StepStone (US:STEP)2023-02-10 03:34Financial Performance - Adjusted revenues for the quarter were $148.1 million, a decrease of 14% compared to $173.0 million in the same quarter of the previous year[48] - Management and advisory fees, net, increased by 21% to $128.8 million for the quarter and 36% to $364.6 million year-to-date[48, 44] - Fee-related earnings (FRE) increased by 16% to $42.7 million for the quarter and 37% to $118.4 million year-to-date[48] - Adjusted net income (ANI) decreased by 36% to $31.2 million for the quarter and 18% to $115.5 million year-to-date[48] - ANI per share decreased by 36% to $0.27 for the quarter and 18% to $1.01 year-to-date[48] Assets Under Management (AUM) and Advisement (AUA) - Total AUM reached $134.0 billion, a 6% increase compared to $127.0 billion in the same quarter of the previous year[48] - Fee-earning AUM (FEAUM) increased by 16% to $83.0 billion compared to $71.2 billion in the same quarter of the previous year[48] - Total capital responsibility, which includes AUM and AUA, reached $602 billion[110] - Advisory AUA was $468 billion[51] Capital Activity - The company raised $12.4 billion of new SMA capital over the last twelve months (LTM)[48] - $6.0 billion was raised for commingled funds over the LTM[48] - Undeployed fee-earning capital was $14.0 billion, a decrease of 19% compared to $17.3 billion in the same quarter of the previous year[48] Performance Fees - Gross realized performance fees decreased by 71% to $19.3 million for the quarter and 31% to $124.4 million year-to-date[74] - Net realized performance fees for the last twelve months were approximately $122 million to $123 million[135]