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- **Record financial performance**: Adjusted net income up 51% YoY to $80M, driven by 35% growth in core fee-related earnings.
- **SPRING Evergreen dominance**: 39% annual returns and 34% NAV growth, with $207M in incentive fees.
- **Global fundraising strength**: $34B 12-month AUM additions, 67% from outside North America, led by Europe and Asia.
- **AI diversification**: 11% software exposure, focused on AI infrastructure and physical AI.
- **Risk mitigation**: 13% small/mid-market PE software exposure, 34% of SPRING in primary investments.

**【Management Opening Remarks】**
- Reported a GAAP net loss of $123 million due to buy-in adjustments, but adjusted net income rose to $80 million (up 51% YoY) driven by higher fee-related and performance earnings.
- Fee-related earnings (FRE) were $89 million, up 20% YoY. Core FRE (excluding retroactive fees) grew 35% to $88 million, with a stable 37% margin.
- Retroactive fees declined from $9.7 million to $1.1 million, reflecting reduced secondary market activity.

**【CEO Commentary】**
- **Record fundraising**: $34 billion in 12-month gross AUM additions, with $8 billion in Q3 alone. 50% of managed account inflows came from new/expansion clients.
- **Private wealth success**: SPRING Evergreen fund grew 34% in NAV to $5.5 billion, delivering 39% annual returns. Private wealth AUM reached $15 billion.
- **AI strategy**: 11% of total AUM in software investments, with 7% excluding venture. Focus on AI infrastructure, cybersecurity, and physical AI.
- **Diversified growth**: 67% of fundraising from outside North America, led by Europe and Asia. Infrastructure and private equity secondaries funds raised $16 billion in prior vintages.

**【CFO Commentary】**
- Fee revenues rose 26% YoY to $241 million (32% ex retroactive fees), driven by 63bps blended fee rate and Evergreen fund growth.
- Performance fees surged to $253 million, with $207 million from SPRING's exceptional returns. ~$25 million of this flows to pretax ANI.
- Adjusted cash-based compensation ratio was 44%, with G&A up $6 million due to conferences.
- Net accrued carry increased 4% to $875 million, with 65% tied to mature programs ready for realization.

**【Q&A Highlights】**
- **Software risk management**: 13% of small/mid-market PE exposure vs 24% in large PE. 34% of SPRING is primary directs, 64% direct secondaries.
- **SPRING scalability**: Team maintains ample deployment opportunities in private markets. 2027 incentive fees expected to moderate if returns normalize.
- **Fundraising outlook**: Modest growth for new vintages (~$16B prior vintages). Re-ups (30%+ growth) and new clients will drive Evergreen fund momentum.
- **Regional trends**: Europe and Middle East leading infrastructure fundraising. Private credit demand resilient despite industry headwinds.

StepStone Group Inc. (STEP) Q3 2026 Earnings Call Transcript

- **Private Wealth Surge**: STPEX and SPRING drove $1.5B+ in new subscriptions, with 50%+ partners selling multiple products.
- **Strong Financials**: 34% YoY growth in core earnings, despite elevated G&A from travel and tech investments.
- **Execution Risks**: Cannibalization of existing products, but 70% of carry ready to harvest offsets near-term volatility.
- **Growth Catalysts**: Global office expansion, model portfolio integration, and daily-priced indices in development.

**【CEO Summary Section】**
- **Record Private Wealth Growth**: Q2 private wealth subscriptions reached $2.4 billion, driven by new products like STPEX ($700M+ in 30 days) and SPRING ($800M+).
- **Global Expansion**: New offices opened in Netherlands, Spain, South Korea, and Saudi Arabia; 50% of distribution partners now sell multiple Evergreen products.
- **Institutional Fundraising**: $3.8B in managed account inflows (12-month total $10B+), with 34% YoY growth in fee-related earnings.

**【CFO Financial Commentary】**
- **GAAP Net Loss**: $366M due to fair value adjustments, but core fee-related earnings up 34% YoY to $78M.
- **Expense Management**: G&A up $2M QoQ due to travel/IT, but 46% cash comp ratio maintained.
- **Performance Fees**: $65M gross, $34M net after compensation; SPRING incentive fee crystallization expected next quarter.

**【Q&A Highlights】**
- **STPEX Cannibalization**: 50% of SPRIM flows shifted to STPEX, but 70% of net accrued carry is ready to harvest.
- **Distribution Strategy**: 650+ partners sell 5 flagship products; 50% sell 2+ products, with 12-month AUM growth of 18%.
- **Market Trends**: Private markets facing slower exits, but narrowing bid-ask spreads suggest improving realizations.
- **Expense Outlook**: Elevated G&A in Q3 (StepStone 360 Conference) and Q4 (VC Conference) expected.


StepStone Group Inc. (STEP) Q2 2026 Earnings Call Transcript

- **Strong AUM Growth**: Fee-earning AUM rose to $127 billion, up 5% QoQ and $27 billion over 12 months.
- **Partnership with FTSE Russell**: Launching private asset indices to enhance benchmarking, with licensing fees expected in late 2026.
- **Evergreen Product Success**: SPRING venture fund surpasses $10 billion, CRDEX credit fund expands to 50 platforms.
- **Retirement Market Expansion**: Executive Order support for alternative investments in 401(k)s, targeting custom target-date funds.
- **Performance Fees Outlook**: Q2 expected to see improvement, with a healthy transaction pipeline.


**【Management Opening Remarks】**
- Reported a GAAP net loss of $38 million ($0.49 per share) for Q1 FY26, with fee-related earnings (FRE) of $81 million, up 13% YoY.
- FRE margin was 38%, with retroactive fees declining to $3 million (vs. $19 million prior year).
- Adjusted net income was $0.40 per share, down from $0.48 YoY due to lower retroactive fees and performance-related earnings.

**【CEO Scott Hart’s Commentary】**
- Q1 saw $8.7 billion in gross AUM additions, driven by $6.5 billion in managed accounts and $2 billion in commingled funds, raising fee-earning AUM to $127 billion.
- Launched a partnership with FTSE Russell to develop private asset indices, targeting improved benchmarking and transparency in private markets.
- Performance fees were light Q1 but expected to improve in Q2, with a healthy pipeline of transactions.

**【CFO David Park’s Financial Commentary】**
- Fee revenues reached $213 million (+19% YoY), with core fee revenues (excluding retroactive) up 32% YoY.
- Adjusted cash-based compensation was $96 million, with a cash comp ratio of 46% (consistent with guidance).
- Net accrued carry grew 6% QoQ to $783 million, with 75% tied to mature programs ready for harvesting.

**【Q&A Highlights】**
- **Index Partnership**: First indices expected late 2026, initially generating licensing fees; long-term potential for asset management solutions.
- **Evergreen Products**: SPRING venture fund crossed $10 billion AUM, CRDEX credit fund on 50 platforms, with 50% of partners selling multiple products.
- **Retirement Space**: Executive Order support for alternative investments in 401(k)s; targeting custom target-date funds and partnerships.
- **FX Impact**: $800 million AUM benefit Q1, with $2 million net unfavorable impact on FRE due to hedging.
- **Capital Markets**: Activity levels similar to 2024, with disciplined sellers and moderate realization pace.


StepStone (STEP)-7 Aug 25-2026 Q1 Earnings call transcript

- **Revenue Surge**: Q4 2025 fee-related earnings $94.1M (+85% YoY), FRE margin 44% (highest ever). Full-year AUM growth 29% to $121B.
- **Private Wealth Explosion**: Assets jump to $8.2B (+133% YoY), driven by 400+ new distribution platforms and evergreen fund subscriptions.
- **Strategic Fund Closures**: Largest real estate secondaries fund ($3.75B) and debut infrastructure co-investment fund ($1B) highlight fundraising prowess.
- **Profitability**: Adjusted net income $0.68/share (Q4) vs. $0.33 YoY, supported by 37% core FRE margin and 30% annualized fee growth.
- **Market Resilience**: SMA re-up rate >90%, with 30% growth in re-ups, ensuring sustained fee earning momentum.


**【CEO Scott Hart Key Highlights】**
- **Record Fiscal Year Performance**: Fee-related earnings doubled in two years, reaching $94.1 million Q4 2025, with a 44% FRE margin. Fee earning AUM grew 29% YoY to $121B.
- **Market Leadership**: Raised $31B in AUM (highest ever), including $8.5B in SMA inflows and $10B+ in commingled funds. Private Wealth assets surged to $8.2B (+133% YoY).
- **Strategic Fundraising**: Closed largest real estate secondaries fund ($3.75B) and debuted infrastructure co-investment fund ($1B). SMA re-up rate >90% with 30% growth in re-ups.

**【CFO David Park Financial Breakdown】**
- **Q4 2025 Results**: GAAP net loss $18.5M, but adjusted net income $80.6M (+125% YoY). Fee revenues $215M (+40% YoY), driven by 65bps blended fee rate and retroactive fees ($15.7M).
- **Cost Efficiency**: Adjusted cash comp 46% of fee-related revenues. Core FRE margin 37% (excl. retro), up 600bps YoY. UFEC grew to $25B, providing dry powder for market dislocations.
- **Dividend Growth**: Full-year dividend $1.36/share (+37% YoY), supported by 30% annualized fee-related earnings growth.

**【Q&A Key Takeaways】**
- **Pipeline Strength**: >$31B AUM raised in FY25, with $7B Q4 inflows. SMA re-up pipeline remains robust, and commingled funds (e.g., private equity secondaries) poised for re-opens.
- **Market Dynamics**: Volatility in public markets driving private market outperformance. StepStone leverages private market expertise to capitalize on dislocations.
- **NCI Buy-In**: $161M equity issuance for NCI buy-in, accreting earnings at >15% discount to public multiple. NCI share of profits expected to decline gradually.


StepStone Group Inc. (STEP) Q4 2025 Earnings Call Transcript

- **Record Revenue Growth**: Fee-related earnings up 46% YoY to $74.1 million, driven by infrastructure and private wealth funds.
- **AUM Expansion**: Fee-earning assets under management reach $114 billion, +28% YoY, with $6.5 billion of undeployed capital activated.
- **Infrastructure Breakthrough**: $1.2 billion inaugural co-investment fund launched, solidifying StepStone as a top global infrastructure manager.
- **Private Wealth Momentum**: Platform AUM exceeds $6 billion, with $1 billion in new subscriptions this quarter.

**【Seth Weiss - Financial Highlights】**
- **GAAP Net Loss**: $287 million, driven by fair value adjustments for future buy-in of StepStone Private Wealth profits interest.
- **Fee-Related Earnings (FRE)**: $74.1 million (+46% YoY), with a 39% FRE margin.
- **Retroactive Fees**: $9.7 million (vs. $8.6 million last year), primarily from real estate, infrastructure, and growth equity funds.
- **Adjusted Net Income**: $52.7 million ($0.44 per share), up 25% YoY due to higher FRE and realized performance fees.

**【Scott Hart - Strategic Growth】**
- **Fee-Earning AUM**: $114 billion (+28% YoY), highest organic growth quarter in company history.
- **UFEC Deployment**: Activated $6.5 billion of undeployed capital, with $2 billion invested in attractive market opportunities.
- **Long-Term Growth**: 70% increase in fee-earning AUM since Q4 2021, CAGR of 18%, despite industry fundraising challenges.
- **Key Milestones**: 
  - $1.2 billion infrastructure co-investment fund (first-of-its-kind).
  - Private wealth platform surpasses $6 billion AUM (+$1 billion new subscriptions).

Actual	0.19	0.28	0.25	0.41	0.4	0.42	0.38	0.41	0.33	0.27	0.24	0.26	0.26	0.37	0.33	0.48	0.45	0.44	0.68	0.4	0.54	0.65
Forecast	0.1886	0.1654	0.1663	0.225	0.2946	0.3562	0.3952	0.3164	0.3272	0.2769	0.2777	0.2736	0.2819	0.2568	0.2796	0.351	0.4643	0.4512	0.4411	0.4264	0.4851	0.5966
Surprise	+0.74%	+69.29%	+50.33%	+82.22%	+35.78%	+17.91%	-3.85%	+29.58%	+0.86%	-2.49%	-13.58%	-4.97%	-7.77%	+44.08%	+18.03%	+36.75%	-3.08%	-2.48%	+54.16%	-6.19%	+11.32%	+8.95%

STEP

STEP fundamentals

STEP Q3 2026 Earnings

Earnings Call

You can ask Aime

STEP

STEP fundamentals

STEP Q3 2026 Earnings

Earnings Call

STEP Earnings Call Summary for Q3/20265:00 PM on Feb 5, 2026

STEP Earnings Call Summary for Q2/20265:00 PM on Nov 6, 2025

STEP Earnings Call Summary for Q1/20265:00 PM on Aug 7, 2025

STEP Earnings Call Summary for Q4/20255:00 PM on May 22, 2025

STEP Earnings Call Summary for Q3/20255:00 PM on Feb 6, 2025

You can ask Aime