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StepStone Group Inc. STEP SMAs — Service fees

Other product segments

Focused commingled funds
$160.45M+29.9%
Advisory and other services
$20M+0.4%
Income Based Incentive Fees
$7.1M+109%
Fund reimbursement revenues
$3.08M+37.1%

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Prudential Financial logo
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State Street logo
STTManagement fees
$724M+23.3%
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PRUAsset-based management fees — Asset management and service fees
$860M+0.7%

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$3.51B-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 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 smas — service fees?
StepStone Group Inc. (STEP) reported smas — service fees of $76.34M in Q1 2026.
How has StepStone Group Inc.'s smas — service fees changed year-over-year?
StepStone Group Inc.'s smas — service fees increased by 12.8% year-over-year, from $67.7M to $76.34M.
What is the long-term trend for StepStone Group Inc.'s smas — service fees?
Over 4 years (2022 to 2026), StepStone Group Inc.'s smas — service fees has grown at a 13.9% compound annual growth rate (CAGR), from $174.32M to $293.63M.
What does smas — service fees mean?
Represents the recurring management and advisory fees earned from providing customized investment solutions through separately managed accounts. This revenue stream reflects the firm's ability to generate stable, fee-based income from institutional clients seeking tailored private market exposure. It serves as a key indicator of the scale and client demand for the firm's bespoke investment management services.