Form 8-K

8-K — StepStone Group Inc.

Accession: 0001628280-26-036882

Filed: 2026-05-20

Period: 2026-05-20

CIK: 0001796022

SIC: 6282 (INVESTMENT ADVICE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — step-20260520.htm (Primary)

EX-99.1 (stepfy2026q4earningspressr.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: step-20260520.htm · Sequence: 1

step-20260520

0001796022false00017960222026-05-202026-05-20

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

May 20, 2026

Date of Report (date of earliest event reported)

STEPSTONE GROUP INC.

(Exact name of registrant as specified in its charter)

Delaware

001-39510

84-3868757

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

277 Park Avenue, 45th Floor

New York,

10172

(Address of Principal Executive Offices)

(Zip Code)

(212) 351-6100

Registrant's telephone number, including area code

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Class A common stock, par value $0.001 per share STEP The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 20, 2026, StepStone Group Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and full fiscal year ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 2.02 as if fully set forth herein.

The information included in, or furnished with, this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1

Press Release of StepStone Group Inc. dated May 20, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

STEPSTONE GROUP INC.

Date: May 20, 2026 By: /s/ David Y. Park

David Y. Park

Chief Financial Officer

(Principal Financial Officer and Authorized Signatory)

EX-99.1

Filename: stepfy2026q4earningspressr.htm · Sequence: 2

Document

STEPSTONE GROUP REPORTS FOURTH QUARTER AND FISCAL YEAR 2026 RESULTS

NEW YORK, May 20, 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 March 31, 2026. This represents results for the fourth quarter and fiscal year ended 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, and a supplemental cash dividend of $0.55 per share of Class A common stock, both payable on June 30, 2026, to the holders of record as of the close of business on June 15, 2026.

StepStone issued a full detailed presentation of its fourth quarter and full fiscal year ended March 31, 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, Wednesday, May 20, 2026 at 5:00 pm ET to discuss the Company’s results for the fourth quarter and fiscal year ended 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/BI9163fe26cabd4cc5b21fbe0592aac5b7.

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 March 31, 2026, StepStone was responsible for approximately $885 billion of total capital, including $233 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.

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 annual report on Form 10-K to be filed with the SEC for the fiscal year ended March 31, 2026, 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.”

Financial Highlights and Key Business Drivers/Operating Metrics

Three Months Ended Year Ended March 31, Percentage Change

(in thousands, except share and per share amounts and where noted) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 2025 2026 vs. FQ4'25 vs. FY'25

Financial Highlights

GAAP Results

Management and advisory fees, net $ 213,401 $ 211,173 $ 215,489 $ 239,932 $ 259,871 $ 767,014 $ 926,465 22 % 21 %

Total revenues 377,729 364,287 454,225 586,511 588,580 1,174,830 1,993,603 56 % 70 %

Total performance fees 164,328 153,114 238,736 346,579 328,709 407,816 1,067,138 100 % 162 %

Net income (loss) 13,153 (12,011) (575,490) (162,435) 6,660 (172,827) (743,276) (49) % 330 %

Net income (loss) per share of Class A common stock:

Basic $ (0.24) $ (0.49) $ (4.66) $ (1.55) $ (0.10) $ (2.52) $ (6.78) (60) % 169 %

Diluted $ (0.24) $ (0.49) $ (4.66) $ (1.55) $ (0.10) $ (2.52) $ (6.78) (60) % 169 %

Weighted-average shares of Class A common stock:

Basic 75,975,770 77,846,710 78,561,587 79,465,039 80,297,984 71,142,916 79,039,229 6 % 11 %

Diluted 75,975,770 77,846,710 78,561,587 79,465,039 80,297,984 71,142,916 79,039,229 6 % 11 %

Quarterly dividend per share of Class A common stock(1)

$ 0.24 $ 0.24 $ 0.28 $ 0.28 $ 0.28 $ 0.93 $ 1.08 17 % 16 %

Supplemental dividend per share of Class A common stock(2)

$ — $ 0.40 $ — $ — $ — $ 0.15 $ 0.40 na 167 %

Accrued carried interest allocations $ 1,495,664 $ 1,585,209 $ 1,733,922 $ 1,835,862 $ 2,036,892 36 %

Non-GAAP Results(3)

Fee revenues

$ 214,662 $ 212,740 $ 217,461 $ 241,133 $ 260,285 $ 770,489 $ 931,619 21 % 21 %

Adjusted revenues 295,861 237,467 282,342 494,500 305,841 969,719 1,320,150 3 % 36 %

Fee-related earnings (“FRE”) 94,081 81,246 78,633 89,236 105,334 312,204 354,449 12 % 14 %

FRE margin

44 % 38 % 36 % 37 % 40 % 41 % 38 %

Gross realized performance fees 81,199 24,727 64,881 253,367 45,556 199,230 388,531 (44) % 95 %

Performance fee-related earnings (“PRE”) 41,543 13,022 33,886 131,152 17,894 104,482 195,954 (57) % 88 %

Adjusted net income (“ANI”) 80,603 48,534 66,709 79,858 69,459 244,072 264,560 (14) % 8 %

Adjusted weighted-average shares

118,869,111 122,292,943 122,462,594 122,590,230 122,481,335 118,772,442 122,457,089

ANI per share $ 0.68 $ 0.40 $ 0.54 $ 0.65 $ 0.57 $ 2.05 $ 2.16 (16) % 5 %

Key Business Drivers/Operating Metrics (in billions)

Assets under management (“AUM”)(4)

$ 189.4 $ 199.3 $ 209.1 $ 219.8 $ 233.3 23 %

Assets under advisement (“AUA”)(4)

519.7 524.2 561.6 591.3 651.8 25 %

Fee-earning AUM (“FEAUM”) 121.4 127.2 132.8 138.6 144.0 19 %

Undeployed fee-earning capital (“UFEC”)

24.6 28.7 29.8 32.7 40.1 63 %

_______________________________

(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.”

(4)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.

StepStone Group Inc.

GAAP Consolidated Balance Sheets

(in thousands, except share and per share amounts)

As of March 31,

2026 2025

Assets

Cash and cash equivalents $ 213,065 $ 244,791

Restricted cash 579 502

Fees and accounts receivable 133,287 80,871

Due from affiliates 113,150 92,723

Investments:

Investments in funds 249,447 183,694

Accrued carried interest allocations 2,036,892 1,495,664

Legacy Greenspring investments in funds and accrued carried interest allocations(1)

752,776 629,228

Deferred income tax assets 614,788 382,886

Lease right-of-use assets, net 81,565 91,841

Other assets and receivables 58,946 62,869

Intangibles, net 223,044 263,872

Goodwill 580,542 580,542

Assets of Consolidated Funds:

Cash and cash equivalents 905,357 44,511

Investments, at fair value 715,335 415,011

Other assets 83,929 17,688

Total assets

$ 6,762,702 $ 4,586,693

Liabilities and stockholders’ equity

Accounts payable, accrued expenses and other liabilities $ 102,685 $ 89,731

Accrued compensation and benefits 2,360,770 736,695

Accrued carried interest-related compensation 1,100,604 757,968

Legacy Greenspring accrued carried interest-related compensation(1)

619,186 495,739

Due to affiliates 362,833 331,821

Lease liabilities 103,600 113,519

Debt obligations 270,572 269,268

Liabilities of Consolidated Funds:

Other liabilities 25,241 17,580

Debt obligations 931,185 —

Total liabilities 5,876,676 2,812,321

Redeemable non-controlling interests in Consolidated Funds 186,236 377,897

Redeemable non-controlling interests in subsidiaries 8,777 6,327

Stockholders’ equity:

Class A common stock, $0.001 par value, 650,000,000 authorized; 80,703,553 and 76,761,399 issued and outstanding as of March 31, 2026 and 2025, respectively

81 77

Class B common stock, $0.001 par value, 125,000,000 authorized; 38,637,761 and 39,656,954 issued and outstanding as of March 31, 2026 and 2025, respectively

39 40

Additional paid-in capital 482,057 421,057

Accumulated deficit (896,879) (242,546)

Accumulated other comprehensive income 1,143 728

Total StepStone Group Inc. stockholders’ equity (413,559) 179,356

Non-controlling interests in subsidiaries 1,373,242 1,056,510

Non-controlling interests in legacy Greenspring entities(1)

133,590 133,489

Non-controlling interests in the Partnership (402,260) 20,793

Total stockholders’ equity 691,013 1,390,148

Total liabilities and stockholders’ equity $ 6,762,702 $ 4,586,693

(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests.

StepStone Group Inc.

GAAP Consolidated Statements of Loss

(in thousands, except share and per share amounts)

Three Months Ended March 31, Year Ended March 31,

2026 2025 2026 2025

Revenues

Management and advisory fees, net $ 259,871 $ 213,401 $ 926,465 $ 767,014

Performance fees:

Incentive fees 7,087 5,910 220,133 32,275

Carried interest allocations:

Realized 38,597 75,935 168,582 159,653

Unrealized 201,031 21,177 539,712 141,547

Total carried interest allocations 239,628 97,112 708,294 301,200

Legacy Greenspring carried interest allocations(1)

81,994 61,306 138,711 74,341

Total performance fees 328,709 164,328 1,067,138 407,816

Total revenues 588,580 377,729 1,993,603 1,174,830

Expenses

Compensation and benefits:

Cash-based compensation 110,700 85,510 414,147 331,808

Equity-based compensation 200,061 126,197 1,742,057 669,126

Performance fee-related compensation:

Realized 27,662 39,656 192,577 94,748

Unrealized 140,091 27,777 342,225 94,272

Total performance fee-related compensation 167,753 67,433 534,802 189,020

Legacy Greenspring performance fee-related compensation(1)

81,994 61,306 138,711 74,341

Total compensation and benefits 560,508 340,446 2,829,717 1,264,295

General, administrative and other 48,408 43,152 187,254 177,354

Total expenses 608,916 383,598 3,016,971 1,441,649

Other income (expense)

Investment income 21,688 9,386 40,819 15,096

Legacy Greenspring investment income (loss)(1)

777 2,934 4,945 (1,185)

Investment income of Consolidated Funds 3,410 34,496 92,407 65,374

Interest income 3,658 3,218 11,833 10,850

Interest expense (4,420) (3,191) (18,502) (12,701)

Other income (loss) (5,121) (31,024) 697 (32,650)

Total other income 19,992 15,819 132,199 44,784

Income (loss) before income tax (344) 9,950 (891,169) (222,035)

Income tax benefit (7,004) (3,203) (147,893) (49,208)

Net income (loss) 6,660 13,153 (743,276) (172,827)

Less: Net income attributable to non-controlling interests in subsidiaries 41,361 16,316 103,782 79,282

Less: Net income (loss) attributable to non-controlling interests in legacy Greenspring entities(1)

777 2,934 4,945 (1,185)

Less: Net loss attributable to non-controlling interests in the Partnership (15,358) (17,994) (384,633) (125,850)

Less: Net income (loss) attributable to redeemable non-controlling interests in Consolidated Funds (13,192) 30,630 65,988 53,731

Less: Net income (loss) attributable to redeemable non-controlling interests in subsidiaries 863 (225) 2,450 758

Net loss attributable to StepStone Group Inc. $ (7,791) $ (18,508) $ (535,808) $ (179,563)

Net loss per share of Class A common stock:

Basic $ (0.10) $ (0.24) $ (6.78) $ (2.52)

Diluted $ (0.10) $ (0.24) $ (6.78) $ (2.52)

Weighted-average shares of Class A common stock:

Basic 80,297,984 75,975,770 79,039,229 71,142,916

Diluted 80,297,984 75,975,770 79,039,229 71,142,916

(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests.

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 Year Ended March 31,

(in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 2025 2026

Focused commingled funds(1)(2)

$ 124,604 $ 120,036 $ 127,085 $ 144,277 $ 160,769 $ 442,975 $ 552,167

Separately managed accounts

67,695 70,379 71,685 75,226 76,339 252,709 293,629

Advisory and other services 19,927 19,939 16,259 18,395 19,998 67,061 74,591

Fund reimbursement revenues(1)

2,436 2,386 2,432 3,235 3,179 7,744 11,232

Fee revenues

$ 214,662 $ 212,740 $ 217,461 $ 241,133 $ 260,285 $ 770,489 $ 931,619

_______________________________

(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 Year Ended March 31,

(in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 2025 2026

Income-based incentive fees $ 3,377 $ 4,408 $ 5,334 $ 5,998 $ 7,105 $ 7,956 $ 22,845

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.

The table below shows a reconciliation of revenues to adjusted revenues.

Three Months Ended Year Ended March 31,

(in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 2025 2026

Total revenues $ 377,729 $ 364,287 $ 454,225 $ 586,511 $ 588,580 $ 1,174,830 $ 1,993,603

Unrealized carried interest allocations (21,177) (88,883) (147,813) (101,985) (201,031) (141,547) (539,712)

Deferred incentive fees (513) — 671 (1,544) (282) 1,938 (1,155)

Legacy Greenspring carried interest allocations

(61,306) (39,637) (27,143) 10,063 (81,994) (74,341) (138,711)

Management and advisory fee revenues for the Consolidated Funds(1)

1,261 1,567 1,972 1,201 414 3,475 5,154

Incentive fees for the Consolidated Funds(2)

(133) 133 430 254 154 5,364 971

Adjusted revenues $ 295,861 $ 237,467 $ 282,342 $ 494,500 $ 305,841 $ 969,719 $ 1,320,150

_______________________________

(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.

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 Year Ended March 31,

(in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 2025 2026

GAAP management and advisory fees, net $ 213,401 $ 211,173 $ 215,489 $ 239,932 $ 259,871 $ 767,014 $ 926,465

Adjustments(1)

1,261 1,567 1,972 1,201 414 3,475 5,154

Fee revenues $ 214,662 $ 212,740 $ 217,461 $ 241,133 $ 260,285 $ 770,489 $ 931,619

GAAP incentive fees $ 5,910 $ 190 $ 4,902 $ 207,954 $ 7,087 $ 32,275 $ 220,133

Adjustments(2)

(646) 133 1,101 (1,290) (128) 7,302 (184)

Adjusted incentive fees $ 5,264 $ 323 $ 6,003 $ 206,664 $ 6,959 $ 39,577 $ 219,949

GAAP cash-based compensation $ 85,510 $ 95,985 $ 100,348 $ 107,114 $ 110,700 $ 331,808 $ 414,147

Adjustments(3)

— (17) (17) — (59) (374) (93)

Adjusted cash-based compensation $ 85,510 $ 95,968 $ 100,331 $ 107,114 $ 110,641 $ 331,434 $ 414,054

GAAP equity-based compensation $ 126,197 $ 188,718 $ 884,470 $ 468,808 $ 200,061 $ 669,126 $ 1,742,057

Adjustments(4)

(123,263) (184,509) (880,154) (464,124) (193,974) (658,953) (1,722,761)

Adjusted equity-based compensation $ 2,934 $ 4,209 $ 4,316 $ 4,684 $ 6,087 $ 10,173 $ 19,296

GAAP general, administrative and other $ 43,152 $ 42,914 $ 45,292 $ 50,640 $ 48,408 $ 177,354 $ 187,254

Adjustments(5)

(11,015) (11,597) (11,111) (10,541) (10,185) (60,676) (43,434)

Adjusted general, administrative and other $ 32,137 $ 31,317 $ 34,181 $ 40,099 $ 38,223 $ 116,678 $ 143,820

GAAP realized investment income $ 3,379 $ 940 $ 2,516 $ 1,560 $ 2,677 $ 8,135 $ 7,693

Adjustments(6)

— — — — 11,194 — 11,194

Adjusted realized investment income $ 3,379 $ 940 $ 2,516 $ 1,560 $ 13,871 $ 8,135 $ 18,887

GAAP interest income $ 3,218 $ 2,496 $ 3,224 $ 2,455 $ 3,658 $ 10,850 $ 11,833

Adjustments(7)

(1,600) (998) (1,273) (4) (2,060) (4,757) (4,335)

Adjusted interest income $ 1,618 $ 1,498 $ 1,951 $ 2,451 $ 1,598 $ 6,093 $ 7,498

GAAP other income (loss) $ (31,024) $ 5,152 $ 1,978 $ (1,312) $ (5,121) $ (32,650) $ 697

Adjustments(8)

30,606 (4,159) (1,073) 660 5,066 31,335 494

Adjusted other income (loss) $ (418) $ 993 $ 905 $ (652) $ (55) $ (1,315) $ 1,191

______________________________

(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.

(5)Reflects the removal of amortization of intangibles, transaction-related costs, unrealized mark-to-market changes in fair value for contingent consideration obligation, the impact of consolidation of the Consolidated Funds and other non-core operating income and expenses.

(6)Reflects the realization of a seed capital investment in the StepStone Funds which is eliminated in consolidation.

(7)Reflects the removal of interest income earned by the Consolidated Funds.

(8)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 Year Ended March 31,

(in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 2025 2026

Income (loss) before income tax $ 9,950 (20,350) $ (675,826) $ (194,649) $ (344) $ (222,035) $ (891,169)

Net income attributable to non-controlling interests in subsidiaries(1)

(33,369) (30,725) (27,645) (115,887) (43,399) (102,897) (217,656)

Net (income) loss attributable to non-controlling interests in legacy Greenspring entities (2,934) (3,382) (1,313) 527 (777) 1,185 (4,945)

Unrealized carried interest allocations (21,177) (88,883) (147,813) (101,985) (201,031) (141,547) (539,712)

Unrealized performance fee-related compensation 27,777 44,357 88,727 69,050 140,091 94,272 342,225

Unrealized investment (income) loss (6,007) (9,572) 3,726 (8,268) (19,011) (6,961) (33,125)

Impact of Consolidated Funds (35,723) (24,407) (43,864) (18,944) 5,852 (59,613) (81,363)

Deferred incentive fees (513) — 671 (1,544) (282) 1,938 (1,155)

Equity-based compensation(2)

123,263 184,509 880,154 464,124 193,974 658,953 1,722,761

Amortization of intangibles 10,250 10,207 10,207 10,207 10,207 41,000 40,828

Tax Receivable Agreements adjustments through earnings (348) — (1,302) — 5,537 (348) 4,235

Non-core items(3)

32,474 686 99 106 6 50,054 897

Pre-tax ANI 103,643 62,440 85,821 102,737 90,823 314,001 341,821

Income taxes(4)

(23,040) (13,906) (19,112) (22,879) (21,364) (69,929) (77,261)

ANI 80,603 48,534 66,709 79,858 69,459 244,072 264,560

Income taxes(4)

23,040 13,906 19,112 22,879 21,364 69,929 77,261

Realized carried interest allocations (75,935) (24,404) (58,878) (46,703) (38,597) (159,653) (168,582)

Realized performance fee-related compensation

39,656 11,705 30,995 122,215 27,662 94,748 192,577

Adjusted realized investment income(5)

(3,379) (940) (2,516) (1,560) (13,871) (8,135) (18,887)

Adjusted incentive fees(6)

(5,264) (323) (6,003) (206,664) (6,959) (39,577) (219,949)

Adjusted interest income(7)

(1,618) (1,498) (1,951) (2,451) (1,598) (6,093) (7,498)

Interest expense 3,191 4,534 4,425 5,123 4,420 12,701 18,502

Adjusted other (income) loss(8)

418 (993) (905) 652 55 1,315 (1,191)

Net income attributable to non-controlling interests in subsidiaries(1)

33,369 30,725 27,645 115,887 43,399 102,897 217,656

FRE $ 94,081 $ 81,246 $ 78,633 $ 89,236 $ 105,334 $ 312,204 $ 354,449

_______________________________

(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:

Three Months Ended Year Ended March 31,

(in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 2025 2026

FRE attributable to non-controlling interests in subsidiaries and profits interests

$ 30,451 $ 26,672 $ 24,791 $ 32,280 $ 39,988 $ 79,791 $ 123,731

Performance related earnings / other income (loss) attributable to non-controlling interests in subsidiaries and profits interests

2,918 4,053 2,854 83,607 3,411 23,106 93,925

Net income attributable to non-controlling interests in subsidiaries and profits interests

$ 33,369 $ 30,725 $ 27,645 $ 115,887 $ 43,399 $ 102,897 $ 217,656

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 Year Ended March 31,

(in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 2025 2026

FRE attributable to profits interests issued in the private wealth subsidiary $ 6,399 $ 8,469 $ 10,103 $ 14,354 $ 19,530 $ 11,980 $ 52,456

Performance related earnings / other income (loss) attributable to profits interests issued in the private wealth subsidiary (224) (14) 31 83,172 601 11,170 83,790

Net income attributable to profits interests issued in the private wealth subsidiary

$ 6,175 $ 8,455 $ 10,134 $ 97,526 $ 20,131 $ 23,150 $ 136,246

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 Year Ended March 31,

(in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 2025 2026

FRE attributable to non-controlling interests in subsidiaries

$ 24,052 $ 18,203 $ 14,688 $ 17,926 $ 20,458 $ 67,811 $ 71,275

Performance related earnings / other income (loss) attributable to non-controlling interests in subsidiaries

3,142 4,067 2,823 435 2,810 11,936 10,135

Net income attributable to non-controlling interests in subsidiaries

$ 27,194 $ 22,270 $ 17,511 $ 18,361 $ 23,268 $ 79,747 $ 81,410

(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.

(3)Includes (income) expense related to the following non-core operating income and expenses:

Three Months Ended Year Ended March 31,

(in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 2025 2026

Transaction costs $ 179 $ 605 $ 24 $ 47 $ — $ 1,003 $ 676

(Gain) loss on change in fair value for contingent consideration obligation (205) 64 58 59 54 16,112 235

Compensation paid to certain employees as part of an acquisition earn-out — — — — — 409 —

Unrealized amounts associated with cash-based incentive awards tracked to investment funds — 17 17 — 72 — 106

Gain realized upon vesting of cash-based incentive awards tracked to investment funds — — — — (107) — (107)

Unrealized amounts associated with deferred compensation liability adjustments — — — — (13) — (13)

Loss on payment made in connection with private wealth fund secondary transaction 32,500 — — — — 32,500 —

Other non-core items — — — — — 30 —

Total non-core operating income and expenses $ 32,474 $ 686 $ 99 $ 106 $ 6 $ 50,054 $ 897

(4)Represents corporate income taxes at a blended statutory rate applied to pre-tax ANI:

Three Months Ended Year Ended March 31,

March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 2025 2026

Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 %

Combined state, local and foreign rate 1.2 % 1.3 % 1.3 % 1.3 % 2.5 % 1.3 % 1.6 %

Blended statutory rate 22.2 % 22.3 % 22.3 % 22.3 % 23.5 % 22.3 % 22.6 %

(5)Reflects the realization of a seed capital investment in the StepStone Funds which is eliminated in consolidation.

(6)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.

(7)Reflects the removal of interest income earned by the Consolidated Funds.

(8)Reflects the removal of Tax Receivable Agreements adjustments recognized as other income (loss) ($(5.5) million for the three months ended March 31, 2026, $1.3 million for the three months ended September 30, 2025, $0.3 million for the three months ended March 31, 2025, and $(4.2) million and $0.3 million in fiscal 2026 and fiscal 2025, respectively), 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 in fiscal 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 Year Ended March 31,

(in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 2025 2026

FRE $ 94,081 $ 81,246 $ 78,633 $ 89,236 $ 105,334 $ 312,204 $ 354,449

Fee revenues 214,662 212,740 217,461 241,133 260,285 770,489 931,619

FRE margin 44 % 38 % 36 % 37 % 40 % 41 % 38 %

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 Year Ended March 31,

(in thousands) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 2025 2026

Incentive fees $ 5,910 $ 190 $ 4,902 $ 207,954 $ 7,087 $ 32,275 $ 220,133

Realized carried interest allocations

75,935 24,404 58,878 46,703 38,597 159,653 168,582

Unrealized carried interest allocations 21,177 88,883 147,813 101,985 201,031 141,547 539,712

Legacy Greenspring carried interest allocations 61,306 39,637 27,143 (10,063) 81,994 74,341 138,711

Total performance fees 164,328 153,114 238,736 346,579 328,709 407,816 1,067,138

Unrealized carried interest allocations (21,177) (88,883) (147,813) (101,985) (201,031) (141,547) (539,712)

Legacy Greenspring carried interest allocations (61,306) (39,637) (27,143) 10,063 (81,994) (74,341) (138,711)

Incentive fee revenues for the Consolidated Funds(1)

(133) 133 430 254 154 5,364 971

Deferred incentive fees (513) — 671 (1,544) (282) 1,938 (1,155)

Gross realized performance fees 81,199 24,727 64,881 253,367 45,556 199,230 388,531

Realized performance fee-related compensation

(39,656) (11,705) (30,995) (122,215) (27,662) (94,748) (192,577)

PRE $ 41,543 $ 13,022 $ 33,886 $ 131,152 $ 17,894 $ 104,482 $ 195,954

_______________________________

(1)Reflects the add back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation.

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 Year Ended March 31,

March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 2025 2026

ANI $ 80,603 $ 48,534 $ 66,709 $ 79,858 $ 69,459 $ 244,072 $ 264,560

Weighted-average shares of Class A common stock outstanding – Basic 75,975,770 77,846,710 78,561,587 79,465,039 80,297,984 71,142,916 79,039,229

Assumed vesting of RSUs 270,492 347,813 509,007 590,042 320,535 590,645 442,772

Assumed vesting and exchange of Class B2 units(1)

— — — — — 431,851 —

Assumed purchase under ESPP — — — — 349 529 86

Exchange of Class B units in the Partnership(1)

40,122,028 39,608,270 39,500,159 39,094,629 39,013,494 43,233,005 39,304,897

Exchange of Class C units in the Partnership(1)

965,761 960,025 947,580 931,103 931,103 1,365,647 942,467

Exchange of Class D units in the Partnership(1)

1,535,060 3,530,125 2,944,261 2,509,417 1,917,870 2,007,849 2,727,638

Adjusted weighted-average shares 118,869,111 122,292,943 122,462,594 122,590,230 122,481,335 118,772,442 122,457,089

ANI per share $ 0.68 $ 0.40 $ 0.54 $ 0.65 $ 0.57 $ 2.05 $ 2.16

_______________________________

(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.

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 Year Ended March 31, Percentage Change

(in millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 2025 2026 vs. FQ4'25

Separately Managed Accounts

Beginning balance $ 69,974 $ 73,174 $ 76,708 $ 78,207 $ 80,328 $ 58,897 $ 73,174 15 %

Contributions(1)

3,874 3,013 2,559 2,627 2,637 16,715 10,836 (32) %

Distributions(2)

(1,225) (1,010) (725) (1,117) (1,584) (3,590) (4,436) 29 %

Market value, FX and other(3)

551 1,531 (335) 611 434 1,152 2,241 (21) %

Ending balance $ 73,174 $ 76,708 $ 78,207 $ 80,328 $ 81,815 $ 73,174 $ 81,815 12 %

Focused Commingled Funds

Beginning balance $ 44,192 $ 48,216 $ 50,511 $ 54,584 $ 58,223 $ 34,961 $ 48,216 32 %

Contributions(1)

3,403 2,022 3,547 3,245 4,494 13,698 13,308 32 %

Distributions(2)

(313) (392) (580) (547) (1,252) (1,938) (2,771) 300 %

Market value, FX and other(3)

934 665 1,106 941 767 1,495 3,479 (18) %

Ending balance $ 48,216 $ 50,511 $ 54,584 $ 58,223 $ 62,232 $ 48,216 $ 62,232 29 %

Total

Beginning balance $ 114,166 $ 121,390 $ 127,219 $ 132,791 $ 138,551 $ 93,858 $ 121,390 21 %

Contributions(1)

7,277 5,035 6,106 5,872 7,131 30,413 24,144 (2) %

Distributions(2)

(1,538) (1,402) (1,305) (1,664) (2,836) (5,528) (7,207) 84 %

Market value, FX and other(3)

1,485 2,196 771 1,552 1,201 2,647 5,720 (19) %

Ending balance $ 121,390 $ 127,219 $ 132,791 $ 138,551 $ 144,047 $ 121,390 $ 144,047 19 %

_______________________________

(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.

Asset Class Summary

Three Months Ended Percentage Change

(in millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 vs. FQ4'25

FEAUM

Private equity $ 65,007 $ 66,428 $ 69,932 $ 73,193 $ 75,626 16%

Infrastructure 23,830 26,090 27,007 27,897 30,745 29%

Private debt 19,517 21,435 22,443 23,882 24,797 27%

Real estate 13,036 13,266 13,409 13,579 12,879 (1)%

Total $ 121,390 $ 127,219 $ 132,791 $ 138,551 $ 144,047 19%

Separately managed accounts $ 73,174 $ 76,708 $ 78,207 $ 80,328 $ 81,815 12%

Focused commingled funds 48,216 50,511 54,584 58,223 62,232 29%

Total $ 121,390 $ 127,219 $ 132,791 $ 138,551 $ 144,047 19%

AUM(1)

Private equity $ 95,937 $ 100,540 $ 106,408 $ 112,190 $ 119,698 25%

Infrastructure 37,026 40,087 42,437 44,624 47,569 28%

Private debt 37,133 39,242 40,438 42,269 45,587 23%

Real estate 19,284 19,445 19,864 20,716 20,493 6%

Total $ 189,380 $ 199,314 $ 209,147 $ 219,799 $ 233,347 23%

Separately managed accounts $ 114,806 $ 120,649 $ 124,991 $ 130,111 $ 136,133 19%

Focused commingled funds 59,410 62,672 68,014 73,375 80,807 36%

Advisory AUM 15,164 15,993 16,142 16,313 16,407 8%

Total $ 189,380 $ 199,314 $ 209,147 $ 219,799 $ 233,347 23%

AUA

Private equity $ 262,884 $ 262,472 $ 283,034 $ 301,403 $ 341,289 30%

Infrastructure 69,027 71,126 78,762 86,955 94,706 37%

Private debt 19,726 20,874 23,402 24,173 25,918 31%

Real estate 168,047 169,679 176,357 178,810 189,892 13%

Total $ 519,684 $ 524,151 $ 561,555 $ 591,341 $ 651,805 25%

Total capital responsibility(2)

$ 709,064 $ 723,465 $ 770,702 $ 811,140 $ 885,152 25%

_____________________________

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).

Contacts

Shareholder Relations:

Seth Weiss

shareholders@stepstonegroup.com

1-212-351-6106

Media:

Jordan Niezelski / Maggie Duffy

Edelman

StepStone@edifi-dje.com

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 March 31, 2026 reflects final data for the prior period (December 31, 2025), adjusted for net new client account activity through March 31, 2026. NAV data for underlying investments is as of December 31, 2025, as reported by underlying managers up to the business day occurring on or after 115 days following December 31, 2025. When NAV data is not available by the business day occurring on or after 115 days following December 31, 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 March 31, 2026 reflects final data for the prior period (December 31, 2025), adjusted for net new client account activity through March 31, 2026. NAV data for underlying investments is as of December 31, 2025, as reported by underlying managers up to the business day occurring on or after 115 days following December 31, 2025. When NAV data is not available by the business day occurring on or after 115 days following December 31, 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.

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.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

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No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

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Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

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Namespace Prefix:

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