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- Total Revenue grew 15.2% year-over-year to $795.2 million -

- Organic Revenue Growth Rate* of 11.8% year-over-year -

- Net Income of $40.6 million, or $0.13 per diluted share -

- Adjusted EBITDAC* grew 15.7% year-over-year to $232.0 million -

- Adjusted Net Income increased 21.2% year-over-year to $130.7 million -

- Adjusted Diluted Earnings Per Share grew 20.5% or $0.47 per diluted share -

- Returned approximately $64.8 million to shareholders, including $40.0 million of share repurchases, and $24.8 million of dividends and distributions -

CHICAGO--(BUSINESS WIRE)--Ryan Specialty Holdings, Inc. (NYSE: RYAN) (“Ryan Specialty” or the “Company”), a leading international specialty insurance firm, today announced results for the first quarter ended March 31, 2026.

First Quarter 2026 Highlights

Revenue grew 15.2% year-over-year to $795.2 million, compared to $690.2 million in the prior-year period Organic Revenue Growth Rate* was 11.8% for the quarter, compared to 12.9% in the prior-year period Net Income increased year-over-year to $40.6 million, compared to a loss of $(4.4) million in the prior-year period. Diluted Earnings Per Share was $0.13 Adjusted EBITDAC* increased 15.7% to $232.0 million, compared to $200.5 million in the prior-year period Adjusted EBITDAC Margin* of 29.2%, compared to 29.1% in the prior-year period Adjusted Net Income* increased 21.2% to $130.7 million, compared to $107.8 million in the prior-year period Adjusted Diluted Earnings Per Share* increased 20.5% to $0.47, compared to $0.39 in the prior-year period Returned approximately $64.8 million to shareholders through $40.0 million of Class A common stock repurchases, representing 1.0 million shares, and $24.8 million of dividends and distributions “It was a strong start to 2026 for Ryan Specialty in the face of continued and increasing industry headwinds,” said Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty. “We grew total revenue 15%, driven by organic growth of 11.8% and contributions from M&A. We grew Adjusted EBITDAC by 15.7% and Adjusted Diluted EPS by 20.5%. Our performance this quarter speaks to the dedication of our team, their ability to succeed in challenging times, and the diversified enterprise we have purposefully built over the years. Through one of the most efficient and effective insurance distribution platforms in the word, we are delivering innovative solutions for our clients - brokers, agents, and carriers, that are difficult to replicate elsewhere. While we expect the environment to remain considerably challenging in the near term, we are confident that our continued investment in the platform, paired with our ability to innovate alongside our clients and capital trading partners, will further strengthen our position as a leader in specialty insurance.”

“I am proud of our team's tireless execution during the quarter as we continue to win business and increase market share in a very competitive environment,” added Timothy W. Turner, Chief Executive Officer of Ryan Specialty. “Along with our strong performance, we are continuing to invest broadly in our technology, AI, and data capabilities to ensure we are providing our clients with the expertise and advocacy they expect to solve their most complex insurance needs. We remain focused on controlling what we can control given the challenging environment. We are enhancing our competitive advantage and continuing to build and expand a platform that is designed to endure across market cycles.”

Summary of First Quarter 2026 Results

Three Months Ended
March 31,

Change

(in thousands, except percentages and per share data)

2026

2025

$

%

GAAP financial measures

Total revenue

$

795,229

$

690,166

$

105,063

15.2

%

Net commissions and fees

782,903

676,128

106,775

15.8

Compensation and benefits

495,176

430,289

64,887

15.1

General and administrative

108,761

106,060

2,701

2.5

Total operating expenses

700,633

589,931

110,702

18.8

Operating income

94,596

100,235

(5,639

)

(5.6

)

Net income (loss)

40,597

(4,389

)

44,986

NM

Net income (loss) attributable to Ryan Specialty Holdings, Inc.

17,646

(27,642

)

45,288

NM

Compensation and benefits expense ratio (1)

62.3

%

62.3

%

General and administrative expense ratio (2)

13.7

%

15.4

%

Net income (loss) margin (3)

5.1

%

(0.6

%)

Earnings (loss) per share (4)

$

0.14

$

(0.22

)

Diluted earnings (loss) per share (4)

$

0.13

$

(0.22

)

Non-GAAP financial measures*

Organic revenue growth rate

11.8

%

12.9

%

Adjusted compensation and benefits expense

$

461,832

$

397,428

$

64,404

16.2

%

Adjusted compensation and benefits expense ratio

58.1

%

57.6

%

Adjusted general and administrative expense

$

101,365

$

92,237

$

9,128

9.9

%

Adjusted general and administrative expense ratio

12.7

%

13.4

%

Adjusted EBITDAC

$

232,033

$

200,501

$

31,532

15.7

%

Adjusted EBITDAC margin

29.2

%

29.1

%

Adjusted net income

$

130,728

$

107,839

$

22,889

21.2

%

Adjusted net income margin

16.4

%

15.6

%

Adjusted diluted earnings per share

$

0.47

$

0.39

$

0.08

20.5

%

*

For a definition and a reconciliation of Organic revenue growth rate, Adjusted compensation and benefits expense, Adjusted compensation and benefits ratio, Adjusted general and administrative expense, Adjusted general and administrative expense ratio, Adjusted EBITDAC, Adjusted EBITDAC margin, Adjusted net income, Adjusted net income margin, and Adjusted diluted earnings per share to the most directly comparable GAAP measure, see “Non-GAAP Financial Measures and Key Performance Indicators” below.

(1)

Compensation and benefits expense ratio is defined as Compensation and benefits divided by Total revenue.

(2)

General and administrative expense ratio is defined as General and administrative expense divided by Total revenue.

(3)

Net income margin is defined as Net income divided by Total revenue.

(4)

See “Note 10, Earnings (Loss) Per Share” of the unaudited quarterly consolidated financial statements.

First Quarter 2026 Review*

Total revenue for the first quarter of 2026 was $795.2 million, an increase of 15.2% compared to $690.2 million in the prior-year period. This increase was primarily due to continued organic revenue growth of 11.8%, driven by new client wins and expanded relationships with existing clients, coupled with continued expansion of the specialty and E&S markets, revenue from acquisitions completed within the trailing twelve months ended March 31, 2026, and growth in contingent commissions. We experienced growth across the majority of our casualty lines, offset by a moderate decline in our property portfolio.

Total operating expenses for the first quarter of 2026 were $700.6 million, an 18.8% increase compared to $589.9 million in the prior-year period. This increase was primarily due to higher Compensation and benefits expenses resulting from growth in headcount and revenue and an increase in Restructuring and related expense due to the Empower Program initiated in the first quarter of 2026. General and administrative expense also increased compared to the prior-year period due to an increase in professional services and IT charges, as well as costs directly linked to revenue growth, recruiter fees, higher expenses to accommodate both organic and inorganic revenue growth, and an increase in Restructuring and related expense due to the Empower Program, partially offset by lower Acquisition-related expenses.

Net income for the first quarter of 2026 increased to $40.6 million, compared to a loss of $(4.4) million in the prior-year period. The increase was due to strong revenue growth and lower Income tax expense, partially offset by higher Total operating expenses compared to the prior-year period.

Adjusted EBITDAC grew 15.7% to $232.0 million from $200.5 million in the prior-year period. Adjusted EBITDAC margin for the quarter was 29.2%, compared to 29.1% in the prior-year period. The increase in Adjusted EBITDAC was driven primarily by strong revenue growth, partially offset by higher Adjusted compensation and benefits expense, as well as higher Adjusted general and administrative expense.

Adjusted net income for the first quarter of 2026 increased 21.2% to $130.7 million, compared to $107.8 million in the prior-year period. Adjusted net income margin was 16.4%, compared to 15.6% in the prior-year period. Adjusted diluted earnings per share for the first quarter of 2026 increased 20.5% to $0.47, compared to $0.39 in the prior-year period.

First Quarter 2026 Net Commissions and Fees by Specialty and Revenue by Type

Growth in Net commissions and fees in all specialties was primarily driven by strong organic growth.

Three Months Ended March 31,

(in thousands, except percentages)

2026

% of

total

2025

% of

total

Change

Wholesale Brokerage

$

377,796

48.3

%

$

360,788

53.4

%

$

17,008

4.7

%

Binding Authority

110,000

14.0

101,950

15.1

8,050

7.9

Underwriting Management

295,107

37.7

213,390

31.5

81,717

38.3

Total Net commissions and fees

$

782,903

$

676,128

$

106,775

15.8

%

The following tables sets forth our revenue by type of commission and fees:

Three Months Ended March 31,

(in thousands, except percentages)

2026

% of

total

2025

% of

total

Change

Net commissions and policy fees

$

717,553

91.7

%

$

623,966

92.3

%

$

93,587

15.0

%

Supplemental and contingent commissions

49,117

6.3

37,773

5.6

11,344

30.0

Loss mitigation and other fees

16,233

2.0

14,389

2.1

1,844

12.8

Total Net commissions and fees

$

782,903

$

676,128

$

106,775

15.8

%

Liquidity and Financial Condition

As of March 31, 2026, the Company had Cash and cash equivalents of $154.7 million and outstanding debt principal of $3.6 billion.

Capital Return

In the first quarter, the Company returned approximately $64.8 million to shareholders through $40.0 million of Class A common stock repurchases, representing 1.0 million shares, and $24.8 million of dividends and distributions. As of March 31, 2026, the Company had $260.0 million of remaining authorization under its share repurchase program.

Additionally, on April 30, 2026, the Company’s board of directors declared a quarterly dividend of $0.13 per share on the outstanding Class A common stock. The quarterly dividend will be payable on May 26, 2026, to stockholders of record as of the close of business on May 12, 2026. A portion of the dividend, $0.06 per share, will be funded by free cash flow from Ryan Specialty, LLC and will be paid to all holders of the Company’s Class A common stock and the holders of the LLC Common Units (as defined below).

Full Year 2026 Guidance*

The Company is updating its full year 2026 guidance for Organic Revenue Growth Rate and Adjusted EBITDAC Margin as follows:

We are guiding to an Organic Revenue Growth Rate in the mid-single digits for 2026 We are guiding to an Adjusted EBITDAC Margin that is down 100 - 150 basis points for 2026, as compared to the prior year Executive Chairman Stock Option Program

On April 30, 2026, the Company announced a special, one-time stock option grant program, funded entirely by Executive Chairman, Patrick G. Ryan, through the Ryan Stock Option Trust. The program is designed to be net neutral to the Company's outstanding share count and is intended to support employee alignment. Please refer to the Company's 8-K filed with the SEC for more information.

Conference Call Information

Ryan Specialty will hold a conference call to discuss the financial results at 4:45pm Eastern Time on April 30, 2026. Interested parties may access the conference call through the live webcast, which can be accessed at https://ryan-specialty-q1-2026-earnings-call.open-exchange.net/registration or by visiting the Company’s Investor Relations website. Please join the live webcast at least 10 minutes prior to the scheduled start time.

A webcast replay of the call will be available on the Company’s website at ryanspecialty.com in its Investors section for one year following the call.

About Ryan Specialty

Founded in 2010, Ryan Specialty (NYSE: RYAN) is a service provider of specialty products and solutions for insurance brokers, agents, and carriers. Ryan Specialty provides distribution, underwriting, product development, administration, and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers. Our mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents, and carriers. Learn more at ryanspecialty.com.

Forward-Looking Statements

All statements in this release and in the corresponding earnings call that are not historical are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties. For example, all statements the Company makes relating to its estimated and projected costs, expenditures, cash flows, growth rates and financial results, its plans, anticipated amount and timing of cost savings relating to the restructuring plan, or its plans and objectives for future operations, growth initiatives, or strategies and the statements under the caption “Full Year 2026 Outlook” are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and variations of such words and similar expressions are intended to identify such forward-looking statements. All forward-looking statements are subject to risks and uncertainties, known and unknown, that may cause actual results to differ materially from those that the Company expected. Specific factors that could cause such a difference include, but are not limited to, those disclosed previously in the Company’s filings with the Securities and Exchange Commission (“SEC”).

For more detail on the risk factors that may affect the Company’s results, see the section entitled “Risk Factors” in our most recent annual report on Form 10-K filed with the SEC, and in other documents filed with, or furnished to, the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Given these factors, as well as other variables that may affect the Company’s operating results, you are cautioned not to place undue reliance on these forward-looking statements, not to assume that past financial performance will be a reliable indicator of future performance, and not to use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release and on the related earnings call relate only to events as of the date hereof. The Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions, or otherwise.

Non-GAAP Financial Measures and Key Performance Indicators

In assessing the performance of the Company’s business, non-GAAP financial measures are used that are derived from the Company’s consolidated financial information, but which are not presented in the Company’s consolidated financial statements prepared in accordance with GAAP. The Company considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax positions, depreciation, amortization, and certain other items that the Company believes are not representative of its core business. The Company uses the following non-GAAP measures for business planning purposes, in measuring performance relative to that of its competitors, to help investors to understand the nature of the Company’s growth, and to enable investors to evaluate the run-rate performance of the Company. Non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, the consolidated financial statements prepared and presented in accordance with GAAP. The footnotes to the reconciliation tables below should be read in conjunction with the unaudited consolidated quarterly financial statements in the Company’s Quarterly Report on form 10-Q filed with the SEC. Industry peers may provide similar supplemental information but may not define similarly-named metrics in the same way and may not make identical adjustments.

Organic revenue growth rate: Organic revenue growth rate represents the percentage change in Net commissions and fees, as compared to the same period for the prior year, adjusted to eliminate revenue attributable to acquisitions for the first twelve months of ownership, revenue attributable to sold businesses for the subsequent twelve months after the sale, and other items such as contingent commissions and the impact of changes in foreign exchange rates.

Adjusted compensation and benefits expense: Adjusted compensation and benefits expense is defined as Compensation and benefits expense adjusted to reflect items such as (i) equity-based compensation, (ii) acquisition and restructuring related compensation expenses, and (iii) other exceptional or non-recurring compensation expenses, as applicable. The most directly comparable GAAP financial metric is Compensation and benefits expense.

Adjusted general and administrative expense: Adjusted general and administrative expense is defined as General and administrative expense adjusted to reflect items such as (i) acquisition and restructuring related general and administrative expenses, and (ii) other exceptional or non-recurring general and administrative expenses, as applicable. The most directly comparable GAAP financial metric is General and administrative expense.

Adjusted compensation and benefits expense ratio: Adjusted compensation and benefits expense ratio is defined as the Adjusted compensation and benefits expense as a percentage of Total revenue. The most directly comparable GAAP financial metric is Compensation and benefits expense ratio.

Adjusted general and administrative expense ratio: Adjusted general and administrative expense ratio is defined as the Adjusted general and administrative expense as a percentage of Total revenue. The most directly comparable GAAP financial metric is General and administrative expense ratio.

Adjusted EBITDAC: Adjusted EBITDAC is defined as Net income before Interest expense, net, Income tax expense, Depreciation, Amortization, and Change in contingent consideration, adjusted to reflect items such as (i) equity-based compensation, (ii) acquisition-related expenses, and (iii) other exceptional or non-recurring items, as applicable. Acquisition-related expense includes one-time diligence, transaction-related, and integration costs. Acquisition-related long-term incentive compensation arises from long-term incentive plans associated with acquisitions. These plans require service requirements, and in some cases performance targets, to be met in order to be earned. Restructuring and related expense consists of compensation and benefits, contractors, professional services, and license fees related to the Empower Program, which was initiated at the beginning of 2026. The compensation and benefits expense includes severance as well as employment costs related to services rendered between the notification and termination dates and other termination payments. Amortization and expense is composed of charges related to discontinued prepaid incentive programs. For the three months ended March 31, 2026, Other non-operating income consisted of $0.5 million of forfeitures of vested equity awards, $0.1 million of seller reimbursement of acquisition-related retention incentives, and $0.1 million of sublease income. For the three months ended March 31, 2025, Other non-operating income consisted of $0.3 million of seller reimbursement of acquisition-related retention incentives and $0.1 million of sublease income. Equity-based compensation reflects non-cash equity-based expense. IPO related expenses consist of compensation-related expense primarily related to the expense for new awards issued at IPO, as well as expense related to the revaluation of existing equity awards at IPO.

Adjusted EBITDAC margin: Adjusted EBITDAC margin is defined as Adjusted EBITDAC as a percentage of Total revenue. The most directly comparable GAAP financial metric is Net income margin.

Adjusted net income: Adjusted net income is defined as tax-effected earnings before amortization and certain items of income and expense, gains and losses, equity-based compensation, acquisition related long-term incentive compensation, acquisition-related expenses, costs associated with our IPO, and certain exceptional or non-recurring items. The Company will be subject to United States federal income taxes, in addition to state, local, and foreign taxes, with respect to its allocable share of any net taxable income of Ryan Specialty, LLC (together with its parent New Ryan Specialty, LLC and their subsidiaries, the “LLC”). For comparability purposes, this calculation incorporates the impact of federal and state statutory tax rates on 100% of the Company’s adjusted pre-tax income as if the Company owned 100% of Ryan Specialty, LLC. The most directly comparable GAAP financial metric is Net income.

Adjusted net income margin: Adjusted net income margin is defined as Adjusted net income as a percentage of Total revenue. The most directly comparable GAAP financial metric is Net income margin.

Adjusted diluted earnings per share: Adjusted diluted earnings per share is defined as Adjusted net income divided by diluted shares outstanding after adjusting for the effect if 100% of the outstanding LLC Common Units (“LLC Common Units”), together with the shares of Class B common stock, vested Class C Incentive Units, vested but unexercised Options, and unvested equity awards were exchanged into shares of Class A common stock as if 100% of unvested equity awards were vested. The most directly comparable GAAP financial metric is Diluted earnings per share.

Credit Adjusted EBITDAC: Credit Adjusted EBITDAC is defined as Adjusted EBITDAC as further adjusted without duplication for: acquired EBITDAC from the beginning of the applicable twelve month reference period through the acquisition close date, certain annualized run rate expected cost savings and initiatives, and certain other adjustments as permitted in calculating leverage ratios under our debt agreements. The Company presents Credit Adjusted EBITDAC as an additional measure of liquidity and leverage. The calculation of Credit Adjusted EBITDAC pursuant to our debt agreements permits certain estimates and assumptions that may differ from actual results.

The summary unaudited consolidated financial data presented for the twelve months ended March 31, 2026, was derived by adding the consolidated financial data of the Company for the twelve months ended December 31, 2025, to the consolidated financial data of the Company for the three months ended March 31, 2026, and subtracting the consolidated financial data of the Company for the three months ended March 31, 2025. The summary unaudited consolidated financial data for the twelve months ended March 31, 2026, has been prepared for illustrative purposes only and is not necessarily representative of our results of operations for any future period or our financial condition at any future date.

The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial measure is set forth in the reconciliation table accompanying this release.

With respect to the Organic revenue growth rate and Adjusted EBITDAC margin outlook presented in the “Full Year 2026 Outlook” section of this press release, the Company is unable to provide a comparable outlook for, or a reconciliation to, Total revenue growth rate or Net income margin because it cannot provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort. Its inability to do so is due to the inherent difficulty in forecasting the timing of items that have not yet occurred and quantifying certain amounts that are necessary for such reconciliation, including variations in effective tax rate, expenses to be incurred for acquisition activities, and other one-time or exceptional items.

Consolidated Statements of Income (Unaudited)

Three Months Ended
March 31,

(in thousands, except percentages and per share data)

2026

2025

Revenue

Net commissions and fees

$

782,903

$

676,128

Fiduciary investment income

12,326

14,038

Total revenue

$

795,229

$

690,166

Expenses

Compensation and benefits

495,176

430,289

General and administrative

108,761

106,060

Amortization

65,340

64,985

Depreciation

4,062

2,639

Change in contingent consideration

27,294

(14,042

)

Total operating expenses

$

700,633

$

589,931

Operating income

$

94,596

$

100,235

Interest expense, net

53,733

54,508

Income from equity method investments

(5,531

)

(4,937

)

Other non-operating income

(711

)

(377

)

Income before income taxes

$

47,105

$

51,041

Income tax expense

6,508

55,430

Net income (loss)

$

40,597

$

(4,389

)

GAAP financial measures

Total revenue

$

795,229

$

690,166

Net commissions and fees

782,903

676,128

Compensation and benefits

495,176

430,289

General and administrative

108,761

106,060

Net income (loss)

40,597

(4,389

)

Compensation and benefits expense ratio (1)

62.3

%

62.3

%

General and administrative expense ratio (2)

13.7

%

15.4

%

Net income (loss) margin (3)

5.1

%

(0.6

%)

Earnings (loss) per share (4)

$

0.14

$

(0.22

)

Diluted earnings (loss) per share (4)

$

0.13

$

(0.22

)

Non-GAAP Financial Measures (Unaudited)

Three Months Ended
March 31,

(in thousands, except percentages and per share data)

2026

2025

Non-GAAP financial measures*

Organic revenue growth rate

11.8

%

12.9

%

Adjusted compensation and benefits expense

$

461,832

$

397,428

Adjusted compensation and benefits expense ratio

58.1

%

57.6

%

Adjusted general and administrative expense

$

101,365

$

92,237

Adjusted general and administrative expense ratio

12.7

%

13.4

%

Adjusted EBITDAC

$

232,033

$

200,501

Adjusted EBITDAC margin

29.2

%

29.1

%

Adjusted net income

$

130,728

$

107,839

Adjusted net income margin

16.4

%

15.6

%

Adjusted diluted earnings per share

$

0.47

$

0.39

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)

March 31, 2026

December 31, 2025

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

154,650

$

158,322

Commissions and fees receivable – net

565,259

488,951

Fiduciary cash and receivables

4,764,338

4,298,920

Prepaid incentives – net

15,326

13,550

Other current assets

79,255

100,437

Total current assets

$

5,578,828

$

5,060,180

NON-CURRENT ASSETS

Goodwill

3,217,450

3,225,021

Customer relationships

1,433,397

1,496,885

Other intangible assets

127,052

119,621

Prepaid incentives – net

29,718

27,849

Equity method investments

116,431

109,982

Property and equipment – net

66,138

69,461

Lease right-of-use assets

125,802

130,480

Deferred tax assets

305,565

310,138

Other non-current assets

11,257

14,554

Total non-current assets

$

5,432,810

$

5,503,991

TOTAL ASSETS

$

11,011,638

$

10,564,171

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable and accrued liabilities

$

341,742

$

284,403

Accrued compensation

257,275

519,251

Operating lease liabilities

27,189

25,987

Tax Receivable Agreement liabilities

30,047

—

Short-term debt and current portion of long-term debt

35,364

60,187

Fiduciary liabilities

4,764,338

4,298,920

Total current liabilities

$

5,455,955

$

5,188,748

NON-CURRENT LIABILITIES

Accrued compensation

81,362

70,096

Operating lease liabilities

146,200

153,089

Long-term debt

3,533,913

3,291,462

Tax Receivable Agreement liabilities

430,797

458,997

Deferred tax liabilities

47,354

49,834

Other non-current liabilities

97,003

97,894

Total non-current liabilities

$

4,336,629

$

4,121,372

TOTAL LIABILITIES

$

9,792,584

$

9,310,120

STOCKHOLDERS’ EQUITY

Class A common stock ($0.001 par value; 1,000,000,000 shares authorized, 128,867,457 and 129,603,426 shares issued and outstanding at March 31, 2026, and December 31, 2025, respectively)

129

130

Class B common stock ($0.001 par value; 984,748,069 shares authorized and 134,351,649 shares issued and outstanding at March 31, 2026; 1,000,000,000 shares authorized and 134,508,885 shares issued and outstanding at December 31, 2025)

134

135

Preferred stock ($0.001 par value; 500,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2026, and December 31, 2025)

—

—

Additional paid-in capital

506,021

513,610

Retained earnings

120,528

120,353

Accumulated other comprehensive income

9,390

13,845

Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc.

$

636,202

$

648,073

Non-controlling interests

582,852

605,978

Total stockholders’ equity

$

1,219,054

$

1,254,051

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

11,011,638

$

10,564,171

Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended
March 31,

(in thousands)

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)

$

40,597

$

(4,389

)

Adjustments to reconcile net income (loss) to cash flows provided by operating activities:

Income from equity method investments

(5,531

)

(4,937

)

Amortization

65,340

64,985

Depreciation

4,062

2,639

Prepaid and deferred compensation expense

13,700

10,799

Non-cash equity-based compensation

17,351

19,873

Amortization of deferred debt issuance costs

2,422

2,374

Amortization of interest rate cap premium

—

1,739

Deferred income tax expense

3,142

2,720

Deferred income tax expense from common control reorganization

—

48,115

Changes in operating assets and liabilities, net of acquisitions:

Commissions and fees receivable – net

(77,800

)

(17,088

)

Accrued interest liability

(21,470

)

(11,801

)

Other current and non-current assets

18,524

41,130

Other current and non-current liabilities

(227,748

)

(298,984

)

Total cash flows used in operating activities

$

(167,411

)

$

(142,825

)

CASH FLOWS FROM INVESTING ACTIVITIES

Business combinations – net of cash acquired and cash held in a fiduciary capacity

—

(555,641

)

Capital expenditures

(13,265

)

(16,730

)

Asset acquisitions

—

(664

)

Total cash flows used in investing activities

$

(13,265

)

$

(573,035

)

CASH FLOWS FROM FINANCING ACTIVITIES

Borrowings on Revolving Credit Facility

524,942

574,056

Repayments on Revolving Credit Facility

(279,375

)

(150,000

)

Debt issuance costs paid

—

(1,548

)

Repayment of term debt

(4,250

)

(4,250

)

Receipt of contingently returnable consideration

3,140

1,927

Payment of contingent consideration

(17

)

(25,150

)

Tax distributions to non-controlling LLC Unitholders

(1,294

)

—

Receipt of taxes related to net share settlement of equity awards

1,714

1,569

Taxes paid related to net share settlement of equity awards

(1,496

)

(1,700

)

Class A common stock dividends and Dividend Equivalents paid

(16,795

)

(15,074

)

Distributions and Declared Distributions paid to non-controlling LLC Unitholders

(8,071

)

(6,796

)

Repurchases of Class A common stock

(40,019

)

—

Payments related to Ryan Re preferred units

—

(85

)

Net change in fiduciary liabilities

(92,194

)

(36,109

)

Total cash flows provided by financing activities

$

86,285

$

336,840

Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

(5,191

)

10,081

NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY

$

(99,582

)

$

(368,939

)

CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance

1,584,470

1,680,805

CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance

$

1,484,888

$

1,311,866

Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

Cash and cash equivalents

$

154,650

$

203,549

Cash and cash equivalents held in a fiduciary capacity

1,330,238

1,108,317

Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

$

1,484,888

$

1,311,866

Reconciliation of Organic Revenue Growth Rate

Three Months Ended
March 31,

(in thousands, except percentages)

2026

2025

Current period Net commissions and fees revenue

$

782,903

$

676,128

Less: Current period contingent commissions

(42,373

)

(30,463

)

Less: Revenue attributable to sold businesses

(13

)

(146

)

Net commissions and fees revenue excluding contingent commissions

$

740,517

$

645,519

Prior period Net commissions and fees revenue

$

676,128

$

537,887

Less: Prior year contingent commissions

(30,463

)

(24,503

)

Less: Revenue attributable to sold businesses

(657

)

(539

)

Prior period Net commissions and fees revenue excluding contingent commissions

$

645,008

$

512,845

Change in Net commissions and fees revenue excluding contingent commissions

$

95,509

$

132,674

Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent commissions

(15,246

)

(67,155

)

Impact of change in foreign exchange rates

(3,863

)

430

Organic revenue growth (Non-GAAP)

$

76,400

$

65,949

Net commissions and fees revenue growth rate (GAAP)

15.8

%

25.7

%

Less: Impact of contingent commissions (1)

(1.0

)

0.2

Net commissions and fees revenue excluding contingent commissions growth rate (2)

14.8

%

25.9

%

Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent commissions (3)

(2.4

)

(13.1

)

Impact of change in foreign exchange rates (4)

(0.6

)

0.1

Organic Revenue Growth Rate (Non-GAAP)

11.8

%

12.9

%

(1)

Calculated by subtracting Net commissions and fees revenue growth rate from net commissions and fees revenue excluding contingent commissions growth rate and revenue from sold businesses.

(2)

Calculated by dividing the change in Total net commissions & fees revenue excluding contingent commissions by prior year net commissions and fees excluding contingent commissions and revenue from sold businesses.

(3)

Calculated by taking the mergers and acquisitions net commissions and fees revenue excluding contingent commissions, representing the first 12 months of net commissions and fees revenue generated from acquisitions, divided by prior period net commissions and fees revenue excluding contingent commissions and revenue from sold businesses.

(4)

Calculated by taking the change in foreign exchange rates divided by prior period net commissions and fees revenue excluding contingent commissions and revenue from sold businesses.

Reconciliation of Adjusted Compensation and Benefits Expense to Compensation and Benefits Expense

Three Months Ended
March 31,

(in thousands, except percentages)

2026

2025

Total revenue

$

795,229

$

690,166

Compensation and benefits expense

$

495,176

$

430,289

Acquisition-related expense

(3,411

)

(3,479

)

Acquisition related long-term incentive compensation

(9,287

)

(8,331

)

Restructuring and related expense

(2,465

)

—

Amortization and expense related to discontinued prepaid incentives

(830

)

(1,178

)

Equity-based compensation

(14,309

)

(14,569

)

Initial public offering related expense

(3,042

)

(5,304

)

Adjusted compensation and benefits expense (1)

$

461,832

$

397,428

Compensation and benefits expense ratio

62.3

%

62.3

%

Adjusted compensation and benefits expense ratio

58.1

%

57.6

%

Reconciliation of Adjusted General and Administrative Expense to General and Administrative Expense

Three Months Ended
March 31,

(in thousands, except percentages)

2026

2025

Total revenue

$

795,229

$

690,166

General and administrative expense

$

108,761

$

106,060

Acquisition-related expense

(3,990

)

(13,823

)

Restructuring and related expense

(3,406

)

—

Adjusted general and administrative expense (1)

$

101,365

$

92,237

General and administrative expense ratio

13.7

%

15.4

%

Adjusted general and administrative expense ratio

12.7

%

13.4

%

Reconciliation of Adjusted EBITDAC to Net Income

Three Months Ended
March 31,

(in thousands, except percentages)

2026

2025

Total revenue

$

795,229

$

690,166

Net income (loss)

$

40,597

$

(4,389

)

Interest expense, net

53,733

54,508

Income tax expense

6,508

55,430

Depreciation

4,062

2,639

Amortization

65,340

64,985

Change in contingent consideration (1)

27,294

(14,042

)

EBITDAC

$

197,534

$

159,131

Acquisition-related expense

7,402

17,302

Acquisition related long-term incentive compensation

9,287

8,331

Restructuring and related expense

5,871

—

Amortization and expense related to discontinued prepaid incentives

830

1,178

Other non-operating income

(711

)

(377

)

Equity-based compensation

14,309

14,569

IPO related expenses

3,042

5,304

Income from equity method investments

(5,531

)

(4,937

)

Adjusted EBITDAC

$

232,033

$

200,501

Net income (loss) margin

5.1

%

(0.6

)%

Adjusted EBITDAC margin

29.2

%

29.1

%

Reconciliation of Adjusted Net Income to Net Income

Three Months Ended
March 31,

(in thousands, except percentages)

2026

2025

Total revenue

$

795,229

$

690,166

Net income (loss)

$

40,597

$

(4,389

)

Income tax expense

6,508

55,430

Amortization

65,340

64,985

Amortization of deferred debt issuance costs (1)

2,422

2,374

Change in contingent consideration

27,294

(14,042

)

Acquisition-related expense

7,402

17,302

Acquisition related long-term incentive compensation

9,287

8,331

Restructuring and related expense

5,871

—

Amortization and expense related to discontinued prepaid incentives

830

1,178

Other non-operating income

(711

)

(377

)

Equity-based compensation

14,309

14,569

IPO related expenses

3,042

5,304

Income from equity method investments

(5,531

)

(4,937

)

Adjusted income before income taxes (2)

$

176,660

$

145,728

Adjusted income tax expense (3)

(45,932

)

(37,889

)

Adjusted net income

$

130,728

$

107,839

Net income (loss) margin

5.1

%

(0.6

)%

Adjusted net income margin

16.4

%

15.6

%

Reconciliation of Adjusted Diluted Earnings per Share to Diluted Earnings per Share

Three Months Ended
March 31,

2026

2025

Earnings (loss) per share of Class A common stock – diluted

$

0.13

$

(0.22

)

Less: Net income attributed to dilutive shares (1)

—

—

Plus: Impact of all LLC Common Units exchanged for Class A shares (2)

0.02

0.20

Plus: Adjustments to Adjusted net income (3)

0.33

0.43

Plus: Dilutive impact of unvested equity awards (4)

(0.01

)

(0.02

)

Adjusted diluted earnings per share

$

0.47

$

0.39

(Share count in ’000)

Weighted-average shares of Class A common stock outstanding – diluted

137,341

125,420

Plus: Impact of all LLC Common Units exchanged for Class A shares (2)

134,476

136,064

Plus: Dilutive impact of unvested equity awards (4)

6,824

17,783

Adjusted diluted earnings per share diluted share count

278,641

279,267

(1)

Adjustment removes the impact of Net income attributed to dilutive awards to arrive at Net income (loss) attributable to Ryan Specialty Holdings, Inc. For the three months ended March 31, 2026, this removes $0.2 million of Net income on 137.3 million Weighted-average shares of Class A common stock outstanding - diluted, respectively. See “Note 10, Earnings (Loss) Per Share” of the unaudited quarterly consolidated financial statements.

(2)

For comparability purposes, this calculation incorporates the Net income that would be distributable if all LLC Common Units (together with shares of Class B common stock) were exchanged for shares of Class A common stock. For the three months ended March 31, 2026 and 2025, this includes $23.0 million and $23.3 million of Net income, respectively, on 271.8 million and 261.5 million Weighted-average shares of Class A common stock outstanding - diluted, respectively. See “Note 10, Earnings (Loss) Per Share” of the unaudited quarterly consolidated financial statements.

(3)

Adjustments to Adjusted net income are described in the footnotes of the reconciliation of Adjusted net income to Net income (loss) in “Adjusted Net Income and Adjusted Net Income Margin” on 271.8 million and 261.5 million Weighted-average shares of Class A common stock outstanding - diluted for the three months ended March 31, 2026 and 2025, respectively.

(4)

For comparability purposes and to be consistent with the treatment of the adjustments to arrive at Adjusted net income, the dilutive effect of unvested equity awards as well as outstanding vested options and vested Class C Incentive Units is calculated using the treasury stock method as if the weighted-average unrecognized cost associated with the awards was $0 over the period, less any unvested equity awards determined to be dilutive within the Diluted EPS calculation disclosed in “Note 10, Earnings (Loss) Per Share” of the unaudited quarterly consolidated financial statements. For the three months ended March 31, 2026 and 2025, 6.8 million and 17.8 million shares were added to the calculation, respectively.

Reconciliation of Credit Adjusted EBITDAC to Net Income

(in thousands)

Twelve Months Ended

March 31, 2026

Total Revenue

$

3,156,189

Net Income

$

259,143

Interest expense, net

221,609

Income tax expense

30,105

Depreciation

14,512

Amortization

274,781

Change in contingent consideration

54,458

EBITDAC

$

854,608

Acquisition-related expense

62,201

Acquisition related long-term incentive compensation

27,537

Restructuring and related expense

5,871

Amortization and expense related to discontinued prepaid incentives

3,984

Other non-operating income

(1,026

)

Equity-based compensation

49,404

IPO related expenses

17,525

Income from equity method investments

(21,830

)

Adjusted EBITDAC (1)

$

998,274

Credit adjustments (2)

48,387

Credit Adjusted EBITDAC

$

1,046,661

More News From Ryan Specialty Holdings, Inc.

Ryan Specialty Group (RYAN - Free Report) came out with quarterly earnings of $0.47 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +8.67%. A quarter ago, it was expected that this insurance company would post earnings of $0.5 per share when it actually produced earnings of $0.45, delivering a surprise of -10%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Ryan Specialty, which belongs to the Zacks Insurance - Brokerage industry, posted revenues of $795.23 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 3.44%. This compares to year-ago revenues of $690.17 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.

Ryan Specialty shares have lost about 31.7% since the beginning of the year versus the S&P 500's gain of 4.2%.

What's Next for Ryan Specialty?While Ryan Specialty 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 Ryan Specialty was unfavorable. 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 #4 (Sell) for the stock. So, the shares are expected to underperform 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 $0.73 on $933.98 million in revenues for the coming quarter and $2.24 on $3.36 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, Insurance - Brokerage is currently in the top 39% 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.

One other stock from the same industry, Aon (AON - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 1.

This insurance brokerage is expected to post quarterly earnings of $6.33 per share in its upcoming report, which represents a year-over-year change of +11.6%. The consensus EPS estimate for the quarter has been revised 0.4% lower over the last 30 days to the current level.

Aon's revenues are expected to be $4.96 billion, up 4.9% from the year-ago quarter.

SAN DIEGO, May 04, 2026 (GLOBE NEWSWIRE) -- Johnson Fistel, PLLP is investigating potential claims on behalf of investors of Ryan Specialty Holdings, Inc. (NYSE: RYAN). The investigation focuses on Ryan Specialty’s executive officers and whether investor losses may be recovered under federal securities laws.

What if I purchased Ryan Specialty securities?
If you purchased Ryan Specialty securities and suffered losses on your investment, join our investigation now: Click here to join the investigation.

Or for more information, contact Jim Baker at [email protected] or (619) 814-4471.

There is no cost or obligation to you.

Background of the investigation
On February 12, 2026, Ryan Specialty reported its fourth quarter and full year 2025 financial results. Among other things, the Company disclosed fourth quarter organic revenue growth of 6.6%, compared to 11.0% in the prior-year period, and adjusted EBITDAC margin of 29.6%, compared to 32.6% in the prior-year period.

In addition, Ryan Specialty disclosed that it was guiding to organic revenue growth in the high single digits for 2026 and adjusted EBITDAC margin that would be flat to moderately down compared to the prior year. During the Company’s earnings call, Ryan Specialty further disclosed that the fourth quarter “marked an intensification of some of these property pricing trends” and that, particularly in large accounts, the Company saw “rate decreases of 25% to 35%, which was higher than what we were seeing earlier in the year.”

Following this disclosure, Ryan Specialty’s stock price declined sharply, damaging investors.

In light of this disclosure, Johnson Fistel is investigating whether Ryan Specialty complied with the federal securities laws. If you suffered losses from your investment in Ryan Specialty stock, contact Johnson Fistel.

About Johnson Fistel, PLLP | Securities Fraud & Investor Rights
Johnson Fistel, PLLP is a nationally recognized shareholder-rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits and also assists foreign investors who purchased shares on U.S. exchanges. To learn more, visit www.johnsonfistel.com.

Achievements
In 2024, Johnson Fistel was ranked among the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services, reflecting the firm’s effectiveness in advocating for investors and recovering approximately $90,725,000 for clients in cases where it served as lead or co-lead counsel.

Attorney advertising.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Johnson Fistel, PLLP has paid for the dissemination of this promotional communication, and Frank J. Johnson is the attorney responsible for its content.

Contact
Johnson Fistel, PLLP
501 W. Broadway, Suite 800
San Diego, CA 92101
James Baker, Investor Relations – or – Frank J. Johnson, Esq.
(619) 814-4471 | [email protected] | [email protected]

NEW YORK, May 12, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Ryan Specialty Holdings, Inc. (“Ryan” or the “Company”) (NYSE: RYAN).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Ryan and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On February 12, 2026, Ryan reported its fourth quarter and full year 2025 financial results.  Among other things, the Company disclosed fourth quarter organic revenue growth of 6.6%, compared to 11.0% in the prior-year period, and adjusted EBITDAC margin of 29.6%, compared to 32.6% in the prior-year period.  In addition, Ryan disclosed that it was guiding to organic revenue growth in the high single digits for 2026 and adjusted EBITDAC margin that would be flat to moderately down compared to the prior year.  During the Company’s earnings call, Ryan further disclosed that the fourth quarter “marked an intensification of some of these property pricing trends” and that, particularly in large accounts, the Company saw “rate decreases of 25% to 35%, which was higher than what we were seeing earlier in the year.” 

On this news, Ryan’s stock price fell $5.67 per share, or 12.78%, to close at $38.71 per share on February 13, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.  

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

NEW YORK, May 19, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Ryan Specialty Holdings, Inc. (“Ryan” or the “Company”) (NYSE: RYAN). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Ryan and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On February 12, 2026, Ryan reported its fourth quarter and full year 2025 financial results.  Among other things, the Company disclosed fourth quarter organic revenue growth of 6.6%, compared to 11.0% in the prior-year period, and adjusted EBITDAC margin of 29.6%, compared to 32.6% in the prior-year period.  In addition, Ryan disclosed that it was guiding to organic revenue growth in the high single digits for 2026 and adjusted EBITDAC margin that would be flat to moderately down compared to the prior year.  During the Company’s earnings call, Ryan further disclosed that the fourth quarter “marked an intensification of some of these property pricing trends” and that, particularly in large accounts, the Company saw “rate decreases of 25% to 35%, which was higher than what we were seeing earlier in the year.” 

On this news, Ryan’s stock price fell $5.67 per share, or 12.78%, to close at $38.71 per share on February 13, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.  

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

CHICAGO--(BUSINESS WIRE)--Ryan Specialty Holdings, Inc. (NYSE: RYAN) (“Ryan Specialty”), a leading international specialty insurance services firm, today announced that its Board of Directors on May 21, 2026 increased the authorization of its existing share repurchase program for shares of the Company’s Class A common stock by $300 million.

As of May 22, 2026, the Company repurchased $260 million of Class A common stock in the second quarter, exhausting its prior authorization of $300 million. After accounting for the increased authorization, there is $300 million of authorization remaining available under the current program.

“The increased authorization of our share repurchase program reflects the Board’s ongoing confidence in our long-term strategy,” said Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty. “We remain committed to strategically investing for the long-term, organically and inorganically, while also purchasing our shares when we believe it to be the best use of our capital.”

Share repurchases may be made from time to time on the open market, in privately negotiated transactions, using Rule 10b5-1 trading plans, as accelerated share repurchases, or in any other manner that complies with the applicable securities law. The timing of purchases and number of shares repurchased under the program will depend upon a variety of factors including the Company’s stock price, trading volume, working capital or other liquidity requirements, and market conditions. The Company is not obligated to purchase any shares under the program and the program may be suspended or discontinued at any time without notice.

About Ryan Specialty

Founded in 2010, Ryan Specialty is a service provider of specialty products and solutions for insurance brokers, agents and carriers. The firm provides distribution, underwriting, product development, administration and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers. Ryan Specialty’s mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents and carriers. To learn more, please visit ryanspecialty.com.

Forward-Looking Statements

All statements in this release that are not historical are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties. For example, all statements the Company makes relating to its estimated and projected costs, expenditures, cash flows, growth rates and financial results, its plans, anticipated amount and timing of cost savings relating to the restructuring plan, or its plans and objectives for future operations, growth initiatives, or strategies are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and variations of such words and similar expressions are intended to identify such forward-looking statements. All forward-looking statements are subject to risks and uncertainties, known and unknown, that may cause actual results to differ materially from those that the Company expected. Specific factors that could cause such a difference include, but are not limited to, those disclosed previously in the Company’s filings with the Securities and Exchange Commission (“SEC”).

For more detail on the risk factors that may affect the Company’s results, see the section entitled “Risk Factors” in our most recent annual report on Form 10-K filed with the SEC, and in other documents filed with, or furnished to, the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Given these factors, as well as other variables that may affect the Company’s operating results, you are cautioned not to place undue reliance on these forward-looking statements, not to assume that past financial performance will be a reliable indicator of future performance, and not to use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release relate only to events as of the date hereof. The Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions, or otherwise.

Guardian Point Capital increased its stake in Ryan Specialty Holdings (RYAN +3.41%) by 75,000 shares in the first quarter, an estimated $3.20 million trade based on quarterly average pricing, according to a May 15, 2026, SEC filing.

What happenedAccording to an SEC filing dated May 15, 2026, Guardian Point Capital added 75,000 shares of Ryan Specialty Holdings (RYAN +3.41%), bringing its total position to 575,000 shares. The estimated transaction value is approximately $3.20 million based on the mean unadjusted closing price for the quarter. The quarter-end value of the stake decreased by $6.41 million, reflecting both added shares and stock price changes.

What else to knowTop holdings after the filing:NYSE: APO: $55.71 million (23.0% of AUM)NASDAQ: GOOGL: $28.69 million (11.8% of AUM)NYSEMKT: SGOL: $26.77 million (11.0% of AUM)NASDAQ: AMZN: $26.03 million (10.7% of AUM)NYSE: ONTO: $22.56 million (9.3% of AUM)As of May 14, 2026, Ryan Specialty shares were priced at $31.20, down 55% over the past year and underperforming the S&P 500, which is up 28% in the same period.Company OverviewMetricValueRevenue (TTM)$3.16 billionNet Income (TTM)$108.69 millionDividend Yield1.6%Price (as of market close 2026-05-14)$31.20Company SnapshotRyan Specialty Holdings offers specialty insurance products and solutions, including distribution, underwriting, product development, administration, and risk management services.The firm operates as a wholesale broker and managing underwriter.It serves insurance brokers, agents, and carriers seeking specialized insurance solutions and risk management expertise.Ryan Specialty Holdings, Inc. provides specialty insurance products and services, with a focus on delivering tailored solutions to the insurance distribution market.

What this transaction means for investorsGuardian Point Capital seems to lean toward high-quality compounders and alternative asset managers, with top positions including Apollo, Alphabet, Amazon, and gold ETF SGOL.

That’s interesting given that despite the stock's rough 12 months, Ryan Specialty delivered a strong first quarter. Revenue climbed 15.2% year over year to $795.2 million, while organic revenue growth reached 11.8%. Adjusted EBITDAC increased 15.7% to $232 million, and adjusted earnings per share rose 20.5% to $0.47. The company also swung to a $40.6 million profit from a loss a year earlier.

Management acknowledged a tougher insurance market but sounded confident about continuing to gain share. Founder Patrick Ryan pointed to the firm's "diversified enterprise," while CEO Tim Turner highlighted ongoing investments in technology, AI, and data capabilities designed to strengthen its competitive position.

So far, double-digit organic growth suggests Ryan Specialty can keep winning business even as industry conditions become more challenging, and Guard Point's purchase signals it sees the recent stock weakness as an opportunity rather than a warning sign.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Amazon. The Motley Fool has a disclosure policy.

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Performance Assessment (assessment) of PA-1 (Exceptional) to Ryan Specialty (Singapore) Pte. Limited (Singapore). The outlook assigned to the assessment is stable. Concurrently, AM Best has affirmed the assessment of PA-1 (Exceptional) of the eight existing affiliates of Ryan Specialty Underwriting Managers (RSUM) (Chicago, IL). The outlook of the assessment is stable.

The assessment reflects RSUM’s exceptional underwriting capabilities, exceptional governance and internal controls, excellent financial condition, exceptional organizational talent and exceptional depth and breadth of relationships.

In AM Best’s view, the nine affiliated companies, which include 40 managing general underwriters (MGUs), operate within a unified governance and systems framework and are considered strategically and financially integral to RSUM’s ability to deliver specialty insurance products in the United States and internationally.

AM Best considers RSUM’s underwriting performance to be exceptional. The delegated underwriting authority enterprise (DUAE) entities within RSUM operate one of the largest underwriting platforms in the specialty insurance market, underwriting more than 300 specialized insurance products across a broad spectrum of risk classes and geographies. Niche expertise within the MGUs is supported by centralized underwriting, actuarial and catastrophe modeling teams, enabling RSUM to effectively serve complex and underserved market segments at scale. The organization benefits from robust capital access, an extensive broker network and no channel conflict with retail brokers. RSUM’s ongoing investment in technology, data analytics and infrastructure further enhances operational efficiency and underwriting effectiveness.

RSUM’s exceptional governance and internal controls promote underwriting discipline, transparency, regulatory and contractual compliance and sustained profitability. The organization aligns incentives based on profitable underwriting performance through contingent commissions and performance-based compensation. Through Geneva Re, a strategic joint venture with Nationwide Mutual Insurance Company, Ryan Specialty Holdings, Inc. (Ryan Specialty) [NYSE: RYAN], the ultimate parent of RSUM, co-invested in reinsuring the risks its MGUs underwrite to establish ongoing strategic risk participation in its underwriting results, enhancing carrier alignment and bolstering the long-term sustainability of its programs. In 2025, Ryan Specialty further strengthened its interest alignment through its investment in Velocity Specialty Insurance Company and the launch of a collateralized reinsurance vehicle, Ryan Alternative Capital Re. RSUM continues to execute a disciplined mergers and acquisition strategy and rigorously evaluates potential acquisition targets that are a cultural fit, strategic and accretive. Utilizing a standardized integration framework, RSUM effectively integrates acquired entities into its established governance, corporate oversight, compliance and operational structures.

RSUM’s excellent financial condition is supported by a balanced growth strategy with consistently strong profitability underpinned by robust organic growth and the integration of strategic acquisitions that enhance scale, capabilities, product offerings and geographic reach. In 2025, RSUM recorded another year of strong growth in terms of gross premiums and revenue. Ryan Specialty is publicly traded, which enhances access to capital and ensures greater scrutiny through market and regulatory oversight. Ryan Specialty strategically utilizes external debt along with cash from operations to fund its acquisition-led expansion, while maintaining leverage ratios within target ranges and generating strong operating cash flows that support its debt servicing obligations and ongoing investment in growth initiatives. Ryan Specialty has established a strong track record of acquisition execution and integration, as evidenced by the organization’s successful incorporation of more than 60 acquisitions since its inception.

RSUM’s exceptional organizational talent is supported by a seasoned senior leadership team with extensive industry knowledge and specialized underwriting talent embedded across individual MGUs. The organization offers employee equity opportunities and training and development programs designed to foster long-term talent retention across all levels. Strategic acquisitions have been instrumental in strengthening RSUM’s human capital, substantially expanding the organization’s talent pool and expertise across specialized product lines and geographic markets. Merger and acquisition execution and integration are deeply ingrained in RSUM’s culture, supported by an executive team and board with significant experience in overseeing value-accretive transactions.

RSUM’s exceptional relationship network positions the organization as a valued underwriting trading partner. RSUM leverages a broad network of more than 35,000 wholesale and retail broker companies, supporting high-volume deal flow across markets. RSUM’s diverse mix of specialty products effectively meets a wide range of broker and client needs, as the organization expands its footprint domestically and internationally. RSUM maintains long-term relationships with its top capacity providers, ensuring sustained underwriting capacity, program continuity and market stability.

The assessment of PA-1 (Exceptional) has been affirmed with a stable outlook for the following affiliates of RSUM:

RSG Underwriting Managers, LLC RSG Specialty, LLC Ryan Re Underwriting Managers, LLC Freberg Environmental, LLC US Assure Insurance Services of Florida, LLC Ryan Specialty Europe GmbH Velocity Risk Underwriters Ryan Specialty Underwriting Managers International Limited AM Best has withdrawn the assessment of PA-1 (Exceptional) of the following affiliates of RSUM:

Ryan Specialty International Limited Ryan Specialty Netherlands B.V. Ryan Specialty Nordics AB As part of a legal entity restructuring, the international entity organizational structure was consolidated in 2025. Ryan Specialty Netherlands B.V. and Ryan Specialty Nordics AB were converted into branches of Ryan Specialty Europe GmbH, while Ryan Specialty International Limited will be dissolved in due course as its underlying business was transferred to the main U.K. entity, Ryan Specialty Underwriting Managers International Limited. At the time of the withdrawal, these assessments had a stable outlook. AM Best’s policy is for a final assessment opinion in conjunction with a withdrawal. However, as these entities will no longer be legal entities, a final assessment could not be produced.

This press release relates to Preliminary Credit Assessments that have been published on AM Best’s website. For all assessment information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual assessments referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating and Assessment opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Ryan Specialty Holdings, Inc. (“Ryan” or “the Company”) (NYSE: RYAN) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Ryan reported its Q4 and full year 2025 financial results on February 12, 2026. The Company’s organic revenue growth was sharply lower than in the prior-year period, and EBITDAC margin also fell. The Company said that the fourth quarter "marked an intensification of some of these property pricing trends" and that the Company saw "rate decreases of 25% to 35%, which was higher than what we were seeing earlier in the year." Based on this news, shares of Ryan fell by almost 12.8% on the next day.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

RYAN Investors Have Opportunity to Join Ryan Specialty Holdings, Inc. Fraud Investigation with the Schall Law Firm PR Newswire

LOS ANGELES, June 8, 2026

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Ryan Specialty Holdings, Inc. ("Ryan" or "the Company") (NYSE: RYAN) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Ryan reported its Q4 and full year 2025 financial results on February 12, 2026. The Company's organic revenue growth was sharply lower than in the prior-year period, and EBITDAC margin also fell. The Company said that the fourth quarter "marked an intensification of some of these property pricing trends" and that the Company saw "rate decreases of 25% to 35%, which was higher than what we were seeing earlier in the year." Based on this news, shares of Ryan fell by almost 12.8% on the next day.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm
Brian Schall, Esq.
310-301-3335
[email protected]

www.schallfirm.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/ryan-investors-have-opportunity-to-join-ryan-specialty-holdings-inc-fraud-investigation-with-the-schall-law-firm-302793531.html

SOURCE The Schall Law Firm

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.

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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].

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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]

, /PRNewswire/ -- CenterPoint Energy, Inc.'s (NYSE: CNP) Board of Directors today declared a regular quarterly cash dividend of $0.2300 per share on the issued and outstanding shares of Common Stock payable on June 11, 2026, to shareholders of record at the close of business on May 21, 2026.

About CenterPoint Energy, Inc. 
CenterPoint Energy, Inc. (NYSE: CNP) is a multi-state electric and natural gas delivery company serving approximately 7 million metered customers across Indiana, Minnesota, Ohio, and Texas. The company is headquartered in Houston and is the only Texas-domiciled investor-owned utility. As of December 31, 2024, the company had approximately $44 billion in assets. With approximately 8,300 employees, CenterPoint Energy and its predecessor companies have been serving customers for more than 150 years. For more information, visit CenterPointEnergy.com.

Forward-Looking Statement
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this news release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "objective," "plan," "potential," "predict," "projection," "should," "target," "will" or other similar words are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding our strategic, growth and capital plans, longer-term resiliency plans, and future performance and financial results, are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Any statements in this news release regarding future events that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this release or the date that such statement is made, as applicable. Important factors that could cause actual results to differ materially from those indicated by the provided forward-looking information include risks and uncertainties relating to: (1) business strategies and strategic initiatives; (2) CenterPoint Energy's ability to fund and invest planned capital, and the timely recovery of its investments; (3) financial market and general economic conditions; (4) the timing and impact of future regulatory, legislative and political actions or developments; and (5) other factors, risks and uncertainties discussed in CenterPoint Energy's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission. 

For more information, contact
Communications
[email protected]

SOURCE CenterPoint Energy

Posted by Defense World Staff on Apr 20th, 2026

KBC Group NV boosted its holdings in CenterPoint Energy, Inc. (NYSE:CNP – Free Report) by 40.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,207 shares of the utilities provider’s stock after purchasing an additional 23,980 shares during the period. KBC Group NV’s holdings in CenterPoint Energy were worth $3,190,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CNP. LBP AM SA raised its stake in shares of CenterPoint Energy by 12.2% during the 4th quarter. LBP AM SA now owns 93,878 shares of the utilities provider’s stock worth $3,599,000 after purchasing an additional 10,197 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of CenterPoint Energy by 4.0% in the 4th quarter. Farther Finance Advisors LLC now owns 15,948 shares of the utilities provider’s stock worth $611,000 after buying an additional 617 shares during the last quarter. Sage Mountain Advisors LLC grew its position in CenterPoint Energy by 75.5% during the fourth quarter. Sage Mountain Advisors LLC now owns 9,463 shares of the utilities provider’s stock valued at $363,000 after buying an additional 4,072 shares during the period. Tectonic Advisors LLC grew its position in CenterPoint Energy by 5.4% during the fourth quarter. Tectonic Advisors LLC now owns 15,112 shares of the utilities provider’s stock valued at $579,000 after buying an additional 771 shares during the period. Finally, Baillie Gifford & Co. increased its holdings in CenterPoint Energy by 5.4% during the fourth quarter. Baillie Gifford & Co. now owns 400,829 shares of the utilities provider’s stock worth $15,368,000 after buying an additional 20,502 shares during the last quarter. Institutional investors own 91.77% of the company’s stock.

Analyst Ratings Changes Several analysts have commented on CNP shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of CenterPoint Energy in a research report on Monday, December 29th. Wells Fargo & Company increased their target price on shares of CenterPoint Energy from $44.00 to $47.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. BMO Capital Markets upgraded shares of CenterPoint Energy from a “market perform” rating to an “outperform” rating and set a $42.00 price target for the company in a research note on Tuesday, January 13th. Barclays lifted their price target on shares of CenterPoint Energy from $38.00 to $44.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Jefferies Financial Group increased their price objective on CenterPoint Energy from $44.00 to $49.00 and gave the company a “buy” rating in a report on Thursday. Seven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $43.75.

View Our Latest Stock Report on CenterPoint Energy

CenterPoint Energy Price Performance NYSE CNP opened at $43.03 on Monday. The company has a quick ratio of 0.79, a current ratio of 0.91 and a debt-to-equity ratio of 1.84. The company has a market cap of $28.15 billion, a PE ratio of 26.89, a price-to-earnings-growth ratio of 2.55 and a beta of 0.54. CenterPoint Energy, Inc. has a 52 week low of $35.46 and a 52 week high of $44.47. The firm’s 50-day simple moving average is $42.91 and its two-hundred day simple moving average is $40.40.

CenterPoint Energy (NYSE:CNP – Get Free Report) last posted its earnings results on Thursday, February 19th. The utilities provider reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.01). CenterPoint Energy had a return on equity of 10.46% and a net margin of 11.24%.The business had revenue of $2.51 billion during the quarter, compared to analysts’ expectations of $2.23 billion. During the same quarter in the previous year, the business earned $0.40 EPS. CenterPoint Energy has set its FY 2026 guidance at 1.900- EPS. Research analysts predict that CenterPoint Energy, Inc. will post 1.75 earnings per share for the current year.

CenterPoint Energy Announces Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 11th. Investors of record on Thursday, May 21st will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Thursday, May 21st. CenterPoint Energy’s payout ratio is currently 57.50%.

CenterPoint Energy Company Profile (Free Report)

CenterPoint Energy, Inc (NYSE: CNP) is a Houston-based regulated utility company that provides electric and natural gas delivery services and related infrastructure operations. The company’s principal activities center on the transmission and distribution of electricity in the greater Houston metropolitan area and the distribution of natural gas to customers across several states in the Midwest and South. As a vertically integrated utility, CenterPoint focuses on the reliable delivery of energy through owned and operated networks of lines, pipelines and associated facilities.

CenterPoint’s core businesses include regulated electric transmission and distribution services, regulated natural gas distribution, and the operation and maintenance of energy infrastructure.

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HOUSTON--(BUSINESS WIRE)--CenterPoint Energy, Inc. (NYSE: CNP), or “CenterPoint,” today reported net income of $316 million, or $0.48 per diluted share, on a GAAP basis for the first quarter of 2026, compared to $0.45 per diluted share in the comparable period of 2025. Non-GAAP EPS for the first quarter of 2026 was $0.56, compared to $0.53 per diluted share in the comparable period of 2025. These strong first-quarter results were primarily driven by growth and regulatory recovery, which contrib.

Key Takeaways CNP reported Q1 adjusted EPS of 56 cents, missing estimates, though up 5.7% year over year.CenterPoint Energy posted $2.98B revenues, missing estimates but rising 2% from last year.CNP raised its 10-year capital plan to $65.5B and expects major data center load growth by 2029. CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2026 adjusted earnings of 56 cents per share, which missed the Zacks Consensus Estimate of 58 cents by 3.8%. However, the bottom line increased 5.7% from 53 cents in the year-ago quarter.

The company recorded GAAP earnings of 48 cents per share compared with 45 cents in the first quarter of 2025.

CNP’s RevenuesCNP generated revenues of $2.98 billion, which missed the Zacks Consensus Estimate of $3.04 billion by 1.4%. However, the top line improved 2% from the year-ago reported figure of $2.92 billion.

Highlights of CNP’s Q1 ReleaseTotal expenses increased 2% year over year to $2.32 billion.

CNP reported an operating income of $658 million compared with $649 million in the previous year.

Interest expenses and other finance charges totaled $265 million, up 13.2% from $234 million last year.

The company announced 12.2 gigawatts (GW) of firmly committed industrial load at Houston Electric, expecting 8 GW of data center load to be energized by 2029.

CNP’s Financial ConditionAs of March 31, 2026, CenterPoint Energy had cash and cash equivalents of $639 million compared with $38 million as of Dec. 31, 2025.

As of the aforementioned date, total long-term debt was $22.5 billion compared with $20.6 billion as of Dec. 31, 2025.

Net cash flow from operating activities during the first three months of 2026 amounted to $282 million compared with $410 million in the year-ago period.

The total capital expenditure for the quarter was $1.2 billion compared with $1.04 billion a year ago.

CNP’s 2026 GuidanceCenterPoint Energy has reiterated its 2026 non-GAAP EPS guidance of $1.89-$1.91, the midpoint of which would represent 8% growth over 2025 delivered results. The Zacks Consensus Estimate for earnings is pegged at $1.91 per share, which is the top end of the company’s guided range.

The company announced a $500 million increase to its 10-year capital plan, bringing total capital expenditures to nearly $65.5 billion through 2035.

CNP’s Zacks RankThe company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Utility ReleasesEdison International (EIX - Free Report) is scheduled to report first-quarter results on April 28, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.71 per share, which suggests a year-over-year increase of 24.8%.

EIX’s long-term (three to five years) earnings growth rate is 9.43%. The Zacks Consensus Estimate for first-quarter sales is pinned at $3.85 billion, which implies a year-over-year improvement of 1.1%.

Alliant Energy (LNT - Free Report) is slated to report first-quarter results on April 30, after market close. The Zacks Consensus Estimate for earnings is pegged at 83 cents per share, flat year over year.

LNT’s long-term earnings growth rate is 7.15%. The Zacks Consensus Estimate for first-quarter sales is pinned at $1.17 billion, which implies year-over-year growth of 3.9%.

Public Service Enterprise Group (PEG - Free Report) is slated to report first-quarter results on May 5, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.50 per share, which implies a year-over-year increase of 4.9%.

PEG’s long-term earnings growth rate is 7.05%. The Zacks Consensus Estimate for first-quarter sales is pinned at $3.28 billion, which implies a year-over-year rise of 1.9%.

CenterPoint Energy, Inc. (CNP) Q1 2026 Earnings Call Transcript

May 06, 2026 16:01 ET  | Source: Ascendis Pharma

COPENHAGEN, Denmark, May 06, 2026 (GLOBE NEWSWIRE) -- Ascendis Pharma A/S (Nasdaq: ASND) today announced new data from a subgroup analysis showing that children with achondroplasia ≥5 years of age at enrollment treated with once-weekly TransCon CNP (navepegritide) in its pivotal ApproaCH Trial demonstrated significantly greater annualized growth velocity (AGV) compared to placebo at Week 52, and sustained these growth improvements through up to two years of treatment. The safety profile for this subgroup through up to two years of treatment was similar to the overall population, with a low rate of injection site reactions (ISRs, all mild), no symptomatic hypotension, and no acceleration of bone age. The data follow previously reported Week 104 results showing consistent improvements in growth and body proportionality in the overall population, and expand on data recently presented by M. Jennifer Abuzzahab, M.D. during PES 2026, the annual meeting of the Pediatric Endocrine Society.

“We are pleased to see confirmation of the expected sustained growth improvements in these children, with a consistent safety and tolerability profile,” said Aimee D. Shu, M.D., Executive Vice President of Endocrine & Rare Disease Medical Science and Chief Medical Officer at Ascendis Pharma. “These results, along with the improved skeletal alignment and body proportionality and positive changes in health-related quality of life previously reported for the overall populationi further highlight TransCon CNP’s ability to promote healthy, proportional growth in children with achondroplasia across age groups.”

ApproaCH Trial Design
ApproaCH was a randomized, double-blind, placebo-controlled pivotal trial in 84 children with achondroplasia aged 2–11 years, investigating TransCon CNP (100 µg/kg once-weekly) versus placebo for 52 weeks, followed by a 52-week open-label extension (OLE) period in which all participants received TransCon CNP through Week 104. Fifty-three of the 84 children were ≥5 years of age at the time of their enrollment in the trial.

Highlights of the ApproaCH Trial Data Through Week 104
Subgroup of children aged ≥5 years at enrollment

 AGV (cm/year) LS MeanObserved Mean3 Week 52Week 52Week 104TransCon CNP(n=36)5.795.845.71Placebo/TransCon CNP1 (n=17)4.023.885.53TransCon CNP vs. Placebo, Treatment Difference
[95% CI]+1.78
[1.22, 2.33]
p<0.0001+1.972
[1.37, 2.56]
p<0.0001-
 ACH-Specific Height Z-score,
Change from BaselineCDC-Based Height Z-score,
Change from BaselineLS MeanObserved Mean3LS MeanObserved Mean3Week 52Week 52Week 104Week 52Week 52Week 104TransCon CNP (n=36)+0.38+0.38+0.75+0.28+0.26+0.58Placebo/TransCon CNP1 (n=17)+0.07+0.07+0.46-0.05-0.02+0.36TransCon CNP vs. Placebo, Treatment Difference2
[95% CI]+0.31
[0.20, 0.42]
p<0.0001+0.30
[0.18, 0.42]
p<0.0001-
+0.32
[0.20, 0.44]
p<0.0001+0.29
[0.14, 0.44]
p=0.0004-
        Note: The observed mean is a simple average of recorded measurements; the LS mean is a model-based estimated average that adjusts for selected variables, typically baseline patient characteristics, enabling a more balanced comparison across arms of a clinical trial.
1 Week 104 data reflects placebo patients that crossed over to TransCon CNP treatment at Week 52
2 Not presented at PES 2026; included for context
3 Treatment differences between TransCon CNP and placebo were estimated from a T-test

Through up to two years of treatment, the safety profile in children ≥5 years was similar to the overall population, with a low rate of ISRs (all mild), no symptomatic hypotension, and no acceleration of bone age. Most adverse events in TransCon CNP-treated children were mild or moderate, with none leading to treatment discontinuation or withdrawal from the trial.

A slide presentation with these data can be found on the Investor Relations & News section of the Ascendis Pharma website: https://investors.ascendispharma.com.

About TransCon CNP
TransCon CNP is a prodrug of C-type natriuretic peptide (CNP) administered once weekly, designed to provide continuous exposure of active CNP to receptors on tissues throughout the body to counteract the overactive FGFR3 signaling in achondroplasia. In February 2026, TransCon CNP was approved by the U.S. Food & Drug Administration (FDA) under the trade name YUVIWEL® to increase linear growth in pediatric patients 2 years of age and older with achondroplasia with open epiphyses. Ascendis Pharma’s Marketing Authorisation Application for YUVIWEL is under review by the European Medicines Agency, with a regulatory decision anticipated in the fourth quarter of 2026.

About Achondroplasia
Achondroplasia is a rare genetic condition arising from a systemic fibroblast growth factor receptor 3 (FGFR3) variant that leads to an imbalance in the effects of the FGFR3 and CNP signaling pathways, estimated to affect more than 250,000 people worldwide. While historically considered a bone growth disorder, the FGFR3 variant seen in achondroplasia is expressed in tissues throughout the body, and is associated with an increased risk of muscular, neurological, and cardiorespiratory complications in addition to skeletal dysplasia. Medical complications of achondroplasia can vary from individual to individual and across different stages of life. Throughout infancy and childhood, observed complications include spinal abnormalities, enlarged brain ventricles, impaired muscle strength and reduced stamina, hearing deficits and chronic ear infections, upper airway obstructions, sleep-disordered breathing, hip problems, leg bowing, and chronic pain; some of which persist or worsen in adulthood. These medical complications can affect physical well-being and quality of life, and may be impacted by a range of individual, clinical, and social factors. Some individuals with achondroplasia require multiple procedures and surgeries to address specific functional or anatomical concerns.

About Ascendis Pharma A/S
Ascendis Pharma is a global biopharmaceutical company focused on applying our innovative TransCon technology platform to make a meaningful difference for patients. Guided by our core values of Patients, Science, and Passion, and following our algorithm for product innovation, we apply TransCon to develop new therapies that demonstrate best-in-class potential to address unmet medical needs. Ascendis is headquartered in Copenhagen, Denmark, and has additional facilities in Europe and the United States. Please visit ascendispharma.com to learn more.

Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Ascendis’ future operations, plans and objectives of management are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of such statements include, but are not limited to, statements relating to (i) TransCon CNP’s ability to promote healthy, proportional growth in children with achondroplasia across age groups, (ii) Ascendis’ ability to apply its TransCon technology platform to make a meaningful difference for patients and (iii) Ascendis’ use of TransCon to create new and potentially best-in-class therapies. Ascendis may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Ascendis makes, including, without limitation: dependence on third‑party manufacturers, distributors, and service providers for Ascendis’ products and product candidates; risks related to regulatory review and approval, including the possibility of delays, requests for additional data or analyses, restrictions or limitations on use, approval with labeling that is more limited than expected, or failure to obtain approval in the United States, European Union, or other jurisdictions; clinical development risks, including that results from ongoing or future trials may not confirm earlier data; unforeseen safety or efficacy findings in development programs or on‑market products; manufacturing, supply chain, quality, or logistics issues that could delay development or commercialization; unforeseen expenses related to commercialization of any approved Ascendis products; unforeseen research and development or selling, general and administrative expenses and other costs impacting Ascendis’ business generally; market acceptance, pricing, and reimbursement challenges, including payer coverage decisions and health technology assessments; competitive developments, including new or improved therapies; intellectual property protection, freedom‑to‑operate, and litigation risks; Ascendis’ ability to obtain additional funding, if needed, to support its business activities; cybersecurity, data privacy, and information technology disruptions; and the impact of international economic, political, legal, compliance, public health, and business factors, including tariffs, trade policies, currency fluctuations, and geopolitical events. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Ascendis’ business in general, see Ascendis’ Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (SEC) on February 11, 2026, and Ascendis’ other future reports filed with, or submitted to, the SEC. Forward-looking statements do not reflect the potential impact of any future licensing, collaborations, acquisitions, mergers, dispositions, joint ventures, or investments that Ascendis may enter into or make. Ascendis does not assume any obligation to update any forward-looking statements, except as required by law.

Ascendis, Ascendis Pharma, the Ascendis Pharma logo, TransCon, and YUVIWEL® are trademarks owned by the Ascendis Pharma group. © May 2026 Ascendis Pharma A/S.

Investor Contact:Media Contact:Chad FugereMelinda BakerAscendis Pharma Ascendis Pharma+1 (650) 519-7494+1 (650) 709-8875