StepStone Group Reports Second Quarter Fiscal Year 2027 Results

NEW YORK, Nov. 05, 2026 (GLOBE NEWSWIRE) — StepStone Group Inc. (Nasdaq: STEP) (“we,” “us,” or the “Company”), a global private markets investment firm focused on providing customized investment solutions and advisory and data services, today reported results for the quarter ended September 30, 2026. This represents results for the second quarter of the fiscal year ending March 31, 2027. The Board of Directors of the Company has declared a quarterly cash dividend of $0.33 per share of Class A common stock, payable on December 15, 2026, to the holders of record as of the close of business on November 30, 2026.

StepStone issued a full detailed presentation of its second quarter fiscal 2027 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, Thursday, November 5, 2026, at 5:00 pm ET to discuss the Company’s results for the second quarter of the fiscal year ending March 31, 2027. 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/BI36eb874450a245fbb866f54cd2e0216c. 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 September 30, 2026, StepStone was responsible for approximately $958 billion of total capital, including $261 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, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, 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 27, 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															Six Months Ended September 30,						Percentage Change
(in thousands, except share and per share amounts and where noted)	September 30, 2025			December 31, 2025			March 31, 2026			June 30, 2026			September 30, 2026				2025			2026		vs. FQ2’26		vs. FQ2’26 YTD
Financial Highlights
GAAP Results
Management and advisory fees, net	$	215,489		$	239,932		$	259,871		$	269,171		$	293,149		$	426,662		$	562,320		36	%	32	%
Total revenues		454,225			586,511			588,580			378,889			773,144			818,512			1,152,033		70	%	41	%
Total performance fees		238,736			346,579			328,709			109,718			479,995			391,850			589,713		101	%	50	%
Net income (loss)		(575,490	)		(162,435	)		6,660			(170,366	)		65,416			(587,501	)		(104,950	)	na		(82)%
Net loss per share of Class A common stock:
Basic	$	(4.66	)	$	(1.55	)	$	(0.10	)	$	(1.41	)	$	(0.87	)	$	(5.17	)	$	(2.28	)	(81)%		(56)%
Diluted	$	(4.66	)	$	(1.55	)	$	(0.10	)	$	(1.41	)	$	(0.87	)	$	(5.17	)	$	(2.28	)	(81)%		(56)%
Weighted-average shares of Class A common stock:
Basic		78,561,587			79,465,039			80,297,984			81,995,674			82,293,951			78,206,102			82,145,627		5	%	5	%
Diluted		78,561,587			79,465,039			80,297,984			81,995,674			82,293,951			78,206,102			82,145,627		5	%	5	%
Quarterly dividend per share of Class A common stock⁽¹⁾	$	0.28		$	0.28		$	0.28		$	0.28		$	0.33		$	0.52		$	0.61		18	%	17	%
Supplemental dividend per share of Class A common stock⁽²⁾	$	—		$	—		$	—		$	0.55		$	—		$	0.40		$	0.55		na		38	%
Accrued carried interest allocations		1,733,922			1,835,862			2,036,892			2,080,443			2,383,351								37	%

Non-GAAP Results⁽³⁾
Fee revenues	$	217,461		$	241,133		$	260,285		$	270,934		$	297,604		$	430,201		$	568,538		37	%	32	%
Adjusted revenues		282,342			494,500			305,841			300,595			362,713			519,809			663,308		28	%	28	%
Fee-related earnings (“FRE”)		78,633			89,236			105,334			105,609			126,209			159,879			231,818		61	%	45	%
FRE margin		36	%		37	%		40	%		39	%		42	%		37	%		41	%
Gross realized performance fees		64,881			253,367			45,556			29,661			65,109			89,608			94,770		—	%	6	%
Performance fee-related earnings (“PRE”)		33,886			131,152			17,894			15,799			32,301			46,908			48,100		(5)%		3	%
Adjusted net income (“ANI”)		66,709			79,858			69,459			60,295			82,944			115,243			143,239		24	%	24	%
Adjusted weighted-average shares		122,462,594			122,590,230			122,481,335			125,893,054			125,474,770			122,378,231			125,682,770		2	%	3	%
ANI per share	$	0.54		$	0.65		$	0.57		$	0.48		$	0.66		$	0.94		$	1.14		22	%	21	%

Key Business Drivers/Operating Metrics(in billions)
Assets under management (“AUM”)⁽⁴⁾	$	209.1		$	219.8		$	233.3		$	245.4		$	261.0								25	%
Assets under advisement (“AUA”)⁽⁴⁾		561.6			591.3			651.8			667.9			697.2								24	%
Fee-earning AUM (“FEAUM”)		132.8			138.6			144.0			153.6			158.2								19	%
Undeployed fee-earning capital (“UFEC”)		29.8			32.7			40.1			39.3			42.4								42	%
_______________________________ (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 2025 and 2026, 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 Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share amounts)
	As of
	September 30, 2026			March 31, 2026
Assets
Cash and cash equivalents	$	297,038		$	213,065
Restricted cash		1,227			579
Fees and accounts receivable		87,937			133,287
Due from affiliates		162,507			113,150
Investments:
Investments in funds		285,964			249,447
Accrued carried interest allocations		2,383,351			2,036,892
Legacy Greenspring investments in funds and accrued carried interest allocations⁽¹⁾		887,830			752,776
Deferred income tax assets		696,522			614,788
Lease right-of-use assets, net		140,075			81,565
Other assets and receivables		63,084			58,946
Intangibles, net		202,665			223,044
Goodwill		580,542			580,542
Assets of Consolidated Funds		3,468,923			1,704,621
Total assets	$	9,257,665		$	6,762,702
Liabilities and stockholders’ equity
Accounts payable, accrued expenses and other liabilities	$	89,496		$	102,685
Accrued compensation and benefits		3,055,602			2,360,770
Accrued carried interest-related compensation		1,355,953			1,100,604
Legacy Greenspring accrued carried interest-related compensation⁽¹⁾		759,764			619,186
Due to affiliates		368,722			362,833
Lease liabilities		162,545			103,600
Debt obligations		286,224			270,572
Liabilities of Consolidated Funds		1,617,382			956,426
Total liabilities		7,695,688			5,876,676
Redeemable non-controlling interests in Consolidated Funds		310,327			186,236
Redeemable non-controlling interests in subsidiaries		10,155			8,777
Stockholders’ equity:
Class A common stock, $0.001 par value, 650,000,000 authorized; 82,475,390 and 80,703,553 issued and outstanding as of September 30, 2026 and March 31, 2026, respectively		82			81
Class B common stock, $0.001 par value, 125,000,000 authorized; 38,326,745 and 38,637,761 issued and outstanding as of September 30, 2026 and March 31, 2026, respectively		38			39
Additional paid-in capital		542,240			482,057
Accumulated deficit		(1,181,355	)		(896,879	)
Accumulated other comprehensive income		1,381			1,143
Total StepStone Group Inc. stockholders’ equity		(637,614	)		(413,559	)
Non-controlling interests in subsidiaries		2,306,036			1,373,242
Non-controlling interests in legacy Greenspring entities⁽¹⁾		128,066			133,590
Non-controlling interests in the Partnership		(554,993	)		(402,260	)
Total stockholders’ equity		1,241,495			691,013
Total liabilities and stockholders’ equity	$	9,257,665		$	6,762,702
(1) Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests.

StepStone Group Inc. GAAP Condensed Consolidated Statements of Loss (Unaudited) (in thousands, except share and per share amounts)
	Three Months Ended September 30,						Six Months Ended September 30,
		2026			2025			2026			2025
Revenues
Management and advisory fees, net	$	293,149		$	215,489		$	562,320		$	426,662
Performance fees:
Incentive fees		2,495			4,902			2,495			5,092
Carried interest allocations:
Realized		60,795			58,878			89,367			83,282
Unrealized		301,710			147,813			345,685			236,696
Total carried interest allocations		362,505			206,691			435,052			319,978
Legacy Greenspring carried interest allocations⁽¹⁾		114,995			27,143			152,166			66,780
Total performance fees		479,995			238,736			589,713			391,850
Total revenues		773,144			454,225			1,152,033			818,512
Expenses
Compensation and benefits:
Cash-based compensation		121,402			100,348			238,636			196,333
Equity-based compensation		378,816			884,470			696,093			1,073,188
Performance fee-related compensation:
Realized		32,808			30,995			46,670			42,700
Unrealized		211,049			88,727			255,735			133,084
Total performance fee-related compensation		243,857			119,722			302,405			175,784
Legacy Greenspring performance fee-related compensation⁽¹⁾		114,995			27,143			152,166			66,780
Total compensation and benefits		859,070			1,131,683			1,389,300			1,512,085
General, administrative and other		58,495			45,292			111,964			88,206
Total expenses		917,565			1,176,975			1,501,264			1,600,291
Other income (expense)
Investment income (loss)		21,114			(1,210	)		31,937			9,302
Legacy Greenspring investment income (loss)⁽¹⁾		3,172			1,313			(2,075	)		4,695
Investment income of Consolidated Funds		210,119			46,044			212,963			67,715
Interest income		2,397			3,224			7,118			5,720
Interest expense		(23,515	)		(4,425	)		(27,853	)		(8,959	)
Other income (loss)		(20,838	)		1,978			(25,081	)		7,130
Total other income		192,449			46,924			197,009			85,603
Income (loss) before income tax		48,028			(675,826	)		(152,222	)		(696,176	)
Income tax benefit		(17,388	)		(100,336	)		(47,272	)		(108,675	)
Net income (loss)		65,416			(575,490	)		(104,950	)		(587,501	)
Less: Net income attributable to non-controlling interests in subsidiaries		174,263			9,242			196,994			37,859
Less: Net income (loss) attributable to non-controlling interests in legacy Greenspring entities⁽¹⁾		3,172			1,313			(2,075	)		4,695
Less: Net loss attributable to non-controlling interests in the Partnership		(50,416	)		(259,946	)		(126,550	)		(287,068	)
Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds		8,672			39,659			12,335			60,616
Less: Net income attributable to redeemable non-controlling interests in subsidiaries		941			384			1,378			963
Net loss attributable to StepStone Group Inc.	$	(71,216	)	$	(366,142	)	$	(187,032	)	$	(404,566	)
Net loss per share of Class A common stock:
Basic	$	(0.87	)	$	(4.66	)	$	(2.28	)	$	(5.17	)
Diluted	$	(0.87	)	$	(4.66	)	$	(2.28	)	$	(5.17	)
Weighted-average shares of Class A common stock:
Basic		82,293,951			78,561,587			82,145,627			78,206,102
Diluted		82,293,951			78,561,587			82,145,627			78,206,102
(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										Six Months Ended September 30,
(in thousands)	September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026		September 30, 2026			2025		2026
Focused commingled funds⁽¹⁾⁽²⁾	$	127,085	$	144,277	$	160,769	$	172,483	$	194,360	$	247,121	$	366,843
Separately managed accounts		71,685		75,226		76,339		75,278		78,798		142,064		154,076
Advisory and other services⁽¹⁾		16,259		18,395		19,998		19,476		20,914		36,198		40,390
Fund reimbursement revenues⁽¹⁾		2,432		3,235		3,179		3,697		3,532		4,818		7,229
Fee revenues	$	217,461	$	241,133	$	260,285	$	270,934	$	297,604	$	430,201	$	568,538
_______________________________ (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										Six Months Ended September 30,
(in thousands)	September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026		September 30, 2026			2025		2026
Income-based incentive fees	$	5,334	$	5,998	$	7,105	$	6,998	$	8,949	$	9,742	$	15,947

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															Six Months Ended September 30,
(in thousands)	September 30, 2025			December 31, 2025			March 31, 2026			June 30, 2026			September 30, 2026				2025			2026
Total revenues	$	454,225		$	586,511		$	588,580		$	378,889		$	773,144		$	818,512		$	1,152,033
Unrealized carried interest allocations		(147,813	)		(101,985	)		(201,031	)		(43,975	)		(301,710	)		(236,696	)		(345,685	)
Deferred incentive fees		671			(1,544	)		(282	)		—			903			671			903
Legacy Greenspring carried interest allocations		(27,143	)		10,063			(81,994	)		(37,171	)		(114,995	)		(66,780	)		(152,166	)
Management and advisory fee revenues for the Consolidated Funds⁽¹⁾		1,972			1,201			414			1,763			4,455			3,539			6,218
Incentive fees for the Consolidated Funds⁽²⁾		430			254			154			1,089			916			563			2,005
Adjusted revenues	$	282,342		$	494,500		$	305,841		$	300,595		$	362,713		$	519,809		$	663,308
_______________________________ (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 profits interest issued by our non-wholly owned subsidiaries and unrealized mark-to-market changes in the fair value of the profits interest 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 interest 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 profits interest issued by our non-wholly owned subsidiaries and unrealized mark-to-market changes in the fair value of the profits interest 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 above). 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															Six Months Ended September 30,
(in thousands)	September 30, 2025			December 31, 2025			March 31, 2026			June 30, 2026			September 30, 2026				2025			2026
GAAP management and advisory fees, net	$	215,489		$	239,932		$	259,871		$	269,171		$	293,149		$	426,662		$	562,320
Adjustments⁽¹⁾		1,972			1,201			414			1,763			4,455			3,539			6,218
Fee revenues	$	217,461		$	241,133		$	260,285		$	270,934		$	297,604		$	430,201		$	568,538

GAAP incentive fees	$	4,902		$	207,954		$	7,087		$	—		$	2,495		$	5,092		$	2,495
Adjustments⁽²⁾		1,101			(1,290	)		(128	)		1,089			1,819			1,234			2,908
Adjusted incentive fees	$	6,003		$	206,664		$	6,959		$	1,089		$	4,314		$	6,326		$	5,403

GAAP cash-based compensation	$	100,348		$	107,114		$	110,700		$	117,234		$	121,402		$	196,333		$	238,636
Adjustments⁽³⁾		(17	)		—			(59	)		(70	)		37			(34	)		(33	)
Adjusted cash-based compensation	$	100,331		$	107,114		$	110,641		$	117,164		$	121,439		$	196,299		$	238,603

GAAP equity-based compensation	$	884,470		$	468,808		$	200,061		$	317,277		$	378,816		$	1,073,188		$	696,093
Adjustments⁽⁴⁾		(880,154	)		(464,124	)		(193,974	)		(310,650	)		(372,579	)		(1,064,663	)		(683,229	)
Adjusted equity-based compensation	$	4,316		$	4,684		$	6,087		$	6,627		$	6,237		$	8,525		$	12,864

GAAP general, administrative and other	$	45,292		$	50,640		$	48,408		$	53,469		$	58,495		$	88,206		$	111,964
Adjustments⁽⁵⁾		(11,111	)		(10,541	)		(10,185	)		(11,935	)		(14,776	)		(22,708	)		(26,711	)
Adjusted general, administrative and other	$	34,181		$	40,099		$	38,223		$	41,534		$	43,719		$	65,498		$	85,253

GAAP realized investment income	$	2,516		$	1,560		$	2,677		$	1,557		$	5,292		$	3,456		$	6,849
Adjustments⁽⁶⁾		—			—			11,194			—			—			—			—
Adjusted realized investment income	$	2,516		$	1,560		$	13,871		$	1,557		$	5,292		$	3,456		$	6,849

GAAP interest income	$	3,224		$	2,455		$	3,658		$	4,721		$	2,397		$	5,720		$	7,118
Adjustments⁽⁷⁾		(1,273	)		(4	)		(2,060	)		(3,256	)		(640	)		(2,271	)		(3,896	)
Adjusted interest income	$	1,951		$	2,451		$	1,598		$	1,465		$	1,757		$	3,449		$	3,222

GAAP interest expense	$	(4,425	)	$	(5,123	)	$	(4,420	)	$	(4,338	)	$	(23,515	)	$	(8,959	)	$	(27,853	)
Adjustments⁽⁸⁾		—			—			—			—			19,013			—			19,013
Adjusted interest expense	$	(4,425	)	$	(5,123	)	$	(4,420	)	$	(4,338	)	$	(4,502	)	$	(8,959	)	$	(8,840	)

GAAP other income (loss)	$	1,978		$	(1,312	)	$	(5,121	)	$	(4,243	)	$	(20,838	)	$	7,130		$	(25,081	)
Adjustments⁽⁹⁾		(1,073	)		660			5,066			3,639			20,216			(5,232	)		23,855
Adjusted other income (loss)	$	905		$	(652	)	$	(55	)	$	(604	)	$	(622	)	$	1,898		$	(1,226	)
______________________________ (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 unrealized amounts associated with cash-based incentive awards tracked to the performance of a designated investment fund and unrealized amounts associated with deferred compensation plan liability adjustments. (4) Reflects the removal of equity-based compensation for profits interest issued by our non-wholly owned subsidiaries and unrealized mark-to-market changes in the fair value of the profits interest 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 interest expense incurred by the Consolidated Funds. (9) Reflects the removal of amounts for Tax Receivable Agreements adjustments recognized as other income (loss), unrealized amounts associated with deferred compensation plan asset adjustments 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															Six Months Ended September 30,
(in thousands)	September 30, 2025			December 31, 2025			March 31, 2026			June 30, 2026			September 30, 2026				2025			2026
Income (loss) before income tax	$	(675,826	)	$	(194,649	)	$	(344	)	$	(200,250	)	$	48,028		$	(696,176	)	$	(152,222	)
Net income attributable to non-controlling interests in subsidiaries⁽¹⁾		(27,645	)		(115,887	)		(43,399	)		(41,585	)		(53,269	)		(58,370	)		(94,854	)
Net (income) loss attributable to non-controlling interests in legacy Greenspring entities		(1,313	)		527			(777	)		5,247			(3,172	)		(4,695	)		2,075
Unrealized carried interest allocations		(147,813	)		(101,985	)		(201,031	)		(43,975	)		(301,710	)		(236,696	)		(345,685	)
Unrealized performance fee-related compensation		88,727			69,050			140,091			44,686			211,049			133,084			255,735
Unrealized investment (income) loss		3,726			(8,268	)		(19,011	)		(9,266	)		(15,822	)		(5,846	)		(25,088	)
Impact of Consolidated Funds		(43,864	)		(18,944	)		5,852			1,912			(161,586	)		(68,271	)		(159,674	)
Deferred incentive fees		671			(1,544	)		(282	)		—			903			671			903
Equity-based compensation⁽²⁾		880,154			464,124			193,974			310,650			372,579			1,064,663			683,229
Amortization of intangibles		10,207			10,207			10,207			10,190			10,190			20,414			20,380
Tax Receivable Agreements adjustments through earnings		(1,302	)		—			5,537			—			—			(1,302	)		—
Non-core items⁽³⁾		99			106			6			294			(24	)		785			270
Pre-tax ANI		85,821			102,737			90,823			77,903			107,166			148,261			185,069
Income taxes⁽⁴⁾		(19,112	)		(22,879	)		(21,364	)		(17,608	)		(24,222	)		(33,018	)		(41,830	)
ANI		66,709			79,858			69,459			60,295			82,944			115,243			143,239
Income taxes⁽⁴⁾		19,112			22,879			21,364			17,608			24,222			33,018			41,830
Realized carried interest allocations		(58,878	)		(46,703	)		(38,597	)		(28,572	)		(60,795	)		(83,282	)		(89,367	)
Realized performance fee-related compensation		30,995			122,215			27,662			13,862			32,808			42,700			46,670
Adjusted realized investment income⁽⁵⁾		(2,516	)		(1,560	)		(13,871	)		(1,557	)		(5,292	)		(3,456	)		(6,849	)
Adjusted incentive fees⁽⁶⁾		(6,003	)		(206,664	)		(6,959	)		(1,089	)		(4,314	)		(6,326	)		(5,403	)
Adjusted interest income⁽⁷⁾		(1,951	)		(2,451	)		(1,598	)		(1,465	)		(1,757	)		(3,449	)		(3,222	)
Adjusted interest expense⁽⁸⁾		4,425			5,123			4,420			4,338			4,502			8,959			8,840
Adjusted other (income) loss⁽⁹⁾		(905	)		652			55			604			622			(1,898	)		1,226
Net income attributable to non-controlling interests in subsidiaries⁽¹⁾		27,645			115,887			43,399			41,585			53,269			58,370			94,854
FRE	$	78,633		$	89,236		$	105,334		$	105,609		$	126,209		$	159,879		$	231,818
_______________________________ (1) Reflects the portion of pre-tax ANI attributable to non-controlling interests in our subsidiaries and realized gains attributable to the profits interest issued in the private wealth subsidiary:

	Three Months Ended										Six Months Ended September 30,
(in thousands)	September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026		September 30, 2026			2025		2026
FRE attributable to non-controlling interests in subsidiaries and profits interest	$	24,791	$	32,280	$	39,988	$	39,678	$	49,642	$	51,463	$	89,320
Performance-related earnings / other income (loss) attributable to non-controlling interests in subsidiaries and profits interest		2,854		83,607		3,411		1,907		3,627		6,907		5,534
Net income attributable to non-controlling interests in subsidiaries and profits interest	$	27,645	$	115,887	$	43,399	$	41,585	$	53,269	$	58,370	$	94,854

The contribution to pre-tax ANI attributable to non-controlling interests in subsidiaries and profits interest and performance-related earnings / other income (loss) attributable to non-controlling interests in subsidiaries and profits interest presented above specifically related to the profits interest issued in the private wealth subsidiary is presented below.

	Three Months Ended										Six Months Ended September 30,
(in thousands)	September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026		September 30, 2026			2025		2026
FRE attributable to profits interest issued in the private wealth subsidiary	$	10,103	$	14,354	$	19,530	$	23,908	$	29,596	$	18,572	$	53,504
Performance-related earnings / other income (loss) attributable to profits interest issued in the private wealth subsidiary		31		83,172		601		535		440		17		975
Net income attributable to profits interest issued in the private wealth subsidiary	$	10,134	$	97,526	$	20,131	$	24,443	$	30,036	$	18,589	$	54,479

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 interest issued in the private wealth subsidiary is presented below.

	Three Months Ended										Six Months Ended September 30,
(in thousands)	September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026		September 30, 2026			2025		2026
FRE attributable to non-controlling interests in subsidiaries	$	14,688	$	17,926	$	20,458	$	15,770	$	20,046	$	32,891	$	35,816
Performance-related earnings / other income (loss) attributable to non-controlling interests in subsidiaries		2,823		435		2,810		1,372		3,187		6,890		4,559
Net income attributable to non-controlling interests in subsidiaries	$	17,511	$	18,361	$	23,268	$	17,142	$	23,233	$	39,781	$	40,375

(2) Reflects equity-based compensation for profits interest issued by our non-wholly owned subsidiaries and unrealized mark-to-market changes in the fair value of the profits interest issued in the private wealth subsidiary.
(3) Includes (income) expense related to the following non-core operating income and expenses:

	Three Months Ended													Six Months Ended September 30,
(in thousands)	September 30, 2025		December 31, 2025		March 31, 2026			June 30, 2026			September 30, 2026				2025		2026
Transaction costs	$	24	$	47	$	—		$	235		$	—		$	629	$	235
Loss on change in fair value for contingent consideration obligation		58		59		54			—			—			122		—
Unrealized amounts associated with cash-based incentive awards tracked to investment funds		17		—		72			6			(45	)		34		(39	)
Gain realized upon vesting of cash-based incentive awards tracked to investment funds		—		—		(107	)		—			—			—		—
Unrealized amounts associated with deferred compensation plan asset adjustments		—		—		—			(11	)		13			—		2
Unrealized amounts associated with deferred compensation plan liability adjustments		—		—		(13	)		64			8			—		72
Total non-core operating income and expenses	$	99	$	106	$	6		$	294		$	(24	)	$	785	$	270

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

	Three Months Ended										Six Months Ended September 30,
	September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026		September 30, 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	1.3	%	1.3	%	2.5	%	1.6	%	1.6	%	1.3	%	1.6	%
Blended statutory rate	22.3	%	22.3	%	23.5	%	22.6	%	22.6	%	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 interest expense incurred by the Consolidated Funds.
(9) Reflects the removal of Tax Receivable Agreements adjustments recognized as other income (loss) ($(5.5) million for the three months ended March 31, 2026 and $1.3 million for the three and six months ended September 30, 2025), unrealized amounts associated with deferred compensation plan asset adjustments 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															Six Months Ended September 30,
(in thousands)	September 30, 2025			December 31, 2025			March 31, 2026			June 30, 2026			September 30, 2026				2025			2026
FRE	$	78,633		$	89,236		$	105,334		$	105,609		$	126,209		$	159,879		$	231,818
Fee revenues		217,461			241,133			260,285			270,934			297,604			430,201			568,538
FRE margin		36	%		37	%		40	%		39	%		42	%		37	%		41	%

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															Six Months Ended September 30,
(in thousands)	September 30, 2025			December 31, 2025			March 31, 2026			June 30, 2026			September 30, 2026				2025			2026
Incentive fees	$	4,902		$	207,954		$	7,087		$	—		$	2,495		$	5,092		$	2,495
Realized carried interest allocations		58,878			46,703			38,597			28,572			60,795			83,282			89,367
Unrealized carried interest allocations		147,813			101,985			201,031			43,975			301,710			236,696			345,685
Legacy Greenspring carried interest allocations		27,143			(10,063	)		81,994			37,171			114,995			66,780			152,166
Total performance fees		238,736			346,579			328,709			109,718			479,995			391,850			589,713
Unrealized carried interest allocations		(147,813	)		(101,985	)		(201,031	)		(43,975	)		(301,710	)		(236,696	)		(345,685	)
Legacy Greenspring carried interest allocations		(27,143	)		10,063			(81,994	)		(37,171	)		(114,995	)		(66,780	)		(152,166	)
Incentive fee revenues for the Consolidated Funds⁽¹⁾		430			254			154			1,089			916			563			2,005
Deferred incentive fees		671			(1,544	)		(282	)		—			903			671			903
Gross realized performance fees		64,881			253,367			45,556			29,661			65,109			89,608			94,770
Realized performance fee-related compensation		(30,995	)		(122,215	)		(27,662	)		(13,862	)		(32,808	)		(42,700	)		(46,670	)
PRE	$	33,886		$	131,152		$	17,894		$	15,799		$	32,301		$	46,908		$	48,100
______________________________ (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										Six Months Ended September 30,
(in thousands, except share and per share amounts)	September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026		September 30, 2026			2025		2026
ANI	$	66,709	$	79,858	$	69,459	$	60,295	$	82,944	$	115,243	$	143,239

Weighted-average shares of Class A common stock outstanding – Basic		78,561,587		79,465,039		80,297,984		81,995,674		82,293,951		78,206,102		82,145,627
Assumed vesting of RSUs		509,007		590,042		320,535		343,420		383,849		428,850		363,745
Assumed purchase under ESPP		—		—		349		408		—		—		203
Exchange of Class B units in the Partnership⁽¹⁾		39,500,159		39,094,629		39,013,494		38,555,343		38,387,098		39,553,919		38,470,761
Exchange of Class C units in the Partnership⁽¹⁾		947,580		931,103		931,103		914,619		881,103		953,768		897,770
Exchange of Class D units in the Partnership⁽¹⁾		2,944,261		2,509,417		1,917,870		4,083,590		3,528,769		3,235,592		3,804,664
Adjusted weighted-average shares		122,462,594		122,590,230		122,481,335		125,893,054		125,474,770		122,378,231		125,682,770

ANI per share	$	0.54	$	0.65	$	0.57	$	0.48	$	0.66	$	0.94	$	1.14
_______________________________ (1) 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															Six Months Ended September 30,						Percentage Change
(in millions)	September 30, 2025			December 31, 2025			March 31, 2026			June 30, 2026			September 30, 2026				2025			2026		vs. FQ2’26
Separately Managed Accounts
Beginning balance	$	76,708		$	78,207		$	80,328		$	81,815		$	83,251		$	73,174		$	81,815		9	%
Contributions⁽¹⁾		2,559			2,627			2,637			2,950			4,570			5,572			7,520		79	%
Distributions⁽²⁾		(725	)		(1,117	)		(1,584	)		(1,038	)		(3,171	)		(1,735	)		(4,209	)	337	%
Market value, FX and other⁽³⁾		(335	)		611			434			(476	)		19			1,196			(457	)	na
Ending balance	$	78,207		$	80,328		$	81,815		$	83,251		$	84,669		$	78,207		$	84,669		8	%

Focused Commingled Funds
Beginning balance	$	50,511		$	54,584		$	58,223		$	62,232		$	70,313		$	48,216		$	62,232		39	%
Contributions⁽¹⁾		3,547			3,245			4,494			8,205			3,885			5,569			12,090		10	%
Distributions⁽²⁾		(580	)		(547	)		(1,252	)		(1,596	)		(1,282	)		(972	)		(2,878	)	121	%
Market value, FX and other⁽³⁾		1,106			941			767			1,472			656			1,771			2,128		(41)%
Ending balance	$	54,584		$	58,223		$	62,232		$	70,313		$	73,572		$	54,584		$	73,572		35	%

Total
Beginning balance	$	127,219		$	132,791		$	138,551		$	144,047		$	153,564		$	121,390		$	144,047		21	%
Contributions⁽¹⁾		6,106			5,872			7,131			11,155			8,455			11,141			19,610		38	%
Distributions⁽²⁾		(1,305	)		(1,664	)		(2,836	)		(2,634	)		(4,453	)		(2,707	)		(7,087	)	241	%
Market value, FX and other⁽³⁾		771			1,552			1,201			996			675			2,967			1,671		(12)%
Ending balance	$	132,791		$	138,551		$	144,047		$	153,564		$	158,241		$	132,791		$	158,241		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)	September 30, 2025		December 31, 2025		March 31, 2026		June 30, 2026		September 30, 2026		vs. FQ2’26
FEAUM
Private equity	$	69,932	$	73,193	$	75,626	$	83,774	$	87,694	25	%
Infrastructure		27,007		27,897		30,745		31,311		30,967	15	%
Private debt		22,443		23,882		24,797		25,583		26,971	20	%
Real estate		13,409		13,579		12,879		12,896		12,609	(6	)%
Total	$	132,791	$	138,551	$	144,047	$	153,564	$	158,241	19	%

Separately managed accounts	$	78,207	$	80,328	$	81,815	$	83,251	$	84,669	8	%
Focused commingled funds		54,584		58,223		62,232		70,313		73,572	35	%
Total	$	132,791	$	138,551	$	144,047	$	153,564	$	158,241	19	%

AUM⁽¹⁾
Private equity	$	106,408	$	112,190	$	119,698	$	127,569	$	136,389	28	%
Infrastructure		42,437		44,624		47,569		49,518		51,331	21	%
Private debt		40,438		42,269		45,587		47,706		52,457	30	%
Real estate		19,864		20,716		20,493		20,558		20,802	5	%
Total	$	209,147	$	219,799	$	233,347	$	245,351	$	260,979	25	%

Separately managed accounts	$	124,991	$	130,111	$	136,133	$	140,132	$	148,057	18	%
Focused commingled funds		68,014		73,375		80,807		88,876		96,488	42	%
Advisory AUM		16,142		16,313		16,407		16,343		16,434	2	%
Total	$	209,147	$	219,799	$	233,347	$	245,351	$	260,979	25	%

AUA
Private equity	$	283,034	$	301,403	$	341,289	$	345,565	$	353,558	25	%
Infrastructure		78,762		86,955		94,706		103,784		112,656	43	%
Private debt		23,402		24,173		25,918		25,061		31,289	34	%
Real estate		176,357		178,810		189,892		193,487		199,700	13	%
Total	$	561,555	$	591,341	$	651,805	$	667,897	$	697,203	24	%

Total capital responsibility⁽²⁾	$	770,702	$	811,140	$	885,152	$	913,248	$	958,182	24	%
_____________________________ 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 September 30, 2026 reflects final data for the prior period (June 30, 2026), adjusted for net new client account activity through September 30, 2026. NAV data for underlying investments is as of June 30, 2026, as reported by underlying managers up to the business day occurring on or after 100 days following June 30, 2026. When NAV data is not available by the business day occurring on or after 100 days following June 30, 2026, 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 September 30, 2026 reflects final data for the prior period (June 30, 2026), adjusted for net new client account activity through September 30, 2026. NAV data for underlying investments is as of June 30, 2026, as reported by underlying managers up to the business day occurring on or after 100 days following June 30, 2026. When NAV data is not available by the business day occurring on or after 100 days following June 30, 2026, 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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StepStone Group Inc