StepStone Group Reports Fourth Quarter and Fiscal Year 2025 Results

Core Viewpoint - StepStone Group Inc. reported its financial results for the fourth quarter and fiscal year ended March 31, 2025, highlighting significant growth in revenues and net income, alongside the declaration of dividends for shareholders [1][4]. Financial Highlights - Total revenues for the fourth quarter reached $377.7 million, a 6% increase compared to the previous quarter, and a 65% increase year-over-year [8]. - Management and advisory fees for the fourth quarter were $213.4 million, up 39% from the same quarter last year [8]. - Performance fees totaled $164.3 million for the fourth quarter, reflecting a 19% decrease from the previous quarter but a 222% increase year-over-year [8]. - Net income for the fourth quarter was $13.2 million, a significant recovery from a net loss of $287.2 million in the previous quarter [8]. Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.24 per share and a supplemental cash dividend of $0.40 per share, both payable on June 30, 2025 [1][10]. Assets and Management - As of March 31, 2025, StepStone managed approximately $709 billion in total capital, including $189 billion in assets under management (AUM) [4]. - The company reported a 21% increase in AUM compared to the previous year [8]. Non-GAAP Financial Measures - Fee revenues for the fourth quarter were reported at $214.7 million, a 40% increase year-over-year [8]. - Adjusted revenues for the fiscal year were $969.7 million, reflecting a 46% increase compared to the previous year [8]. - Fee-related earnings (FRE) for the fourth quarter were $94.1 million, with a FRE margin of 44% [8]. Key Business Metrics - The weighted-average shares of Class A common stock increased by 12% year-over-year, reaching 71.1 million [9]. - The company reported a significant increase in cash and cash equivalents, totaling $244.8 million as of March 31, 2025, compared to $143.4 million the previous year [14].