Financial Performance - GAAP consolidated statements of income (loss)显示，截至2025年6月，净亏损为1201.1万美元[7] - 归属于StepStone Group Inc的GAAP净亏损为3842.4万美元，即每股亏损0.49美元[7,8] - 截至2025年6月，调整后的净收入（ANI）为4853.4万美元，同比下降15%[9] - ANI每股0.40美元，同比下降17%[9] - 费用收入同比增长19%，达到2.127亿美元[9,12] - 实际业绩费用总额下降42%[9,12] - 费用相关收益（FRE）增长13%，达到8120万美元[9,12] Assets Under Management (AUM) and Advisement (AUA) - 资产管理规模（AUM）达到1993亿美元，同比增长18%[11,15] - 费用收入资产管理规模（FEAUM）达到1272亿美元，同比增长27%[11,18] - 待配置的费用收入资本为287亿美元，同比增长4%[11] - 顾问管理资产（AUA）为5240亿美元[15,18] Capital Raising and Deployment - 过去12个月内，为独立管理账户（SMA）筹集了180亿美元的新资本[12,18] - 过去12个月内，为混合基金筹集了100亿美元[12,18]

Financial Data and Key Metrics Changes - Adjusted non-GAAP earnings for Q2 2025 were $469 million, or $2.7 per share, representing an 18% increase in EPS compared to 2024 [5][6] - Reported non-GAAP operating earnings were $489 million, up 27% year over year, with EPS at $2.16, a 33% increase [15][16] - Total company managed AUM reached $753 billion, a 5% increase sequentially and an 8% increase year over year [7][11] - Net cash flow was negative $2.6 billion for the quarter, but showed improvement sequentially [7][11] Business Line Data and Key Metrics Changes - In Retirement, overall RIS sales were $6 billion, a 7% year-over-year increase, driven by Workplace Savings and Retirement Solutions [9][10] - Principal Asset Management AUM increased to $723 billion, a 5% sequential increase, with sales of $33 billion, up 19% year over year [11][12] - Specialty Benefits saw a 10% growth in earnings, with a margin expansion of 100 basis points [12][21] - Life Insurance premium fees increased by 5% compared to 2024, driven by strong business market growth [22] Market Data and Key Metrics Changes - The market drop in April affected daily averages, impacting second quarter fee revenue, but a strong rebound in May and June provided positive momentum [6][7] - International Pension net revenue was impacted by foreign currency, but increased by 2% on a constant currency basis [20] Company Strategy and Development Direction - The company remains focused on disciplined expense management while investing for growth, aiming to align revenue and expenses effectively [29][31] - Continued emphasis on capital return targets, with $320 million returned to shareholders in Q2, including $150 million in share repurchases [6][24] - The company is committed to maintaining a strong capital position and expects to deliver on full-year capital return targets of $1.4 billion to $1.7 billion [24][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second half of the year, expecting full-year results to align with 2025 outlook and financial targets [7][8] - The company anticipates improved results in the latter half of 2025, particularly in investment management and performance fees [48][49] - Management acknowledged the competitive environment in pension risk transfer (PRT) but remains optimistic about achieving targeted returns [40][42] Other Important Information - The company was recognized for its leadership in disability inclusion and AI application in financial services [13] - A $0.78 common stock dividend was announced for Q3, reflecting an 8% increase over the previous year [26] Q&A Session Summary Question: Overall expense levels and future focus - Management confirmed a continued focus on aligning expenses with revenue while maintaining investments in the business [29][31] Question: Spread balances within RIS - Management noted that investment-only issuance and PRT sales were moderate, emphasizing a disciplined approach to prioritizing returns over volume [34][38] Question: Competitive environment in PRT - Management acknowledged increased competition but remains optimistic about converting existing DB clients into PRT opportunities [40][42] Question: Variable investment income experience - Management indicated improved performance in variable investment income, with expectations for better results in the latter half of 2025 [47][49] Question: Dental business outlook - Management highlighted competitive pricing and renewal rates, with expectations for improved sales in the second half of the year [84][88]

Financial Data and Key Metrics Changes - The company reported record assets under management (AUM) of $829 billion, marking a post-financial crisis high [6][7] - Adjusted earnings per unit for the second quarter increased by 7% year-over-year to $0.76 [39] - Net revenues reached $844 million, a 2% increase compared to the prior year, while base fees saw a 4% increase [40][41] - Total performance fees decreased by $12 million to $30 million, primarily due to lower public market performance fees [40] Business Line Data and Key Metrics Changes - Private wealth represented 17% of total AUM and 35% of base management fees [7] - Active strategies experienced net outflows of $4.8 billion, with active equity shedding $6 billion [8][29] - The private markets platform grew to $77 billion in fee-paying and net fee-eligible AUM, a 20% year-over-year increase [11] - Alternatives multi-asset inflows totaled $1.6 billion, driven by strong deployments into various strategies [10] Market Data and Key Metrics Changes - The company observed a negative trend in retail flows, with active equity experiencing significant outflows [29] - The retail municipal bond platform grew organically at a 14% annualized rate, continuing to gain market share [9][32] - The U.S. equity market saw a rebound, with the S&P 500 rallying 10.6% in the second quarter [22] Company Strategy and Development Direction - The company aims to grow private markets AUM to $90 billion to $100 billion by 2027, leveraging partnerships with Equitable [14][15] - The focus remains on delivering consistent and profitable growth supported by scale gains and improved operational efficiency [11] - The company is expanding its distribution coverage by forming new partnerships and extending its addressable market [12] Management's Comments on Operating Environment and Future Outlook - Management noted that geopolitical tensions and policy uncertainty impacted investor sentiment, but conditions improved as trade tensions eased [6] - The company expects to maintain a 33% operating margin in 2025, with potential for further margin expansion over time [11][49] - Management expressed confidence in the resilience of their investment strategies despite market volatility [17][20] Other Important Information - The company has invested significantly in operational resources to enhance client service and unlock incremental revenue opportunities [12] - The effective tax rate for the second quarter was 6.7%, in line with full-year guidance [43] Q&A Session Summary Question: How is the company thinking about scaling its retirement income business with Pacific Life joining? - Management highlighted the importance of the insurance segment and the ongoing expansion of engagement in lifetime income solutions, noting that these products tend to be lower fee from an asset management perspective [52][55] Question: Can you clarify the likelihood of further exchanges into AllianceBernstein holding units? - Management explained that the conversion from public to private units is driven by tax treatment and does not affect daily trading volume [56][58] Question: What is the company's stance on potential M&A activity? - Management indicated that they are exploring opportunities, particularly in partnerships with key insured clients, while maintaining a cautious approach to avoid becoming capital-heavy [60][63] Question: How should investors think about the incremental margin and trajectory into 2026? - Management affirmed the expectation of maintaining a 33% margin for both halves of the year, with future guidance for 2026 to be provided later [72][73] Question: Can you discuss the drivers of demand for American Income and the outlook for the rest of the year? - Management noted that demand for American Income is cyclical and has seen signs of stabilization, with positive trends observed in July [87][90]