StepStone Group Inc. reported its financial results for the quarter ending June 30, 2026, revealing a total revenue of $378.9 million, a 4% increase from $364.3 million in the same period last year. The growth was primarily driven by a 27% rise in management and advisory fees, which reached $269.2 million, up from $211.2 million. This increase was attributed to new client activity and a 20% growth in average fee-earning assets under management (FEAUM). However, the company experienced a decline in performance fees, with total performance fees dropping to $109.7 million from $153.1 million, largely due to lower unrealized carried interest allocations.
In terms of profitability, StepStone reported a net loss of $170.4 million for the quarter, compared to a loss of $12.0 million in the prior year. The significant increase in net loss was influenced by a rise in total expenses, which surged by 38% to $583.7 million, driven by higher cash-based and equity-based compensation costs. Cash-based compensation rose to $117.2 million, while equity-based compensation increased to $317.3 million, reflecting a substantial rise in expenses related to liability classified awards.
Operationally, StepStone's assets under management (AUM) reached $245 billion as of June 30, 2026, compared to $233 billion at the end of the previous fiscal year. The company also reported $668 billion in assets under advisement (AUA), up from $652 billion. The increase in AUM was supported by contributions from both separately managed accounts (SMAs) and focused commingled funds, which saw significant inflows during the quarter. The total employee headcount stood at 1,355, with approximately 425 investment professionals contributing to the firm's growth.
Looking ahead, StepStone's management expressed cautious optimism regarding future performance, noting the ongoing volatility in financial markets due to factors such as elevated inflation and geopolitical tensions. The company is closely monitoring these developments, which could impact fundraising activities and capital deployment. Despite the challenges, StepStone remains focused on leveraging its multi-asset class expertise and proprietary data to enhance its competitive position in the private markets. The firm also announced a quarterly cash dividend of $0.33 per share, payable on September 15, 2026, reflecting its commitment to returning value to shareholders.
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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