Earnings release
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STEPSTONE GROUP REPORTS THIRD QUARTER FISCAL YEAR 2026 RESULTS NEW YORK, February 5, 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 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. 1
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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.” 2
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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 shareof Class A commonstock $ 0.24 $ 0.24 $ 0.24 $ 0.28 $ 0.28 $ 0.69 $ 0.80 17 % 16 % Supplemental dividend pershare of Class Acommon stock $ — $ — $ 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 Fee revenues $ 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 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”) $ 179.2 $ 189.4 $ 199.3 $ 209.1 $ 219.8 23 % Assets under advisement(“AUA”) 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.” (1) (2) (3) (4) (5) (6) (6)
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(4) Excludes the impact of consolidating the Consolidated Funds. See reconciliation of GAAP measures to adjusted measures that follows. 3
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(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. 4
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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 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 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 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. (1) (1) (1) 5
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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 (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 (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) (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 (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. (1) (1) (1) (1) 6
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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 $ 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 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. (1)(2) (1) 7
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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 992 1,261 1,567 1,972 1,201 2,214 4,740 Incentive fees for the Consolidated Funds 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. (1) (2) 8
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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 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 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 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 (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 (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 (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 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. (1) (2) (3) (4) (5) (6) (7) 9
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(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 (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 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 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 (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 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 compensation25,477 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 (27,791) (5,264) (323) (6,003) (206,664) (34,313) (212,990) Adjusted interest income (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 569 418 (993) (905) 652 897 (1,246) Net income attributable to non-controlling interests in subsidiaries 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: (1) (2) (3) (4) (4) (5) (6) (7) (1) 10
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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. 11
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(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 % 12
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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 allocations8,207 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 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. (1) 13
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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 – Basic73,687,289 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 — — — — — 573,185 — Assumed purchase under ESPP — — — — — 702 — Exchange of Class B units in the Partnership 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 1,016,737 965,761 960,025 947,580 931,103 1,496,518 946,186 Exchange of Class D units in the Partnership 2,010,202 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. (1) (2) (2) (2) 14
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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 9,033 3,874 3,013 2,559 2,627 12,841 8,199 (71)% Distributions (1,000) (1,225) (1,010) (725) (1,117) (2,365) (2,852) 12 % Market value, FX and other (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 2,520 3,403 2,022 3,547 3,245 10,295 8,814 29 % Distributions (682) (313) (392) (580) (547) (1,625) (1,519) (20)% Market value, FX and other 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 11,553 7,277 5,035 6,106 5,872 23,136 17,013 (49)% Distributions (1,682) (1,538) (1,402) (1,305) (1,664) (3,990) (4,371) (1)% Market value, FX and other (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. (1) (2) (3) (1) (2) (3) (1) (2) (3) 15
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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 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 $ 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). (1) (2) 16
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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 17
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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 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. 18
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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. 19