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Jose A. Fernandez stepped down as Co-Chief Operating Officer effective November 11, 2026, while StepStone Group Inc. said Jason P. Ment remains President and oversees operations with Chief Executive Officer Scott W. Hart.
StepStone Group Inc.’s Partnership owned approximately 65% of SRA, SRE and SPD after the May 29, 2026 Exchange, paying approximately $10 million cash, 972,685 Class A shares and 2,438,273 Class D units.
Stepstone Group Incorporated generated fee-related earnings of $126 million, up 61%, while raising over $11 billion during the quarter and $43 billion over the past year.
StepStone Group Inc. reported second-quarter revenue of $773,144 thousand, up 70%, and net income of $65,416 thousand. Its board declared a quarterly cash dividend of $0.33 per Class A share, payable December 15, 2026.
Useful current figures from the complete screener profile.
* Q4 derived as the full year minus Q1 to Q3.
TL;DR. StepStone delivered strong growth in fee revenues, fee-related earnings and adjusted earnings, record fundraising, higher fee-earning assets and undeployed capital, and strong private-wealth growth; it also improved its full-year cash compensation-ratio expectation and maintained a $0.33 regular dividend. Risks include a GAAP net loss, higher G&A expenses, challenging realization conditions, retention of capital that would otherwise fund the supplemental dividend, and higher compensation and seasonally elevated G&A next quarter.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Illustrative technical + ownership context — a signal mix, not investment advice.
| Metric | Latest | Period | YoY |
|---|---|---|---|
| Average FEAUM growth | 20% | the three months ended June 30, 2026 filing | — |
| Average headcount growth | 16% | the three months ended June 30, 2026 filing | — |
| Effective income tax rate | 14.9% | the three months ended June 30, 2026 filing | — |
| Adjusted cash-based compensation non-GAAP | 117.16M | June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP GAAP cash-based compensation 117.23M
-70K Adjustments
= Adjusted cash-based compensation 117.16M
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| Adjusted equity-based compensation non-GAAP | 6.63M | June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP GAAP equity-based compensation 317.28M
-310.65M Adjustments
= Adjusted equity-based compensation 6.63M
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| Adjusted general, administrative and other non-GAAP | 41.53M | June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP GAAP general, administrative and other 53.47M
-11.94M Adjustments
= Adjusted general, administrative and other 41.53M
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| Adjusted net income ("ANI") non-GAAP | 60.3M | FQ1'27 (three months ended June 30, 2026) | +0.0% |
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| Adjusted revenues non-GAAP | 300.6M | FQ1'27 (three months ended June 30, 2026) | — |
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GAAP → non-GAAP reconciliationGAAP Total revenues 378.89M
-43.98M Unrealized carried interest allocations
+0K Deferred incentive fees
-37.17M Legacy Greenspring carried interest allocations
+1.76M Management and advisory fee revenues for the Consolidated Funds
+1.09M Incentive fees for the Consolidated Funds
= Adjusted revenues 300.6M
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| Adjusted weighted-average shares non-GAAP | 125,893,054 | FQ1'27 (three months ended June 30, 2026) | +0.0% |
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| Advisory and other services non-GAAP | 19.48M | June 30, 2026 | — |
| ANI per share non-GAAP | $0.48 | FQ1'27 (three months ended June 30, 2026) | +0.0% |
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| Assets under advisement ("AUA") | 667.9B | FQ1'27 (three months ended June 30, 2026) | — |
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| Assets under management ("AUM") | 245.4B | FQ1'27 (three months ended June 30, 2026) | — |
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| Blended statutory rate non-GAAP | 22.6% | June 30, 2026 | — |
| Fee revenues non-GAAP | 270.93M | FQ1'27 (three months ended June 30, 2026) | — |
GAAP → non-GAAP reconciliationGAAP GAAP management and advisory fees, net 269.17M
+1.76M Adjustments
= Fee revenues 270.93M
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| Fee-earning AUM ("FEAUM") | 153.6B | FQ1'27 (three months ended June 30, 2026) | — |
| Fee-Earning AUM – Focused Commingled Funds ending balance | 70.31B | Three Months Ended June 30, 2026 | — |
| Fee-Earning AUM – Separately Managed Accounts ending balance | 83.25B | Three Months Ended June 30, 2026 | — |
| Fee-Earning AUM – Total ending balance | 153.56B | Three Months Ended June 30, 2026 | — |
| Fee-related earnings ("FRE") non-GAAP | 105.61M | FQ1'27 (three months ended June 30, 2026) | +0.0% |
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| Focused commingled funds non-GAAP | 172.48M | June 30, 2026 | — |
| FRE attributable to non-controlling interests in subsidiaries non-GAAP | 15.77M | June 30, 2026 | — |
| FRE attributable to non-controlling interests in subsidiaries and profits interests non-GAAP | 39.68M | June 30, 2026 | — |
| FRE attributable to profits interests issued in the private wealth subsidiary non-GAAP | 23.91M | June 30, 2026 | — |
| FRE margin non-GAAP | 39% | FQ1'27 (three months ended June 30, 2026) | — |
| Fund reimbursement revenues non-GAAP | 3.7M | June 30, 2026 | — |
| Gross realized performance fees non-GAAP | 29.66M | FQ1'27 (three months ended June 30, 2026) | +0.0% |
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| Income-based incentive fees non-GAAP | 7M | June 30, 2026 | — |
| Performance fee-related earnings ("PRE") non-GAAP | 15.8M | FQ1'27 (three months ended June 30, 2026) | +0.0% |
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| Performance-related earnings / other income (loss) attributable to non-controlling interests in non-GAAP | 1.91M | June 30, 2026 | — |
| Pre-tax ANI non-GAAP | 77.9M | June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Loss before income tax -200.25M
-41.59M Net income attributable to non-controlling interests in subsidiaries
+5.25M Net (income) loss attributable to non-controlling interests in legacy Greenspring entities
-43.98M Unrealized carried interest allocations
+44.69M Unrealized performance fee-related compensation
-9.27M Unrealized investment (income) loss
+1.91M Impact of Consolidated Funds
+0K Deferred incentive fees
+310.65M Equity-based compensation
+10.19M Amortization of intangibles
+0K Tax Receivable Agreements adjustments through earnings
+294K Non-core items
= Pre-tax ANI 77.9M
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| Separately managed accounts non-GAAP | 75.28M | June 30, 2026 | — |
| Total capital | 913B | As of June 30, 2026 | — |
| Undeployed fee-earning capital ("UFEC") | 39.3B | FQ1'27 (three months ended June 30, 2026) | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
STEP
this stock
StepStone Group Inc.
|
$5.79B | -25.3% | +69.7% | — | 5.0% |
|
BLK
BlackRock, Inc.
|
$198.15B | +14.3% | +16.2% | 27.9 | 1.3% |
|
BN
BROOKFIELD Corp
|
$91.46B | -10.7% | — | — | 1.0% |
|
BX
Blackstone Inc.
|
$90.28B | -22.0% | +9.2% | 26.8 | 2.6% |
|
KKR
KKR & Co. Inc.
|
$87.47B | -23.1% | -11.0% | — | 1.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
Jose A. Fernandez stepped down as Co-Chief Operating Officer effective November 11, 2026, while StepStone Group Inc. said Jason P. Ment remains President and oversees operations with Chief Executive Officer Scott W. Hart.
View| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| STEP | +1.0% | +15.1% | -9.0% | +10.9% | -25.3% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -1.6% | +16.2% | -9.5% | +11.0% | -36.0% |
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
