StepStone Group, Inc: F3Q26 Review: Rare Management Fee Beat

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StepStone Group, Inc: F3Q26 Review: Rare Management Fee Beat

Equity Research

U.S. Brokers, Asset Managers & Exchanges

20 May 2026

StepStone Group, Inc

F3Q26 Review: Rare Management

Fee Beat

EPS of $0.57 beat Bloomberg consensus by ~$0.07 driven by a STEP OVERWEIGHT

management fee beat, among other factors. Momentum Unchanged

U.S. Brokers, Asset

looks set to continue with wealth flows showing continued Managers & Exchanges POSITIVE

Unchanged

strength into May, a number of significant flagships activating Price Target USD 62.00

raised 2% from USD 61.00in FQ1 or in the near future, and healthy UFEC of ~$40B.

Price (20-May-26) USD 52.00

Potential Upside/Downside +19.2%Key takeaways: STEP reported a solid FQ4, delivering a rare (among alts) management fee beat

Source: Bloomberg, Barclays Research

and indicating solid continued momentum in both wealth (including private credit) and

institutional fundraising, and more margin expansion to come in FY27. We continue to see STEP

Market Cap (USD mn) 6221as quite compelling, particularly relative to our expected underlying FRE growth trajectory, with

Shares Outstanding (mn) 119.65optionality from new opportunities such as the company's partnerships with FTSE Russell,

Free Float (%) 98.29PitchBook, and Kroll. For more on STEP see our upgrade note, The Medium Is the Message;

52 Wk Avg Daily Volume (mn) 0.8Resetting Expectations for a Post-AI (News) World, 3/2/26.

Dividend Yield (%) 2.15

Positives in the quarter: Return on Equity TTM (%) N/A

Current BVPS (USD) -3.18

• Management fee beat. Management fees of ~$237M beat consensus expectations of $225M, Source: Bloomberg

which was primarily driven by higher commingled fees and helped by growth in evergreens in

particular.