StepStone Group Reports Third Quarter Fiscal Year 2026 Results

NEW YORK, Feb. 05, 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 December 31, 2025. This represents results for the third quarter of the fiscal year ending 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, payable on March 13, 2026, to the holders of record as of the close of business on February 27, 2026.

StepStone issued a full detailed presentation of its third quarter fiscal 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, Thursday, February 5, 2026, at 5:00 pm ET to discuss the Company’s results for the third quarter of the fiscal year ending 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/BI7dc23d7d84474da18f5bf6eb6bc55276. 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 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.

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 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																Nine Months Ended December 31,							Percentage Change
(in thousands, except share and per share amounts and where noted)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025					2024			2025			vs. FQ3'25		vs. FQ3'25 YTD
Financial Highlights
GAAP Results
Management and advisory fees, net	$	190,840		$	213,401		$	211,173		$	215,489		$	239,932			$	553,613		$	666,594			26	%	20	%
Total revenues		339,023			377,729			364,287			454,225			586,511				797,101			1,405,023			73	%	76	%
Total performance fees		148,183			164,328			153,114			238,736			346,579				243,488			738,429			134	%	203	%
Net income (loss)		(287,163	)		13,153			(12,011	)		(575,490	)		(162,435	)			(185,980	)		(749,936	)		(43	)%	303	%
Net loss per share of Class A common stock:
Basic	$	(2.61	)	$	(0.24	)	$	(0.49	)	$	(4.66	)	$	(1.55	)		$	(2.32	)	$	(6.72	)		(40	)%	190	%
Diluted	$	(2.61	)	$	(0.24	)	$	(0.49	)	$	(4.66	)	$	(1.55	)		$	(2.32	)	$	(6.72	)		(40	)%	190	%
Weighted-average shares of Class A common stock:
Basic		73,687,289			75,975,770			77,846,710			78,561,587			79,465,039				69,561,254			78,627,273			8	%	13	%
Diluted		73,687,289			75,975,770			77,846,710			78,561,587			79,465,039				69,561,254			78,627,273			8	%	13	%
Quarterly dividend per share of Class A common stock(1)	$	0.24		$	0.24		$	0.24		$	0.28		$	0.28			$	0.69		$	0.80			17	%	16	%
Supplemental dividend per share of Class A common stock(2)	$	—		$	—		$	0.40		$	—		$	—			$	0.15		$	0.40			na		167	%
Accrued carried interest allocations		1,474,543			1,495,664			1,585,209			1,733,922			1,835,862										25	%
Non-GAAP Results(3)
Fee revenues(4)	$	191,832		$	214,662		$	212,740		$	217,461		$	241,133			$	555,827		$	671,334			26	%	21	%
Adjusted revenues		243,905			295,861			237,467			282,342			494,500				673,858			1,014,309			103	%	51	%
Fee-related earnings (“FRE”)		74,118			94,081			81,246			78,633			89,236				218,123			249,115			20	%	14	%
FRE margin(5)		39	%		44	%		38	%		36	%		37	%			39	%		37	%
Gross realized performance fees		52,073			81,199			24,727			64,881			253,367				118,031			342,975			387	%	191	%
Performance fee-related earnings (“PRE”)		26,596			41,543			13,022			33,886			131,152				62,939			178,060			393	%	183	%
Adjusted net income (“ANI”)		52,659			80,603			48,534			66,709			79,858				163,469			195,101			52	%	19	%
Adjusted weighted-average shares		118,935,179			118,869,111			122,292,943			122,462,594			122,590,230				118,740,805			122,449,155			3	%	3	%
ANI per share	$	0.44		$	0.68		$	0.40		$	0.54		$	0.65			$	1.38		$	1.59			48	%	15	%
Key Business Drivers/Operating Metrics(in billions)
Assets under management (“AUM”)(6)	$	179.2		$	189.4		$	199.3		$	209.1		$	219.8										23	%
Assets under advisement (“AUA”)(6)		518.7			519.7			524.2			561.6			591.3										14	%
Fee-earning AUM (“FEAUM”)		114.2			121.4			127.2			132.8			138.6										21	%
Undeployed fee-earning capital (“UFEC”)		21.7			24.6			28.7			29.8			32.7										51	%

_______________________________
(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) Excludes the impact of consolidating the Consolidated Funds. See reconciliation of GAAP measures to adjusted measures that follows.
(5) FRE margin is calculated by dividing FRE by fee revenues.
(6) 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 Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share amounts)
	As of
	December 31, 2025				March 31, 2025
Assets
Cash and cash equivalents	$	266,075			$	244,791
Restricted cash		564				502
Fees and accounts receivable		79,669				80,871
Due from affiliates		334,942				92,723
Investments:
Investments in funds		292,994				183,694
Accrued carried interest allocations		1,835,862				1,495,664
Legacy Greenspring investments in funds and accrued carried interest allocations(1)		670,631				629,228
Deferred income tax assets		583,565				382,886
Lease right-of-use assets, net		84,016				91,841
Other assets and receivables		61,058				62,869
Intangibles, net		233,251				263,872
Goodwill		580,542				580,542
Assets of Consolidated Funds:
Cash and cash equivalents		111,377				44,511
Investments, at fair value		105,150				415,011
Other assets		1,758				17,688
Total assets	$	5,241,454			$	4,586,693
Liabilities and stockholders’ equity
Accounts payable, accrued expenses and other liabilities	$	87,118			$	89,731
Accrued compensation and benefits		2,404,228				736,695
Accrued carried interest-related compensation		960,513				757,968
Legacy Greenspring accrued carried interest-related compensation(1)		536,484				495,739
Due to affiliates		354,610				331,821
Lease liabilities		106,497				113,519
Debt obligations		270,246				269,268
Liabilities of Consolidated Funds:
Other liabilities		2,305				17,580
Total liabilities		4,722,001				2,812,321
Redeemable non-controlling interests in Consolidated Funds		171,870				377,897
Redeemable non-controlling interests in subsidiaries		7,914				6,327
Stockholders’ equity:
Class A common stock, $0.001 par value, 650,000,000 authorized; 80,135,346 and 76,761,399 issued and outstanding as of December 31, 2025 and March 31, 2025, respectively		80				77
Class B common stock, $0.001 par value, 125,000,000 authorized; 39,017,716 and 39,656,954 issued and outstanding as of December 31, 2025 and March 31, 2025, respectively		39				40
Additional paid-in capital		486,542				421,057
Accumulated deficit		(866,331	)			(242,546	)
Accumulated other comprehensive income		876				728
Total StepStone Group Inc. stockholders’ equity		(378,794	)			179,356
Non-controlling interests in subsidiaries		948,365				1,056,510
Non-controlling interests in legacy Greenspring entities(1)		134,147				133,489
Non-controlling interests in the Partnership		(364,049	)			20,793
Total stockholders’ equity		339,669				1,390,148
Total liabilities and stockholders’ equity	$	5,241,454			$	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 Condensed Consolidated Statements of Loss (Unaudited) (in thousands, except share and per share amounts)
	Three Months Ended December 31,								Nine Months Ended December 31,
		2025				2024				2025				2024
Revenues
Management and advisory fees, net	$	239,932			$	190,840			$	666,594			$	553,613
Performance fees:
Incentive fees		207,954				22,369				213,046				26,365
Carried interest allocations:
Realized		46,703				24,282				129,985				83,718
Unrealized		101,985				93,325				338,681				120,370
Total carried interest allocations		148,688				117,607				468,666				204,088
Legacy Greenspring carried interest allocations(1)		(10,063	)			8,207				56,717				13,035
Total performance fees		346,579				148,183				738,429				243,488
Total revenues		586,511				339,023				1,405,023				797,101
Expenses
Compensation and benefits:
Cash-based compensation		107,114				85,203				303,447				246,298
Equity-based compensation		468,808				486,418				1,541,996				542,929
Performance fee-related compensation:
Realized		122,215				25,477				164,915				55,092
Unrealized		69,050				49,670				202,134				66,495
Total performance fee-related compensation		191,265				75,147				367,049				121,587
Legacy Greenspring performance fee-related compensation(1)		(10,063	)			8,207				56,717				13,035
Total compensation and benefits		757,124				654,975				2,269,209				923,849
General, administrative and other		50,640				43,130				138,846				134,202
Total expenses		807,764				698,105				2,408,055				1,058,051
Other income (expense)
Investment income		9,829				1,064				19,131				5,710
Legacy Greenspring investment income (loss)(1)		(527	)			1,167				4,168				(4,119	)
Investment income of Consolidated Funds		21,282				15,037				88,997				30,878
Interest income		2,455				2,559				8,175				7,632
Interest expense		(5,123	)			(3,008	)			(14,082	)			(9,510	)
Other income (loss)		(1,312	)			(2,452	)			5,818				(1,626	)
Total other income		26,604				14,367				112,207				28,965
Loss before income tax		(194,649	)			(344,715	)			(890,825	)			(231,985	)
Income tax benefit		(32,214	)			(57,552	)			(140,889	)			(46,005	)
Net loss		(162,435	)			(287,163	)			(749,936	)			(185,980	)
Less: Net income attributable to non-controlling interests in subsidiaries		24,562				27,226				62,421				62,966
Less: Net income (loss) attributable to non-controlling interests in legacy Greenspring entities(1)		(527	)			1,167				4,168				(4,119	)
Less: Net loss attributable to non-controlling interests in the Partnership		(82,207	)			(134,760	)			(369,275	)			(107,856	)
Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds		18,564				10,905				79,180				23,101
Less: Net income attributable to redeemable non-controlling interests in subsidiaries		624				314				1,587				983
Net loss attributable to StepStone Group Inc.	$	(123,451	)		$	(192,015	)		$	(528,017	)		$	(161,055	)
Net loss per share of Class A common stock:
Basic	$	(1.55	)		$	(2.61	)		$	(6.72	)		$	(2.32	)
Diluted	$	(1.55	)		$	(2.61	)		$	(6.72	)		$	(2.32	)
Weighted-average shares of Class A common stock:
Basic		79,465,039				73,687,289				78,627,273				69,561,254
Diluted		79,465,039				73,687,289				78,627,273				69,561,254

(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											Nine Months Ended December 31,
(in thousands)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025				2024		2025
Focused commingled funds(1)(2)	$	105,718	$	124,604	$	120,036	$	127,085	$	144,277		$	318,371	$	391,398
Separately managed accounts		66,245		67,695		70,379		71,685		75,226			185,014		217,290
Advisory and other services		17,458		19,927		19,939		16,259		18,395			47,134		54,593
Fund reimbursement revenues(1)		2,411		2,436		2,386		2,432		3,235			5,308		8,053
Fee revenues	$	191,832	$	214,662	$	212,740	$	217,461	$	241,133		$	555,827	$	671,334

_______________________________
(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											Nine Months Ended December 31,
(in thousands)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025				2024		2025
Income-based incentive fees	$	2,120	$	3,377	$	4,408	$	5,334	$	5,998		$	4,580	$	15,740

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																Nine Months Ended December 31,
(in thousands)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025					2024			2025
Total revenues	$	339,023		$	377,729		$	364,287		$	454,225		$	586,511			$	797,101		$	1,405,023
Unrealized carried interest allocations		(93,325	)		(21,177	)		(88,883	)		(147,813	)		(101,985	)			(120,370	)		(338,681	)
Deferred incentive fees		—			(513	)		—			671			(1,544	)			2,451			(873	)
Legacy Greenspring carried interest allocations		(8,207	)		(61,306	)		(39,637	)		(27,143	)		10,063				(13,035	)		(56,717	)
Management and advisory fee revenues for the Consolidated Funds(1)		992			1,261			1,567			1,972			1,201				2,214			4,740
Incentive fees for the Consolidated Funds(2)		5,422			(133	)		133			430			254				5,497			817
Adjusted revenues	$	243,905		$	295,861		$	237,467		$	282,342		$	494,500			$	673,858		$	1,014,309

_______________________________
(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																Nine Months Ended December 31,
(in thousands)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025					2024			2025
GAAP management and advisory fees, net	$	190,840		$	213,401		$	211,173		$	215,489		$	239,932			$	553,613		$	666,594
Management and advisory fee revenues for the Consolidated Funds(1)		992			1,261			1,567			1,972			1,201				2,214			4,740
Fee revenues	$	191,832		$	214,662		$	212,740		$	217,461		$	241,133			$	555,827		$	671,334
GAAP incentive fees	$	22,369		$	5,910		$	190		$	4,902		$	207,954			$	26,365		$	213,046
Adjustments(2)		5,422			(646	)		133			1,101			(1,290	)			7,948			(56	)
Adjusted incentive fees	$	27,791		$	5,264		$	323		$	6,003		$	206,664			$	34,313		$	212,990
GAAP cash-based compensation	$	85,203		$	85,510		$	95,985		$	100,348		$	107,114			$	246,298		$	303,447
Adjustments(3)		339			—			(17	)		(17	)		—				(374	)		(34	)
Adjusted cash-based compensation	$	85,542		$	85,510		$	95,968		$	100,331		$	107,114			$	245,924		$	303,413
GAAP equity-based compensation	$	486,418		$	126,197		$	188,718		$	884,470		$	468,808			$	542,929		$	1,541,996
Adjustments(4)		(483,958	)		(123,263	)		(184,509	)		(880,154	)		(464,124	)			(535,690	)		(1,528,787	)
Adjusted equity-based compensation	$	2,460		$	2,934		$	4,209		$	4,316		$	4,684			$	7,239		$	13,209
GAAP general, administrative and other	$	43,130		$	43,152		$	42,914		$	45,292		$	50,640			$	134,202		$	138,846
Adjustments(5)		(13,418	)		(11,015	)		(11,597	)		(11,111	)		(10,541	)			(49,661	)		(33,249	)
Adjusted general, administrative and other	$	29,712		$	32,137		$	31,317		$	34,181		$	40,099			$	84,541		$	105,597
GAAP interest income	$	2,559		$	3,218		$	2,496		$	3,224		$	2,455			$	7,632		$	8,175
Interest income earned by the Consolidated Funds(6)		(887	)		(1,600	)		(998	)		(1,273	)		(4	)			(3,157	)		(2,275	)
Adjusted interest income	$	1,672		$	1,618		$	1,498		$	1,951		$	2,451			$	4,475		$	5,900
GAAP other income (loss)	$	(2,452	)	$	(31,024	)	$	5,152		$	1,978		$	(1,312	)		$	(1,626	)	$	5,818
Adjustments(7)		1,883			30,606			(4,159	)		(1,073	)		660				729			(4,572	)
Adjusted other income (loss)	$	(569	)	$	(418	)	$	993		$	905		$	(652	)		$	(897	)	$	1,246

______________________________
(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 and other non-core operating income and expenses.
(6) Reflects the removal of interest income earned by the Consolidated Funds.
(7) 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																Nine Months Ended December 31,
(in thousands)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025					2024			2025
Income (loss) before income tax	$	(344,715	)	$	9,950		$	(20,350	)	$	(675,826	)	$	(194,649	)		$	(231,985	)	$	(890,825	)
Net income attributable to non-controlling interests in subsidiaries(1)		(32,765	)		(33,369	)		(30,725	)		(27,645	)		(115,887	)			(69,528	)		(174,257	)
Net (income) loss attributable to non-controlling interests in legacy Greenspring entities		(1,167	)		(2,934	)		(3,382	)		(1,313	)		527				4,119			(4,168	)
Unrealized carried interest allocations		(93,325	)		(21,177	)		(88,883	)		(147,813	)		(101,985	)			(120,370	)		(338,681	)
Unrealized performance fee-related compensation		49,670			27,777			44,357			88,727			69,050				66,495			202,134
Unrealized investment (income) loss		656			(6,007	)		(9,572	)		3,726			(8,268	)			(954	)		(14,114	)
Impact of Consolidated Funds		(6,892	)		(35,723	)		(24,407	)		(43,864	)		(18,944	)			(23,890	)		(87,215	)
Deferred incentive fees		—			(513	)		—			671			(1,544	)			2,451			(873	)
Equity-based compensation(2)		483,958			123,263			184,509			880,154			464,124				535,690			1,528,787
Amortization of intangibles		10,250			10,250			10,207			10,207			10,207				30,750			30,621
Tax Receivable Agreements adjustments through earnings		—			(348	)		—			(1,302	)		—				—			(1,302	)
Non-core items(3)		2,094			32,474			686			99			106				17,580			891
Pre-tax ANI		67,764			103,643			62,440			85,821			102,737				210,358			250,998
Income taxes(4)		(15,105	)		(23,040	)		(13,906	)		(19,112	)		(22,879	)			(46,889	)		(55,897	)
ANI		52,659			80,603			48,534			66,709			79,858				163,469			195,101
Income taxes(4)		15,105			23,040			13,906			19,112			22,879				46,889			55,897
Realized carried interest allocations		(24,282	)		(75,935	)		(24,404	)		(58,878	)		(46,703	)			(83,718	)		(129,985	)
Realized performance fee-related compensation		25,477			39,656			11,705			30,995			122,215				55,092			164,915
Realized investment income		(1,720	)		(3,379	)		(940	)		(2,516	)		(1,560	)			(4,756	)		(5,016	)
Adjusted incentive fees(5)		(27,791	)		(5,264	)		(323	)		(6,003	)		(206,664	)			(34,313	)		(212,990	)
Adjusted interest income(6)		(1,672	)		(1,618	)		(1,498	)		(1,951	)		(2,451	)			(4,475	)		(5,900	)
Interest expense		3,008			3,191			4,534			4,425			5,123				9,510			14,082
Adjusted other (income) loss(7)		569			418			(993	)		(905	)		652				897			(1,246	)
Net income attributable to non-controlling interests in subsidiaries(1)		32,765			33,369			30,725			27,645			115,887				69,528			174,257
FRE	$	74,118		$	94,081		$	81,246		$	78,633		$	89,236			$	218,123		$	249,115

_______________________________
(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											Nine Months Ended December 31,
(in thousands)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025				2024		2025
FRE attributable to non-controlling interests in subsidiaries and profits interests	$	21,063	$	30,451	$	26,672	$	24,791	$	32,280		$	49,340	$	83,743
Performance related earnings / other income (loss) attributable to non-controlling interests in subsidiaries and profits interests		11,702		2,918		4,053		2,854		83,607			20,188		90,514
Net income attributable to non-controlling interests in subsidiaries and profits interests	$	32,765	$	33,369	$	30,725	$	27,645	$	115,887		$	69,528	$	174,257

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													Nine Months Ended December 31,
(in thousands)	December 31, 2024		March 31, 2025			June 30, 2025			September 30, 2025		December 31, 2025				2024		2025
FRE attributable to profits interests issued in the private wealth subsidiary	$	2,956	$	6,399		$	8,469		$	10,103	$	14,354		$	5,581	$	32,926
Performance related earnings / other income (loss) attributable to profits interests issued in the private wealth subsidiary		11,137		(224	)		(14	)		31		83,172			11,394		83,189
Net income attributable to profits interests issued in the private wealth subsidiary	$	14,093	$	6,175		$	8,455		$	10,134	$	97,526		$	16,975	$	116,115

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											Nine Months Ended December 31,
(in thousands)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025				2024		2025
FRE attributable to non-controlling interests in subsidiaries	$	18,107	$	24,052	$	18,203	$	14,688	$	17,926		$	43,759	$	50,817
Performance related earnings / other income (loss) attributable to non-controlling interests in subsidiaries		565		3,142		4,067		2,823		435			8,794		7,325
Net income attributable to non-controlling interests in subsidiaries	$	18,672	$	27,194	$	22,270	$	17,511	$	18,361		$	52,553	$	58,142

(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													Nine Months Ended December 31,
(in thousands)	December 31, 2024			March 31, 2025			June 30, 2025		September 30, 2025		December 31, 2025				2024		2025
Transaction costs	$	12		$	179		$	605	$	24	$	47		$	824	$	676
(Gain) loss on change in fair value for contingent consideration obligation		2,476			(205	)		64		58		59			16,317		181
Compensation paid to certain employees as part of an acquisition earn-out		(394	)		—			—		—		—			409		—
Unrealized amounts associated with cash-based incentive awards tracked to investment funds		—			—			17		17		—			—		34
Loss on payment made in connection with private wealth fund secondary transaction		—			32,500			—		—		—			—		—
Other non-core items		—			—			—		—		—			30		—
Total non-core operating income and expenses	$	2,094		$	32,474		$	686	$	99	$	106		$	17,580	$	891

(4) Represents corporate income taxes at a blended statutory rate applied to pre-tax ANI:

	Three Months Ended						Nine Months Ended December 31,
	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025	December 31, 2025		2024	2025
Federal statutory rate	21.0%	21.0%	21.0%	21.0%	21.0%		21.0%	21.0%
Combined state, local and foreign rate	1.3%	1.2%	1.3%	1.3%	1.3%		1.3%	1.3%
Blended statutory rate	22.3%	22.2%	22.3%	22.3%	22.3%		22.3%	22.3%

(5) 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.
(6) Reflects the removal of interest income earned by the Consolidated Funds.
(7) Reflects the removal of Tax Receivable Agreements adjustments recognized as other income (loss) ($1.3 million for the three months ended September 30, 2025, $0.3 million for the three months ended March 31, 2025, and $1.3 million for the nine months ended December 31, 2025), 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 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																Nine Months Ended December 31,
(in thousands)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025					2024			2025
FRE	$	74,118		$	94,081		$	81,246		$	78,633		$	89,236			$	218,123		$	249,115
Fee revenues		191,832			214,662			212,740			217,461			241,133				555,827			671,334
FRE margin		39	%		44	%		38	%		36	%		37	%			39	%		37	%

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																Nine Months Ended December 31,
(in thousands)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025					2024			2025
Incentive fees	$	22,369		$	5,910		$	190		$	4,902		$	207,954			$	26,365		$	213,046
Realized carried interest allocations		24,282			75,935			24,404			58,878			46,703				83,718			129,985
Unrealized carried interest allocations		93,325			21,177			88,883			147,813			101,985				120,370			338,681
Legacy Greenspring carried interest allocations		8,207			61,306			39,637			27,143			(10,063	)			13,035			56,717
Total performance fees		148,183			164,328			153,114			238,736			346,579				243,488			738,429
Unrealized carried interest allocations		(93,325	)		(21,177	)		(88,883	)		(147,813	)		(101,985	)			(120,370	)		(338,681	)
Legacy Greenspring carried interest allocations		(8,207	)		(61,306	)		(39,637	)		(27,143	)		10,063				(13,035	)		(56,717	)
Incentive fee revenues for the Consolidated Funds(1)		5,422			(133	)		133			430			254				5,497			817
Deferred incentive fees		—			(513	)		—			671			(1,544	)			2,451			(873	)
Gross realized performance fees		52,073			81,199			24,727			64,881			253,367				118,031			342,975
Realized performance fee-related compensation		(25,477	)		(39,656	)		(11,705	)		(30,995	)		(122,215	)			(55,092	)		(164,915	)
PRE	$	26,596		$	41,543		$	13,022		$	33,886		$	131,152			$	62,939		$	178,060

______________________________
(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											Nine Months Ended December 31,
	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025				2024		2025
ANI	$	52,659	$	80,603	$	48,534	$	66,709	$	79,858		$	163,469	$	195,101
Weighted-average shares of Class A common stock outstanding – Basic		73,687,289		75,975,770		77,846,710		78,561,587		79,465,039			69,561,254		78,627,273
Assumed vesting of RSUs		491,014		270,492		347,813		509,007		590,042			695,423		482,776
Assumed vesting and exchange of Class B2 units(1)		—		—		—		—		—			573,185		—
Assumed purchase under ESPP		—		—		—		—		—			702		—
Exchange of Class B units in the Partnership(2)		41,729,937		40,122,028		39,608,270		39,500,159		39,094,629			44,251,143		39,400,266
Exchange of Class C units in the Partnership(2)		1,016,737		965,761		960,025		947,580		931,103			1,496,518		946,186
Exchange of Class D units in the Partnership(2)		2,010,202		1,535,060		3,530,125		2,944,261		2,509,417			2,162,580		2,992,654
Adjusted weighted-average shares		118,935,179		118,869,111		122,292,943		122,462,594		122,590,230			118,740,805		122,449,155
ANI per share	$	0.44	$	0.68	$	0.40	$	0.54	$	0.65		$	1.38	$	1.59

_______________________________
(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																Nine Months Ended December 31,							Percentage Change
(in millions)	December 31, 2024			March 31, 2025			June 30, 2025			September 30, 2025			December 31, 2025					2024			2025			vs. FQ3'25
Separately Managed Accounts
Beginning balance	$	62,121		$	69,974		$	73,174		$	76,708		$	78,207			$	58,897		$	73,174			26	%
Contributions(1)		9,033			3,874			3,013			2,559			2,627				12,841			8,199			(71	)%
Distributions(2)		(1,000	)		(1,225	)		(1,010	)		(725	)		(1,117	)			(2,365	)		(2,852	)		12	%
Market value, FX and other(3)		(180	)		551			1,531			(335	)		611				601			1,807			na
Ending balance	$	69,974		$	73,174		$	76,708		$	78,207		$	80,328			$	69,974		$	80,328			15	%
Focused Commingled Funds
Beginning balance	$	42,294		$	44,192		$	48,216		$	50,511		$	54,584			$	34,961		$	48,216			29	%
Contributions(1)		2,520			3,403			2,022			3,547			3,245				10,295			8,814			29	%
Distributions(2)		(682	)		(313	)		(392	)		(580	)		(547	)			(1,625	)		(1,519	)		(20	)%
Market value, FX and other(3)		60			934			665			1,106			941				561			2,712			na
Ending balance	$	44,192		$	48,216		$	50,511		$	54,584		$	58,223			$	44,192		$	58,223			32	%
Total
Beginning balance	$	104,415		$	114,166		$	121,390		$	127,219		$	132,791			$	93,858		$	121,390			27	%
Contributions(1)		11,553			7,277			5,035			6,106			5,872				23,136			17,013			(49	)%
Distributions(2)		(1,682	)		(1,538	)		(1,402	)		(1,305	)		(1,664	)			(3,990	)		(4,371	)		(1	)%
Market value, FX and other(3)		(120	)		1,485			2,196			771			1,552				1,162			4,519			na
Ending balance	$	114,166		$	121,390		$	127,219		$	132,791		$	138,551			$	114,166		$	138,551			21	%

_______________________________
(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. The three months ended March 31, 2025 include a $0.6 billion secondary transaction within focused commingled funds. 

Asset Class Summary

	Three Months Ended											Percentage Change
(in millions)	December 31, 2024		March 31, 2025		June 30, 2025		September 30, 2025		December 31, 2025			vs. FQ3'25
FEAUM
Private equity	$	62,811	$	65,007	$	66,428	$	69,932	$	73,193		17%
Infrastructure		23,411		23,830		26,090		27,007		27,897		19%
Private debt		17,882		19,517		21,435		22,443		23,882		34%
Real estate		10,062		13,036		13,266		13,409		13,579		35%
Total	$	114,166	$	121,390	$	127,219	$	132,791	$	138,551		21%
Separately managed accounts	$	69,974	$	73,174	$	76,708	$	78,207	$	80,328		15%
Focused commingled funds		44,192		48,216		50,511		54,584		58,223		32%
Total	$	114,166	$	121,390	$	127,219	$	132,791	$	138,551		21%
AUM(1)
Private equity	$	93,404	$	95,937	$	100,540	$	106,408	$	112,190		20%
Infrastructure		36,156		37,026		40,087		42,437		44,624		23%
Private debt		31,987		37,133		39,242		40,438		42,269		32%
Real estate		17,665		19,284		19,445		19,864		20,716		17%
Total	$	179,212	$	189,380	$	199,314	$	209,147	$	219,799		23%
Separately managed accounts	$	109,305	$	114,806	$	120,649	$	124,991	$	130,111		19%
Focused commingled funds		55,142		59,410		62,672		68,014		73,375		33%
Advisory AUM		14,765		15,164		15,993		16,142		16,313		10%
Total	$	179,212	$	189,380	$	199,314	$	209,147	$	219,799		23%
AUA
Private equity	$	263,420	$	262,884	$	262,472	$	283,034	$	301,403		14%
Infrastructure		67,100		69,027		71,126		78,762		86,955		30%
Private debt		19,325		19,726		20,874		23,402		24,173		25%
Real estate		168,807		168,047		169,679		176,357		178,810		6%
Total	$	518,652	$	519,684	$	524,151	$	561,555	$	591,341		14%
Total capital responsibility(2)	$	697,864	$	709,064	$	723,465	$	770,702	$	811,140		16%

_____________________________
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
shareholders@stepstonegroup.com
1-212-351-6106

Media:
Brian Ruby / Chris Gillick / Matt Lettiero, ICR
StepStonePR@icrinc.com
1-203-682-8268

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 December 31, 2025 reflects final data for the prior period (September 30, 2025), adjusted for net new client account activity through December 31, 2025. NAV data for underlying investments is as of September 30, 2025, as reported by underlying managers up to the business day occurring on or after 100 days following September 30, 2025. When NAV data is not available by the business day occurring on or after 100 days following September 30, 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 December 31, 2025 reflects final data for the prior period (September 30, 2025), adjusted for net new client account activity through December 31, 2025. NAV data for underlying investments is as of September 30, 2025, as reported by underlying managers up to the business day occurring on or after 100 days following September 30, 2025. When NAV data is not available by the business day occurring on or after 100 days following September 30, 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.

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