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]

Core Insights - Franklin Resources modestly surpassed analysts' expectations for Q3 FY2025 in both revenue and non-GAAP earnings per share, with EPS at $0.49 versus an estimate of $0.48 and GAAP revenue reaching $2,064.0 million compared to a consensus of $1,582.2 million [1][2] - Despite the positive surprise, both revenue and profit metrics declined year-over-year, with GAAP revenue down 2.8% and operating income down 30.7% [2][5] - The company experienced improved net flows outside of its Western Asset Management subsidiary, although pressures from Western continued to impact overall profitability and margins [1][6] Financial Performance - Non-GAAP EPS for Q3 FY2025 was $0.49, down 18% from $0.60 in Q3 FY2024 [2] - GAAP revenue was $2,064.0 million, a decrease of 2.8% from $2,122.9 million in the previous year [2] - Operating income fell to $154.1 million, a 30.7% decline year-over-year [2] - Operating margin decreased to 7.5% from 10.5% a year ago, while adjusted operating margin narrowed to 23.7% from 25.7% [2][5] - Assets under management (AUM) were $1,611.8 billion, down 2.1% from the previous year [2][6] Business Overview - Franklin Resources manages a diverse range of investment portfolios across various asset classes, with a business model focused on collecting management fees based on AUM [3][4] - The company aims to capture client assets through mutual funds, ETFs, separately managed accounts, and alternative investment strategies [4] Growth Areas - Alternative investments are a significant growth area, with fundraising totaling $19.0 billion year-to-date, including $15.7 billion in private markets [7] - The company announced an agreement to acquire a majority interest in Apera Asset Management, enhancing its capabilities in private credit [7] - The ETF platform achieved record assets of $44.1 billion, supported by $4.3 billion in positive flows, marking 15 consecutive quarters of inflows [8] Geographic Performance - The international business performed well, with AUM from outside the U.S. nearing $500 billion, and positive net flows reported in both the EMEA region and the Americas ex-U.S. [9] Cost Management and Shareholder Returns - The company is focused on expense control, with FY2025 expenses expected to remain consistent with the previous year, excluding performance compensation related to acquisitions [9] - A quarterly dividend of $0.32 per share was declared, reflecting a 3% increase from the same period last year, alongside a share buyback of 7.3 million shares [10] Strategic Focus - Management emphasized priorities such as the integration of new acquisitions, expansion in alternatives, and disciplined cost management, with a goal to reduce costs by $200–$250 million entering FY2026 [11] - The firm's institutional "won-but-unfunded" pipeline reached a record $24.4 billion, indicating strong future potential [11] - Ongoing investments in ETFs, digital asset vehicles, and custom indexing are part of the company's strategy to diversify its product lineup [12]