Earnings

StepStone Lifts Quarterly Dividend to $0.33 a Share

The Tip Desk · August 6, 2026 · 3 min read

Fee-related earnings reached $105.6 million as assets under management rose to $245.4 billion and the board raised the Class A payout.

StepStone Group Inc. (STEP), a global private markets investment firm, reported fee-related earnings of $105.6 million for the quarter ended June 30, 2026, up 30% from a year earlier, as assets under management reached $245.4 billion.

The firm provides customized investment solutions and advisory and data services and was responsible for about $913 billion of total capital, including the $245.4 billion of AUM. Fee-earning AUM was $153.6 billion. Undeployed fee-earning capital was $39.3 billion.

Fee revenues were $270.9 million, up 27% from the year-ago quarter. Management and advisory fees, net, were $269.2 million. Focused commingled funds contributed $172.5 million of fee revenues. Separately managed accounts contributed $75.3 million. Advisory and other services contributed $19.5 million, and fund reimbursement revenues were $3.7 million.

The FRE margin was 39%. Adjusted net income was $60.3 million, or $0.48 a share. Adjusted revenues were $300.6 million.

Performance fees receded from the prior quarter. Total performance fees were $109.7 million. Gross realized performance fees were $29.7 million, and performance fee-related earnings were $15.8 million. Accrued carried interest allocations were $2.08 billion.

GAAP results moved the other way. The company reported a net loss of $170.4 million, or $1.41 a share, after net income of $6.7 million in the prior quarter. Equity-based compensation was $317.3 million. Cash-based compensation was $117.2 million. Total compensation and benefits were $530.2 million. General, administrative and other expenses were $53.5 million.

Cash and cash equivalents were $201.2 million as of June 30, 2026. Due from affiliates were $153.0 million. Investments in funds were $264.5 million. Accrued carried interest allocations on the balance sheet were $2.08 billion. Assets of consolidated funds were $2.56 billion. Total assets were $7.77 billion. Debt obligations were $270.9 million.

The board declared a quarterly cash dividend of $0.33 a share of Class A common stock, payable September 15, 2026, to holders of record as of August 31, 2026. That payout is up from $0.28 in the prior quarter.

Clients include public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations, family offices and private wealth clients. StepStone partners with those clients to build private markets portfolios across private equity, infrastructure, private debt and real estate.

Management and advisory fees, net, were $269.2 million. Fee revenues of $270.9 million included $172.5 million from focused commingled funds, $75.3 million from separately managed accounts, $19.5 million from advisory and other services and $3.7 million of fund reimbursement revenues. The FRE margin of 39% sat beside fee-related earnings of $105.6 million.

Adjusted net income of $60.3 million, or $0.48 a share, compared with $69.5 million, or $0.57 a share, in the prior quarter. Adjusted revenues were $300.6 million. Total performance fees of $109.7 million included $29.7 million of gross realized performance fees and $15.8 million of performance fee-related earnings. Accrued carried interest allocations were $2.08 billion.

GAAP net loss of $170.4 million, or $1.41 a share, followed net income of $6.7 million in the prior quarter. Equity-based compensation was $317.3 million and cash-based compensation was $117.2 million. Total compensation and benefits were $530.2 million. General, administrative and other expenses were $53.5 million.

Cash and cash equivalents were $201.2 million. Due from affiliates were $153.0 million. Investments in funds were $264.5 million. Assets of consolidated funds were $2.56 billion. Total assets were $7.77 billion. Debt obligations were $270.9 million. The board’s $0.33 quarterly dividend is payable September 15, 2026.

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