Q4 2026 StepStone Group Inc Earnings Call Transcript
Key Points
- StepStone Group Inc (STEP) reported its best quarter ever of fee-related earnings, surpassing $100 million for the first time.
- The company achieved a record quarter of nearly $14 billion in capital formation, marking its best fiscal year ever with $38 billion of gross AUM additions.
- Strong demand for client-centric private wealth offerings resulted in $2.3 billion of new subscriptions, with March and April being the best months ever.
- StepStone Group Inc (STEP) is making strategic investments in data and technology, including partnerships with FTSE Russell, Kroll, and PitchBook, to monetize its data advantage.
- The company declared a $0.55 per share supplemental dividend, on top of a $0.28 per share base quarterly dividend, reflecting a 23% increase over last year's dividends.
- StepStone Group Inc (STEP) reported a GAAP net loss of $7.8 million or $0.10 per share, driven by changes in fair value of StepStone Private Wealth profits interests.
- Adjusted net income for the quarter was $69 million, or $0.57 per share, down from $81 million, or $0.68 per share, in the prior year quarter due to lower performance-related earnings.
- The blended management fee rate decreased slightly to 64 basis points from 65 basis points in fiscal 2025, driven by moderation in retroactive fees.
- Realized performance fees were lighter than in recent quarters due to lower levels of capital market activity, impacting overall earnings.
- The company's ANI tax rate was slightly elevated at 23.5% due to a true-up, reflecting a full-year tax rate of 22.6%, higher than the previous year's rate.
Great. And thank you for standing by. Welcome to the fiscal fourth-quarter 2026 StepStone Group earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to turn the conference over to your speaker for today, Seth Weiss.
Thank you. Joining me on today's call are Scott Hart, Chief Executive Officer; Jason Ment, President and Co-Chief Operating Officer; Michael 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 current plans, estimates, and expectations and
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