Stepstone Group Inc. · NASDAQ:STEP
Stepstone — Investor Presentation (February 2026)
23 slides from Stepstone's investor presentation, February 2026
Slide 1: StepStone Real Estate 2026 research outlook
StepStone Real Estate 2026 research outlook US February 2026
Slide 2: Notes
NOTES This document is for informational purposes and is meant only to provide a broad overview for discussion purposes. Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements This document does not constitute an offer to sell, a solicitati
Slide 3: Elevated uncertainty distinguishes this cycle
Elevated uncertainty distinguishes this cycle US economic policy uncertainty index 750 600 450 300 150 0 2010 2011 2014 2019 2012 2016 2017 2018 2013 2015 2007 2008 2009 2022 2023 2020 2021 2024 2025 2026 Source: 'Measuring Economic Policy Uncertainty' by Scott Baker, Nicholas Bloom and Steven J. Da
Slide 4: Outlook calls for more of the same
Outlook calls for more of the same US real GDP annual growth outlook US annual CPI inflation 4% Forecasts as of January 2025 Forecast 3% 2% 2.4% 2.2% 1% 2.0% 0% Q2 24 Q2 26 Q2 25 Q1 25 Q3 25 Q1 24 Q3 24 Q1 26 Q3 26 Q4 26 Q1 27 Q4 24 Q4 25 2025 - Actual 2026 2027 Sources: Consensus Economics, OECD, J
Slide 5: Policy and long-term rate paths to diverge further
Policy and long-term rate paths to diverge further Fed funds rate vs 10-year treasury Effective Fed Funds Rate 10-Year US Treasury 6% Forecast 5% 4% 3% 2% 1% 0% 2010 2010 2011 2019 2012 2012 2014 2014 2016 2016 2017 2017 2018 2019 2013 2013 2015 2005 2005 2006 2006 2007 2007 2008 2009 2009 2022 2020
Slide 6: Solid momentum in transaction activity
Solid momentum in transaction activity US annual transaction volume $ in billions $1,000 $900 10Y Avg: $570B (2025 down 4%) LT Avg: $456B (2025 up 19%) $800 2025: $545B $700 $600 $500 $400 $300 $200 $100 $0 2010 2011 2012 2014 2016 2017 2018 2013 2015 2019 2007 2008 2009 2022 2023 2020 2021 2024 202
Slide 7: Transaction volumes up across sectors
Transaction volumes up across sectors US Industrial annual transaction volume US Multifamily annual transaction volume $ in billions $ in billions $250 10Y Avg: $108B ( 25 up 6%) $400 LT Avg: $76B ( 25 up 51%) 10Y Avg: $194B ( 25 down 15%) $350 $200 LT Avg: $140B ( up 18%) 2025: $114B $300 2025: $16
Slide 8: Kicking the can accumulates old, unresolved loans
Kicking the can accumulates old, unresolved loans 2026 maturities now 91% above what they were in 2023; 2027 is growing US loan maturities by expected maturity year $ in billions $1,000 - At YE 2023, 2026 maturities were approx. $460B $800 - At YE 2025, 2026 maturities were approx. $875B Annual matu
Slide 9: Mega funds driving gradual fundraising improvement
Mega funds driving gradual fundraising improvement Global private real estate fundraising $ in billions $300 $250 Average Capital Raised $200 $150 $100 $50 $0 2010 2011 2016 2017 2018 2019 2012 2014 2013 2015 2022 2023 2020 2021 2024 2025 Year of Final Close Agg. Cap raised Agg. Mega cap raised Avg
Slide 10: Performance across sectors converges
Performance across sectors converges Growth in rent per occupied SF over time: major sectors 15% 12% 9% MRevPAF annual growth 6% 3% 0% -3% -6% 2017 2018 2019 2022 2020 2021 2023 2024 2025 2026 2027 Industrial Office Multifamily Retail Source: CoStar as of February 2026 STEPSTONE GROUP 10
Slide 11: Multifamily - Vacancy
Multifamily - Vacancy 12% As of Q4 2024 9% 6% 3% 0% Atlanta Denver Chicago Los Angeles D.C. Metro Boston New York Seattle Dallas / Fort Worth Austin San Francisco Miami Phoenix Coastal/Gateway Sunbelt Source: Green Street Q4 2025. STEPSTONE GROUP 11
Slide 12: Multifamily Rent growth
Multifamily Rent growth 3.5% San Francisco 3.0% Rent growth is improving in markets left of the parity line New York 2.5% Chicago 2.0% 1.5% Dallas / Fort Worth Los Angeles 2026 1.0% National Boston 0.5% Seattle Atlanta Phoenix 0.0% Miami -0.5% D.C. Metro -1.0% Denver Austin -1.5% -6.0% -4.0% -2.0% 0
Slide 13: Class A multifamily is outperforming
Class A multifamily is outperforming Growth in rent per occupied SF over time: multifamily classes 20% 15% 10% Forecast MRevPAF annual growth 5% 0% -5% -10% 2017 2018 2019 2020 2021 2027 2022 2024 2026 2023 2025 Class A Class B Source: CoStar as of February 2026 STEPSTONE GROUP 13
Slide 14: Industrial Vacancy
Industrial Vacancy 10% As of Q4 2024 8% 6% 4% 2% 0% Columbus Los Angeles Chicago Atlanta Las Vegas Houston New York/NNJ Seattle Dallas / Fort Worth Inland Empire Miami Phoenix Raleigh-Durham Port markets Distribution hubs Reshoring hotspots Source: Green Street Q4 2025. STEPSTONE GROUP 14
Slide 15: Industrial Rent growth
Industrial Rent growth 3% Houston Rent growth is improving in Dallas / Fort Worth markets left of the parity line New York/NNJ 2% Atlanta Chicago Phoenix Miami Las Vegas Raleigh-Durham 1% Seattle National Columbus 2026 0% Los Angeles -1% -2% Inland Empire -3% -16% -14% -12% -10% -8% -6% -4% -2% 0% 2
Slide 16: Retail Vacancy
Retail 3% 9% 0% 6% 12% Source: Green Street Q4 2025. D.C. Metro Boston New York Vacancy Los Angeles Coastal/Gateway Seattle Chicago San Francisco Miami Phoenix Atlanta Sunbelt Austin Dallas / Fort Worth Denver As of Q4 2024 STEPSTONE GROUP 16
Slide 17: Retail Rent growth
Retail Rent growth 5% Boston 4% San Francisco Miami Phoenix Atlanta Denver 3% D.C. Metro National Dallas / Fort Worth 2026 Rent growth is improving in New York Chicago 2% markets left of the parity line Los Angeles Austin 1% Seattle 0% -3% -2% -1% 0% 1% 2% 3% 4% 5% 2025 Coastal/Gateway Sunbelt Natio
Slide 18: Office Vacancy
Source: CoStar Q4 2025. Office 10% 30% 5% 0% 15% 20% 35% 25% New York City Finanical District Penn Plaza Vacancy Dallas / Fort Worth Dallas / Fort Worth CBD Preston Center Seattle Seattle CBD Bellevue CBD San Fransisco San Fransisco CBD Silicon Valley Charlotte Charlotte CBD As of Q4 2024 Midtown/So
Slide 19: Office Rent growth
Office Rent growth 4.5% Rent growth is improving in 4.0% markets left of the parity line Preston Center 3.5% Silicon Valley 3.0% Midtown/Southend Dallas / Fort Worth CBD 2.5% Dallas / Fort Worth San Fransisco 2026 2.0% Charlotte CBD 1.5% New York City San Fransisco CBD Charlotte 1.0% Penn Plaza Nati
Slide 20: Hotel fundamentals
Hotel fundamentals Occupancy and revenue $180 70% Forecast $160 60% $140 50% $120 $100 40% $80 30% $60 20% $40 10% $20 $0 0% 12 Mo ADR 12 Mo RevPAR 12 Mo Occupancy Source: CoStar as of February 2026. STEPSTONE GROUP 20
Slide 21: Senior housing vacancy
16% 0% 8% 4% 12% Source: Green Street Q4 2025. San Francisco Boston Senior housing As of Q4 2026 Los Angeles Tampa-St. Petersburg Vacancy National Dallas / Fort Worth Chicago New York Houston Atlanta Miami STEPSTONE GROUP 21
Slide 22: Risks and other considerations
RISKS AND OTHER CONSIDERATIONS Risks Associated with Investments. Identifying attractive investment opportunities and the right underlying fund accounts, these accounts may be in competition for investment opportunities. managers is difficult and involves a high degree of uncertainty. There is no as
Slide 23: stepstonegroup.com
stepstonegroup.com
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