For the quarter ended December 31, 2025, StepStone Group reported management and advisory fees of $239.9 million, a 26 percent increase year-over-year, while total revenues surged 73 percent to $586.5 million. Net performance fees contributed $346.6 million, up 134 percent from the prior year’s quarter, reflecting the firm’s success in harvesting carried interest on realized investments across private equity, infrastructure, and real estate strategies. Fee-earning assets under management reached $138.6 billion, a 21 percent rise from December 2024, supported by $32.7 billion of undeployed fee-earning capital ready for new commitments. As of December 31, 2025, StepStone was responsible for approximately $811 billion of total capital, including $219.8 billion in AUM (up 23 percent year-over-year) and $591.3 billion in assets under advisement. The Board declared a quarterly cash dividend of $0.28 per share, payable March 13, 2026, representing a 17 percent increase from the prior quarter, and recorded accrued carried interest allocations of $1.835 billion, underscoring the firm’s strong capital generation and commitment to shareholder distributions. On a non-GAAP basis, adjusted revenues climbed 103 percent to $494.5 million, driving fee-related earnings of $89.2 million, a 20 percent improvement over the prior-year quarter, and an adjusted net income per share of $0.65, up 48 percent. The firm maintained a fee-related earnings margin of 37 percent, consistent with its disciplined cost management and scalable operating model, while gross realized performance fees of $253.4 million translated into performance fee-related earnings of $131.2 million, representing a 393 percent year-over-year increase.