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StepStone Group Inc. STEP Unrealized — Total revenues

Other product segments

Focused commingled funds
$170.84M+44.0%
SMAs
$75.28M+7.0%
Advisory and other services
$19.45M-2.4%
Income-based incentive fees
$7M+59.1%
Fund reimbursement revenues
$3.6M+64.7%

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Other financials

Income statement

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Revenue$378.9M+4.0%
Net income-$115.8M-201%
EPS (diluted)-$1.41-188%

Balance sheet

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Cash & equivalents$703.1M+187%
Total debt$391.5M+2.5%
Total equity-$539.2M-450%
Total assets$7.8B+62.4%

Cash flow

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Operating cash flow-$457.5M-1,089%
CapEx$549.0K-49.9%
Free cash flow-$458.1M-1,114%

Valuation

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Market cap$4.14B-9.7%
Enterprise value$3.83B-18.9%
P/S2.1×-1.3×

Profitability

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Net margin-30.5%+112pp
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:Revenues.

The source filing: StepStone Group Inc.’s 10-Q, filed August 7, 2026.

Filed
Aug 7, 2026, 4:02 PM EDT
Fiscal quarter
Q1 FY2027
Calendar quarter
Q2 2026
Accession
0001628280-26-054818
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025
Incentive fees190
Carried interest allocations:
Realized28,57224,404
Unrealized43,97588,883
Total carried interest allocations72,547113,287
Legacy Greenspring carried interest allocations(1)37,17139,637
Total performance fees109,718153,114
Total revenues378,889364,287

Item 1. Financial Statements

FAQ

What is StepStone Group Inc.'s unrealized — total revenues?
StepStone Group Inc. (STEP) reported unrealized — total revenues of $43.98M in Q2 2026.
How has StepStone Group Inc.'s unrealized — total revenues changed year-over-year?
StepStone Group Inc.'s unrealized — total revenues decreased by 50.5% year-over-year, from $88.88M to $43.98M.
What is the long-term trend for StepStone Group Inc.'s unrealized — total revenues?
Over 3 years (2022 to 2026), StepStone Group Inc.'s unrealized — total revenues has grown at a -2.7% compound annual growth rate (CAGR), from $585.85M to $539.71M.
What does unrealized — total revenues mean?
This metric represents the total revenue recognized from unrealized carried interest allocations within the company's private markets investment solutions. It reflects the performance-based fees accrued on investment portfolios that have not yet been fully exited or realized. This figure serves as a key indicator of the potential future earnings embedded within the firm's current investment holdings.

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