Q1 2026 StepStone Group Inc Earnings Call Transcript
Key Points
- StepStone Group Inc (STEP) reported fee-related earnings of $81 million, up 13% from the prior year quarter, indicating strong growth in core operations.
- The company achieved a fee-related earnings (FRE) margin of 38%, showcasing efficient management and profitability.
- StepStone Group Inc (STEP) saw total gross AUM additions of $8.7 billion, driven by strong inflows from managed accounts and commingled funds across all asset classes.
- The company announced a partnership with FTSE Russell to develop private asset indices, which is expected to enhance transparency and benchmarking capabilities in private markets.
- StepStone Group Inc (STEP) raised its quarterly dividend by 17% from $0.24 per share to $0.28 per share, reflecting strong and sustainable growth in fee-related earnings.
- StepStone Group Inc (STEP) reported a GAAP net loss attributable to the company of $38 million or $0.49 per share, indicating financial challenges.
- Adjusted net income for the quarter was $48.5 million or $0.40 per share, down from $57.2 million or $0.48 per share in the prior year, due to lower performance-related earnings.
- Retroactive fees contributed only $2.9 million to fee revenues, a significant decrease from $19.1 million in the first quarter of the prior fiscal year.
- Performance fees were relatively light this quarter, partly due to the timing of transaction closes, impacting overall earnings.
- The company's adjusted cash-based compensation increased to $96 million, up from $86 million last quarter, reflecting higher expenses due to headcount growth and currency effects.
Good day and thank you for standing by. Welcome to the fiscal Q1 StepStone Group earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Seth Weiss, Head of Investor Relations. Please go ahead.
Thank you and good evening. Joining me on today's call are Scott Hart, Chief Executive Officer; Jason Ment, President and Co-Chief Operating Officer; Mike McCabe, Head of Strategy; and David Park, Chief Financial Officer.
During our prepared remarks, we will be referring to a presentation which is available on our Investor Relations website at shareholders.stepstonegroup.com.
Before we begin, I'd like to remind everyone that this conference call, as well as the presentation, contains certain forward-looking statements regarding the company's expected operating and financial performance for future periods. Forward-looking statements reflect management's
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