock, she was a Principal at Galliard Capital Management, where she led new business development and consultant relations. Ms. Benson brings experience across recordkeeping, investment consulting, and asset management within the retirement industry. “Retirement challenges have become more acute, and fiduciaries are increasingly focused on solutions that improve outcomes, not just access,” said Benson. “Private markets can play a constructive role in retirement portfolios when implemented thoughtfully within a disciplined fiduciary framework. I am excited to join StepStone at a pivotal moment for the retirement industry.”

StepStone’s approach emphasizes open architecture and portfolio construction that is diversified across managers, vintages, sectors, and regions, rather than exposure to a single fund or manager. The firm draws on its global platform across private equity, infrastructure, private debt, and real estate.

“We are delighted to welcome Taylor to StepStone,” said Brett Schlemovitz, Partner and President of StepStone Private Wealth. “Recent advances in product design, operating infrastructure, and regulation have created a clearer path to integrating institutional private markets expertise into retirement programs. Our focus is not only on access, but on helping fiduciaries implement private markets in a way that supports governance standards and improves long-term participant outcomes.”

As part of the broader retirement effort, StepStone is initially developing a suite of retirement-focused collective investment trust (CIT) structures across private equity, infrastructure, and private debt.

StepStone supports education and industry engagement around private markets and retirement portfolios through its leadership roles with the Defined Contribution Alternatives Association (DCALTA), a trade association seeking to enhance retirement security through the prudent inclusion of alternative investments in defined contribution plans. Christable Yau, Partner at StepStone Group serves as a member of the DCALTA board, and Bob Long, CEO of StepStone Private Wealth Solutions, leads DCALTA’s public policy committee, reflecting StepStone's active role in shaping the future of alternatives in defined contribution plans. Additionally, StepStone Academy, its private markets education platform, furthers this commitment by providing advisors with accessible, structured learning on private market solutions.

About StepStone Group

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2025, StepStone was responsible for approximately $811 billion of total capital, including $220 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

Contacts

Shareholder Relations:
Seth Weiss
[email protected]
1-212-351-6106

Media:
Maggie Duffy
Edelman
[email protected]

NEW YORK, May 20, 2026 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP), a global private markets investment firm focused on providing customized investment solutions and advisory and data services, today reported results for the quarter ended March 31, 2026. This represents results for the fourth quarter and fiscal year ended March 31, 2026. The Board of Directors of the Company has declared a quarterly cash dividend of $0.28 per share of Class A common stock, and a supplemental cash dividend of $0.55 per share of Class A common stock, both payable on June 30, 2026, to the holders of record as of the close of business on June 15, 2026.

StepStone issued a full detailed presentation of its fourth quarter and full fiscal year ended March 31, 2026 results, which can be accessed by visiting the Company’s website at https://shareholders.stepstonegroup.com.

Webcast and Earnings Conference Call

Management will host a webcast and conference call today, Wednesday, May 20, 2026 at 5:00 pm ET to discuss the Company’s results for the fourth quarter and fiscal year ended March 31, 2026. The webcast will be made available on the Shareholders section of the Company's website at https://shareholders.stepstonegroup.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register. A replay will also be available on the Shareholders section of the Company's website approximately two hours after the conclusion of the event.

To join as a live participant in the question and answer portion of the call, participants must register at https://register-conf.media-server.com/register/BI9163fe26cabd4cc5b21fbe0592aac5b7.

Upon registering you will receive the dial-in number and a PIN to join the call as well as an email confirmation with the details.

About StepStone Group

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of March 31, 2026, StepStone was responsible for approximately $885 billion of total capital, including $233 billion of assets under management. StepStone's clients include some of the world's largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

Forward-Looking Statements

Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “plan” and “will” and similar expressions identify forward-looking statements. Forward-looking statements reflect management’s current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, our successful execution of business and growth strategies, the favorability of the private markets fundraising environment, successful integration of acquired businesses and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail under the “Risk Factors” section of our annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 23, 2025, and in our annual report on Form 10-K to be filed with the SEC for the fiscal year ended March 31, 2026, and in our subsequent reports filed with the SEC, as such factors may be updated from time to time. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use the following non-GAAP financial measures: fee revenues, adjusted revenues, adjusted net income (on both a pre-tax and after-tax basis), adjusted net income per share, adjusted weighted-average shares, fee-related earnings, fee-related earnings margin, gross realized performance fees and performance fee-related earnings. We have provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, the non-GAAP financial measures in this earnings release may not be comparable to similarly titled measures used by other companies in our industry or across different industries. For definitions of these non-GAAP measures and reconciliations to applicable GAAP measures, please see the section titled “Non-GAAP Financial Measures: Definitions and Reconciliations.”

 Financial Highlights and Key Business Drivers/Operating Metrics
  Three Months Ended Year Ended March 31, Percentage Change(in thousands, except share and per share amounts and where noted)March 31,
2025June 30,
2025September 30, 2025December 31,
2025March 31,
2026  2025  2026  vs. FQ4'25vs. FY'25Financial Highlights           GAAP Results           Management and advisory fees, net$213,401 $211,173 $215,489 $239,932 $259,871  $767,014 $926,465  22%21%Total revenues 377,729  364,287  454,225  586,511  588,580   1,174,830  1,993,603  56%70%Total performance fees 164,328  153,114  238,736  346,579  328,709   407,816  1,067,138  100%162%Net income (loss) 13,153  (12,011) (575,490) (162,435) 6,660   (172,827) (743,276) (49)%330%Net income (loss) per share of Class A common stock:           Basic$(0.24)$(0.49)$(4.66)$(1.55)$(0.10) $(2.52)$(6.78) (60)%169%Diluted$(0.24)$(0.49)$(4.66)$(1.55)$(0.10) $(2.52)$(6.78) (60)%169%Weighted-average shares of Class A common stock:           Basic 75,975,770  77,846,710  78,561,587  79,465,039  80,297,984   71,142,916  79,039,229  6%11%Diluted 75,975,770  77,846,710  78,561,587  79,465,039  80,297,984   71,142,916  79,039,229  6%11%Quarterly dividend per share of Class A common stock(1)$0.24 $0.24 $0.28 $0.28 $0.28  $0.93 $1.08  17%16%Supplemental dividend per share of Class A common stock(2)$— $0.40 $— $— $—  $0.15 $0.40  na167%Accrued carried interest allocations$1,495,664 $1,585,209 $1,733,922 $1,835,862 $2,036,892     36%             Non-GAAP Results(3)           Fee revenues$214,662 $212,740 $217,461 $241,133 $260,285  $770,489 $931,619  21%21%Adjusted revenues 295,861  237,467  282,342  494,500  305,841   969,719  1,320,150  3%36%Fee-related earnings (“FRE”) 94,081  81,246  78,633  89,236  105,334   312,204  354,449  12%14%FRE margin 44% 38% 36% 37% 40%  41% 38%   Gross realized performance fees 81,199  24,727  64,881  253,367  45,556   199,230  388,531  (44)%95%Performance fee-related earnings (“PRE”) 41,543  13,022  33,886  131,152  17,894   104,482  195,954  (57)%88%Adjusted net income (“ANI”) 80,603  48,534  66,709  79,858  69,459   244,072  264,560  (14)%8%Adjusted weighted-average shares 118,869,111  122,292,943  122,462,594  122,590,230  122,481,335   118,772,442  122,457,089    ANI per share$0.68 $0.40 $0.54 $0.65 $0.57  $2.05 $2.16  (16)%5%            Key Business Drivers/Operating Metrics(in billions)           Assets under management (“AUM”)(4)$189.4 $199.3 $209.1 $219.8 $233.3     23% Assets under advisement (“AUA”)(4) 519.7  524.2  561.6  591.3  651.8     25% Fee-earning AUM (“FEAUM”) 121.4  127.2  132.8  138.6  144.0     19% Undeployed fee-earning capital (“UFEC”) 24.6  28.7  29.8  32.7  40.1     63%  _______________________________
(1) Dividends paid, as reported in this table, relate to the preceding quarterly period in which they were earned.
(2) The supplemental cash dividend relates to earnings in respect of our full fiscal years 2024 and 2025, respectively.
(3) Fee revenues, adjusted revenues, FRE, FRE margin, gross realized performance fees, PRE, ANI, adjusted weighted-average shares and ANI per share are non-GAAP measures. See the definitions of these measures and reconciliations to the respective, most comparable GAAP measures under “Non-GAAP Financial Measures: Definitions and Reconciliations.”
(4) AUM/AUA reflects final data for the prior period, adjusted for net new client account activity through the period presented. Does not include post-period investment valuation or cash activity. Net asset value (“NAV”) data for underlying investments is as of the prior period, as reported by underlying managers up to the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end. When NAV data is not available by the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end, such NAVs are adjusted for cash activity following the last available reported NAV.

 StepStone Group Inc.
GAAP Consolidated Balance Sheets
(in thousands, except share and per share amounts)
  As of March 31,  2026   2025 Assets   Cash and cash equivalents$213,065  $244,791 Restricted cash 579   502 Fees and accounts receivable 133,287   80,871 Due from affiliates 113,150   92,723 Investments:   Investments in funds 249,447   183,694 Accrued carried interest allocations 2,036,892   1,495,664 Legacy Greenspring investments in funds and accrued carried interest allocations(1) 752,776   629,228 Deferred income tax assets 614,788   382,886 Lease right-of-use assets, net 81,565   91,841 Other assets and receivables 58,946   62,869 Intangibles, net 223,044   263,872 Goodwill 580,542   580,542 Assets of Consolidated Funds:   Cash and cash equivalents 905,357   44,511 Investments, at fair value 715,335   415,011 Other assets 83,929   17,688 Total assets$6,762,702  $4,586,693 Liabilities and stockholders’ equity   Accounts payable, accrued expenses and other liabilities$102,685  $89,731 Accrued compensation and benefits 2,360,770   736,695 Accrued carried interest-related compensation 1,100,604   757,968 Legacy Greenspring accrued carried interest-related compensation(1) 619,186   495,739 Due to affiliates 362,833   331,821 Lease liabilities 103,600   113,519 Debt obligations 270,572   269,268 Liabilities of Consolidated Funds:   Other liabilities 25,241   17,580 Debt obligations 931,185   — Total liabilities 5,876,676   2,812,321 Redeemable non-controlling interests in Consolidated Funds 186,236   377,897 Redeemable non-controlling interests in subsidiaries 8,777   6,327 Stockholders’ equity:   Class A common stock, $0.001 par value, 650,000,000 authorized; 80,703,553 and 76,761,399 issued and outstanding as of March 31, 2026 and 2025, respectively 81   77 Class B common stock, $0.001 par value, 125,000,000 authorized; 38,637,761 and 39,656,954 issued and outstanding as of March 31, 2026 and 2025, respectively 39   40 Additional paid-in capital 482,057   421,057 Accumulated deficit (896,879)  (242,546)Accumulated other comprehensive income 1,143   728 Total StepStone Group Inc. stockholders’ equity (413,559)  179,356 Non-controlling interests in subsidiaries 1,373,242   1,056,510 Non-controlling interests in legacy Greenspring entities(1) 133,590   133,489 Non-controlling interests in the Partnership (402,260)  20,793 Total stockholders’ equity 691,013   1,390,148 Total liabilities and stockholders’ equity$6,762,702  $4,586,693          (1) Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests.

 StepStone Group Inc.
GAAP Consolidated Statements of Loss
(in thousands, except share and per share amounts)
  Three Months Ended March 31, Year Ended March 31,  2026   2025   2026   2025 Revenues       Management and advisory fees, net$259,871  $213,401  $926,465  $767,014 Performance fees:       Incentive fees 7,087   5,910   220,133   32,275 Carried interest allocations:       Realized 38,597   75,935   168,582   159,653 Unrealized 201,031   21,177   539,712   141,547 Total carried interest allocations 239,628   97,112   708,294   301,200 Legacy Greenspring carried interest allocations(1) 81,994   61,306   138,711   74,341 Total performance fees 328,709   164,328   1,067,138   407,816 Total revenues 588,580   377,729   1,993,603   1,174,830 Expenses       Compensation and benefits:       Cash-based compensation 110,700   85,510   414,147   331,808 Equity-based compensation 200,061   126,197   1,742,057   669,126 Performance fee-related compensation:       Realized 27,662   39,656   192,577   94,748 Unrealized 140,091   27,777   342,225   94,272 Total performance fee-related compensation 167,753   67,433   534,802   189,020 Legacy Greenspring performance fee-related compensation(1) 81,994   61,306   138,711   74,341 Total compensation and benefits 560,508   340,446   2,829,717   1,264,295 General, administrative and other 48,408   43,152   187,254   177,354 Total expenses 608,916   383,598   3,016,971   1,441,649 Other income (expense)       Investment income 21,688   9,386   40,819   15,096 Legacy Greenspring investment income (loss)(1) 777   2,934   4,945   (1,185)Investment income of Consolidated Funds 3,410   34,496   92,407   65,374 Interest income 3,658   3,218   11,833   10,850 Interest expense (4,420)  (3,191)  (18,502)  (12,701)Other income (loss) (5,121)  (31,024)  697   (32,650)Total other income 19,992   15,819   132,199   44,784 Income (loss) before income tax (344)  9,950   (891,169)  (222,035)Income tax benefit (7,004)  (3,203)  (147,893)  (49,208)Net income (loss) 6,660   13,153   (743,276)  (172,827)Less: Net income attributable to non-controlling interests in subsidiaries 41,361   16,316   103,782   79,282 Less: Net income (loss) attributable to non-controlling interests in legacy Greenspring entities(1) 777   2,934   4,945   (1,185)Less: Net loss attributable to non-controlling interests in the Partnership (15,358)  (17,994)  (384,633)  (125,850)Less: Net income (loss) attributable to redeemable non-controlling interests in Consolidated Funds (13,192)  30,630   65,988   53,731 Less: Net income (loss) attributable to redeemable non-controlling interests in subsidiaries 863   (225)  2,450   758 Net loss attributable to StepStone Group Inc.$(7,791) $(18,508) $(535,808) $(179,563)Net loss per share of Class A common stock:       Basic$(0.10) $(0.24) $(6.78) $(2.52)Diluted$(0.10) $(0.24) $(6.78) $(2.52)Weighted-average shares of Class A common stock:       Basic 80,297,984   75,975,770   79,039,229   71,142,916 Diluted 80,297,984   75,975,770   79,039,229   71,142,916                  (1) Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests.

Non-GAAP Financial Measures: Definitions and Reconciliations

Fee Revenues

Fee revenues represents management and advisory fees, net, including amounts earned from the Consolidated Funds which are eliminated in consolidation. We believe fee revenues is useful to investors because it presents the net amount of management and advisory fee revenues attributable to us.

The table below presents the components of fee revenues.

 Three Months Ended
 Year Ended March 31,
(in thousands)March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
March 31,
2026
 2025
2026
Focused commingled funds(1)(2)$124,604 $120,036 $127,085 $144,277 $160,769  $442,975 $552,167 Separately managed accounts 67,695  70,379  71,685  75,226  76,339   252,709  293,629 Advisory and other services 19,927  19,939  16,259  18,395  19,998   67,061  74,591 Fund reimbursement revenues(1) 2,436  2,386  2,432  3,235  3,179   7,744  11,232 Fee revenues$214,662 $212,740 $217,461 $241,133 $260,285  $770,489 $931,619  _______________________________
(1) Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
(2) Includes income-based incentive fees from certain funds:

 Three Months Ended
 Year Ended March 31,
(in thousands)March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
March 31,
2026
 2025
2026
Income-based incentive fees$3,377 $4,408 $5,334 $5,998 $7,105  $7,956 $22,845 
Adjusted Revenues

Adjusted revenues represents the components of revenues used in the determination of ANI and comprise fee revenues, adjusted incentive fees and realized carried interest allocations. We believe adjusted revenues is useful to investors because it presents a measure of realized revenues.

The table below shows a reconciliation of revenues to adjusted revenues.

 Three Months Ended Year Ended March 31,(in thousands)March 31,
2025June 30,
2025September 30,
2025December 31,
2025March 31,
2026  2025  2026 Total revenues$377,729 $364,287 $454,225 $586,511 $588,580  $1,174,830 $1,993,603 Unrealized carried interest allocations (21,177) (88,883) (147,813) (101,985) (201,031)  (141,547) (539,712)Deferred incentive fees (513) —  671  (1,544) (282)  1,938  (1,155)Legacy Greenspring carried interest allocations (61,306) (39,637) (27,143) 10,063  (81,994)  (74,341) (138,711)Management and advisory fee revenues for the Consolidated Funds(1) 1,261  1,567  1,972  1,201  414   3,475  5,154 Incentive fees for the Consolidated Funds(2) (133) 133  430  254  154   5,364  971 Adjusted revenues$295,861 $237,467 $282,342 $494,500 $305,841  $969,719 $1,320,150  _______________________________
(1) Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
(2) Reflects the add back of incentive fees for the Consolidated Funds, which have been eliminated in consolidation.

Adjusted Net Income

Adjusted net income, or “ANI,” is a non-GAAP performance measure that we present before the consolidation of StepStone Funds on a pre-tax and after-tax basis used to evaluate profitability. ANI represents the after-tax net realized income attributable to us. ANI does not reflect legacy Greenspring carried interest allocation revenues, legacy Greenspring carried interest-related compensation and legacy Greenspring investment income (loss) as none of the economics are attributable to us. The components of revenues used in the determination of ANI (“adjusted revenues”) comprise fee revenues, adjusted incentive fees and realized carried interest allocations. In addition, ANI excludes: (a) unrealized carried interest allocation revenues and related compensation, (b) unrealized investment income (loss), (c) equity-based compensation for awards granted prior to and in connection with our IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary, (d) amortization of intangibles, (e) net income (loss) attributable to non-controlling interests in our subsidiaries and realized gains attributable to the profits interests issued in the private wealth subsidiary, (f) charges associated with acquisitions and corporate transactions, and (g) certain other items that we believe are not indicative of our core operating performance (as listed in the table below). ANI is fully taxed at our blended statutory rate. We believe ANI and adjusted revenues are useful to investors because they enable investors to evaluate the performance of our business across reporting periods.

Fee-Related Earnings

Fee-related earnings, or “FRE,” is a non-GAAP performance measure used to monitor our baseline earnings from recurring management and advisory fees. FRE is a component of ANI and comprises fee revenues less adjusted expenses which are operating expenses other than (a) performance fee-related compensation, (b) equity-based compensation for awards granted prior to and in connection with our IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary, (c) amortization of intangibles, (d) charges associated with acquisitions and corporate transactions, and (e) certain other items that we believe are not indicative of our core operating performance (as listed in the table below). FRE is presented before income taxes. We believe FRE is useful to investors because it provides additional insight into the operating profitability of our business and our ability to cover direct base compensation and operating expenses from total fee revenue.

The table below shows a reconciliation of GAAP measures to additional non-GAAP measures. We use the non-GAAP measures presented below as components when calculating FRE and ANI (as defined below). We believe these additional non-GAAP measures are useful to investors in evaluating both the baseline earnings from recurring management and advisory fees, which provide additional insight into the operating profitability of our business, and the after-tax net realized income attributable to us, allowing investors to evaluate the performance of our business. These additional non-GAAP measures remove the impact of Consolidated Funds that we are required to consolidate under GAAP, and certain other items that we believe are not indicative of our core operating performance.

 Three Months Ended Year Ended March 31,(in thousands)March 31,
2025June 30,
2025September 30,
2025December 31,
2025March 31,
2026  2025  2026 GAAP management and advisory fees, net$213,401 $211,173 $215,489 $239,932 $259,871  $767,014 $926,465 Adjustments(1) 1,261  1,567  1,972  1,201  414   3,475  5,154 Fee revenues$214,662 $212,740 $217,461 $241,133 $260,285  $770,489 $931,619          GAAP incentive fees$5,910 $190 $4,902 $207,954 $7,087  $32,275 $220,133 Adjustments(2) (646) 133  1,101  (1,290) (128)  7,302  (184)Adjusted incentive fees$5,264 $323 $6,003 $206,664 $6,959  $39,577 $219,949          GAAP cash-based compensation$85,510 $95,985 $100,348 $107,114 $110,700  $331,808 $414,147 Adjustments(3) —  (17) (17) —  (59)  (374) (93)Adjusted cash-based compensation$85,510 $95,968 $100,331 $107,114 $110,641  $331,434 $414,054          GAAP equity-based compensation$126,197 $188,718 $884,470 $468,808 $200,061  $669,126 $1,742,057 Adjustments(4) (123,263) (184,509) (880,154) (464,124) (193,974)  (658,953) (1,722,761)Adjusted equity-based compensation$2,934 $4,209 $4,316 $4,684 $6,087  $10,173 $19,296          GAAP general, administrative and other$43,152 $42,914 $45,292 $50,640 $48,408  $177,354 $187,254 Adjustments(5) (11,015) (11,597) (11,111) (10,541) (10,185)  (60,676) (43,434)Adjusted general, administrative and other$32,137 $31,317 $34,181 $40,099 $38,223  $116,678 $143,820          GAAP realized investment income$3,379 $940 $2,516 $1,560 $2,677  $8,135 $7,693 Adjustments(6) —  —  —  —  11,194   —  11,194 Adjusted realized investment income$3,379 $940 $2,516 $1,560 $13,871  $8,135 $18,887          GAAP interest income$3,218 $2,496 $3,224 $2,455 $3,658  $10,850 $11,833 Adjustments(7) (1,600) (998) (1,273) (4) (2,060)  (4,757) (4,335)Adjusted interest income$1,618 $1,498 $1,951 $2,451 $1,598  $6,093 $7,498          GAAP other income (loss)$(31,024)$5,152 $1,978 $(1,312)$(5,121) $(32,650)$697 Adjustments(8) 30,606  (4,159) (1,073) 660  5,066   31,335  494 Adjusted other income (loss)$(418)$993 $905 $(652)$(55) $(1,315)$1,191  ______________________________
(1) Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
(2) Reflects the add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation, and deferred incentive fees that are not included in GAAP revenues.
(3) Reflects the removal of compensation paid to certain employees as part of an acquisition earn-out and unrealized amounts associated with cash-based incentive awards tracked to the performance of a designated investment fund.
(4) Reflects the removal of equity-based compensation for awards granted prior to and in connection with the IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary.
(5) Reflects the removal of amortization of intangibles, transaction-related costs, unrealized mark-to-market changes in fair value for contingent consideration obligation, the impact of consolidation of the Consolidated Funds and other non-core operating income and expenses.
(6) Reflects the realization of a seed capital investment in the StepStone Funds which is eliminated in consolidation.
(7) Reflects the removal of interest income earned by the Consolidated Funds.
(8) Reflects the removal of amounts for Tax Receivable Agreements adjustments recognized as other income (loss), loss associated with payment made in connection with a secondary transaction executed by one of our private wealth funds and the impact of consolidation of the Consolidated Funds.

The table below shows a reconciliation of income (loss) before income tax to ANI and FRE.

 Three Months Ended Year Ended March 31,(in thousands)March 31,
2025June 30,
2025September 30,
2025December 31,
2025March 31,
2026  2025  2026 Income (loss) before income tax$9,950  (20,350)$(675,826)$(194,649)$(344) $(222,035)$(891,169)Net income attributable to non-controlling interests in subsidiaries(1) (33,369) (30,725) (27,645) (115,887) (43,399)  (102,897) (217,656)Net (income) loss attributable to non-controlling interests in legacy Greenspring entities (2,934) (3,382) (1,313) 527  (777)  1,185  (4,945)Unrealized carried interest allocations (21,177) (88,883) (147,813) (101,985) (201,031)  (141,547) (539,712)Unrealized performance fee-related compensation 27,777  44,357  88,727  69,050  140,091   94,272  342,225 Unrealized investment (income) loss (6,007) (9,572) 3,726  (8,268) (19,011)  (6,961) (33,125)Impact of Consolidated Funds (35,723) (24,407) (43,864) (18,944) 5,852   (59,613) (81,363)Deferred incentive fees (513) —  671  (1,544) (282)  1,938  (1,155)Equity-based compensation(2) 123,263  184,509  880,154  464,124  193,974   658,953  1,722,761 Amortization of intangibles 10,250  10,207  10,207  10,207  10,207   41,000  40,828 Tax Receivable Agreements adjustments through earnings (348) —  (1,302) —  5,537   (348) 4,235 Non-core items(3) 32,474  686  99  106  6   50,054  897 Pre-tax ANI 103,643  62,440  85,821  102,737  90,823   314,001  341,821 Income taxes(4) (23,040) (13,906) (19,112) (22,879) (21,364)  (69,929) (77,261)ANI 80,603  48,534  66,709  79,858  69,459   244,072  264,560 Income taxes(4) 23,040  13,906  19,112  22,879  21,364   69,929  77,261 Realized carried interest allocations (75,935) (24,404) (58,878) (46,703) (38,597)  (159,653) (168,582)Realized performance fee-related compensation 39,656  11,705  30,995  122,215  27,662   94,748  192,577 Adjusted realized investment income(5) (3,379) (940) (2,516) (1,560) (13,871)  (8,135) (18,887)Adjusted incentive fees(6) (5,264) (323) (6,003) (206,664) (6,959)  (39,577) (219,949)Adjusted interest income(7) (1,618) (1,498) (1,951) (2,451) (1,598)  (6,093) (7,498)Interest expense 3,191  4,534  4,425  5,123  4,420   12,701  18,502 Adjusted other (income) loss(8) 418  (993) (905) 652  55   1,315  (1,191)Net income attributable to non-controlling interests in subsidiaries(1) 33,369  30,725  27,645  115,887  43,399   102,897  217,656 FRE$94,081 $81,246 $78,633 $89,236 $105,334  $312,204 $354,449  _______________________________
(1) Reflects the portion of pre-tax ANI attributable to non-controlling interests in our subsidiaries and realized gains attributable to the profits interests issued in the private wealth subsidiary:

 Three Months Ended
 Year Ended March 31,
(in thousands)March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
March 31,
2026
 2025
2026
FRE attributable to non-controlling interests in subsidiaries and profits interests$30,451 $26,672 $24,791 $32,280 $39,988  $79,791 $123,731 Performance related earnings / other income (loss) attributable to non-controlling interests in subsidiaries and profits interests 2,918  4,053  2,854  83,607  3,411   23,106  93,925 Net income attributable to non-controlling interests in subsidiaries and profits interests$33,369 $30,725 $27,645 $115,887 $43,399  $102,897 $217,656                         The contribution to pre-tax ANI attributable to non-controlling interests in subsidiaries and profits interests and performance related earnings / other income (loss) attributable to non-controlling interests in subsidiaries and profits interests presented above specifically related to the profits interests issued in the private wealth subsidiary is presented below.

 Three Months Ended
 Year Ended March 31,
(in thousands)March 31,
2025June 30,
2025September 30,
2025
December 31,
2025
March 31,
2026
 2025
2026
FRE attributable to profits interests issued in the private wealth subsidiary$6,399 $8,469 $10,103 $14,354 $19,530  $11,980 $52,456 Performance related earnings / other income (loss) attributable to profits interests issued in the private wealth subsidiary (224) (14) 31  83,172  601   11,170  83,790 Net income attributable to profits interests issued in the private wealth subsidiary$6,175 $8,455 $10,134 $97,526 $20,131  $23,150 $136,246                         The contribution to pre-tax ANI attributable to non-controlling interests in subsidiaries and performance related earnings / other income (loss) attributable to non-controlling interests in subsidiaries presented above specifically not attributable to the profits interests issued in the private wealth subsidiary is presented below.

 Three Months Ended
 Year Ended March 31,
(in thousands)March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
March 31,
2026
 2025
2026
FRE attributable to non-controlling interests in subsidiaries$24,052 $18,203 $14,688 $17,926 $20,458  $67,811 $71,275 Performance related earnings / other income (loss) attributable to non-controlling interests in subsidiaries 3,142  4,067  2,823  435  2,810   11,936  10,135 Net income attributable to non-controlling interests in subsidiaries$27,194 $22,270 $17,511 $18,361 $23,268  $79,747 $81,410                         (2) Reflects equity-based compensation for awards granted prior to and in connection with the IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary.
(3) Includes (income) expense related to the following non-core operating income and expenses:

 Three Months Ended
 Year Ended March 31,
(in thousands)March 31,
2025June 30,
2025
September 30,
2025
December 31,
2025
March 31,
2026 2025
2026
Transaction costs$179 $605 $24 $47 $—  $1,003 $676 (Gain) loss on change in fair value for contingent consideration obligation (205) 64  58  59  54   16,112  235 Compensation paid to certain employees as part of an acquisition earn-out —  —  —  —  —   409  — Unrealized amounts associated with cash-based incentive awards tracked to investment funds —  17  17  —  72   —  106 Gain realized upon vesting of cash-based incentive awards tracked to investment funds —  —  —  —  (107)  —  (107)Unrealized amounts associated with deferred compensation liability adjustments —  —  —  —  (13)  —  (13)Loss on payment made in connection with private wealth fund secondary transaction 32,500  —  —  —  —   32,500  — Other non-core items —  —  —  —  —   30  — Total non-core operating income and expenses$32,474 $686 $99 $106 $6  $50,054 $897                         (4) Represents corporate income taxes at a blended statutory rate applied to pre-tax ANI:

 Three Months Ended Year Ended March 31, March 31,
2025June 30,
2025September 30,
2025December 31,
2025March 31,
2026 2025
2026
Federal statutory rate 21.0% 21.0% 21.0% 21.0% 21.0%  21.0% 21.0%Combined state, local and foreign rate1.2%1.3%1.3%1.3%2.5% 1.3%1.6%Blended statutory rate22.2%22.3%22.3%22.3%23.5% 22.3%22.6%                 (5) Reflects the realization of a seed capital investment in the StepStone Funds which is eliminated in consolidation.
(6) Reflects the add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation, and deferred incentive fees that are not included in GAAP revenues.
(7) Reflects the removal of interest income earned by the Consolidated Funds.
(8) Reflects the removal of Tax Receivable Agreements adjustments recognized as other income (loss) ($(5.5) million for the three months ended March 31, 2026, $1.3 million for the three months ended September 30, 2025, $0.3 million for the three months ended March 31, 2025, and $(4.2) million and $0.3 million in fiscal 2026 and fiscal 2025, respectively), loss associated with payment made in connection with a secondary transaction executed by one of our private wealth funds ($32.5 million for the three months ended March 31, 2025 and in fiscal 2025), and the impact of consolidation of the Consolidated Funds.

Fee-Related Earnings Margin

FRE margin is a non-GAAP performance measure which is calculated by dividing FRE by fee revenues. We believe FRE margin is an important measure of profitability on revenues that are largely recurring by nature. We believe FRE margin is useful to investors because it enables them to better evaluate the operating profitability of our business across periods.

The table below shows a reconciliation of FRE to FRE margin.

 Three Months Ended Year Ended March 31,(in thousands)March 31,
2025June 30,
2025September 30,
2025December 31,
2025March 31,
2026  2025  2026 FRE$94,081 $81,246 $78,633 $89,236 $105,334  $312,204 $354,449 Fee revenues 214,662  212,740  217,461  241,133  260,285   770,489  931,619 FRE margin 44% 38% 36% 37% 40%  41% 38%
Gross Realized Performance Fees

Gross realized performance fees represents realized carried interest allocations and adjusted incentive fees. We believe gross realized performance fees is useful to investors because it presents the total performance fees realized by us.

Performance Fee-Related Earnings

Performance fee-related earnings, or “PRE,” represents gross realized performance fees less realized performance fee-related compensation. We believe PRE is useful to investors because it presents the performance fees attributable to us, net of amounts paid to employees as performance fee-related compensation.

The table below shows a reconciliation of total performance fees to gross realized performance fees and PRE.

 Three Months Ended Year Ended March 31,(in thousands)March 31,
2025June 30,
2025September 30,
2025December 31,
2025March 31,
2026  2025  2026 Incentive fees$5,910 $190 $4,902 $207,954 $7,087  $32,275 $220,133 Realized carried interest allocations 75,935  24,404  58,878  46,703  38,597   159,653  168,582 Unrealized carried interest allocations 21,177  88,883  147,813  101,985  201,031   141,547  539,712 Legacy Greenspring carried interest allocations 61,306  39,637  27,143  (10,063) 81,994   74,341  138,711 Total performance fees 164,328  153,114  238,736  346,579  328,709   407,816  1,067,138 Unrealized carried interest allocations (21,177) (88,883) (147,813) (101,985) (201,031)  (141,547) (539,712)Legacy Greenspring carried interest allocations (61,306) (39,637) (27,143) 10,063  (81,994)  (74,341) (138,711)Incentive fee revenues for the Consolidated Funds(1) (133) 133  430  254  154   5,364  971 Deferred incentive fees (513) —  671  (1,544) (282)  1,938  (1,155)Gross realized performance fees 81,199  24,727  64,881  253,367  45,556   199,230  388,531 Realized performance fee-related compensation (39,656) (11,705) (30,995) (122,215) (27,662)  (94,748) (192,577)PRE$41,543 $13,022 $33,886 $131,152 $17,894  $104,482 $195,954  _______________________________
(1) Reflects the add back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation.

Adjusted Weighted-Average Shares and Adjusted Net Income Per Share

ANI per share measures our per-share earnings assuming all Class B units, Class C units and Class D units in the Partnership were exchanged for Class A common stock in SSG, including the dilutive impact of outstanding equity-based awards. ANI per share is calculated as ANI divided by adjusted weighted-average shares outstanding. We believe adjusted weighted-average shares and ANI per share are useful to investors because they enable investors to better evaluate per-share operating performance across reporting periods.

The following table shows a reconciliation of diluted weighted-average shares of Class A common stock outstanding to adjusted weighted-average shares outstanding used in the computation of ANI per share.

 Three Months Ended
 Year Ended March 31,
 March 31,
2025
June 30,
2025
September 30,
2025
December 31,
2025
March 31,
2026
 2025
2026
ANI$80,603 $48,534 $66,709 $79,858 $69,459  $244,072 $264,560                 Weighted-average shares of Class A common stock outstanding – Basic 75,975,770  77,846,710  78,561,587  79,465,039  80,297,984   71,142,916  79,039,229 Assumed vesting of RSUs 270,492  347,813  509,007  590,042  320,535   590,645  442,772 Assumed vesting and exchange of Class B2 units(1) —  —  —  —  —   431,851  — Assumed purchase under ESPP —  —  —  —  349   529  86 Exchange of Class B units in the Partnership(1) 40,122,028  39,608,270  39,500,159  39,094,629  39,013,494   43,233,005  39,304,897 Exchange of Class C units in the Partnership(1) 965,761  960,025  947,580  931,103  931,103   1,365,647  942,467 Exchange of Class D units in the Partnership(1) 1,535,060  3,530,125  2,944,261  2,509,417  1,917,870   2,007,849  2,727,638 Adjusted weighted-average shares 118,869,111  122,292,943  122,462,594  122,590,230  122,481,335   118,772,442  122,457,089                 ANI per share$0.68 $0.40 $0.54 $0.65 $0.57  $2.05 $2.16  _______________________________
(1) The Class B2 units fully vested in June 2024.
(2) Assumes the full exchange of Class B units, Class C units or Class D units in the Partnership for Class A common stock of SSG pursuant to the Class B Exchange Agreement, Class C Exchange Agreement or Class D Exchange Agreement, respectively.

Key Operating Metrics

We monitor certain operating metrics that are either common to the asset management industry or that we believe provide important data regarding our business. Refer to the Glossary below for a definition of each of these metrics.

Fee-Earning AUM

 Three Months Ended Year Ended March 31, Percentage
Change(in millions)March 31,
2025June 30,
2025September 30,
2025December 31,
2025March 31,
2026  2025  2026  vs. FQ4'25Separately Managed Accounts          Beginning balance$69,974 $73,174 $76,708 $78,207 $80,328  $58,897 $73,174  15%Contributions(1) 3,874  3,013  2,559  2,627  2,637   16,715  10,836  (32)%Distributions(2) (1,225) (1,010) (725) (1,117) (1,584)  (3,590) (4,436) 13%Market value, FX and other(3) 551  1,531  (335) 611  434   1,152  2,241  (57)%Ending balance$73,174 $76,708 $78,207 $80,328 $81,815  $73,174 $81,815  12%           Focused Commingled Funds          Beginning balance$44,192 $48,216 $50,511 $54,584 $58,223  $34,961 $48,216  32%Contributions(1) 3,403  2,022  3,547  3,245  4,494   13,698  13,308  32%Distributions(2) (313) (392) (580) (547) (1,252)  (1,938) (2,771) 216%Market value, FX and other(3) 934  665  1,106  941  767   1,495  3,479  (46)%Ending balance$48,216 $50,511 $54,584 $58,223 $62,232  $48,216 $62,232  29%           Total          Beginning balance$114,166 $121,390 $127,219 $132,791 $138,551  $93,858 $121,390  21%Contributions(1) 7,277  5,035  6,106  5,872  7,131   30,413  24,144  (2)%Distributions(2) (1,538) (1,402) (1,305) (1,664) (2,836)  (5,528) (7,207) 55%Market value, FX and other(3) 1,485  2,196  771  1,552  1,201   2,647  5,720  (50)%Ending balance$121,390 $127,219 $132,791 $138,551 $144,047  $121,390 $144,047  19% _______________________________
(1) Contributions consist of new capital commitments that earn fees on committed capital and capital contributions to funds and accounts that earn fees on net invested capital or NAV.
(2) Distributions consist of returns of capital from funds and accounts that pay fees on net invested capital or NAV and reductions in fee-earning AUM from funds that moved from a committed capital to net invested capital fee basis or from funds and accounts that no longer pay fees.
(3) Market value, FX and other primarily consist of changes in market value appreciation (depreciation) for funds that pay on NAV and the effect of foreign exchange rate changes on non-U.S. dollar denominated commitments.

Asset Class Summary

 Three Months Ended Percentage
Change(in millions)March 31,
2025June 30,
2025September 30,
2025December 31,
2025March 31,
2026 vs. FQ4'25FEAUM       Private equity$65,007$66,428$69,932$73,193$75,626 16%Infrastructure 23,830 26,090 27,007 27,897 30,745 29%Private debt 19,517 21,435 22,443 23,882 24,797 27%Real estate 13,036 13,266 13,409 13,579 12,879 (1)%Total$121,390$127,219$132,791$138,551$144,047 19%        Separately managed accounts$73,174$76,708$78,207$80,328$81,815 12%Focused commingled funds 48,216 50,511 54,584 58,223 62,232 29%Total$121,390$127,219$132,791$138,551$144,047 19%        AUM(1)       Private equity$95,937$100,540$106,408$112,190$119,698 25%Infrastructure 37,026 40,087 42,437 44,624 47,569 28%Private debt 37,133 39,242 40,438 42,269 45,587 23%Real estate 19,284 19,445 19,864 20,716 20,493 6%Total$189,380$199,314$209,147$219,799$233,347 23%        Separately managed accounts$114,806$120,649$124,991$130,111$136,133 19%Focused commingled funds 59,410 62,672 68,014 73,375 80,807 36%Advisory AUM 15,164 15,993 16,142 16,313 16,407 8%Total$189,380$199,314$209,147$219,799$233,347 23%        AUA       Private equity$262,884$262,472$283,034$301,403$341,289 30%Infrastructure 69,027 71,126 78,762 86,955 94,706 37%Private debt 19,726 20,874 23,402 24,173 25,918 31%Real estate 168,047 169,679 176,357 178,810 189,892 13%Total$519,684$524,151$561,555$591,341$651,805 25%        Total capital responsibility(2)$709,064$723,465$770,702$811,140$885,152 25% _____________________________
Note: Amounts may not sum to total due to rounding. AUM/AUA reflects final data for the prior period, adjusted for net new client account activity through the period presented, and does not include post-period investment valuation or cash activity. Net asset value (“NAV”) data for underlying investments is as of the prior period, as reported by underlying managers up to the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end. When NAV data is not available by the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end, such NAVs are adjusted for cash activity following the last available reported NAV.
(1) Allocation of AUM by asset class is presented by underlying investment asset classification.
(2) Total capital responsibility equals assets under management (AUM) plus assets under advisement (AUA).

Contacts

Shareholder Relations:
Seth Weiss
[email protected]
1-212-351-6106

Media:
Jordan Niezelski / Maggie Duffy
Edelman
[email protected]

Glossary

Assets under advisement, or “AUA,” consists of client assets for which we do not have full discretion to make investment decisions but play a role in advising the client or monitoring their investments. We generally earn revenue for advisory-related services on a contractual fixed fee basis. Advisory-related services include asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, legal negotiations, monitoring and reporting on investments, and investment manager review and due diligence. Advisory fees vary by client based on the scope of services, investment activity and other factors. Most of our advisory fees are fixed, and therefore, increases or decreases in AUA do not necessarily lead to proportionate changes in revenue. We believe AUA is a useful metric for assessing the relative size of our advisory business.

Our AUA is calculated as the sum of (i) the NAV of client portfolio assets for which we do not have full discretion and (ii) the unfunded commitments of clients to the underlying investments. Our AUA reflects the investment valuations in respect of the underlying investments of our client accounts on a three-month lag, adjusted for new client account activity through the period end. Our AUA does not include post-period investment valuation or cash activity. AUA as of March 31, 2026 reflects final data for the prior period (December 31, 2025), adjusted for net new client account activity through March 31, 2026. NAV data for underlying investments is as of December 31, 2025, as reported by underlying managers up to the business day occurring on or after 115 days following December 31, 2025. When NAV data is not available by the business day occurring on or after 115 days following December 31, 2025, such NAVs are adjusted for cash activity following the last available reported NAV.

Assets under management, or “AUM,” primarily reflects the assets associated with our separately managed accounts (“SMAs”) and focused commingled funds. We classify assets as AUM if we have full discretion over the investment decisions in an account or have responsibility or custody of assets. Although management fees are based on a variety of factors and are not linearly correlated with AUM, we believe AUM is a useful metric for assessing the relative size and scope of our asset management business.

Our AUM is calculated as the sum of (i) the net asset value (“NAV”) of client portfolio assets, including the StepStone Funds and (ii) the unfunded commitments of clients to the underlying investments and the StepStone Funds. Our AUM reflects the investment valuations in respect of the underlying investments of our funds and accounts on a three-month lag, adjusted for new client account activity through the period end. Our AUM does not include post-period investment valuation or cash activity. AUM as of March 31, 2026 reflects final data for the prior period (December 31, 2025), adjusted for net new client account activity through March 31, 2026. NAV data for underlying investments is as of December 31, 2025, as reported by underlying managers up to the business day occurring on or after 115 days following December 31, 2025. When NAV data is not available by the business day occurring on or after 115 days following December 31, 2025, such NAVs are adjusted for cash activity following the last available reported NAV.

Consolidated Funds refer to the StepStone Funds that we are required to consolidate as of the applicable reporting period. We consolidate funds and other entities in which we hold a controlling financial interest.

Consolidated VIEs refer to the variable interest entities that we are required to consolidate as of the applicable reporting period. We consolidate VIEs in which we hold a controlling financial interest.

Fee-earning AUM, or “FEAUM,” reflects the assets from which we earn management fee revenue (i.e., fee basis) and includes assets in our SMAs, focused commingled funds and assets held directly by our clients for which we have fiduciary oversight and are paid fees as the manager of the assets. Our SMAs and focused commingled funds typically pay management fees based on capital commitments, net invested capital and, in certain cases, NAV, depending on the fee terms. Management fees are only marginally affected by market appreciation or depreciation because substantially all of the StepStone Funds pay management fees based on capital commitments or net invested capital. As a result, management fees and FEAUM are not materially affected by changes in market value. We believe FEAUM is a useful metric in order to assess assets forming the basis of our management fee revenue.

Legacy Greenspring entities refers to certain entities for which the Company, indirectly through its subsidiaries, became the sole and/or managing member in connection with the Greenspring acquisition.

SSG refers solely to StepStone Group Inc., a Delaware corporation, and not to any of its subsidiaries.

StepStone Funds refer to SMAs and focused commingled funds of the Company, including acquired Greenspring funds, for which the Partnership or one of its subsidiaries acts as both investment adviser and general partner or managing member.

The Partnership refers solely to StepStone Group LP, a Delaware limited partnership, and not to any of its subsidiaries.

Total capital responsibility equals AUM plus AUA. AUM includes any accounts for which StepStone Group has full discretion over the investment decisions, has responsibility to arrange or effectuate transactions, or has custody of assets. AUA refers to accounts for which StepStone Group provides advice or consultation but for which the firm does not have discretionary authority, responsibility to arrange or effectuate transactions, or custody of assets.

Undeployed fee-earning capital represents the amount of capital commitments to StepStone Funds that has not yet been invested or considered active but will generate management fee revenue once invested or activated. We believe undeployed fee-earning capital is a useful metric for measuring the amount of capital that we can put to work in the future and thus earn management fee revenue thereon.

3 Late-Season Earnings Plays for Mid-Cap TradersStepStone Group NASDAQ: STEP reported record fee-related earnings and fundraising in its fiscal fourth quarter 2026, even as GAAP results were weighed down by accounting related to its StepStone Private Wealth profits interests.

The private markets investment firm reported a GAAP net loss attributable to StepStone Group Inc. of $7.8 million, or $0.10 per share. Seth Weiss, head of investor relations, said GAAP accounting required the company to factor the change in fair value of the buy-in of StepStone Private Wealth profits interests through the income statement, which drove the negative GAAP result.

Get StepStone Group alerts:

On an adjusted basis, StepStone generated $69 million in adjusted net income, or $0.57 per share, down from $81 million, or $0.68 per share, in the prior-year quarter. Weiss attributed the decline primarily to lower performance-related earnings, partially offset by higher fee-related earnings.

Fee-Related Earnings Cross $100 Million StepStone generated fee-related earnings of $105 million in the quarter, up 12% from the prior-year period, with an FRE margin of 40%. Excluding retroactive fees, core fee-related earnings were $101 million, up 28% year over year, with the core FRE margin also at 40%.

Chief Executive Officer Scott Hart said the quarter marked StepStone’s “best quarter ever of fee-related earnings,” supported by growth in fee-earning assets across the platform. Hart said the firm expects top-line growth and operating leverage to continue supporting FRE growth in fiscal 2027.

Chief Financial Officer David Park said fee revenues were $260 million, up 21% from the prior-year quarter. Excluding retroactive fees, fee revenues rose 29%, reflecting growth in fee-earning assets across commercial structures. Park said StepStone generated a full-year core FRE margin of 38%, up slightly from the prior year and more than 600 basis points higher than two years earlier.

Fundraising Reaches Record Levels StepStone reported nearly $14 billion in capital formation during the quarter, capping a fiscal year in which gross AUM additions totaled more than $38 billion. Hart said the results highlighted a “stark difference between private market headlines and the reality” the firm is seeing with clients and partners.

Mike McCabe, head of strategy, said approximately $22 billion of annual inflows came from separately managed accounts, while more than $16 billion came from commingled funds, including private wealth. During the quarter, gross additions included $7 billion from managed accounts and more than $6.5 billion from commingled funds.

Notable commingled fund activity included:

A $2.2 billion first close in StepStone’s private equity secondaries fund. A $200 million first close in its private equity GP-led secondaries fund. A $400 million final close in SCOF II, its corporate opportunistic lending fund. Nearly $300 million of closes in its infrastructure secondaries fund. $300 million of closes in its infrastructure co-investment fund, bringing that fund to more than $1 billion. McCabe said fee-earning assets increased by nearly $5.5 billion in the quarter, while undeployed fee-earning capital rose by $7 billion to about $40 billion, the highest level in the firm’s history. Fee-earning assets plus undeployed fee-earning capital grew to more than $184 billion, up more than $12 billion sequentially and more than $38 billion from a year earlier.

Private Wealth and Credit Demand Remain Strong Hart said demand for StepStone’s private wealth offerings remained strong, with $2.3 billion of new subscriptions in the quarter against total redemptions of approximately $300 million, or less than 2% of total net asset value. He said March and April were the firm’s two best months ever for private wealth subscriptions, with more than $800 million in subscriptions in each month, and May was on a similarly strong trajectory.

StepStone’s venture-focused SPRING fund generated $1.2 billion in subscriptions during the quarter. Hart said the fund delivered 11% year-to-date performance through April after 39% performance in 2025. He said individual investors continue to seek curated exposure to the innovation economy.

Hart also said StepStone saw steady subscriptions in SPRIM and STPEX, accelerating subscriptions in STRUCTURE, and improving interest in CRDEX, its credit interval fund. He said some distribution partners are rotating client assets into CRDEX, citing the diversification of the multi-manager credit portfolio.

Institutional demand for private debt also remained strong, with about $3 billion of new private debt capital raised in the quarter. Hart said fundraising was balanced between managed accounts and commingled funds, including activity in opportunistic lending, direct lending, StepStone’s evergreen BDC and its interval fund.

Management Addresses Secondaries Valuation Debate During the question-and-answer session, analysts asked about scrutiny of valuation practices in secondary investments, particularly day-one markups in evergreen wealth vehicles.

McCabe said a secondary buyer’s initial mark for an acquired fund interest is typically the sponsor’s latest reported fair value. If the interest was bought at a discount, the buyer may report a value above cost in the first period. He said that reflects two different measures: the price paid for a fractional interest and the fair value of the underlying asset under GAAP.

“The point is not we created value on day one,” McCabe said. “It’s we bought a fractional interest at a discount to manager-reported fair value, and under GAAP, we carry it at fair value using the manager’s reported value as our starting point.”

McCabe said most of StepStone’s returns from secondary investments across evergreen and closed-end funds have come from asset appreciation after purchase, not simply buying at a discount. As examples, he said SPRIM delivered an 11% net return for the year ended March 31, with about 9 percentage points from asset appreciation after purchase, while SPRING delivered a 37% net return, with about 33 percentage points from post-purchase appreciation.

Jason Ment, president and co-chief operating officer, said clients and financial advisers have asked about the issue following media coverage, but he said StepStone’s explanation of the secondary market dynamics has been well received.

Capital Return, Data Initiatives and Defined Contribution Plans StepStone’s board declared a $0.55 per share supplemental dividend tied to performance-related earnings, in addition to a $0.28 per share base quarterly dividend. McCabe said full-year dividends declared for Class A common stock totaled $1.67 per share, up 23% from the prior year.

McCabe also said StepStone repurchased about $9 million of Class A common stock in March under its $100 million authorization, buying roughly 200,000 shares at an average price of $44.77.

The company also discussed efforts to monetize its data and technology, including partnerships with FTSE Russell, Kroll and PitchBook. Hart said StepStone will work with PitchBook to provide deal-level performance and operating measures across private equity buyout, venture capital, growth equity and infrastructure.

Management also highlighted StepStone’s hiring of its first head of defined contribution solutions. Hart said the firm believes private markets can have a role in 401(k) and other defined contribution plans with appropriate allocation, diversification and liquidity structures. Ment said StepStone is speaking with plan sponsors, target-date managers, defined contribution aggregators and record keepers as it develops offerings for the channel.

Park said realized performance fees were $46 million gross and $18 million net of related compensation expense, lighter than recent quarters because of lower capital markets activity. He said StepStone remains optimistic realization activity may accelerate if M&A activity picks up and IPO markets reopen, while noting that the company generally does not control the timing of exits.

About StepStone Group NASDAQ: STEPStepStone Group is a global private markets investment firm that provides specialized investment solutions across private equity, private credit and real assets. The firm offers customized portfolios, secondary interests, direct co-investments and tailored advisory services to institutional investors worldwide. StepStone's integrated research and data analytics platform supports its investment teams in sourcing opportunities and monitoring portfolio companies.

Founded in 2007 as an independent private markets specialist, the company has grown its presence through both organic expansion and strategic partnerships.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in StepStone Group Right Now?Before you consider StepStone Group, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and StepStone Group wasn't on the list.

While StepStone Group currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

MarketBeat just released its list of the 7 hottest IPOs expected to hit Wall Street in 2026. See which companies are preparing to go public and why investors are watching closely.

Get This Free Report

StepStone Group Inc. (STEP) Q4 2026 Earnings Call Transcript

May 26, 2026 08:05 ET  | Source: StepStone Group Inc

NEW YORK, May 26, 2026 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP) today announced that Scott Hart, CEO, and Mike McCabe, Head of Strategy, are scheduled to present at the Morgan Stanley US Financials Conference on Tuesday, June 9, 2026, at 11:15 am ET. A live webcast and replay will be accessible through the StepStone website at https://shareholders.stepstonegroup.com.

About StepStone

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of March 31, 2026, StepStone was responsible for approximately $885 billion of total capital, including $233 billion of assets under management. StepStone's clients include some of the world's largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

Contacts

Shareholder Relations:
Seth Weiss
[email protected]
1-212-351-6106

Media:
Jordan Niezelski / Maggie Duffy
Edelman
[email protected]