StepStone Group Inc - Class A

StepStone Group delivered a mixed first quarter of fiscal 2027, with revenue clearing expectations by a wide margin while adjusted earnings per share fell just short of Wall Street's target. The alternative asset manager posted total revenues of $378.89 million for the three months ended June 30, 2026, up 4% year over year and well ahead of the $309.32 million consensus estimate, a beat of 22.49%. Adjusted net income per share came in at $0.48, however, missing the $0.50 consensus by 4.80%, as elevated compensation costs weighed on the bottom line. The most significant drag was a $317.28 million equity-based compensation charge, nearly double the $188.72 million recorded a year ago, which pushed the GAAP net loss attributable to StepStone to $115.82 million. Beneath those charges, the business showed genuine operational momentum: fee-related earnings climbed 30% to $105.61 million, management and advisory fees grew 27% to $269.17 million, and assets under management expanded 23% to $245.35 billion, reflecting the firm's continued fundraising strength heading into the fiscal year.