StepStone Group Inc. reported significant financial performance in its latest quarterly filing, with total revenues reaching $586.5 million for the three months ended December 31, 2025, a 73% increase from $339.0 million in the same period last year. For the nine months ended December 31, 2025, revenues surged to $1.4 billion, up 76% from $797.1 million in the prior year. The growth was primarily driven by a substantial rise in performance fees, particularly incentive fees, which increased by 830% to $208.0 million, and management and advisory fees, which rose by 26% to $239.9 million.
The company experienced notable changes in its financial metrics compared to the previous fiscal period. The net loss attributable to StepStone Group Inc. was $123.5 million for the three months ended December 31, 2025, an improvement from a loss of $192.0 million in the same quarter of 2024. For the nine-month period, the net loss was $528.0 million, compared to a loss of $161.1 million in the prior year. The increase in losses was attributed to higher compensation and benefits expenses, which rose to $757.1 million, reflecting a 16% increase in total expenses to $807.8 million.
Strategically, StepStone has continued to expand its operations, managing approximately $811 billion in total capital, which includes $220 billion in assets under management (AUM) and $591 billion in assets under advisement (AUA) as of December 31, 2025. The firm operates from 31 cities across 19 countries, employing over 1,275 individuals, including more than 420 investment professionals. The company has also been active in acquiring interests in its asset class entities, increasing its ownership in SRA, SRE, and SPD to approximately 60% as part of its ongoing growth strategy.
Operationally, StepStone's fee-earning AUM increased to $138.6 billion as of December 31, 2025, reflecting a $17.2 billion increase since March 31, 2025. The firm reported a 24% growth in average fee-earning AUM across its platform, driven by new client activity and higher income-based incentive fees. The company also noted a significant increase in its performance fee-related compensation, which rose to $191.3 million for the three months ended December 31, 2025, primarily due to higher realization activity within its private equity funds.
Looking ahead, StepStone Group Inc. remains cautiously optimistic about its future performance, despite ongoing market volatility and economic uncertainties. The company continues to monitor macroeconomic conditions, including inflation and interest rates, which could impact its operations and financial results. Management anticipates that its diversified investment strategies and strong client relationships will support continued growth in AUM and revenue generation in the coming quarters.
About StepStone Group Inc.
StepStone Group Inc. is a global private markets investment firm providing tailored investment solutions, advisory, and data services across private equity, infrastructure, private debt, and real estate. Serving institutional and high-net-worth clients worldwide, it manages and advises hundreds of billions in assets through customized portfolios, fund investments, secondaries, and co-investments. Its competitive edge lies in proprietary data, extensive research, global scale, and experienced teams.
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