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STEPSTONE GROUP REPORTS FOURTH QUARTER AND FISCAL YEAR 2026 RESULTS
NEW YORK, May 20, 2026 – 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.
1

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.”
2

Financial Highlights and Key Business Drivers/Operating Metrics

Three Months EndedYear 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, 202620252026vs. FQ4'25vs. FY'25
Financial Highlights
GAAP Results
Management and advisory fees, net$213,401 $211,173 $215,489 $239,932 $259,871 $767,014 $926,465 22 %21 %
Total revenues377,729 364,287 454,225 586,511 588,580 1,174,830 1,993,603 56 %70 %
Total performance fees164,328 153,114 238,736 346,579 328,709 407,816 1,067,138 100 %162 %
Net income (loss)13,153 (12,011)(575,490)(162,435)6,660 (172,827)(743,276)(49)%330 %
Net income (loss) per share of Class A common stock:
Basic$(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:
Basic75,975,770 77,846,710 78,561,587 79,465,039 80,297,984 71,142,916 79,039,229 6 %11 %
Diluted75,975,770 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 revenues295,861 237,467 282,342 494,500 305,841 969,719 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 fees81,199 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.
3

StepStone Group Inc.
GAAP Consolidated Balance Sheets
(in thousands, except share and per share amounts)
As of March 31,
20262025
Assets
Cash and cash equivalents$213,065 $244,791 
Restricted cash579 502 
Fees and accounts receivable133,287 80,871 
Due from affiliates113,150 92,723 
Investments:
Investments in funds249,447 183,694 
Accrued carried interest allocations2,036,892 1,495,664 
Legacy Greenspring investments in funds and accrued carried interest allocations(1)
752,776 629,228 
Deferred income tax assets614,788 382,886 
Lease right-of-use assets, net81,565 91,841 
Other assets and receivables58,946 62,869 
Intangibles, net223,044 263,872 
Goodwill580,542 580,542 
Assets of Consolidated Funds:
Cash and cash equivalents905,357 44,511 
Investments, at fair value715,335 415,011 
Other assets83,929 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 benefits2,360,770 736,695 
Accrued carried interest-related compensation1,100,604 757,968 
Legacy Greenspring accrued carried interest-related compensation(1)
619,186 495,739 
Due to affiliates362,833 331,821 
Lease liabilities103,600 113,519 
Debt obligations270,572 269,268 
Liabilities of Consolidated Funds:
Other liabilities25,241 17,580 
Debt obligations931,185 — 
Total liabilities5,876,676 2,812,321 
Redeemable non-controlling interests in Consolidated Funds186,236 377,897 
Redeemable non-controlling interests in subsidiaries8,777 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 capital482,057 421,057 
Accumulated deficit(896,879)(242,546)
Accumulated other comprehensive income1,143 728 
Total StepStone Group Inc. stockholders’ equity(413,559)179,356 
Non-controlling interests in subsidiaries1,373,242 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’ equity691,013 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.
4

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,
2026202520262025
Revenues
Management and advisory fees, net$259,871 $213,401 $926,465 $767,014 
Performance fees:
Incentive fees7,087 5,910 220,133 32,275 
Carried interest allocations:
Realized38,597 75,935 168,582 159,653 
Unrealized201,031 21,177 539,712 141,547 
Total carried interest allocations239,628 97,112 708,294 301,200 
Legacy Greenspring carried interest allocations(1)
81,994 61,306 138,711 74,341 
Total performance fees328,709 164,328 1,067,138 407,816 
Total revenues588,580 377,729 1,993,603 1,174,830 
Expenses
Compensation and benefits:
Cash-based compensation110,700 85,510 414,147 331,808 
Equity-based compensation200,061 126,197 1,742,057 669,126 
Performance fee-related compensation:
Realized27,662 39,656 192,577 94,748 
Unrealized140,091 27,777 342,225 94,272 
Total performance fee-related compensation167,753 67,433 534,802 189,020 
Legacy Greenspring performance fee-related compensation(1)
81,994 61,306 138,711 74,341 
Total compensation and benefits560,508 340,446 2,829,717 1,264,295 
General, administrative and other48,408 43,152 187,254 177,354 
Total expenses608,916 383,598 3,016,971 1,441,649 
Other income (expense)
Investment income21,688 9,386 40,819 15,096 
Legacy Greenspring investment income (loss)(1)
777 2,934 4,945 (1,185)
Investment income of Consolidated Funds3,410 34,496 92,407 65,374 
Interest income3,658 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 income19,992 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 subsidiaries41,361 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 subsidiaries863 (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:
Basic80,297,984 75,975,770 79,039,229 71,142,916 
Diluted80,297,984 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.
5

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 EndedYear Ended March 31,
(in thousands)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 202620252026
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 services19,927 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 EndedYear Ended March 31,
(in thousands)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 202620252026
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 EndedYear Ended March 31,
(in thousands)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 202620252026
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.
6

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.
7

Three Months EndedYear Ended March 31,
(in thousands)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 202620252026
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.
8

The table below shows a reconciliation of income (loss) before income tax to ANI and FRE.
Three Months EndedYear Ended March 31,
(in thousands)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 202620252026
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 compensation27,777 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 intangibles10,250 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 ANI103,643 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)
ANI80,603 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 expense3,191 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 EndedYear Ended March 31,
(in thousands)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 202620252026
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.
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Three Months EndedYear Ended March 31,
(in thousands)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 202620252026
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 EndedYear Ended March 31,
(in thousands)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 202620252026
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 EndedYear Ended March 31,
(in thousands)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 202620252026
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 transaction32,500 — — — — 32,500 — 
Other non-core items— — — — — 30 — 
Total non-core operating income and expenses$32,474 $686 $99 $106 $6 $50,054 $897 
(4)Represents corporate income taxes at a blended statutory rate applied to pre-tax ANI:
Three Months EndedYear Ended March 31,
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 202620252026
Federal statutory rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %
Combined state, local and foreign rate1.2 %1.3 %1.3 %1.3 %2.5 %1.3 %1.6 %
Blended statutory rate22.2 %22.3 %22.3 %22.3 %23.5 %22.3 %22.6 %
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(5)Reflects the realization of a seed capital investment in the StepStone Funds which is eliminated in consolidation.
(6)Reflects the add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation, and deferred incentive fees that are not included in GAAP revenues.
(7)Reflects the removal of interest income earned by the Consolidated Funds.
(8)Reflects the removal of Tax Receivable Agreements adjustments recognized as other income (loss) ($(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 EndedYear Ended March 31,
(in thousands)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 202620252026
FRE$94,081 $81,246 $78,633 $89,236 $105,334 $312,204 $354,449 
Fee revenues214,662 212,740 217,461 241,133 260,285 770,489 931,619 
FRE margin44 %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.
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Three Months EndedYear Ended March 31,
(in thousands)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 202620252026
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 allocations21,177 88,883 147,813 101,985 201,031 141,547 539,712 
Legacy Greenspring carried interest allocations61,306 39,637 27,143 (10,063)81,994 74,341 138,711 
Total performance fees164,328 153,114 238,736 346,579 328,709 407,816 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 fees81,199 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 EndedYear Ended March 31,
March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 202620252026
ANI$80,603 $48,534 $66,709 $79,858 $69,459 $244,072 $264,560 
Weighted-average shares of Class A common stock outstanding – Basic75,975,770 77,846,710 78,561,587 79,465,039 80,297,984 71,142,916 79,039,229 
Assumed vesting of RSUs270,492 347,813 509,007 590,042 320,535 590,645 442,772 
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 shares118,869,111 122,292,943 122,462,594 122,590,230 122,481,335 118,772,442 122,457,089 
ANI per share$0.68 $0.40 $0.54 $0.65 $0.57 $2.05 $2.16 
_______________________________
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(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 EndedYear Ended March 31,Percentage Change
(in millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 202620252026vs. FQ4'25
Separately 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)29 %
Market value, FX and other(3)
551 1,531 (335)611 434 1,152 2,241 (21)%
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)300 %
Market value, FX and other(3)
934 665 1,106 941 767 1,495 3,479 (18)%
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)84 %
Market value, FX and other(3)
1,485 2,196 771 1,552 1,201 2,647 5,720 (19)%
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.
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Asset Class Summary
Three Months EndedPercentage Change
(in millions)March 31, 2025June 30, 2025September 30, 2025December 31, 2025March 31, 2026vs. FQ4'25
FEAUM
Private equity$65,007 $66,428 $69,932 $73,193 $75,626 16%
Infrastructure23,830 26,090 27,007 27,897 30,745 29%
Private debt19,517 21,435 22,443 23,882 24,797 27%
Real estate13,036 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 funds48,216 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%
Infrastructure37,026 40,087 42,437 44,624 47,569 28%
Private debt37,133 39,242 40,438 42,269 45,587 23%
Real estate19,284 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 funds59,410 62,672 68,014 73,375 80,807 36%
Advisory AUM15,164 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%
Infrastructure69,027 71,126 78,762 86,955 94,706 37%
Private debt19,726 20,874 23,402 24,173 25,918 31%
Real estate168,047 169,679 176,357 178,810 189,892 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).
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Contacts
Shareholder Relations:
Seth Weiss
shareholders@stepstonegroup.com
1-212-351-6106
Media:
Jordan Niezelski / Maggie Duffy
Edelman
StepStone@edifi-dje.com

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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.
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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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