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StepStone Group
StepStone Group (STEP) investor relations material
StepStone Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Feb, 2026
Executive summary
Reported a GAAP net loss of $123.5 million for the quarter, primarily due to fair value changes in private wealth profits interests, but improved from a $192 million loss in the prior year.
Achieved record core fee-related earnings and strong performance fees, with total revenues for the quarter rising 73% year-over-year to $586.5 million.
Assets under management (AUM) reached $220 billion, up 23% year-over-year, and fee-earning AUM (FEAUM) grew to $138.6 billion, up 21% year-over-year.
Declared a quarterly cash dividend of $0.28 per share, payable March 13, 2026, and announced a supplemental dividend of $0.40 per share for fiscal years 2024 and 2025.
Private wealth platform expanded to $15 billion, with over $2.2 billion in new subscriptions in the quarter.
Financial highlights
Fee revenues for the quarter were $241.1 million, up 26% year-over-year; fee-related earnings (FRE) reached $89.2 million, up 20% year-over-year, with a FRE margin of 37%.
Adjusted net income (ANI) for the quarter was $79.9 million ($0.65 per share), up 52% year-over-year.
Gross realized performance fees for the quarter were $253.4 million, up 387% year-over-year, driven by strong incentive fees from Spring and Private Venture and Growth Funds.
Net accrued carry ended at $875 million, with gross accrued unrealized carried interest at $1.84 billion.
Management and advisory fees, net, increased 26% year-over-year to $239.9 million.
Outlook and guidance
Management expects continued growth in AUM and FEAUM, supported by new client activity, private wealth expansion, and a robust pipeline of new capital commitments.
Anticipates next year’s Spring incentive fees to moderate if returns normalize to mid-teens.
Several new funds are in market or launching soon, targeting modest growth over prior vintages.
No significant impact is expected from recent U.S. tax law changes for the fiscal year ending March 31, 2026.
What drove the FEAUM contributions decline?
Explain real estate FEAUM vs AUA growth rates?
Why did FRE margin decline despite fee revenue growth?
AI disruption risk: portfolio construction strategy
SPRING performance: direct vs. LP secondaries
Commingled funds: rationale for modest growth
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Next StepStone Group earnings date
Q4 202622 May, 2026
StepStone Group
Next StepStone Group earnings date
Q4 202622 May, 2026
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Frequently asked questions
StepStone Group Inc. is an investment firm specializing in direct, fund of funds, secondary direct, and secondary indirect investments in private equity funds. It also offers portfolio management and analytics services to limited partners, pension plans, endowments and institutions, financial advisers, and trusts.
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