STEP
StepStone Group Inc.63.52
+0.08+0.13%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
7.90BP/E (TTM)
-Basic EPS (TTM)
-8.15Dividend Yield
0.02%Recent Filings
8-K
StepStone Q2: Fees up, net loss widens
StepStone Group reported Q2 fiscal 2026 results on November 6, 2025, with fee revenues climbing 17% year-over-year to $217 million, while assets under management hit $209 billion, up 19%. Yet GAAP net loss swelled to $575 million, hammered by $884 million in equity-based compensation and $148 million in unrealized carried interest. Fee-related earnings dipped to $79 million, but the board hiked the dividend to $0.28 per share. Private markets fundraising stays choppy.
10-Q
Q2 FY2026 results
StepStone Group posted solid Q2 FY2026 results, with management and advisory fees up 17% year-over-year to $215.5M on 27% growth in average fee-earning AUM, while total revenues surged 67% to $454.2M thanks to robust carried interest allocations that climbed 196% (derived) excluding reversals. Yet profitability took a hit from a $884.5M equity-based compensation charge tied to private wealth profits interests, driving a net loss attributable to the company of $366.1M, or $(4.66) per diluted share—anti-dilutive effects kept shares flat at 78.6M. Cash from operations held steady at $62.5M for the half-year, bolstering $230M in liquidity against $270M debt (5.52% notes due 2029 and $100M revolver at 6.4%). The asset class buy-ins closed May 2025 for $10M cash plus 756K shares and 2.4M units, lifting ownership to 60% in real assets and estate units. Competition from bigger allocators sharpens fundraising risks.
8-K
Governance amendments approved
StepStone Group stockholders approved amendments to the Certificate of Incorporation on September 9, 2025, including an Exculpation Amendment limiting officer liability, effective September 10, and Clean-Up Amendments removing obsolete provisions, set for filing September 18. All proposals passed decisively, with the Exculpation Amendment garnering 259 million for votes. Directors were re-elected unanimously. These tweaks shield leadership while tidying governance.
10-Q
Q1 FY2026 results
StepStone Group Inc. posted Q1 FY2026 results with total revenues up 95% year-over-year to $364.3 million, fueled by a 19% rise in management and advisory fees to $211.2 million from 28% growth in average fee-earning AUM to $127.2 billion, while carried interest allocations swung to $113.3 million from $16.6 million amid unrealized gains in private equity funds. Yet expenses ballooned 204% to $423.3 million, driven by $188.7 million in equity-based compensation—up 884% due to $170.5 million in mark-to-market charges on private wealth profits interests—yielding a net loss attributable to the company of $38.4 million, or $(0.49) per diluted share, versus $13.3 million profit last year; diluted EPS reconciles to 77.8 million weighted-average shares with no anti-dilution. Operating cash flow held steady at $46.3 million, supporting $192.0 million in cash against $269.6 million debt (5.52% notes due 2029 and $100 million revolver at 6.43%), with free cash flow not disclosed in the 10-Q. The May 2025 exchange acquired 5% more equity in real assets, real estate, and private debt units for $10 million cash, 756,105 Class A shares, and 2.4 million Class D units, boosting ownership to 60%/60%/59%. Volatility in private markets fundraising lingers as a key risk.
8-K
StepStone Q1 results mixed
StepStone Group reported Q1 fiscal 2026 results on August 7, 2025, with fee revenues climbing 19% year-over-year to $212.7 million, fueled by 27% growth in fee-earning AUM to $127.2 billion. Yet GAAP net loss hit $12.0 million, pressured by $188.7 million in equity-based compensation, while adjusted net income fell 15% to $48.5 million. Assets under management rose 18% to $199.3 billion. The board hiked the quarterly dividend to $0.28 per share.
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