Q3 2025 StepStone Group Inc Earnings Call Transcript
Key Points
- StepStone Group Inc (STEP) achieved its highest-ever fee-related earnings of $74 million, marking a 46% increase from the prior year.
- The company reported a significant increase in fee-earning assets under management, reaching over $114 billion, up 28% from the previous year.
- StepStone Group Inc successfully closed its inaugural infrastructure co-investment fund with a total fund size of approximately $1.2 billion.
- The private wealth platform experienced its best growth quarter ever, raising over $1 billion in new subscriptions and increasing the platform to over $7 billion.
- The company reported a strong FRE margin of 39% for the quarter, indicating efficient operations and profitability.
- StepStone Group Inc reported a GAAP net loss of $287 million, primarily due to changes in fair value related to potential future buy-ins.
- The company's GAAP net loss attributable to StepStone Group Inc was $192 million or $2.61 per share.
- There was a notable increase in noncontrolling interests, particularly in infrastructure, real estate, and private debt asset classes, impacting the bottom line.
- The company experienced variability in GAAP results due to accounting treatment of potential future buy-ins, which may continue until the put call is exercised.
- General and administrative expenses increased to $30 million, reflecting higher costs and upcoming events like the annual venture capital conference.
Good day, and thank you for standing by. Welcome to the fiscal third-quarter 2025 StepStone Group earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Seth Weiss, Head of Investor Relations. Please go ahead.
Thank you, and good evening. Joining me on today's call are Scott Hart, Chief Executive Officer; Jason Ment, President and Co-Chief Operating Officer; Mike McCabe, Head of Strategy; and David Park, Chief Financial Officer. During our prepared remarks, we will be referring to a presentation, which is available on our Investor Relations website at shareholders.stepstonegroup.com.
Before we begin, I'd like to remind everyone that this conference call as well as the presentation contains certain forward-looking statements regarding the company's expected operating and financial performance for future periods. Forward-looking statements reflect management's
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