Core Insights - Nasdaq has launched the Nasdaq Private Capital Indexes to benchmark the performance of private market funds, aiming to enhance transparency in private markets [1][3] - The indexes track over 14,000 institutional private market funds, totaling approximately $11.4 trillion globally, sourced from Nasdaq's eVestment LP dataset [2] - The indexes utilize a rules-based methodology, including quarterly performance measurements and NAV-weighted aggregation, accessible through various Nasdaq platforms [2] Group 1: Nasdaq Private Capital Indexes - The Nasdaq Private Capital Indexes provide a comprehensive view of private markets, addressing fragmentation and data silos in the ecosystem [3] - The importance of private market allocations is increasing in both institutional and private wealth portfolios, leading to a rise in performance tracking efforts [3] Group 2: Competitive Landscape - Other firms, such as YCharts and Hamilton Lane, are also entering the private market benchmarking space, with Hamilton Lane using proprietary fund-level data [4] - Morningstar has launched its own indexes for non-traded semiliquid funds, while FTSE Russell and BlackRock are also developing benchmarks for private market investments [5]

Core Insights - StepStone reported adjusted net income (ANI) of $80 million, or $0.65 per share, an increase from $53 million, or $0.44 per share, in the prior-year quarter, attributed to higher fee-related and performance-related earnings [1] - The company generated fee-related earnings (FRE) of $89 million, up 20% year-over-year, with a core FRE of $88 million, reflecting a 35% increase year-over-year [2] - Despite a GAAP net loss of $123 million, or $1.55 per share, due to accounting adjustments, operational results showed strong profitability [3][7] Financial Performance - StepStone's fiscal third-quarter 2026 earnings call highlighted record core fee-related earnings and significant incentive fees from the Spring Evergreen Fund [4] - The Spring Evergreen Fund produced over $200 million in gross incentive fees, contributing to a NAV of $5.5 billion, with performance described as 39% over the year [6][8] - Gross realized performance fees were reported at $253 million, including $47 million of realized carried interest [9] Fundraising and AUM - The company achieved record gross AUM additions of over $8 billion in the quarter and $34 billion over the last 12 months, with private wealth subscriptions exceeding $2.2 billion [5][11] - Fee-earning assets plus undeployed fee-earning capital (UFEC) grew to over $171 billion, marking the strongest one-year growth in the company's history [14] - Approximately two-thirds of inflows came from outside North America, with Asia and Europe identified as key contributors [12] Growth Drivers - StepStone's private wealth platform expanded to $15 billion, with consistent quarterly subscriptions exceeding $2 billion [13] - The firm is actively fundraising for various funds, including private equity co-investment and secondaries, with notable quarterly commingled fund closes expected [15][16] Expense Management - Adjusted cash-based compensation was reported at $107 million, with general and administrative expenses rising to $40 million due to events like the StepStone 360 conference [17] Portfolio Positioning - The company estimates that about 11% of total AUM is in software investments, with a focus on diversification as a defense against disruption [20][21] - Net accrued carry ended the quarter at $875 million, with a significant portion tied to older programs [22]

SoFi Technologies, Inc. (SOFI) came out with quarterly earnings of $0.13 per share, beating the Zacks Consensus Estimate of $0.12 per share. This compares to earnings of $0.05 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +9.71%. A quarter ago, it was expected that this company would post earnings of $0.09 per share when it actually produced earnings of $0.11, delivering a surprise of +22.22%.Over the last four quarters, the ...

分组1 - Primis Financial reported quarterly earnings of $0.1 per share, missing the Zacks Consensus Estimate of $0.34 per share, and showing a significant improvement from a loss of $0.65 per share a year ago, resulting in an earnings surprise of -70.59% [1] - The company posted revenues of $45.07 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 24.17%, and compared to year-ago revenues of $39.3 million, having topped consensus revenue estimates three times over the last four quarters [2] - The stock has underperformed the market, losing about 4.7% since the beginning of the year, while the S&P 500 gained 1.9% [3] 分组2 - The earnings outlook for Primis Financial is crucial for investors, with current consensus EPS estimates at $0.39 on $38.8 million in revenues for the coming quarter and $1.65 on $163.4 million in revenues for the current fiscal year [7] - The Zacks Industry Rank for Financial - Miscellaneous Services is in the top 39% of over 250 Zacks industries, indicating that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Company Overview - Strategy (MSTR) shares increased by 3.7% to close at $179.33, supported by strong trading volume, compared to a 3.3% gain over the past four weeks [1] - The company is experiencing structured revenue momentum, clear controls, scalable funding, and leverage from Bitcoin, with its software business providing a stable cash-flow foundation [1] Earnings Expectations - MSTR is expected to report quarterly earnings of $46.02 per share, reflecting a year-over-year increase of +1538.1%, while revenues are projected to be $119.6 million, a slight decrease of 0.9% from the previous year [2] - The consensus EPS estimate for MSTR has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [3] Industry Context - MSTR holds a Zacks Rank of 3 (Hold), indicating a neutral outlook [4] - In the same industry, StepStone Group Inc. (STEP) also has a Zacks Rank of 3 (Hold) and reported a 1.4% increase to $73.5, with a 14.1% return over the past month [4][5] - STEP's consensus EPS estimate has remained unchanged at $0.54, representing a +22.7% change from the previous year [5]

Elon Musk's AI venture xAI is reportedly amassing significant losses as it spends on infrastructure, talent and software.xAI Losses Mount As Spending AcceleratesGrok-parent xAI reported a net loss of $1.46 billion in the September quarter, reported Bloomberg on Thursday, citing internal financial documents. This is up from about $1 billion in the first quarter. In fact, in the first nine months of 2025, the AI startup spent $7.8 billion in cash.This comes despite xAI generating $107 million in revenue for t ...

Core Viewpoint - STEP Energy Services Ltd. has successfully completed a take-private transaction with ARC Energy Fund 8, resulting in ARC Energy Fund 8 acquiring all outstanding common shares of STEP not already owned by them or related entities for cash consideration of $5.50 per share [1][2]. Group 1: Transaction Details - The acquisition was executed through a plan of arrangement under the Business Corporations Act (Alberta) [1]. - ARC Energy Fund 8 acquired 24,700,000 shares, while the Purchaser acquired 7,958,832 shares, leading to ARC Energy Fund 8 owning 70.44% of all outstanding shares post-transaction [7][8]. - Prior to the transaction, ARC Energy Fund 8 held approximately 36.56% of the outstanding shares, and together with ARC Energy Fund 6, they controlled about 55.20% [6]. Group 2: Regulatory and Compliance - STEP has applied to delist its shares from the Toronto Stock Exchange, with an expected delisting date around December 17, 2025 [3]. - The transaction triggers early warning requirements under National Instrument 62-104 and National Instrument 62-103 [2]. Group 3: Company Background - STEP is an energy services company specializing in coiled tubing, fluid and nitrogen pumping, and hydraulic fracturing solutions, primarily serving the North American market [16][17]. - The company has a strong focus on safety and quality execution, differentiating itself in high-pressure and complex well environments [16][18].

Core Insights - StepStone Group reported Q3 CY2025 results that exceeded Wall Street's revenue expectations, with a year-on-year sales increase of 35.2% to $282.3 million and a non-GAAP profit of $0.54 per share, surpassing analysts' consensus estimates by 10.6% [1][3][6] Financial Performance - Revenue reached $282.3 million, beating analyst estimates of $265.4 million, reflecting a 35.2% year-on-year growth and a 6.4% beat [6] - Adjusted EPS was $0.54 compared to analyst estimates of $0.49, marking a 10.6% beat [6] - Adjusted Operating Income stood at $112.5 million, exceeding estimates of $108.6 million, with a margin of 39.9% [6] - Operating Margin was reported at -256%, a decline from 24.4% in the same quarter last year [6] - Market Capitalization is currently $4.89 billion [6] Private Wealth Platform - The firm experienced record-breaking subscriptions in its Private Wealth channel, with $2.4 billion in new inflows and over $700 million attracted by the new STPEX private equity interval fund in its first month [7] - Strong institutional fundraising was evident, generating $3.8 billion in managed account additions, with a retention rate above 90% [7] Geographic and Product Expansion - StepStone expanded its global presence by opening offices in the Netherlands, Spain, South Korea, and Saudi Arabia, enhancing its reach across Europe, Asia, and the Middle East [7] Data and Technology Advancements - The launch of Kroll StepStone Private Credit benchmarks and FTSE StepStone Global Private Market Indices was highlighted, providing daily institutional-grade benchmarks and laying the groundwork for future index-based investment products [8] Expense Trends - Operating expenses increased due to higher spending on technology, travel, and expansion projects, with expectations for further cost increases in upcoming quarters related to major industry events and infrastructure investments [8]

Core Insights - StepStone Group reported Q3 CY2025 revenue of $454.2 million, exceeding analyst expectations by 71.1% and achieving a year-on-year growth of 118% [2][5][7] - The company's non-GAAP profit was $0.54 per share, which was 10.6% above the consensus estimates of $0.49 [2][7] - StepStone Group has a market capitalization of $4.92 billion and manages over $100 billion in assets [2] Revenue Growth - Over the last five years, StepStone Group has achieved a compounded annual growth rate of 31.4% in revenue, outperforming the average financials company [3] - The annualized revenue growth over the last two years stands at 42.8%, indicating a recent acceleration in demand [4] Quarterly Performance - The significant revenue growth of 118% in Q3 CY2025 reflects strong demand and effective business strategies [5][7] - The stock price remained stable at $62.24 immediately after the earnings report, suggesting market confidence in the results [7][8]

Core Viewpoint - Burford Capital Limited reported a quarterly loss of $0.09 per share, significantly missing the Zacks Consensus Estimate of $0.30, and down from earnings of $0.61 per share a year ago, indicating a substantial earnings surprise of -130.00% [1][2] Financial Performance - The company posted revenues of $69.8 million for the quarter ended September 2025, which was 45.95% below the Zacks Consensus Estimate and a decrease from $249.11 million in the same quarter last year [2] - Over the last four quarters, Burford Capital has only surpassed consensus EPS estimates once [2] Stock Performance - Burford Capital shares have declined approximately 25.7% since the beginning of the year, contrasting with the S&P 500's gain of 15.1% [3] - The current Zacks Rank for Burford Capital is 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The consensus EPS estimate for the upcoming quarter is $0.34 on revenues of $129.59 million, and for the current fiscal year, it is $1.18 on revenues of $568.89 million [7] - The trend of estimate revisions for Burford Capital was mixed ahead of the earnings release, which may change following the recent report [6] Industry Context - The Financial - Miscellaneous Services industry, to which Burford Capital belongs, is currently ranked in the top 31% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8]