StepStone Group Inc.

For the period ended Sep 30, 2026. Filed Nov 9, 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.

Sep 30, 2026 · Filed Nov 9, 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 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. 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.