Slide 1: StepStone Group Earnings Presentation
StepStone Group Earnings Presentation FOURTH QUARTER AND FULL FISCAL YEAR 2026 May 20, 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 GAAP net income (loss) was $6.7 ($ in thousands, except per share amounts) Quarter Full Year Mar '25 Mar '26 % Fav / Unfav Mar '25 Mar '26 % Fav / Unfav million for the quarter and $(743.3) Revenues Management and advisory fees, net $ 213,401 $ 259,871 22% $ 767,
Slide 4: Non-GAAP financial results
Non-GAAP financial results1 ($ in thousands, unless otherwise mentioned) Quarter Full Year Mar '25 Mar '26 % Fav / Unfav Mar '25 Mar '26 % Fav / Unfav Fee revenues $ 214,662 $ 260,285 21% $ 770,489 $ 931,619 21% Less: Adjusted cash-based compensation 85,510 110,641 -29% 331,434 414,054 -25% Adjusted
Slide 5: Fiscal Q4 and full year 2026 overview
Fiscal Q4 and full year 2026 overview FQ4’26 FQ4’25 vs. FQ4’25 FQ3’26 vs. FQ3’26 Assets under management (“AUM”) $233.3 B $189.4 B 23% $219.8 B 6% Fee-earning AUM (“FEAUM”) $144.0 B $121.4 B 19% $138.6 B 4% Undeployed fee-earning capital $40.1 B $24.6 B 63% $32.7 B 23% Key business drivers Gross acc
Slide 6: Overview
ee —_ ~ 1 Overview
Slide 7: Scale that delivers
Scale that delivers Assets under management $233 Opportunity BILLION The capital and relationships that unlock growth Assets under $652 Total capital Reach advisement responsibility True global presence, deep local knowledge $885 BILLION Annual private ~$75 Flexibility markets allocations BILLION BI
Slide 8: Growth drivers
Growth drivers AUM & AUA Separately Managed Accounts Focused Commingled Funds Advisory $136 billion $81 billion $652 billion 19% growth from the prior year 36% growth from the prior year ~$16 billion of AUA relates to advisory $22 billion of new capital additions during the $16 billion raised in foc
Slide 9: Evolution of fee-earning AUM
Evolution of fee-earning AUM 34% 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: 21% T
Slide 10: Trend in fee revenues
Trend in fee revenues Fee revenues1 FY’21 FY’22 FY’23 FY’24 FY’25 FY’26 $ in millions $920 Blended management fee rates 75 Overall 0.52% 0.52% 0.54% 0.59% 0.65% 0.64% $763 By type: 67 SMAs 0.39% 0.40% 0.40% 0.39% 0.39% 0.38% Commingled 0.90% 0.85% 0.82% 0.93% 1.06% 1.01% $581 By asset class: 552 $49
Slide 11: Financial update
Ss es ~— Financial update a 5 i | _
Slide 12: Financial highlights
Financial highlights - Fee revenues increased 21% for the quarter and for the full year. 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 FR
Slide 13: Accrued carry and fund investments
Accrued carry and fund investments1 Net accrued carry2 Net unrealized carry by vintage and type as of FQ4’26 USD in millions 6% +27% 27% 13% $875 $936 41% $783 $842 $738 8% 2% 10% 81% 12% 59% from 2020 or prior vintages FQ4'25 FQ1'26 FQ2'26 FQ3'26 FQ4'26 2016 & Prior 2017 2018 Private Equity Infrast
Slide 14: Appendix
1 Appendix
Slide 15: Consolidated balance sheets
Consolidated balance sheets ($ in thousands) Mar '25 Dec '25 Mar '26 Assets Cash and cash equivalents $ 244,791 $ 266,075 $ 213,065 Restricted cash 502 564 579 Fees and accounts receivable 80,871 79,669 133,287 Due from affiliates 92,723 334,942 113,150 Investments: Investments in funds (1) 183,694
Slide 16: FEAUM overview
FEAUM overview Fav / Unfav Change ($B, unless noted) FQ4'26 FQ4'25 $ % Walk from AUM to FEAUM $B Total AUM as of 3/31/26 $ 233.3 SMAs Less: Non-fee earning AUM 19.2 Beginning balance $ 80.3 $ 70.0 $ 10.4 15% Contributions 1 2.6 3.9 (1.2) -32% Less: Market appreciation included in AUM 30.0 Distributi
Slide 17: Adjusted revenues
Adjusted revenues ($M, except per share amounts) Fee revenues +21% Management fees increased 22% for the full year $770 $932 $932 driven by growth in FEAUM $285 Advisory fees increased 11% for the full year Mar-25 Mar-26 Mar-21 Mar-26 Year Long-Term Growth Gross realized Gross realized performance f
Slide 18: Profitability
Profitability ($M, except per share amounts) Fee-related earnings Fee-related earnings growth driven primarily by $354 growth in fee revenues +14% $354 $312 FRE margin was 38% for the full year as compared with 41% in the prior year and 31% five fiscal years ago $89 Core FRE margin (FRE excluding th
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 $119 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 402 bespoke SMAs + focused commingled funds customized solution to private markets investing 34% of advisory clients with an AUM relationship Industry-transforming technology capabilities create a virtuous cycle of client engagement and provide a si
Slide 23: Uncommon insights: SPI
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 March 31, 2026 48% / $424B By AUM By AUA combined AUM/AUA in Private Debt RE / INFRA / PD $26B / 4% Private Debt $46B / 20% Infrastructure $95B / 15% Infrastructure $233 Private Equity $652 Private Equity $48B / 20% Billion
Slide 25: Performance fee-related earnings
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 $33 $32 $33 $32 $33 $34 $27 $29 $29 $27 $26 $25 $28 $21 $23 $22 $16 $18 $18 $18 $12 $10 $12 $13 $10 $14 $12 $8 $12 $1
Slide 26: Performance fee-related earnings
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 $196 $115 $122 $117 $123 $115 $107 $115 $110 $110 $105 $104 $101 $96 $95 $94 $91 $85 $79 $82 $81 $74 $74 $75 $68 $65 $66 $57 $54 $
Slide 27: Fee revenues
Fee revenues Full Year Mar 2025 Full Year Mar 2026 9% 1% 8% 1% Focused commingled funds Focused commingled funds SMAs SMAs 33% 32% 57% Advisory and other services 59% Advisory and other services Fund reimbursement revenues Fund reimbursement revenues ($ in thousands) Quarter Full Year Mar '25 Mar '2
Slide 28: Blue-chip, sophisticated, global clientele
Blue-chip, sophisticated, global clientele As of March 31, 2026 By type By geography LTM management and advisory fees (%) LTM management and advisory fees (%) Private Wealth/Defined Contribution Plans 3% 3% North America 4%4% 8% Pension Funds 30% 13% Europe Insurance Companies 11% Asia/Australia 45%
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: $86B - Total AUM: $34B - Total AUM: $20B - Total AUM: $48B - Total AUM: $46B • SMA AUM: $51B • 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 GP-led secondaries StepSt
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 Full Year Mar '25 Mar '26 Mar '25 Mar '26 Mar '21 Income (loss) before income tax $ 9,950 $ (344) $ (222,035) $ (891,169) $ 337,849 Net income attributable to non-controlling interests in subsidi
Slide 32: Reconciliation of GAAP measures to adjusted measures
Reconciliation of GAAP measures to adjusted measures ($ in thousands) Quarter Full Year Full Year Mar '25 Mar '26 Mar '25 Mar '26 Mar '21 Total revenues $ 377,729 $ 588,580 $ 1,174,830 $ 1,993,603 $ 787,716 Unrealized carried interest allocations (21,177) (201,031) (141,547) (539,712) (433,827) Defe
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 Full Year Mar '25 Mar '26 Mar '25 Mar '26 Mar '21 ANI $ 80,603 $ 69,459 $ 244,072 $ 264,560 $ 85,402 Weighted-average shares of Class A common stock outstanding – Ba
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 FQ4'21 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 FQ3'26 FQ4'26 Incentive fees $ 0.4 $ 4.2 $ 1.8 $ 0.0 $ 5.6
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 23.5% and 22.6% blended statutory rate applied to pre-tax adjusted net income and 122.5 million adjusted weighted-average shares outstanding for FQ4’26 and fiscal 2026, respectively. Reflects a 22.3% blended statutory rate applied to
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 December 31, 2025, as reported by underlying managers up to the business day occurring on or after 115 days following December 31, 2025. Fo
Slide 42: Footnotes (continued)
Footnotes (continued) Our diversified platform spans private markets solutions (continued) (slide 29) 3 Investment returns of client portfolios are included in the performance summary past the client’s termination date until such time as StepStone stops receiving current investment data (quarterly v
Slide 43: Footnotes (continued)
Footnotes (continued) Notable StepStone focused commingled funds (slide 30) 1 Reflects fair value of the fund’s portfolio as of March 31, 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 inter
Slide 44: Footnotes (continued)
Footnotes (continued) Reconciliation of GAAP measures to adjusted measures (slide 32) 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 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