StepStone issued a full detailed presentation of its fourth quarter and full fiscal year ended March 31, 2026 results, which can be accessed by visiting the Company's website at https://shareholders.stepstonegroup.com.
Webcast and Earnings Conference Call
Management will host a webcast and conference call today, Wednesday, May 20, 2026 at 5:00 pm ET to discuss the Company's results for the fourth quarter and fiscal year ended March 31, 2026. The webcast will be made available on the Shareholders section of the Company's website at https://shareholders.stepstonegroup.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register. A replay will also be available on the Shareholders section of the Company's website approximately two hours after the conclusion of the event.
To join as a live participant in the question and answer portion of the call, participants must register at https://register-conf.media-server.com/register/BI9163fe26cabd4cc5b21fbe0592aac5b7.
Upon registering you will receive the dial-in number and a PIN to join the call as well as an email confirmation with the details.
About StepStone Group
StepStone Group Inc. (NASDAQ:STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of March 31, 2026, StepStone was responsible for approximately $885 billion of total capital, including $233 billion of assets under management. StepStone's clients include some of the world's largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.
Forward-Looking Statements
Some of the statements in this release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Words such as "anticipate," "believe," "continue," "estimate," "expect," "future," "intend," "may," "plan" and "will" and similar expressions identify forward-looking statements. Forward-looking statements reflect management's current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, our successful execution of business and growth strategies, the favorability of the private markets fundraising environment, successful integration of acquired businesses and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail under the "Risk Factors" section of our annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") on May 23, 2025, and in our annual report on Form 10-K to be filed with the SEC for the fiscal year ended March 31, 2026, and in our subsequent reports filed with the SEC, as such factors may be updated from time to time. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use the following non-GAAP financial measures: fee revenues, adjusted revenues, adjusted net income (on both a pre-tax and after-tax basis), adjusted net income per share, adjusted weighted-average shares, fee-related earnings, fee-related earnings margin, gross realized performance fees and performance fee-related earnings. We have provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, the non-GAAP financial measures in this earnings release may not be comparable to similarly titled measures used by other companies in our industry or across different industries. For definitions of these non-GAAP measures and reconciliations to applicable GAAP measures, please see the section titled "Non-GAAP Financial Measures: Definitions and Reconciliations."
Financial Highlights and Key Business Drivers/Operating Metrics
Three Months Ended
Year Ended March 31,
Percentage Change
(in thousands, except share and per share amounts and where noted)
March 31, 2025
June 30, 2025
September 30, 2025
December 31, 2025
March 31, 2026
2025
2026
vs. FQ4'25
vs. 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 revenues
377,729
364,287
454,225
586,511
588,580
1,174,830
1,993,603
56
%
70
%
Total performance fees
164,328
153,114
238,736
346,579
328,709
407,816
1,067,138
100
%
162
%
Net income (loss)
13,153
(12,011
)
(575,490
)
(162,435
)
6,660
(172,827
)
(743,276
)
(49
)%
330
%
Net income (loss) per share of Class A common stock:
Basic
$
(0.24
)
$
(0.49
)
$
(4.66
)
$
(1.55
)
$
(0.10
)
$
(2.52
)
$
(6.78
)
(60
)%
169
%
Diluted
$
(0.24
)
$
(0.49
)
$
(4.66
)
$
(1.55
)
$
(0.10
)
$
(2.52
)
$
(6.78
)
(60
)%
169
%
Weighted-average shares of Class A common stock:
Basic
75,975,770
77,846,710
78,561,587
79,465,039
80,297,984
71,142,916
79,039,229
6
%
11
%
Diluted
75,975,770
77,846,710
78,561,587
79,465,039
80,297,984
71,142,916
79,039,229
6
%
11
%
Quarterly dividend per share of Class A common stock(1)
$
0.24
$
0.24
$
0.28
$
0.28
$
0.28
$
0.93
$
1.08
17
%
16
%
Supplemental dividend per share of Class A common stock(2)
$
—
$
0.40
$
—
$
—
$
—
$
0.15
$
0.40
na
167
%
Accrued carried interest allocations
$
1,495,664
$
1,585,209
$
1,733,922
$
1,835,862
$
2,036,892
36
%
Non-GAAP Results(3)
Fee revenues
$
214,662
$
212,740
$
217,461
$
241,133
$
260,285
$
770,489
$
931,619
21
%
21
%
Adjusted revenues
295,861
237,467
282,342
494,500
305,841
969,719
1,320,150
3
%
36
%
Fee-related earnings ("FRE")
94,081
81,246
78,633
89,236
105,334
312,204
354,449
12
%
14
%
FRE margin
44
%
38
%
36
%
37
%
40
%
41
%
38
%
Gross realized performance fees
81,199
24,727
64,881
253,367
45,556
199,230
388,531
(44
)%
95
%
Performance fee-related earnings ("PRE")
41,543
13,022
33,886
131,152
17,894
104,482
195,954
(57
)%
88
%
Adjusted net income ("ANI")
80,603
48,534
66,709
79,858
69,459
244,072
264,560
(14
)%
8
%
Adjusted weighted-average shares
118,869,111
122,292,943
122,462,594
122,590,230
122,481,335
118,772,442
122,457,089
ANI per share
$
0.68
$
0.40
$
0.54
$
0.65
$
0.57
$
2.05
$
2.16
(16
)%
5
%
Key Business Drivers/Operating Metrics(in billions)
Assets under management ("AUM")(4)
$
189.4
$
199.3
$
209.1
$
219.8
$
233.3
23
%
Assets under advisement ("AUA")(4)
519.7
524.2
561.6
591.3
651.8
25
%
Fee-earning AUM ("FEAUM")
121.4
127.2
132.8
138.6
144.0
19
%
Undeployed fee-earning capital ("UFEC")
24.6
28.7
29.8
32.7
40.1
63
%
_______________________________(1) Dividends paid, as reported in this table, relate to the preceding quarterly period in which they were earned.(2) The supplemental cash dividend relates to earnings in respect of our full fiscal years 2024 and 2025, respectively.(3) Fee revenues, adjusted revenues, FRE, FRE margin, gross realized performance fees, PRE, ANI, adjusted weighted-average shares and ANI per share are non-GAAP measures. See the definitions of these measures and reconciliations to the respective, most comparable GAAP measures under "Non-GAAP Financial Measures: Definitions and Reconciliations."(4) AUM/AUA reflects final data for the prior period, adjusted for net new client account activity through the period presented. Does not include post-period investment valuation or cash activity. Net asset value ("NAV") data for underlying investments is as of the prior period, as reported by underlying managers up to the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end. When NAV data is not available by the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end, such NAVs are adjusted for cash activity following the last available reported NAV.
StepStone Group Inc.GAAP Consolidated Balance Sheets(in thousands, except share and per share amounts)
As of March 31,
2026
2025
Assets
Cash and cash equivalents
$
213,065
$
244,791
Restricted cash
579
502
Fees and accounts receivable
133,287
80,871
Due from affiliates
113,150
92,723
Investments:
Investments in funds
249,447
183,694
Accrued carried interest allocations
2,036,892
1,495,664
Legacy Greenspring investments in funds and accrued carried interest allocations(1)
752,776
629,228
Deferred income tax assets
614,788
382,886
Lease right-of-use assets, net
81,565
91,841
Other assets and receivables
58,946
62,869
Intangibles, net
223,044
263,872
Goodwill
580,542
580,542
Assets of Consolidated Funds:
Cash and cash equivalents
905,357
44,511
Investments, at fair value
715,335
415,011
Other assets
83,929
17,688
Total assets
$
6,762,702
$
4,586,693
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities
$
102,685
$
89,731
Accrued compensation and benefits
2,360,770
736,695
Accrued carried interest-related compensation
1,100,604
757,968
Legacy Greenspring accrued carried interest-related compensation(1)
619,186
495,739
Due to affiliates
362,833
331,821
Lease liabilities
103,600
113,519
Debt obligations
270,572
269,268
Liabilities of Consolidated Funds:
Other liabilities
25,241
17,580
Debt obligations
931,185
—
Total liabilities
5,876,676
2,812,321
Redeemable non-controlling interests in Consolidated Funds
186,236
377,897
Redeemable non-controlling interests in subsidiaries
8,777
6,327
Stockholders' equity:
Class A common stock, $0.001 par value, 650,000,000 authorized; 80,703,553 and 76,761,399 issued and outstanding as of March 31, 2026 and 2025, respectively
81
77
Class B common stock, $0.001 par value, 125,000,000 authorized; 38,637,761 and 39,656,954 issued and outstanding as of March 31, 2026 and 2025, respectively
39
40
Additional paid-in capital
482,057
421,057
Accumulated deficit
(896,879
)
(242,546
)
Accumulated other comprehensive income
1,143
728
Total StepStone Group Inc. stockholders' equity
(413,559
)
179,356
Non-controlling interests in subsidiaries
1,373,242
1,056,510
Non-controlling interests in legacy Greenspring entities(1)
133,590
133,489
Non-controlling interests in the Partnership
(402,260
)
20,793
Total stockholders' equity
691,013
1,390,148
Total liabilities and stockholders' equity
$
6,762,702
$
4,586,693
(1) Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests.
StepStone Group Inc.GAAP Consolidated Statements of Loss(in thousands, except share and per share amounts)
Three Months Ended March 31,
Year Ended March 31,
2026
2025
2026
2025
Revenues
Management and advisory fees, net
$
259,871
$
213,401
$
926,465
$
767,014
Performance fees:
Incentive fees
7,087
5,910
220,133
32,275
Carried interest allocations:
Realized
38,597
75,935
168,582
159,653
Unrealized
201,031
21,177
539,712
141,547
Total carried interest allocations
239,628
97,112
708,294
301,200
Legacy Greenspring carried interest allocations(1)
81,994
61,306
138,711
74,341
Total performance fees
328,709
164,328
1,067,138
407,816
Total revenues
588,580
377,729
1,993,603
1,174,830
Expenses
Compensation and benefits:
Cash-based compensation
110,700
85,510
414,147
331,808
Equity-based compensation
200,061
126,197
1,742,057
669,126
Performance fee-related compensation:
Realized
27,662
39,656
192,577
94,748
Unrealized
140,091
27,777
342,225
94,272
Total performance fee-related compensation
167,753
67,433
534,802
189,020
Legacy Greenspring performance fee-related compensation(1)
81,994
61,306
138,711
74,341
Total compensation and benefits
560,508
340,446
2,829,717
1,264,295
General, administrative and other
48,408
43,152
187,254
177,354
Total expenses
608,916
383,598
3,016,971
1,441,649
Other income (expense)
Investment income
21,688
9,386
40,819
15,096
Legacy Greenspring investment income (loss)(1)
777
2,934
4,945
(1,185
)
Investment income of Consolidated Funds
3,410
34,496
92,407
65,374
Interest income
3,658
3,218
11,833
10,850
Interest expense
(4,420
)
(3,191
)
(18,502
)
(12,701
)
Other income (loss)
(5,121
)
(31,024
)
697
(32,650
)
Total other income
19,992
15,819
132,199
44,784
Income (loss) before income tax
(344
)
9,950
(891,169
)
(222,035
)
Income tax benefit
(7,004
)
(3,203
)
(147,893
)
(49,208
)
Net income (loss)
6,660
13,153
(743,276
)
(172,827
)
Less: Net income attributable to non-controlling interests in subsidiaries
41,361
16,316
103,782
79,282
Less: Net income (loss) attributable to non-controlling interests in legacy Greenspring entities(1)
777
2,934
4,945
(1,185
)
Less: Net loss attributable to non-controlling interests in the Partnership
(15,358
)
(17,994
)
(384,633
)
(125,850
)
Less: Net income (loss) attributable to redeemable non-controlling interests in Consolidated Funds
(13,192
)
30,630
65,988
53,731
Less: Net income (loss) attributable to redeemable non-controlling interests in subsidiaries
863
(225
)
2,450
758
Net loss attributable to StepStone Group Inc.
$
(7,791
)
$
(18,508
)
$
(535,808
)
$
(179,563
)
Net loss per share of Class A common stock:
Basic
$
(0.10
)
$
(0.24
)
$
(6.78
)
$
(2.52
)
Diluted
$
(0.10
)
$
(0.24
)
$
(6.78
)
$
(2.52
)
Weighted-average shares of Class A common stock:
Basic
80,297,984
75,975,770
79,039,229
71,142,916
Diluted
80,297,984
75,975,770
79,039,229
71,142,916
(1) Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests.
Non-GAAP Financial Measures: Definitions and Reconciliations
Fee Revenues
Fee revenues represents management and advisory fees, net, including amounts earned from the Consolidated Funds which are eliminated in consolidation. We believe fee revenues is useful to investors because it presents the net amount of management and advisory fee revenues attributable to us.
The table below presents the components of fee revenues.
Three Months Ended
Year Ended March 31,
(in thousands)
March 31, 2025
June 30, 2025
September 30, 2025
December 31, 2025
March 31, 2026
2025
2026
Focused commingled funds(1)(2)
$
124,604
$
120,036
$
127,085
$
144,277
$
160,769
$
442,975
$
552,167
Separately managed accounts
67,695
70,379
71,685
75,226
76,339
252,709
293,629
Advisory and other services
19,927
