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StepStone Group Inc. STEP Income Based Incentive Fees — Service fees

Other product segments

Focused commingled funds
$160.45M+29.9%
SMAs
$76.34M+12.8%
Advisory and other services
$20M+0.4%
Fund reimbursement revenues
$3.08M+37.1%

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LAZIncentive Fees — Revenue
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TPGIncentive fees — Fees and other
$8.21M+32.3%
Apollo Global Management logo
APOIncentive fees — Revenue
$64M+60.0%
Hamilton Lane logo
HLNEIncentive fees — Total revenues
$38.39M-45.3%
Brookfield Asset Management logo
BAMIncentive fees — Revenue
$130M+11.1%
Prudential Financial logo
PRUPerformance-based incentive fees — Asset management and service fees
$13M+85.7%

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$3.69B-3.5%
P/S1.9×-1.4×

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 us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

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 based incentive fees — service fees?
StepStone Group Inc. (STEP) reported income based incentive fees — service fees of $7.1M in Q1 2026.
How has StepStone Group Inc.'s income based incentive fees — service fees changed year-over-year?
StepStone Group Inc.'s income based incentive fees — service fees increased by 108.8% year-over-year, from $3.4M to $7.1M.
What does income based incentive fees — service fees mean?
This metric represents the service-based revenue generated from incentive fee arrangements within the firm's private markets investment solutions. It captures the fees earned for providing specialized advisory or management services that are contingent upon the performance or income outcomes of the underlying investment portfolios. This reflects the company's ability to monetize its expertise in private equity, real estate, and infrastructure through performance-linked service structures.