What does income passed through to limited partners mean?

Represents the specific income amounts attributed to limited partners that are excluded from the company's corporate tax calculation. Monitoring this helps evaluate the tax efficiency of the firm's partnership-based investment structure.

StepStone Group Inc. STEP Income passed through to limited partners

Income passed through to limited partners at other companies

Horace Mann EducatorsHMN

$23.7M+158%

1st Source CorporationSRCE

$10.3M+128%

HCI GroupHCI

$195K+105%

Wintrust FinancialWTFC

-$1.43M-64.6%

Everest GroupEG

$34M+54.5%

Galaxy Digital Inc. Class A Common StockGLXY

$0-100%

Other financials

Income statement

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Revenue$588.6M+55.8%

Net income-$7.8M+57.9%

EPS (diluted)-$0.06+70.0%

Balance sheet

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Cash & equivalents$378.0M+35.2%

Total debt$103.6M-72.9%

Total equity-$413.6M-331%

Total assets$6.8B+47.4%

Cash flow

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Operating cash flow$27.2M-1.5%

CapEx$762.0K-71.4%

Free cash flow$26.7M-1.1%

Valuation

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Market cap$3.51B-3.5%

Profitability

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Net margin-26.9%+84.4pp

FCF margin11.8%—

Returns & leverage

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Return on equity-88.8%-97.7pp

Debt / equity2.5×+1.7×

Where this comes from

Reported directly by StepStone Group Inc. in its filing.

Tagged under the XBRL concept step:EffectiveIncomeTaxRateReconciliationIncomePassedThroughToLimitedPartnersPercent.

The official record: StepStone Group Inc.’s 10-K, filed May 27, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is StepStone Group Inc.'s income passed through to limited partners?: StepStone Group Inc. (STEP) reported income passed through to limited partners of -4.9% in Q1 2026.
What does income passed through to limited partners mean?: Represents the specific income amounts attributed to limited partners that are excluded from the company's corporate tax calculation. Monitoring this helps evaluate the tax efficiency of the firm's partnership-based investment structure.