Slide 1: StepStone Group Earnings Presentation
StepStone Group Earnings Presentation FIRST QUARTER FISCAL YEAR 2027 August 6, 2026 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 loss
GAAP consolidated statements of loss Quarter GAAP net loss was $170.4 million ($ in thousands, except per share amounts) Jun '25 Jun '26 % Fav / Unfav Revenues for the quarter. Management and advisory fees, net $ 211,173 $ 269,171 27% Performance fees: Incentive fees 190 - -100% Carried interest all
Slide 4: Non-GAAP financial results
Non-GAAP financial results1 ($ in thousands, unless otherwise mentioned) Quarter Jun '25 Jun '26 % Fav / Unfav Fee revenues $ 212,740 $ 270,934 27% Less: Adjusted cash-based compensation 95,968 117,164 -22% Adjusted equity-based compensation 4,209 6,627 -57% Adjusted general, administrative and othe
Slide 5: Fiscal Q1 2027 overview
Fiscal Q1 2027 overview FQ1’27 FQ1’26 vs. FQ1’26 FQ4’26 vs. FQ4’26 Assets under management (“AUM”) $245.4 B $199.3 B 23% $233.3 B 5% Fee-earning AUM (“FEAUM”) $153.6 B $127.2 B 21% $144.0 B 7% Undeployed fee-earning capital $39.3 B $28.7 B 37% $40.1 B -2% Key business drivers Gross accrued carry $2,
Slide 6: Overview
ee —_ ~ 1 Overview
Slide 7: Scale that delivers
Scale that delivers Assets under management $245 Opportunity BILLION The capital and relationships that unlock growth Assets under $668 Total capital Reach advisement responsibility True global presence, deep local knowledge $913 BILLION Annual private ~$75 Flexibility markets allocations BILLION BI
Slide 8: Growth drivers
Growth drivers AUM & AUA Separately Managed Accounts Focused Commingled Funds Advisory $140 billion $89 billion $668 billion 16% growth from the prior year 42% growth from the prior year ~$16 billion of AUA relates to advisory $20 billion of new capital additions during the $20 billion raised in foc
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 CAGR: 18% CAGR: 18% CAGR: 19% Total AUM $134 $138 $157 $18
Slide 10: Trend in fee revenues
Trend in fee revenues Fee revenues1 FY’22 FY’23 FY’24 FY’25 FY’26 LTM FQ1’27 $ in millions $977 Blended management fee rates $920 74 Overall 0.52% 0.54% 0.59% 0.65% 0.64% 0.65% 75 By type: $763 SMAs 0.40% 0.40% 0.39% 0.39% 0.38% 0.37% 67 Commingled 0.85% 0.82% 0.93% 1.06% 1.01% 1.02% $581 By asset c
Slide 11: Financial update
Ss es ~— Financial update a 5 i | _
Slide 12: Financial highlights
Financial highlights - Fee revenues increased 27% for the quarter. Excluding retroactive fees, fee revenues grew 29% for the quarter, driven by FEAUM growth, particularly in our evergreen products, which earn a higher average fee rate than closed-end commingled funds. - Core FRE margin (FRE excludin
Slide 13: Accrued carry and fund investments
Accrued carry and fund investments1 Net accrued carry2 Net unrealized carry by vintage and type as of FQ1’27 USD in millions 6% +19% 14% 29% 32% $875 $936 $935 $783 $842 18% 9% 80% 1% 11% 71% from 2021 or prior vintages FQ1'26 FQ2'26 FQ3'26 FQ4'26 FQ1'27 2017 & Prior 2018 2019 Private Equity Infrast
Slide 14: Appendix
1 Appendix
Slide 15: Consolidated balance sheets
Consolidated balance sheets ($ in thousands) Jun '25 Mar '26 Jun '26 Assets Cash and cash equivalents $ 191,469 $ 213,065 $ 201,167 Restricted cash 524 579 581 Fees and accounts receivable 90,508 133,287 109,711 Due from affiliates 105,217 113,150 153,019 Investments: Investments in funds (1) 202,67
Slide 16: FEAUM overview
FEAUM overview Fav / Unfav Change ($B, unless noted) FQ1'27 FQ1'26 $ % Walk from AUM to FEAUM $B Total AUM as of 6/30/26 $ 245.4 SMAs Beginning balance $ 81.8 $ 73.2 $ 8.6 12% Less: Non-fee earning AUM 20.8 Contributions 1 3.0 3.0 (0.1) -2% Less: Market appreciation included in AUM 31.7 Distribution
Slide 17: Adjusted revenues
Adjusted revenues ($M, except per share amounts) Fee revenues Management fees increased 30% over the prior year $990 quarter driven by growth in FEAUM +27% $213 $271 $380 Advisory fees decreased 2% over the prior year quarter Jun-25 Jun-26 Mar-22 LTM Jun-26 Quarter Long-Term Growth Gross realized Gr
Slide 18: Profitability
Profitability ($M, except per share amounts) Fee-related earnings Fee-related earnings growth driven primarily by $379 growth in fee revenues FRE margin was 39% for the quarter as compared +30% with 38% in the prior year quarter and 32% five fiscal $122 $106 years ago $81 Jun-25 Jun-26 Core FRE marg
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 $123 Milan Chicago 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 417 bespoke SMAs + focused commingled funds customized solution to private markets investing 33% 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: One platform, total insight
One platform, total insight 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. SPI Research SPI Reporting A consolidated due diligence library Portfolio tracki
Slide 24: Investment expertise across all private markets asset classes
Investment expertise across all private markets asset classes AUM/AUA As of June 30, 2026 48% / $440B By AUM By AUA combined AUM/AUA in Private Debt RE / INFRA / PD $25B / 4% Private Debt $48B / 19% Infrastructure $104B / 16% Infrastructure $245 Private Equity $668 Private Equity $50B / 20% Billion
Slide 25: Performance fee-related earnings (quarterly)
Performance fee-related earnings1 QTD net realized carry QTD net incentive fees QTD performance fee-related earnings USD in millions USD in millions USD in millions $131 $108 $40 $42 $32 $32 $34 $27 $29 $28 $27 $21 $23 $22 $16 $15 $18 $18 $18 $16 $12 $13 $14 $12 $14 $13 $10 $9 $10 $8 $5 $7 $5 $8 $9
Slide 26: Performance fee-related earnings (LTM)
Performance fee-related earnings1 LTM net realized carry LTM net incentive fees LTM performance fee-related earnings USD in millions USD in millions USD in millions $220 $199 $196 $122 $115 $123 $117 $115 $115 $110 $115 $110 $104 $101 $105 $94 $85 $96 $82 $81$83 $75 $74 $74 $65 $66 $54 $57 $47$51 $4
Slide 27: Fee revenues
Fee revenues LTM June 2025 LTM June 2026 9% 1% 8% 1% Focused commingled funds Focused commingled funds SMAs SMAs 30% 33% 57% Advisory and other services Advisory and other services 61% Fund reimbursement revenues Fund reimbursement revenues ($ in thousands) Quarter Last Twelve Months Jun '25 Jun '26
Slide 28: Blue-chip, sophisticated, global clientele
Blue-chip, sophisticated, global clientele As of June 30, 2026 By type By geography LTM management and advisory fees (%) LTM management and advisory fees (%) Private Wealth/Defined Contribution Plans 3% 2% North America 4%4% 8% Pension Funds 13% 30% Europe Insurance Companies 12% Asia/Australia Corp
Slide 29: Our diversified platform spans private markets solutions
Our diversified platform spans private markets solutions Private Equity Buyout* Venture Capital & Real Estate Infrastructure Private Debt Growth Equity - Total AUM: $91B - Total AUM: $37B - Total AUM: $21B - Total AUM: $50B - Total AUM: $48B • SMA AUM: $52B • SMA AUM: $9B • SMA AUM: $9B • SMA AUM: $
Slide 30: 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 secondaries StepStone Sec
Slide 31: 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 Full Year Last Twelve Months Jun '25 Mar '26 Jun '26 Mar '22 Jun '25 Jun '26 Income (loss) before income tax $ (20,350) $ (344) $ (200,250) $ 512,581 $ (297,227) $ (1,071,069) (1) Net income attributable t
Slide 32: Reconciliation of GAAP measures to adjusted measures
Reconciliation of GAAP measures to adjusted measures ($ in thousands) Quarter Full Year Last Twelve Months Jun '25 Mar '26 Jun '26 Mar '22 Jun '25 Jun '26 Total revenues $ 364,287 $ 588,580 $ 378,889 $ 1,365,525 $ 1,352,716 $ 2,008,205 Unrealized carried interest allocations (88,883) (201,031) (43,9
Slide 33: 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 Full Year Last Twelve Months Jun '25 Mar '26 Jun '26 Mar '22 Jun '25 Jun '26 ANI $ 48,534 $ 69,459 $ 60,295 $ 172,943 $ 235,365 $ 276,321 Weighted-average shares of Class A co
Slide 34: 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 FQ4'22 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 FQ3'26 FQ4'26 FQ1'27 Incentive fees $ 5.6 $ - $ 5.4 $ 3.0 $ 1.3 $ 0.0 $ 4.9 $ 17.9 $ 2.
Slide 35: Definitions
Definitions Adjusted incentive fees are a non-GAAP measure that represents GAAP incentive fees and the ANI per share measures our per-share earnings assuming all Class B units, Class C units and add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in Class D unit
Slide 36: 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 37: 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 38: Footnotes
Footnotes GAAP consolidated statements of 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-related compens
Slide 39: Footnotes (continued)
Footnotes (continued) Financial highlights (slide 12) 1 Reflects a 22.6% blended statutory rate applied to pre-tax adjusted net income and 125.9 million adjusted weighted-average shares outstanding for FQ1’27. Reflects a 22.3% blended statutory rate applied to pre-tax adjusted net income and 122.3 m
Slide 40: Footnotes (continued)
Footnotes (continued) FEAUM overview (slide 16) 1 Contributions consist of new capital commitments that earn fees on committed capital and capital contributions to funds and accounts that earn fees on net invested capital or NAV. 2 Distributions consist of returns of capital from funds and accounts
Slide 41: Footnotes (continued)
Footnotes (continued) Our diversified platform spans private markets solutions (slide 29) 1 Investment returns reflect NAV data for underlying investments as of March 31, 2026, as reported by underlying managers up to the business day occurring on or after 100 days following March 31, 2026. For inve
Slide 42: Footnotes (continued)
Footnotes (continued) Our diversified platform spans private markets solutions (continued) (slide 29) 3 Investment returns of clients’ portfolios are included in the performance summary past the client’s termination date until such time as StepStone stops receiving current investment data (quarterly
Slide 43: Footnotes (continued)
Footnotes (continued) Notable StepStone focused commingled funds (slide 30) 1 Reflects fair value of the fund’s portfolio as of June 30, 2026. Reconciliation of GAAP income (loss) before income tax to ANI and FRE (slide 31) 1 Reflects the portion of pre-tax ANI attributable to non-controlling intere
Slide 44: Footnotes (continued)
Footnotes (continued) Reconciliation of GAAP income (loss) before income tax to ANI and FRE (continued) (slide 31) 5 Reflects the removal of Tax Receivable Agreements adjustments recognized as other income (loss) ($(5.5) million for the three months ended March 31, 2026, $3.6 million in fiscal 2022,
Slide 45: 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 46: stepstonegroup.com
C) STEPSTONE stepstonegroup.com