StepStone Group Inc.

For the period ended Dec 31, 2025. Filed Feb 5, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2025 · Filed Feb 5, 2026

STEP$49.18+0.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Condensed Consolidated Statements of Loss for the and

Condensed Consolidated Statements of Loss (Unaudited)

(in thousands, except share and per share amounts)

	Three Months Ended December 31,		Nine Months Ended December 31,
	2025	2024	2025	2024
Revenues
Management and advisory fees, net	$239,932	$190,840	$666,594	$553,613
Performance fees:
Incentive fees	207,954	22,369	213,046	26,365
Carried interest allocations:
Realized	46,703	24,282	129,985	83,718
Unrealized	101,985	93,325	338,681	120,370
Total carried interest allocations	148,688	117,607	468,666	204,088
Legacy Greenspring carried interest allocations(1)	(10,063)	8,207	56,717	13,035
Total performance fees	346,579	148,183	738,429	243,488
Total revenues	586,511	339,023	1,405,023	797,101
Expenses
Compensation and benefits:
Cash-based compensation	107,114	85,203	303,447	246,298
Equity-based compensation	468,808	486,418	1,541,996	542,929
Performance fee-related compensation:
Realized	122,215	25,477	164,915	55,092
Unrealized	69,050	49,670	202,134	66,495
Total performance fee-related compensation	191,265	75,147	367,049	121,587
Legacy Greenspring performance fee-related compensation(1)	(10,063)	8,207	56,717	13,035
Total compensation and benefits	757,124	654,975	2,269,209	923,849
General, administrative and other	50,640	43,130	138,846	134,202
Total expenses	807,764	698,105	2,408,055	1,058,051
Other income (expense)
Investment income	9,829	1,064	19,131	5,710
Legacy Greenspring investment income (loss)(1)	(527)	1,167	4,168	(4,119)
Investment income of Consolidated Funds	21,282	15,037	88,997	30,878
Interest income	2,455	2,559	8,175	7,632
Interest expense	(5,123)	(3,008)	(14,082)	(9,510)
Other income (loss)	(1,312)	(2,452)	5,818	(1,626)
Total other income	26,604	14,367	112,207	28,965
Loss before income tax	(194,649)	(344,715)	(890,825)	(231,985)
Income tax benefit	(32,214)	(57,552)	(140,889)	(46,005)
Net loss	(162,435)	(287,163)	(749,936)	(185,980)
Less: Net income attributable to non-controlling interests in subsidiaries	24,562	27,226	62,421	62,966
Less: Net income (loss) attributable to non-controlling interests in legacy Greenspring entities(1)	(527)	1,167	4,168	(4,119)
Less: Net loss attributable to non-controlling interests in the Partnership	(82,207)	(134,760)	(369,275)	(107,856)
Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds	18,564	10,905	79,180	23,101
Less: Net income attributable to redeemable non-controlling interests in subsidiaries	624	314	1,587	983
Net loss attributable to StepStone Group Inc.	$(123,451)	$(192,015)	$(528,017)	$(161,055)
Net loss per share of Class A common stock:
Basic	$(1.55)	$(2.61)	$(6.72)	$(2.32)
Diluted	$(1.55)	$(2.61)	$(6.72)	$(2.32)
Weighted-average shares of Class A common stock:
Basic	79,465,039	73,687,289	78,627,273	69,561,254
Diluted	79,465,039	73,687,289	78,627,273	69,561,254

(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 2, 3 and 5 for more information.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.