StepStone Group Inc - Class A

StepStone Group delivered a standout fourth quarter for fiscal 2025, with non-GAAP adjusted net income per share of $0.68 beating the $0.44 consensus estimate by 54.55%, while GAAP total revenues of $377.73 million topped the $103.93 million consensus by 263.45% and rose 5.9% year-over-year. The headline driver was a powerful acceleration in fee-related earnings, which climbed to $94.08 million from $50.90 million a year ago as fee revenues grew 40% to $214.66 million, and gross realized performance fees surged to $81.20 million from $23.55 million. On a GAAP basis, however, the firm reported a net loss attributable to StepStone Group of $18.51 million, or ($0.24) per diluted share, weighed down by a $32.50 million loss tied to a secondary transaction in one of its private wealth funds and equity-based compensation of $126.20 million. Assets under management expanded 21% to approximately $189.40 billion, with the Board declaring both a regular quarterly dividend of $0.24 per share and a supplemental dividend of $0.40 per share.