Slide 1: StepStone Group Earnings Presentation
StepStone Group Earnings Presentation SECOND QUARTER FISCAL YEAR 2026 November 6, 2025 1
Slide 2: Today's presenters
Today’s presenters Scott Hart Jason Ment Mike McCabe David Park CEO President & Co-COO Head of Strategy CFO STEPSTONE GROUP 2
Slide 3: GAAP consolidated statements of income (loss)
GAAP consolidated statements of income (loss) GAAP net loss was $575.5 million ($ in thousands, except per share amounts) Quarter Year-to-Date Sep '24 Sep '25 % Fav / Unfav Sep '24 Sep '25 % Fav / Unfav for the quarter and $587.5 million Revenues Management and advisory fees, net $ 184,758 $ 215,489
Slide 4: Non-GAAP financial results
Non-GAAP financial results1 ($ in thousands, unless otherwise mentioned) Quarter Year-to-Date Sep '24 Sep '25 % Fav / Unfav Sep '24 Sep '25 % Fav / Unfav Fee revenues (2) $ 185,481 $ 217,461 17% $ 363,995 $ 430,201 18% Less: Adjusted cash-based compensation 82,586 100,331 -21% 160,382 196,299 -22% A
Slide 5: Fiscal Q2 2026 overview
Fiscal Q2 2026 overview FQ2’26 FQ2’25 vs. FQ2’25 FQ1’26 vs. FQ1’26 Assets under management (“AUM”) $209.1 B $176.1 B 19% $199.3 B 5% Fee-earning AUM (“FEAUM”) $132.8 B $104.4 B 27% $127.2 B 4% Undeployed fee-earning capital $29.8 B $29.7 B -% $28.7 B 4% Key business drivers Gross accrued carry $1,73
Slide 6: Overview
ee —_ ~ 1 Overview
Slide 7: Scale that delivers
Scale that delivers Assets under management $209 Opportunity BILLION The capital and relationships that unlock growth Assets under $562 Total capital Reach advisement responsibility True global presence, deep local knowledge $771 BILLION Annual private $70+ Flexibility markets allocations BILLION BI
Slide 8: Growth drivers
Growth drivers AUM & AUA Separately Managed Accounts Focused Commingled Funds Advisory $125 billion $68 billion $562 billion 16% growth from the prior year 26% growth from the prior year ~$16 billion of AUA relates to advisory $18 billion of new capital additions during the LTM $11 billion raised in
Slide 9: Evolution of fee-earning AUM
Evolution of fee-earning AUM 35% clients with exposure to more than one asset class Fee-earning AUM by commercial structure Fee-earning AUM by asset class FEAUM + undeployed fee-earning capital USD in billions USD in billions USD in billions Organic CAGR1: 21% Organic CAGR1: 21% Organic CAGR1: 20% T
Slide 10: Trend in fee revenues
Trend in fee revenues Fee revenues1 FY’21 FY’22 FY’23 FY’24 FY’25 LTM FQ2’26 $ in millions $827 Blended management fee rates3 $763 74 Overall 0.52% 0.52% 0.54% 0.59% 0.65% 0.63% 67 By type: SMAs 0.39% 0.40% 0.40% 0.39% 0.39% 0.38% $581 Commingled 0.90% 0.85% 0.82% 0.93% 1.06% 1.00% 60 By asset class
Slide 11: Financial update
Ss es ~— Financial update a 5 i | _
Slide 12: Financial highlights
Financial highlights - Fee revenues increased 17% for the quarter and 18% year-to-date. Excluding retroactive fees, fee revenues grew 27% for the quarter, driven by FEAUM growth. - Core FRE margin (FRE excluding the impact of retroactive fees) was 36% for the current quarter and 34% for the prior ye
Slide 13: Accrued carry and fund investments
Accrued carry and fund investments1 Net accrued carry2 Net unrealized carry by vintage and type as of FQ2’26 USD in millions 5% 11% +20% 30% 31% $842 $744 $738 $783 $701 3% 10% 14% 84% 12% 70% from 2020 or prior vintages FQ2'25 FQ3'25 FQ4'25 FQ1'26 FQ2'26 2016 & Prior 2017 2018 Private Equity Infras
Slide 14: Appendix
1 Appendix
Slide 15: Consolidated balance sheets
Consolidated balance sheets ($ in thousands) Sep '24 Mar '25 Sep '25 Assets Cash and cash equivalents $ 179,066 $ 244,791 $ 229,824 Restricted cash 763 502 531 Fees and accounts receivable 68,103 80,871 81,435 Due from affiliates 80,280 92,723 117,621 Investments: Investments in funds (1) 155,857 18
Slide 16: FEAUM overview
FEAUM overview Fav / Unfav Change ($B, unless noted) FQ2'26 FQ2'25 $ % Walk from AUM to FEAUM $B Total AUM as of 9/30/25 $ 209.1 SMAs Less: Non-fee earning AUM 18.3 Beginning balance $ 76.7 $ 60.3 $ 16.4 27% Contributions 1 2.6 1.7 0.8 49% Less: Market appreciation included in AUM 28.3 Distributions
Slide 17: Adjusted revenues
Adjusted revenues ($M, except per share amounts) Fee revenues +18% Management fees increased 17% YTD driven by $364 $430 $837 growth in FEAUM $285 Advisory fees increased 22% YTD Sep-24 Sep-25 Mar-21 LTM Sep-25 YTD Long-Term Growth Gross realized Gross realized performance fees increased $24 million
Slide 18: Profitability
Profitability ($M, except per share amounts) Fee-related earnings Fee-related earnings growth driven primarily by $328 growth in fee revenues +11% $160 $144 FRE margin was 37% YTD as compared with 40% in the prior year and 31% four fiscal years ago $89 Core FRE margin (FRE excluding the impact of Se
Slide 19: StepStone occupies an important position within the GP & LP ecosystem
StepStone occupies an important position within the GP & LP ecosystem A strategic partner to our clients and fund managers, we listen deeply, share generously, and search diligently for new ways to address each challenge CLIENTS Corporations A self-reinforcing STEPSTONE growth cycle of Endowments an
Slide 20: Our global reach powers possibility
Our global reach powers possibility Our presence powers possibility. Local teams with valuable regional insights collaborate across 31 cities, 19 countries and 5 continents. London Dublin Amsterdam ASIA PACIFIC Luxembourg Frankfurt Zurich $112 Chicago Milan Toronto Rome Cleveland New York Madrid Bei
Slide 21: Comprehensive private markets solutions
Comprehensive private markets solutions StepStone’s flexible business model helps clients access opportunities across all asset classes: ASSET MANAGEMENT ADVISORY RESEARCH Separately managed accounts Focused commingled funds Advisory & data services Portfolio analytics & reporting – Owned by one cli
Slide 22: Offering a full-service model to clients seeking a customized solution
Offering a full-service model to clients seeking a 376 bespoke SMAs + focused commingled funds customized solution to private markets investing 35% of advisory clients with an AUM relationship Industry-transforming technology capabilities create a virtuous cycle of client engagement and provide a si
Slide 23: SPI: Uncommon insights
Uncommon insights SPI BY STEPSTONE Our view is both panoramic and precise, framed by a powerful combination of proprietary data and technology that empowers clients to act with uncommon clarity and conviction. Strategic asset allocation Investment selection Determines target allocations to optimize
Slide 24: Investment expertise across all private markets asset classes
Investment expertise across all private markets asset classes AUM/AUA As of September 30, 2025 49% / $381B By AUM By AUA combined AUM/AUA in Private Debt RE / INFRA / PD $23B / 4% Private Debt $40B / 19% Infrastructure $79B / 14% Infrastructure $209 Private Equity $562 Private Equity $42B / 20% Bill
Slide 25: Performance fee-related earnings
Performance fee-related earnings Quarterly performance fee-related earnings LTM performance fee-related earnings USD in millions USD in millions $122 $123 $115 $107 $110 $104 $96 $91 $85 $42 $75 $33 $34 $33 $32 $68 $66 $65 $29 $28 $27 $57 $22 $43 $41 $18 $18 $38 $36 $14 $12 $12 $13 $26 $8 $7 $5 $6 F
Slide 26: Fee revenues
Fee revenues LTM Sep 2024 LTM Sep 2025 9% 1% 9% 1% Focused commingled funds Focused commingled funds SMAs SMAs 34% 56% 33% Advisory and other services 57% Advisory and other services Fund reimbursement revenues Fund reimbursement revenues ($ in thousands) Quarter Year-to-Date Last Twelve Months Sep
Slide 27: Blue-chip, sophisticated, global clientele
Blue-chip, sophisticated, global clientele As of September 30, 2025 By type By geography LTM management and advisory fees (%) LTM management and advisory fees (%) Pension Funds 3% 2% North America 5% 5% Private Wealth/Defined Contribution Plans 14% 8% 30% Asia/Australia Insurance Companies 45% Europ
Slide 28: Our diversified platform spans private markets solutions
Our diversified platform spans private markets solutions Private Equity Real Estate Infrastructure Private Debt - Total AUM: $106B - Total AUM: $20B - Total AUM: $42B - Total AUM: $40B • SMA AUM: $56B • SMA AUM: $9B • SMA AUM: $37B • SMA AUM: $24B • FCF AUM: $51B • FCF AUM: $7B • FCF AUM: $3B • FCF
Slide 29: Notable StepStone focused commingled funds
Notable StepStone focused commingled funds Current drawdown funds in market include: Vintage Fund Size Fund Name Description Year ($M) - Private equity co-investment fund PRIVATE EQUITY StepStone Capital Partners V Private equity co-investments 2021 $ 2,364 - Private equity GP-led secondaries StepSt
Slide 30: Reconciliation of GAAP income (loss) before income tax to ANI and FRE
Reconciliation of GAAP income (loss) before income tax to ANI and FRE ($ in thousands) Quarter Year-to-Date Full Year Last Twelve Months Sep '24 Sep '25 Sep '24 Sep '25 Mar '21 Sep '25 Income (loss) before income tax $ 57,888 $ (675,826) $ 112,730 $ (696,176) $ 337,849 $ (1,030,941) Net income attri
Slide 31: Reconciliation of GAAP measures to adjusted measures
Reconciliation of GAAP measures to adjusted measures ($ in thousands) Quarter Year-to-Date Full Year Last Twelve Months Sep '24 Sep '25 Sep '24 Sep '25 Mar '21 Sep '25 Total revenues $ 271,677 $ 454,225 $ 458,078 $ 818,512 $ 787,716 $ 1,535,264 Unrealized carried interest allocations (52,215) (147,8
Slide 32: Calculation and reconciliation of adjusted net income per share
Calculation and reconciliation of adjusted net income per share ($ in thousands, except share and per share amounts) Quarter Year-to-Date Full Year Last Twelve Months Sep '24 Sep '25 Sep '24 Sep '25 Mar '21 Sep '25 ANI $ 53,569 $ 66,709 $ 110,810 $ 115,243 $ 85,402 $ 248,505 Weighted-average shares
Slide 33: Reconciliation of total performance fees to gross realized performance fees and PRE
Reconciliation of total performance fees to gross realized performance fees and PRE ($ in millions) Quarter FQ4'21 FQ1'22 FQ2'22 FQ3'22 FQ4'22 FQ1'23 FQ2'23 FQ3'23 FQ4'23 FQ1'24 FQ2'24 FQ3'24 FQ4'24 FQ1'25 FQ2'25 FQ3'25 FQ4'25 FQ1'26 FQ2'26 Incentive fees $ 0.4 $ 4.2 $ 1.8 $ 0.0 $ 5.6 $ - $ 5.4 $ 3.
Slide 34: Definitions
Definitions Adjusted net income, or “ANI,” is a non-GAAP performance measure that we present before the Assets under advisement, or “AUA,” consists of client assets for which we do not have full consolidation of StepStone Funds on a pre-tax and after-tax basis used to evaluate profitability. discret
Slide 35: Definitions (continued)
Definitions (continued) Assets under management, or “AUM,” primarily reflects the assets associated with our separately Fee-earning AUM, or “FEAUM,” reflects the assets from which we earn management fee managed accounts (“SMAs”) and focused commingled funds. We classify assets as AUM if we revenue (
Slide 36: Definitions (continued)
Definitions (continued) Fund size refers to total capital commitments to a StepStone Fund, including commitments Performance fee-related earnings represent gross realized performance fees, less realized from the Company as the general partner. performance fee-related compensation. We believe perform
Slide 37: Footnotes
Footnotes GAAP consolidated statements of income (loss) (slide 3) 1 Reflects amounts attributable to consolidated VIEs for which we did not acquire any direct economic interests. Such amounts are attributable to employees and therefore have been reflected as legacy Greenspring performance fee-relate
Slide 38: Footnotes (continued)
Footnotes (continued) Evolution of fee-earning AUM (slide 9) 1 Organic CAGR excludes $11.4B of FEAUM and $0.5B of undeployed fee-earning capital acquired as part of Greenspring as of 9/20/21. Trend in fee revenues (slide 10) 1 Excludes fund reimbursement revenues. 2 The acquisition of Greenspring co
Slide 39: Footnotes (continued)
Footnotes (continued) Consolidated balance sheets (slide 15) 1 The Company’s investments in funds were $314 million as of September 30, 2025, $276 million as of March 31, 2025, and $232 million as of September 30, 2024. The consolidation of the Consolidated Funds results in the elimination of the Co
Slide 40: Footnotes (continued)
Footnotes (continued) Our diversified platform spans private markets solutions (slide 28) 1 Investment returns reflect NAV data for underlying investments as of June 30, 2025, as reported by underlying managers up to the business day occurring on or after 100 days following June 30, 2025. For invest
Slide 41: Footnotes (continued)
Footnotes (continued) Our diversified platform spans private markets solutions (continued) (slide 28) 4 Investments of former clients are included in performance summary past the client termination date until such time as StepStone stops receiving current investment data (quarterly valuations and ca
Slide 42: Footnotes (continued)
Footnotes (continued) Reconciliation of GAAP income (loss) before income tax to ANI and FRE (continued) (slide 30) 3 Includes (income) expense related to transaction costs ($24 thousand and $0.1 million for the three months ended September 30, 2025 and 2024, respectively, $0.6 million and $0.8 milli
Slide 43: Footnotes (continued)
Footnotes (continued) Reconciliation of GAAP measures to adjusted measures (slide 31) 1 Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation. 2 Reflects the add-back of incentive fee revenues for the Consolidated Funds,
Slide 44: Disclosure
Disclosure Some of the statements in this presentation may constitute “forward-looking statements” The non-GAAP financial measures contained in this presentation (including, without limitation, within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the adjusted revenues, adj
Slide 45: stepstonegroup.com
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