first quarter fiscal year 2027
Filed Aug 6, 2026STEPSTONE GROUP REPORTS FIRST QUARTER FISCAL YEAR 2027 RESULTS
Management and advisory fees, fee revenues, FRE, AUM, AUA and FEAUM all increased versus FQ1'26, while total performance fees declined and the company reported a GAAP net loss of $(170,366).
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Management and advisory fees, netGAAP | $ 269,171 | – | 27 % |
| Total revenuesGAAP | 378,889 | – | 4 % |
| Total performance feesGAAP | 109,718 | – | (28) % |
| Net income (loss)GAAP | (170,366) | – | na |
| Net loss per share of Class A common stock: BasicGAAP | $ (1.41) | – | 186 % |
| Net loss per share of Class A common stock: DilutedGAAP | $ (1.41) | – | 186 % |
| Weighted-average shares of Class A common stock: BasicGAAP | 81,995,674 | – | 5 % |
| Weighted-average shares of Class A common stock: DilutedGAAP | 81,995,674 | – | 5 % |
| Quarterly dividend per share of Class A common stockother | $ 0.28 | – | 17 % |
| Supplemental dividend per share of Class A common stockother | $ 0.55 | – | 38 % |
| Accrued carried interest allocationsGAAP | 2,080,443 | – | 31 % |
| Fee revenuesnon-GAAP | $ 270,934 | – | 27 % |
| Adjusted revenuesnon-GAAP | 300,595 | – | 27 % |
| Fee-related earnings (FRE)non-GAAP | 105,609 | – | 30 % |
| FRE marginnon-GAAP | 39 % | – | – |
| Gross realized performance feesnon-GAAP | 29,661 | – | 20 % |
| Performance fee-related earnings (PRE)non-GAAP | 15,799 | – | 21 % |
| Adjusted net income (ANI)non-GAAP | 60,295 | – | 24 % |
| Adjusted weighted-average sharesnon-GAAP | 125,893,054 | – | 3 % |
| ANI per sharenon-GAAP | $ 0.48 | – | 20 % |
| Assets under management (AUM)other | $ 245.4 | – | 23 % |
| Assets under advisement (AUA)other | 667.9 | – | 27 % |
| Fee-earning AUM (FEAUM)other | 153.6 | – | 21 % |
| Undeployed fee-earning capital (UFEC)other | 39.3 | – | 37 % |
Capital returns
- The Board of Directors declared a quarterly cash dividend of $0.33 per share of Class A common stock, payable on September 15, 2026, to holders of record as of the close of business on August 31, 2026.
- Quarterly dividend per share of Class A common stock: $ 0.28.
- Supplemental dividend per share of Class A common stock: $ 0.55.
What drove it
- Management and advisory fees, net were $ 269,171, with a reported 27 % change versus FQ1'26.
- Fee revenues were $ 270,934, with a reported 27 % change versus FQ1'26.
- FRE was 105,609 and FRE margin was 39 %.
- AUM was $ 245.4 billion, AUA was 667.9 billion, FEAUM was 153.6 billion, and UFEC was 39.3 billion.
- As of June 30, 2026, StepStone was responsible for approximately $913 billion of total capital, including $245 billion of assets under management.
Concerns
- Total performance fees were 109,718, with a reported (28) % change versus FQ1'26.
- The company reported a GAAP net loss of (170,366) and basic and diluted net loss per share of Class A common stock of $ (1.41).
- Total revenues were 378,889, compared with 588,580 in the preceding quarter.
- FRE margin was 39 %, compared with 40 % in the preceding quarter.
- Cash and cash equivalents were $ 201,167 as of June 30, 2026, compared with $ 213,065 as of March 31, 2026.
What to watch
- Management and advisory fees, net and fee revenues.
- Total performance fees, gross realized performance fees and PRE.
- AUM, AUA, FEAUM and UFEC.
- FRE margin and ANI per share.
- The quarterly cash dividend of $0.33 per share of Class A common stock payable on September 15, 2026.
Balance sheet and cash flow
- Cash and cash equivalents: $ 201,167 as of June 30, 2026; $ 213,065 as of March 31, 2026.
- Restricted cash: 581 as of June 30, 2026; 579 as of March 31, 2026.
- Fees and accounts receivable: 109,711 as of June 30, 2026; 133,287 as of March 31, 2026.
- Due from affiliates: 153,019 as of June 30, 2026; 113,150 as of March 31, 2026.
- Investments in funds: 264,450 as of June 30, 2026; 249,447 as of March 31, 2026.
- Accrued carried interest allocations: 2,080,443 as of June 30, 2026; 2,036,892 as of March 31, 2026.
- Legacy Greenspring investments in funds and accrued carried interest allocations: 783,847 as of June 30, 2026; 752,776 as of March 31, 2026.
- Deferred income tax assets: 663,333 as of June 30, 2026; 614,788 as of March 31, 2026.
- Lease right-of-use assets, net: 95,222 as of June 30, 2026; 81,565 as of March 31, 2026.
- Other assets and receivables: 59,861 as of June 30, 2026; 58,946 as of March 31, 2026.
- Intangibles, net: 212,855 as of June 30, 2026; 223,044 as of March 31, 2026.
- Goodwill: 580,542 as of June 30, 2026; 580,542 as of March 31, 2026.
- Assets of Consolidated Funds: 2,562,643 as of June 30, 2026; 1,704,621 as of March 31, 2026.
- Total assets: $ 7,767,674 as of June 30, 2026; $ 6,762,702 as of March 31, 2026.
- Accounts payable, accrued expenses and other liabilities: $ 84,915 as of June 30, 2026; $ 102,685 as of March 31, 2026.
- Accrued compensation and benefits: 2,681,305 as of June 30, 2026; 2,360,770 as of March 31, 2026.
- Accrued carried interest-related compensation: 1,145,080 as of June 30, 2026; 1,100,604 as of March 31, 2026.
- Legacy Greenspring accrued carried interest-related compensation: 656,035 as of June 30, 2026; 619,186 as of March 31, 2026.
- Due to affiliates: 366,798 as of June 30, 2026; 362,833 as of March 31, 2026.
- Lease liabilities: 116,465 as of June 30, 2026; 103,600 as of March 31, 2026.
- Debt obligations: 270,898 as of June 30, 2026; 270,572 as of March 31, 2026.
- Liabilities of Consolidated Funds: 1,206,522 as of June 30, 2026; 956,426 as of March 31, 2026.
- Total liabilities: 6,528,018 as of June 30, 2026; 5,876,676 as of March 31, 2026.
- Redeemable non-controlling interests in Consolidated Funds: 259,913 as of June 30, 2026; 186,236 as of March 31, 2026.
- Redeemable non-controlling interests in subsidiaries: 9,214 as of June 30, 2026; 8,777 as of March 31, 2026.
- Total StepStone Group Inc. stockholders’ equity: (539,200) as of June 30, 2026; (413,559) as of March 31, 2026.
- Total stockholders’ equity: 970,529 as of June 30, 2026; 691,013 as of March 31, 2026.
Analysis
StepStone reported first-quarter fiscal 2027 total revenues of 378,889, with a reported 4 % change versus FQ1'26. Management and advisory fees, net were $ 269,171 and fee revenues were $ 270,934, each with a reported 27 % change versus FQ1'26. The operating asset base also expanded: AUM was $ 245.4 billion, AUA was 667.9 billion, FEAUM was 153.6 billion, and UFEC was 39.3 billion.
Performance-related results were weaker in the reported period. Total performance fees were 109,718, with a reported (28) % change versus FQ1'26, while gross realized performance fees were 29,661 and PRE was 15,799. Total revenues of 378,889 were below the preceding quarter’s 588,580, and adjusted revenues of 300,595 were below the preceding quarter’s 305,841.
GAAP net income (loss) was (170,366), versus 6,660 in the preceding quarter. Basic and diluted net loss per share of Class A common stock were both $ (1.41). On a non-GAAP basis, ANI was 60,295 and ANI per share was $ 0.48, compared with 69,459 and $ 0.57, respectively, in the preceding quarter. FRE was 105,609, slightly above 105,334 in the preceding quarter, while FRE margin was 39 % versus 40 %.
The balance sheet reported $ 201,167 of cash and cash equivalents and 270,898 of debt obligations as of June 30, 2026. Total assets were $ 7,767,674 and total liabilities were 6,528,018. The Board declared a quarterly cash dividend of $0.33 per share of Class A common stock, payable on September 15, 2026 to holders of record on August 31, 2026. The provided filing text did not include forward guidance.
Not in the filing
stated, not guessed- Forward revenue, gross margin, operating expenses, tax rate, and other guidance were not provided in the supplied filing text.
- Prior-period outlook was not provided.
- Segment revenue, segment growth comparisons, and segment drivers were not provided.
- GAAP gross margin, operating income, operating margin, tax expense or tax rate, and adjusted operating expenses were not provided in the supplied filing text.
- Operating cash flow and free cash flow were not provided.
- Share repurchases were not provided.
- Named executive commentary and attributable executive quotes were not provided.
- The supplied filing text is truncated during the balance-sheet presentation.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.