Stepstone Group Reports Second Quarter Fiscal Year 2026 Results

2025-11-06 04:18:10

(MENAFN- GlobeNewsWire - Nasdaq) NEW YORK, Nov. 06, 2025 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP), a global private markets investment firm focused on providing customized investment solutions and advisory and data services, today reported results for the quarter ended September 30, 2025. This represents results for the second quarter of the fiscal year ending March 31, 2026. The Board of Directors of the Company has declared a quarterly cash dividend of $0.28 per share of Class A common stock, payable on December 15, 2025, to the holders of record as of the close of business on November 28, 2025.

StepStone issued a full detailed presentation of its second quarter fiscal 2026 results, which can be accessed by visiting the Company's website at .

Webcast and Earnings Conference Call

Management will host a webcast and conference call today, Thursday, November 6, 2025, at 5:00 pm ET to discuss the Company's results for the second quarter of the fiscal year ending March 31, 2026. The webcast will be made available on the Shareholders section of the Company's website at . To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register. A replay will also be available on the Shareholders section of the Company's website approximately two hours after the conclusion of the event.

To join as a live participant in the question and answer portion of the call, participants must register at . Upon registering you will receive the dial-in number and a PIN to join the call as well as an email confirmation with the details.

About StepStone Group

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of September 30, 2025, StepStone was responsible for approximately $771 billion of total capital, including $209 billion of assets under management. StepStone's clients include some of the world's largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

Forward-Looking Statements

Some of the statements in this release may constitute“forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Words such as“anticipate,”“believe,”“continue,”“estimate,”“expect,”“future,”“intend,”“may,”“plan” and“will” and similar expressions identify forward-looking statements. Forward-looking statements reflect management's current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, our successful execution of business and growth strategies, the favorability of the private markets fundraising environment, successful integration of acquired businesses and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail under the“Risk Factors” section of our annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the“SEC”) on May 23, 2025, and in our subsequent reports filed with the SEC, as such factors may be updated from time to time. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use the following non-GAAP financial measures: fee revenues, adjusted revenues, adjusted net income (on both a pre-tax and after-tax basis), adjusted net income per share, adjusted weighted-average shares, fee-related earnings, fee-related earnings margin, gross realized performance fees and performance fee-related earnings. We have provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, the non-GAAP financial measures in this earnings release may not be comparable to similarly titled measures used by other companies in our industry or across different industries. For definitions of these non-GAAP measures and reconciliations to applicable GAAP measures, please see the section titled“Non-GAAP Financial Measures: Definitions and Reconciliations.”

Financial Highlights and Key Business Drivers/Operating Metrics

	Three Months Ended		Six Months Ended September 30,		Percentage Change
(in thousands, except share and per share amounts and where noted)	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025			2024			2025			vs. FQ2'25	vs. FQ2'25 YTD
Financial Highlights
GAAP Results
Management and advisory fees, net	$	184,758		$	190,840		$	213,401		$	211,173		$	215,489		$	362,773		$	426,662		17	%	18	%
Total revenues		271,677			339,023			377,729			364,287			454,225			458,078			818,512		67	%	79	%
Total performance fees		86,919			148,183			164,328			153,114			238,736			95,305			391,850		175	%	311	%
Net income (loss)		53,138			(287,163	)		13,153			(12,011	)		(575,490	)		101,183			(587,501	)	na	na
Net income (loss) per share of Class A common stock:
Basic	$	0.26		$	(2.61	)	$	(0.24	)	$	(0.49	)	$	(4.66	)	$	0.46		$	(5.17	)	na	na
Diluted	$	0.26		$	(2.61	)	$	(0.24	)	$	(0.49	)	$	(4.66	)	$	0.46		$	(5.17	)	na	na
Weighted-average shares of Class A common stock:
Basic		68,772,051			73,687,289			75,975,770			77,846,710			78,561,587			67,486,964			78,206,102		14	%	16	%
Diluted		69,695,315			73,687,289			75,975,770			77,846,710			78,561,587			69,147,549			78,206,102		13	%	13	%
Quarterly dividend per share of Class A common stock⁽¹⁾	$	0.24		$	0.24		$	0.24		$	0.24		$	0.28		$	0.45		$	0.52		17	%	16	%
Supplemental dividend per share of Class A common stock⁽²⁾	$	-		$	-		$	-		$	0.40		$	-		$	0.15		$	0.40		na	167	%
Accrued carried interest allocations		1,381,110			1,474,543			1,495,664			1,585,209			1,733,922					26	%

Non-GAAP Results ⁽³⁾
Fee revenues⁽⁴⁾	$	185,481		$	191,832		$	214,662		$	212,740		$	217,461		$	363,995		$	430,201		17	%	18	%
Adjusted revenues		208,788			243,905			295,861			237,467			282,342			429,953			519,809		35	%	21	%
Fee-related earnings (“FRE”)		72,349			74,118			94,081			81,246			78,633			144,005			159,879		9	%	11	%
FRE margin⁽⁵⁾		39	%		39	%		44	%		38	%		36	%		40	%		37	%
Gross realized performance fees		23,307			52,073			81,199			24,727			64,881			65,958			89,608		178	%	36	%
Performance fee-related earnings (“PRE”)		14,540			26,596			41,543			13,022			33,886			36,343			46,908		133	%	29	%
Adjusted net income (“ANI”)		53,569			52,659			80,603			48,534			66,709			110,810			115,243		25	%	4	%
Adjusted weighted-average shares		118,774,233			118,935,179			118,869,111			122,292,943			122,462,594			118,643,088			122,378,231		3	%	3	%
ANI per share	$	0.45		$	0.44		$	0.68		$	0.40		$	0.54		$	0.93		$	0.94		20	%	1	%

Key Business Drivers/Operating Metrics (in billions)
Assets under management (“AUM”)⁽⁶⁾	$	176.1		$	179.2		$	189.4		$	199.3		$	209.1					19	%
Assets under advisement (“AUA”)⁽⁶⁾		505.9			518.7			519.7			524.2			561.6					11	%
Fee-earning AUM (“FEAUM”)		104.4			114.2			121.4			127.2			132.8					27	%
Undeployed fee-earning capital (“UFEC”)		29.7			21.7			24.6			28.7			29.8					-	%

_______________________________
(1) Dividends paid, as reported in this table, relate to the preceding quarterly period in which they were earned.
(2) The supplemental cash dividend relates to earnings in respect of our full fiscal years 2024 and 2025, respectively.
(3) Fee revenues, adjusted revenues, FRE, FRE margin, gross realized performance fees, PRE, ANI, adjusted weighted-average shares and ANI per share are non-GAAP measures. See the definitions of these measures and reconciliations to the respective, most comparable GAAP measures under“Non-GAAP Financial Measures: Definitions and Reconciliations.”
(4) Excludes the impact of consolidating the Consolidated Funds. See reconciliation of GAAP measures to adjusted measures that follows.
(5) FRE margin is calculated by dividing FRE by fee revenues.
(6) AUM/AUA reflects final data for the prior period, adjusted for net new client account activity through the period presented. Does not include post-period investment valuation or cash activity. Net asset value (“NAV”) data for underlying investments is as of the prior period, as reported by underlying managers up to the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end. When NAV data is not available by the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end, such NAVs are adjusted for cash activity following the last available reported NAV.

StepStone Group Inc. GAAP Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share amounts)

	As of
	September 30, 2025		March 31, 2025
Assets
Cash and cash equivalents	$	229,824		$	244,791
Restricted cash		531			502
Fees and accounts receivable		81,435			80,871
Due from affiliates		117,621			92,723
Investments:
Investments in funds		210,162			183,694
Accrued carried interest allocations		1,733,922			1,495,664
Legacy Greenspring investments in funds and accrued carried interest allocations⁽¹⁾		679,470			629,228
Deferred income tax assets		524,320			382,886
Lease right-of-use assets, net		86,646			91,841
Other assets and receivables		57,661			62,869
Intangibles, net		243,458			263,872
Goodwill		580,542			580,542
Assets of Consolidated Funds:
Cash and cash equivalents		136,353			44,511
Investments, at fair value		647,827			415,011
Other assets		2,335			17,688
Total assets	$	5,332,107		$	4,586,693
Liabilities and stockholders' equity
Accounts payable, accrued expenses and other liabilities	$	93,310		$	89,731
Accrued compensation and benefits		1,826,201			736,695
Accrued carried interest-related compensation		891,485			757,968
Legacy Greenspring accrued carried interest-related compensation⁽¹⁾		544,919			495,739
Due to affiliates		346,952			331,821
Lease liabilities		109,458			113,519
Debt obligations		269,920			269,268
Liabilities of Consolidated Funds:
Other liabilities		24,076			17,580
Total liabilities		4,106,321			2,812,321
Redeemable non-controlling interests in Consolidated Funds		671,705			377,897
Redeemable non-controlling interests in subsidiaries		7,290			6,327
Stockholders' equity:
Class A common stock, $0.001 par value, 650,000,000 authorized; 79,124,247 and 76,761,399 issued and outstanding as of September 30, 2025 and March 31, 2025, respectively		79			77
Class B common stock, $0.001 par value, 125,000,000 authorized; 39,133,716 and 39,656,954 issued and outstanding as of September 30, 2025 and March 31, 2025, respectively		39			40
Additional paid-in capital		485,919			421,057
Accumulated deficit		(720,431	)		(242,546	)
Accumulated other comprehensive income		935			728
Total StepStone Group Inc. stockholders' equity		(233,459	)		179,356
Non-controlling interests in subsidiaries		927,728			1,056,510
Non-controlling interests in legacy Greenspring entities⁽¹⁾		134,551			133,489
Non-controlling interests in the Partnership		(282,029	)		20,793
Total stockholders' equity		546,791			1,390,148
Total liabilities and stockholders' equity	$	5,332,107		$	4,586,693

(1) Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests.

StepStone Group Inc. GAAP Condensed Consolidated Statements of Income (Loss) (Unaudited) (in thousands, except share and per share amounts)

	Three Months Ended September 30,		Six Months Ended September 30,
		2025			2024			2025			2024
Revenues
Management and advisory fees, net	$	215,489		$	184,758		$	426,662		$	362,773
Performance fees:
Incentive fees		4,902			3,155			5,092			3,996
Carried interest allocations:
Realized		58,878			17,632			83,282			59,436
Unrealized		147,813			52,215			236,696			27,045
Total carried interest allocations		206,691			69,847			319,978			86,481
Legacy Greenspring carried interest allocations⁽¹⁾		27,143			13,917			66,780			4,828
Total performance fees		238,736			86,919			391,850			95,305
Total revenues		454,225			271,677			818,512			458,078
Expenses
Compensation and benefits:
Cash-based compensation		100,348			82,871			196,333			161,095
Equity-based compensation		884,470			37,332			1,073,188			56,511
Performance fee-related compensation:
Realized		30,995			8,767			42,700			29,615
Unrealized		88,727			27,748			133,084			16,825
Total performance fee-related compensation		119,722			36,515			175,784			46,440
Legacy Greenspring performance fee-related compensation⁽¹⁾		27,143			13,917			66,780			4,828
Total compensation and benefits		1,131,683			170,635			1,512,085			268,874
General, administrative and other		45,292			50,061			88,206			91,072
Total expenses		1,176,975			220,696			1,600,291			359,946
Other income (expense)
Investment income (loss)		(1,210	)		2,051			9,302			4,646
Legacy Greenspring investment income (loss)⁽¹⁾		1,313			(4,031	)		4,695			(5,286	)
Investment income of Consolidated Funds		46,044			8,206			67,715			15,841
Interest income		3,224			3,016			5,720			5,073
Interest expense		(4,425	)		(3,512	)		(8,959	)		(6,502	)
Other income		1,978			1,177			7,130			826
Total other income		46,924			6,907			85,603			14,598
Income (loss) before income tax		(675,826	)		57,888			(696,176	)		112,730
Income tax expense (benefit)		(100,336	)		4,750			(108,675	)		11,547
Net income (loss)		(575,490	)		53,138			(587,501	)		101,183
Less: Net income attributable to non-controlling interests in subsidiaries		9,242			19,125			37,859			35,740
Less: Net income (loss) attributable to non-controlling interests in legacy Greenspring entities⁽¹⁾		1,313			(4,031	)		4,695			(5,286	)
Less: Net income (loss) attributable to non-controlling interests in the Partnership		(259,946	)		13,580			(287,068	)		26,904
Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds		39,659			6,525			60,616			12,196
Less: Net income attributable to redeemable non-controlling interests in subsidiaries		384			307			963			669
Net income (loss) attributable to StepStone Group Inc.	$	(366,142	)	$	17,632		$	(404,566	)	$	30,960
Net income (loss) per share of Class A common stock:
Basic	$	(4.66	)	$	0.26		$	(5.17	)	$	0.46
Diluted	$	(4.66	)	$	0.26		$	(5.17	)	$	0.46
Weighted-average shares of Class A common stock:
Basic		78,561,587			68,772,051			78,206,102			67,486,964
Diluted		78,561,587			69,695,315			78,206,102			69,147,549

(1) Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests.

Non-GAAP Financial Measures: Definitions and Reconciliations

Fee Revenues

Fee revenues represents management and advisory fees, net, including amounts earned from the Consolidated Funds which are eliminated in consolidation. We believe fee revenues is useful to investors because it presents the net amount of management and advisory fee revenues attributable to us.

The table below presents the components of fee revenues.

	Three Months Ended		Six Months Ended September 30,
(in thousands)	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025			2024		2025
Focused commingled funds⁽¹⁾⁽²⁾	$	107,855	$	105,718	$	124,604	$	120,036	$	127,085	$	212,653	$	247,121
Separately managed accounts		61,393		66,245		67,695		70,379		71,685		118,769		142,064
Advisory and other services		14,907		17,458		19,927		19,939		16,259		29,676		36,198
Fund reimbursement revenues⁽¹⁾		1,326		2,411		2,436		2,386		2,432		2,897		4,818
Fee revenues	$	185,481	$	191,832	$	214,662	$	212,740	$	217,461	$	363,995	$	430,201

_______________________________
(1) Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
(2) Includes income-based incentive fees from certain funds:

	Three Months Ended		Six Months Ended September 30,
(in thousands)	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025			2024		2025
Income-based incentive fees	$	1,347	$	2,120	$	3,377	$	4,408	$	5,334	$	2,460	$	9,742

Adjusted Revenues

Adjusted revenues represents the components of revenues used in the determination of ANI and comprise fee revenues, adjusted incentive fees and realized carried interest allocations. We believe adjusted revenues is useful to investors because it presents a measure of realized revenues.

The table below shows a reconciliation of revenues to adjusted revenues.

	Three Months Ended		Six Months Ended September 30,
(in thousands)	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025			2024			2025
Total revenues	$	271,677		$	339,023		$	377,729		$	364,287		$	454,225		$	458,078		$	818,512
Unrealized carried interest allocations		(52,215	)		(93,325	)		(21,177	)		(88,883	)		(147,813	)		(27,045	)		(236,696	)
Deferred incentive fees		2,445			-			(513	)		-			671			2,451			671
Legacy Greenspring carried interest allocations		(13,917	)		(8,207	)		(61,306	)		(39,637	)		(27,143	)		(4,828	)		(66,780	)
Management and advisory fee revenues for the Consolidated Funds⁽¹⁾		723			992			1,261			1,567			1,972			1,222			3,539
Incentive fees for the Consolidated Funds⁽²⁾		75			5,422			(133	)		133			430			75			563
Adjusted revenues	$	208,788		$	243,905		$	295,861		$	237,467		$	282,342		$	429,953		$	519,809

_______________________________
(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 fees for the Consolidated Funds, which have been eliminated in consolidation.

Adjusted Net Income

Adjusted net income, or“ANI,” is a non-GAAP performance measure that we present before the consolidation of StepStone Funds on a pre-tax and after-tax basis used to evaluate profitability. ANI represents the after-tax net realized income attributable to us. ANI does not reflect legacy Greenspring carried interest allocation revenues, legacy Greenspring carried interest-related compensation and legacy Greenspring investment income (loss) as none of the economics are attributable to us. The components of revenues used in the determination of ANI (“adjusted revenues”) comprise fee revenues, adjusted incentive fees and realized carried interest allocations. In addition, ANI excludes: (a) unrealized carried interest allocation revenues and related compensation, (b) unrealized investment income (loss), (c) equity-based compensation for awards granted prior to and in connection with our IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary, (d) amortization of intangibles, (e) net income (loss) attributable to non-controlling interests in our subsidiaries and realized gains attributable to the profits interests issued in the private wealth subsidiary, (f) charges associated with acquisitions and corporate transactions, and (g) certain other items that we believe are not indicative of our core operating performance (as listed in the table below). ANI is fully taxed at our blended statutory rate. We believe ANI and adjusted revenues are useful to investors because they enable investors to evaluate the performance of our business across reporting periods.

Fee-Related Earnings

Fee-related earnings, or“FRE,” is a non-GAAP performance measure used to monitor our baseline earnings from recurring management and advisory fees. FRE is a component of ANI and comprises fee revenues less adjusted expenses which are operating expenses other than (a) performance fee-related compensation, (b) equity-based compensation for awards granted prior to and in connection with our IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary, (c) amortization of intangibles, (d) charges associated with acquisitions and corporate transactions, and (e) certain other items that we believe are not indicative of our core operating performance (as listed in the table below). FRE is presented before income taxes. We believe FRE is useful to investors because it provides additional insight into the operating profitability of our business and our ability to cover direct base compensation and operating expenses from total fee revenue.

The table below shows a reconciliation of GAAP measures to additional non-GAAP measures. We use the non-GAAP measures presented below as components when calculating FRE and ANI (as defined below). We believe these additional non-GAAP measures are useful to investors in evaluating both the baseline earnings from recurring management and advisory fees, which provide additional insight into the operating profitability of our business, and the after-tax net realized income attributable to us, allowing investors to evaluate the performance of our business. These additional non-GAAP measures remove the impact of Consolidated Funds that we are required to consolidate under GAAP, and certain other items that we believe are not indicative of our core operating performance.

	Three Months Ended		Six Months Ended September 30,
(in thousands)	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025			2024			2025
GAAP management and advisory fees, net	$	184,758		$	190,840		$	213,401		$	211,173		$	215,489		$	362,773		$	426,662
Management and advisory fee revenues for the Consolidated Funds⁽¹⁾		723			992			1,261			1,567			1,972			1,222			3,539
Fee revenues	$	185,481		$	191,832		$	214,662		$	212,740		$	217,461		$	363,995		$	430,201

GAAP incentive fees	$	3,155		$	22,369		$	5,910		$	190		$	4,902		$	3,996		$	5,092
Adjustments⁽²⁾		2,520			5,422			(646	)		133			1,101			2,526			1,234
Adjusted incentive fees	$	5,675		$	27,791		$	5,264		$	323		$	6,003		$	6,522		$	6,326

GAAP cash-based compensation	$	82,871		$	85,203		$	85,510		$	95,985		$	100,348		$	161,095		$	196,333
Adjustments⁽³⁾		(285	)		339			-			(17	)		(17	)		(713	)		(34	)
Adjusted cash-based compensation	$	82,586		$	85,542		$	85,510		$	95,968		$	100,331		$	160,382		$	196,299

GAAP equity-based compensation	$	37,332		$	486,418		$	126,197		$	188,718		$	884,470		$	56,511		$	1,073,188
Adjustments⁽⁴⁾		(34,947	)		(483,958	)		(123,263	)		(184,509	)		(880,154	)		(51,732	)		(1,064,663	)
Adjusted equity-based compensation	$	2,385		$	2,460		$	2,934		$	4,209		$	4,316		$	4,779		$	8,525

GAAP general, administrative and other	$	50,061		$	43,130		$	43,152		$	42,914		$	45,292		$	91,072		$	88,206
Adjustments⁽⁵⁾		(21,900	)		(13,418	)		(11,015	)		(11,597	)		(11,111	)		(36,243	)		(22,708	)
Adjusted general, administrative and other	$	28,161		$	29,712		$	32,137		$	31,317		$	34,181		$	54,829		$	65,498

GAAP interest income	$	3,016		$	2,559		$	3,218		$	2,496		$	3,224		$	5,073		$	5,720
Interest income earned by the Consolidated Funds⁽⁶⁾		(1,363	)		(887	)		(1,600	)		(998	)		(1,273	)		(2,270	)		(2,271	)
Adjusted interest income	$	1,653		$	1,672		$	1,618		$	1,498		$	1,951		$	2,803		$	3,449

GAAP other income (loss)	$	1,177		$	(2,452	)	$	(31,024	)	$	5,152		$	1,978		$	826		$	7,130
Adjustments⁽⁷⁾		(1,082	)		1,883			30,606			(4,159	)		(1,073	)		(1,154	)		(5,232	)
Adjusted other income (loss)	$	95		$	(569	)	$	(418	)	$	993		$	905		$	(328	)	$	1,898

______________________________
(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, which have been eliminated in consolidation, and deferred incentive fees that are not included in GAAP revenues.
(3) Reflects the removal of compensation paid to certain employees as part of an acquisition earn-out and unrealized amounts associated with cash-based incentive awards tracked to the performance of a designated investment fund.
(4) Reflects the removal of equity-based compensation for awards granted prior to and in connection with the IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary.
(5) Reflects the removal of amortization of intangibles, transaction-related costs, unrealized mark-to-market changes in fair value for contingent consideration obligation and other non-core operating income and expenses.
(6) Reflects the removal of interest income earned by the Consolidated Funds.
(7) Reflects the removal of amounts for Tax Receivable Agreements adjustments recognized as other income (loss), loss associated with payment made in connection with a secondary transaction executed by one of our private wealth funds and the impact of consolidation of the Consolidated Funds.

The table below shows a reconciliation of income (loss) before income tax to ANI and FRE.

	Three Months Ended		Six Months Ended September 30,
(in thousands)	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025			2024			2025
Income (loss) before income tax	$	57,888		$	(344,715	)	$	9,950		$	(20,350	)	$	(675,826	)	$	112,730		$	(696,176	)
Net income attributable to non-controlling interests in subsidiaries⁽¹⁾		(17,812	)		(32,765	)		(33,369	)		(30,725	)		(27,645	)		(36,763	)		(58,370	)
Net (income) loss attributable to non-controlling interests in legacy Greenspring entities		4,031			(1,167	)		(2,934	)		(3,382	)		(1,313	)		5,286			(4,695	)
Unrealized carried interest allocations		(52,215	)		(93,325	)		(21,177	)		(88,883	)		(147,813	)		(27,045	)		(236,696	)
Unrealized performance fee-related compensation		27,748			49,670			27,777			44,357			88,727			16,825			133,084
Unrealized investment (income) loss		(430	)		656			(6,007	)		(9,572	)		3,726			(1,610	)		(5,846	)
Impact of Consolidated Funds		(9,267	)		(6,892	)		(35,723	)		(24,407	)		(43,864	)		(16,998	)		(68,271	)
Deferred incentive fees		2,445			-			(513	)		-			671			2,451			671
Equity-based compensation⁽²⁾		34,947			483,958			123,263			184,509			880,154			51,732			1,064,663
Amortization of intangibles		10,250			10,250			10,250			10,207			10,207			20,500			20,414
Tax Receivable Agreements adjustments through earnings		-			-			(348	)		-			(1,302	)		-			(1,302	)
Non-core items⁽³⁾		11,349			2,094			32,474			686			99			15,486			785
Pre-tax ANI		68,934			67,764			103,643			62,440			85,821			142,594			148,261
Income taxes⁽⁴⁾		(15,365	)		(15,105	)		(23,040	)		(13,906	)		(19,112	)		(31,784	)		(33,018	)
ANI		53,569			52,659			80,603			48,534			66,709			110,810			115,243
Income taxes⁽⁴⁾		15,365			15,105			23,040			13,906			19,112			31,784			33,018
Realized carried interest allocations		(17,632	)		(24,282	)		(75,935	)		(24,404	)		(58,878	)		(59,436	)		(83,282	)
Realized performance fee-related compensation		8,767			25,477			39,656			11,705			30,995			29,615			42,700
Realized investment income		(1,621	)		(1,720	)		(3,379	)		(940	)		(2,516	)		(3,036	)		(3,456	)
Adjusted incentive fees⁽⁵⁾		(5,675	)		(27,791	)		(5,264	)		(323	)		(6,003	)		(6,522	)		(6,326	)
Adjusted interest income⁽⁶⁾		(1,653	)		(1,672	)		(1,618	)		(1,498	)		(1,951	)		(2,803	)		(3,449	)
Interest expense		3,512			3,008			3,191			4,534			4,425			6,502			8,959
Adjusted other (income) loss⁽⁷⁾		(95	)		569			418			(993	)		(905	)		328			(1,898	)
Net income attributable to non-controlling interests in subsidiaries⁽¹⁾		17,812			32,765			33,369			30,725			27,645			36,763			58,370
FRE	$	72,349		$	74,118		$	94,081		$	81,246		$	78,633		$	144,005		$	159,879

_______________________________
(1) Reflects the portion of pre-tax ANI attributable to non-controlling interests in our subsidiaries and realized gains attributable to the profits interests issued in the private wealth subsidiary:

	Three Months Ended		Six Months Ended September 30,
(in thousands)	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025			2024		2025
FRE attributable to non-controlling interests in subsidiaries and profits interests	$	14,969	$	21,063	$	30,451	$	26,672	$	24,791	$	28,277	$	51,463
Performance related earnings / other income (loss) attributable to non-controlling interests in subsidiaries and profits interests		2,843		11,702		2,918		4,053		2,854		8,486		6,907
Net income attributable to non-controlling interests in subsidiaries and profits interests	$	17,812	$	32,765	$	33,369	$	30,725	$	27,645	$	36,763	$	58,370

The contribution to pre-tax ANI attributable to non-controlling interests in subsidiaries and profits interests and performance related earnings / other income (loss) attributable to non-controlling interests in subsidiaries and profits interests presented above specifically related to the profits interests issued in the private wealth subsidiary is presented below.

	Three Months Ended		Six Months Ended September 30,
(in thousands)	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025			2024		2025
FRE attributable to profits interests issued in the private wealth subsidiary	$	2,051	$	2,956	$	6,399		$	8,469		$	10,103	$	2,625	$	18,572
Performance related earnings / other income (loss) attributable to profits interests issued in the private wealth subsidiary		206		11,137		(224	)		(14	)		31		257		17
Net income attributable to profits interests issued in the private wealth subsidiary	$	2,257	$	14,093	$	6,175		$	8,455		$	10,134	$	2,882	$	18,589

The contribution to pre-tax ANI attributable to non-controlling interests in subsidiaries and performance related earnings / other income (loss) attributable to non-controlling interests in subsidiaries presented above specifically not attributable to the profits interests issued in the private wealth subsidiary is presented below.

	Three Months Ended		Six Months Ended September 30,
(in thousands)	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025			2024		2025
FRE attributable to non-controlling interests in subsidiaries	$	12,918	$	18,107	$	24,052	$	18,203	$	14,688	$	25,652	$	32,891
Performance related earnings / other income (loss) attributable to non-controlling interests in subsidiaries		2,637		565		3,142		4,067		2,823		8,229		6,890
Net income attributable to non-controlling interests in subsidiaries	$	15,555	$	18,672	$	27,194	$	22,270	$	17,511	$	33,881	$	39,781

(2) Reflects equity-based compensation for awards granted prior to and in connection with the IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary.
(3) Includes (income) expense related to the following non-core operating income and expenses:

	Three Months Ended		Six Months Ended September 30,
(in thousands)	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025			2024		2025
Transaction costs	$	140	$	12		$	179		$	605	$	24	$	812	$	629
(Gain) loss on change in fair value for contingent consideration obligation		10,888		2,476			(205	)		64		58		13,841		122
Compensation paid to certain employees as part of an acquisition earn-out		321		(394	)		-			-		-		803		-
Unrealized amounts associated with cash-based incentive awards tracked to investment funds		-		-			-			17		17		-		34
Loss on payment made in connection with private wealth fund secondary transaction		-		-			32,500			-		-		-		-
Other non-core items		-		-			-			-		-		30		-
Total non-core operating income and expenses	$	11,349	$	2,094		$	32,474		$	686	$	99	$	15,486	$	785

(4) Represents corporate income taxes at a blended statutory rate applied to pre-tax ANI:

	Three Months Ended		Six Months Ended September 30,
	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025		2024		2025
Federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Combined state, local and foreign rate	1.3	%	1.3	%	1.2	%	1.3	%	1.3	%	1.3	%	1.3	%
Blended statutory rate	22.3	%	22.3	%	22.2	%	22.3	%	22.3	%	22.3	%	22.3	%

(5) Reflects the add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation, and deferred incentive fees that are not included in GAAP revenues.
(6) Reflects the removal of interest income earned by the Consolidated Funds.
(7) Reflects the removal of Tax Receivable Agreements adjustments recognized as other income (loss) ($1.3 million for the three months ended September 30, 2025, $0.3 million for the three months ended March 31, 2025, and $1.3 million for the six months ended September 30, 2025), loss associated with payment made in connection with a secondary transaction executed by one of our private wealth funds ($32.5 million for the three months ended March 31, 2025), and the impact of consolidation of the Consolidated Funds.

Fee-Related Earnings Margin

FRE margin is a non-GAAP performance measure which is calculated by dividing FRE by fee revenues. We believe FRE margin is an important measure of profitability on revenues that are largely recurring by nature. We believe FRE margin is useful to investors because it enables them to better evaluate the operating profitability of our business across periods.

The table below shows a reconciliation of FRE to FRE margin.

	Three Months Ended		Six Months Ended September 30,
(in thousands)	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025			2024			2025
FRE	$	72,349		$	74,118		$	94,081		$	81,246		$	78,633		$	144,005		$	159,879
Fee revenues		185,481			191,832			214,662			212,740			217,461			363,995			430,201
FRE margin		39	%		39	%		44	%		38	%		36	%		40	%		37	%

Gross Realized Performance Fees

Gross realized performance fees represents realized carried interest allocations and adjusted incentive fees. We believe gross realized performance fees is useful to investors because it presents the total performance fees realized by us.

Performance Fee-Related Earnings

Performance fee-related earnings, or“PRE,” represents gross realized performance fees less realized performance fee-related compensation. We believe PRE is useful to investors because it presents the performance fees attributable to us, net of amounts paid to employees as performance fee-related compensation.

The table below shows a reconciliation of total performance fees to gross realized performance fees and PRE.

	Three Months Ended		Six Months Ended September 30,
(in thousands)	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025			2024			2025
Incentive fees	$	3,155		$	22,369		$	5,910		$	190		$	4,902		$	3,996		$	5,092
Realized carried interest allocations		17,632			24,282			75,935			24,404			58,878			59,436			83,282
Unrealized carried interest allocations		52,215			93,325			21,177			88,883			147,813			27,045			236,696
Legacy Greenspring carried interest allocations		13,917			8,207			61,306			39,637			27,143			4,828			66,780
Total performance fees		86,919			148,183			164,328			153,114			238,736			95,305			391,850
Unrealized carried interest allocations		(52,215	)		(93,325	)		(21,177	)		(88,883	)		(147,813	)		(27,045	)		(236,696	)
Legacy Greenspring carried interest allocations		(13,917	)		(8,207	)		(61,306	)		(39,637	)		(27,143	)		(4,828	)		(66,780	)
Incentive fee revenues for the Consolidated Funds⁽¹⁾		75			5,422			(133	)		133			430			75			563
Deferred incentive fees		2,445			-			(513	)		-			671			2,451			671
Gross realized performance fees		23,307			52,073			81,199			24,727			64,881			65,958			89,608
Realized performance fee-related compensation		(8,767	)		(25,477	)		(39,656	)		(11,705	)		(30,995	)		(29,615	)		(42,700	)
PRE	$	14,540		$	26,596		$	41,543		$	13,022		$	33,886		$	36,343		$	46,908

______________________________
(1) Reflects the add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation.

Adjusted Weighted-Average Shares and Adjusted Net Income Per Share

ANI per share measures our per-share earnings assuming all Class B units, Class C units and Class D units in the Partnership were exchanged for Class A common stock in SSG, including the dilutive impact of outstanding equity-based awards. ANI per share is calculated as ANI divided by adjusted weighted-average shares outstanding. We believe adjusted weighted-average shares and ANI per share are useful to investors because they enable investors to better evaluate per-share operating performance across reporting periods.

The following table shows a reconciliation of diluted weighted-average shares of Class A common stock outstanding to adjusted weighted-average shares outstanding used in the computation of ANI per share.

	Three Months Ended		Six Months Ended September 30,
	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025			2024		2025
ANI	$	53,569	$	52,659	$	80,603	$	48,534	$	66,709	$	110,810	$	115,243

Weighted-average shares of Class A common stock outstanding – Basic		68,772,051		73,687,289		75,975,770		77,846,710		78,561,587		67,486,964		78,206,102
Assumed vesting of RSUs		921,166		491,014		270,492		347,813		509,007		798,186		428,850
Assumed vesting and exchange of Class B2 units⁽¹⁾		-		-		-		-		-		861,344		-
Assumed purchase under ESPP		2,098		-		-		-		-		1,055		-
Exchange of Class B units in the Partnership⁽²⁾		45,212,921		41,729,937		40,122,028		39,608,270		39,500,159		45,518,634		39,553,919
Exchange of Class C units in the Partnership⁽²⁾		1,626,812		1,016,737		965,761		960,025		947,580		1,737,720		953,768
Exchange of Class D units in the Partnership⁽²⁾		2,239,185		2,010,202		1,535,060		3,530,125		2,944,261		2,239,185		3,235,592
Adjusted weighted-average shares		118,774,233		118,935,179		118,869,111		122,292,943		122,462,594		118,643,088		122,378,231

ANI per share	$	0.45	$	0.44	$	0.68	$	0.40	$	0.54	$	0.93	$	0.94

_______________________________
(1) The Class B2 units fully vested in June 2024.
(2) Assumes the full exchange of Class B units, Class C units or Class D units in the Partnership for Class A common stock of SSG pursuant to the Class B Exchange Agreement, Class C Exchange Agreement or Class D Exchange Agreement, respectively.

Key Operating Metrics

We monitor certain operating metrics that are either common to the asset management industry or that we believe provide important data regarding our business. Refer to the Glossary below for a definition of each of these metrics.

Fee-Earning AUM

	Three Months Ended		Six Months Ended September 30,		Percentage Change
(in millions)	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025			2024			2025			vs. FQ2'25
Separately Managed Accounts
Beginning balance	$	60,272		$	62,121		$	69,974		$	73,174		$	76,708		$	58,897		$	73,174		27	%
Contributions⁽¹⁾		1,723			9,033			3,874			3,013			2,559			3,808			5,572		49	%
Distributions⁽²⁾		(535	)		(1,000	)		(1,225	)		(1,010	)		(725	)		(1,365	)		(1,735	)	36	%
Market value, FX and other⁽³⁾		661			(180	)		551			1,531			(335	)		781			1,196		na
Ending balance	$	62,121		$	69,974		$	73,174		$	76,708		$	78,207		$	62,121		$	78,207		26	%

Focused Commingled Funds
Beginning balance	$	40,084		$	42,294		$	44,192		$	48,216		$	50,511		$	34,961		$	48,216		26	%
Contributions⁽¹⁾		2,122			2,520			3,403			2,022			3,547			7,775			5,569		67	%
Distributions⁽²⁾		(282	)		(682	)		(313	)		(392	)		(580	)		(943	)		(972	)	106	%
Market value, FX and other⁽³⁾		370			60			934			665			1,106			501			1,771		199	%
Ending balance	$	42,294		$	44,192		$	48,216		$	50,511		$	54,584		$	42,294		$	54,584		29	%

Total
Beginning balance	$	100,356		$	104,415		$	114,166		$	121,390		$	127,219		$	93,858		$	121,390		27	%
Contributions⁽¹⁾		3,845			11,553			7,277			5,035			6,106			11,583			11,141		59	%
Distributions⁽²⁾		(817	)		(1,682	)		(1,538	)		(1,402	)		(1,305	)		(2,308	)		(2,707	)	60	%
Market value, FX and other⁽³⁾		1,031			(120	)		1,485			2,196			771			1,282			2,967		(25)%
Ending balance	$	104,415		$	114,166		$	121,390		$	127,219		$	132,791		$	104,415		$	132,791		27	%

_______________________________
(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 that pay fees on net invested capital or NAV and reductions in fee-earning AUM from funds that moved from a committed capital to net invested capital fee basis or from funds and accounts that no longer pay fees.
(3) Market value, FX and other primarily consist of changes in market value appreciation (depreciation) for funds that pay on NAV and the effect of foreign exchange rate changes on non-U.S. dollar denominated commitments. The three months ended March 31, 2025 include a $0.6 billion secondary transaction within focused commingled funds.

Asset Class Summary

	Three Months Ended		Percentage Change
(in millions)	September 30, 2024	December 31, 2024	March 31, 2025	June 30, 2025	September 30, 2025		vs. FQ2'25
FEAUM
Private equity	$	57,136	$	62,811	$	65,007	$	66,428	$	69,932	22	%
Infrastructure		20,986		23,411		23,830		26,090		27,007	29	%
Private debt		16,975		17,882		19,517		21,435		22,443	32	%
Real estate		9,318		10,062		13,036		13,266		13,409	44	%
Total	$	104,415	$	114,166	$	121,390	$	127,219	$	132,791	27	%

Separately managed accounts	$	62,121	$	69,974	$	73,174	$	76,708	$	78,207	26	%
Focused commingled funds		42,294		44,192		48,216		50,511		54,584	29	%
Total	$	104,415	$	114,166	$	121,390	$	127,219	$	132,791	27	%

AUM ⁽¹⁾
Private equity	$	91,891	$	93,404	$	95,937	$	100,540	$	106,408	16	%
Infrastructure		35,392		36,156		37,026		40,087		42,437	20	%
Private debt		31,854		31,987		37,133		39,242		40,438	27	%
Real estate		16,996		17,665		19,284		19,445		19,864	17	%
Total	$	176,133	$	179,212	$	189,380	$	199,314	$	209,147	19	%

Separately managed accounts	$	107,252	$	109,305	$	114,806	$	120,649	$	124,991	17	%
Focused commingled funds		53,870		55,142		59,410		62,672		68,014	26	%
Advisory AUM		15,011		14,765		15,164		15,993		16,142	8	%
Total	$	176,133	$	179,212	$	189,380	$	199,314	$	209,147	19	%

AUA
Private equity	$	255,125	$	263,420	$	262,884	$	262,472	$	283,034	11	%
Infrastructure		62,891		67,100		69,027		71,126		78,762	25	%
Private debt		19,328		19,325		19,726		20,874		23,402	21	%
Real estate		168,519		168,807		168,047		169,679		176,357	5	%
Total	$	505,863	$	518,652	$	519,684	$	524,151	$	561,555	11	%

Total capital responsibility ⁽²⁾	$	681,996	$	697,864	$	709,064	$	723,465	$	770,702	13	%

_____________________________
Note: Amounts may not sum to total due to rounding. AUM/AUA reflects final data for the prior period, adjusted for net new client account activity through the period presented, and does not include post-period investment valuation or cash activity. Net asset value (“NAV”) data for underlying investments is as of the prior period, as reported by underlying managers up to the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end. When NAV data is not available by the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end, such NAVs are adjusted for cash activity following the last available reported NAV.
(1) Allocation of AUM by asset class is presented by underlying investment asset classification.
(2) Total capital responsibility equals assets under management (AUM) plus assets under advisement (AUA).

Contacts

Shareholder Relations:
Seth Weiss
...
1-212-351-6106

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1-203-682-8268

Glossary

Assets under advisement, or“AUA,” consists of client assets for which we do not have full discretion to make investment decisions but play a role in advising the client or monitoring their investments. We generally earn revenue for advisory-related services on a contractual fixed fee basis. Advisory-related services include asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, legal negotiations, monitoring and reporting on investments, and investment manager review and due diligence. Advisory fees vary by client based on the scope of services, investment activity and other factors. Most of our advisory fees are fixed, and therefore, increases or decreases in AUA do not necessarily lead to proportionate changes in revenue. We believe AUA is a useful metric for assessing the relative size of our advisory business.

Our AUA is calculated as the sum of (i) the NAV of client portfolio assets for which we do not have full discretion and (ii) the unfunded commitments of clients to the underlying investments. Our AUA reflects the investment valuations in respect of the underlying investments of our client accounts on a three-month lag, adjusted for new client account activity through the period end. Our AUA does not include post-period investment valuation or cash activity. AUA as of September 30, 2025 reflects final data for the prior period (June 30, 2025), adjusted for net new client account activity through September 30, 2025. NAV data for underlying investments is 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. When NAV data is not available by the business day occurring on or after 100 days following June 30, 2025, such NAVs are adjusted for cash activity following the last available reported NAV.

Assets under management, or“AUM,” primarily reflects the assets associated with our separately managed accounts (“SMAs”) and focused commingled funds. We classify assets as AUM if we have full discretion over the investment decisions in an account or have responsibility or custody of assets. Although management fees are based on a variety of factors and are not linearly correlated with AUM, we believe AUM is a useful metric for assessing the relative size and scope of our asset management business.

Our AUM is calculated as the sum of (i) the net asset value (“NAV”) of client portfolio assets, including the StepStone Funds and (ii) the unfunded commitments of clients to the underlying investments and the StepStone Funds. Our AUM reflects the investment valuations in respect of the underlying investments of our funds and accounts on a three-month lag, adjusted for new client account activity through the period end. Our AUM does not include post-period investment valuation or cash activity. AUM as of September 30, 2025 reflects final data for the prior period (June 30, 2025), adjusted for net new client account activity through September 30, 2025. NAV data for underlying investments is 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. When NAV data is not available by the business day occurring on or after 100 days following June 30, 2025, such NAVs are adjusted for cash activity following the last available reported NAV.

Consolidated Funds refer to the StepStone Funds that we are required to consolidate as of the applicable reporting period. We consolidate funds and other entities in which we hold a controlling financial interest.

Consolidated VIEs refer to the variable interest entities that we are required to consolidate as of the applicable reporting period. We consolidate VIEs in which we hold a controlling financial interest.

Fee-earning AUM, or“FEAUM,” reflects the assets from which we earn management fee revenue (i.e., fee basis) and includes assets in our SMAs, focused commingled funds and assets held directly by our clients for which we have fiduciary oversight and are paid fees as the manager of the assets. Our SMAs and focused commingled funds typically pay management fees based on capital commitments, net invested capital and, in certain cases, NAV, depending on the fee terms. Management fees are only marginally affected by market appreciation or depreciation because substantially all of the StepStone Funds pay management fees based on capital commitments or net invested capital. As a result, management fees and FEAUM are not materially affected by changes in market value. We believe FEAUM is a useful metric in order to assess assets forming the basis of our management fee revenue.

Legacy Greenspring entities refers to certain entities for which the Company, indirectly through its subsidiaries, became the sole and/or managing member in connection with the Greenspring acquisition.

SSG refers solely to StepStone Group Inc., a Delaware corporation, and not to any of its subsidiaries.

StepStone Funds refer to SMAs and focused commingled funds of the Company, including acquired Greenspring funds, for which the Partnership or one of its subsidiaries acts as both investment adviser and general partner or managing member.

The Partnership refers solely to StepStone Group LP, a Delaware limited partnership, and not to any of its subsidiaries.

Total capital responsibility equals AUM plus AUA. AUM includes any accounts for which StepStone Group has full discretion over the investment decisions, has responsibility to arrange or effectuate transactions, or has custody of assets. AUA refers to accounts for which StepStone Group provides advice or consultation but for which the firm does not have discretionary authority, responsibility to arrange or effectuate transactions, or custody of assets.

Undeployed fee-earning capital represents the amount of capital commitments to StepStone Funds that has not yet been invested or considered active but will generate management fee revenue once invested or activated. We believe undeployed fee-earning capital is a useful metric for measuring the amount of capital that we can put to work in the future and thus earn management fee revenue thereon.

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