StepStone Group (STEP) Company Report

Scribe, a Workflow AI platform, announced a $75 million Series C funding round led by StepStone, valuing the company at $1.3 billion.
The capital will be used to scale Scribe’s enterprise go-to-market and accelerate the rollout of Scribe Optimize, the company’s newest product.
Scribe Optimize applies AI to map and analyze real-time workflow data, providing recommendations to improve and automate processes, aiming to deliver measurable ROI.
Scribe has achieved significant market penetration with over 5 million users, including 94% of the Fortune 500 (45% as paying customers), and has documented over 10 million workflows.

Nov 12, 2025, 6:15 PM

Press Release

StepStone Group Reports Q2 2026 Financial Results and Record Private Wealth Subscriptions

STEP

Earnings

Product Launch

New Projects/Investments

StepStone Group reported a GAAP net loss of $366 million, or $4.66 per share, for Q2 2026, primarily due to the change in fair value of the buy-in of StepStone Private Wealth Profits interests.
The company's fee-related earnings (FRE) increased 9% year-over-year to $79 million, with core FRE (excluding retroactive fees) growing 34% to $78 million. Adjusted net income for the quarter was $66.7 million, or $0.54 per share.
The Private Wealth platform achieved a record $2.4 billion in new subscriptions, significantly boosted by the launch of StepX, which generated over $700 million in gross subscriptions in its first 30 days.
Fee-earning AUM grew by over $5.5 billion in the quarter to nearly $133 billion, while total fee-earning assets plus undeployed fee-earning capital reached approximately $163 billion.
Strategic developments included the launch of the Kroll StepStone Private Credit Benchmarks and the FTSE StepStone Global Private Market Indices, aimed at leveraging data and technology for future investment products.

Nov 6, 2025, 10:00 PM

Transcript

STEP Announces Q2 2026 Results

STEP

Earnings

Dividends

Revenue Acceleration/Inflection

Total revenues for Q2 2026 increased by 67% to $454,225 thousand compared to Q2 2025.
Fee revenues grew by 17% to $217,461 thousand, and Adjusted Net Income (ANI) per share increased by 20% to $0.54 for Q2 2026.
Assets Under Management (AUM) rose 19% to $209.1 billion, and Fee-Earning AUM (FEAUM) increased 27% to $132.8 billion as of September 30, 2025.
A quarterly cash dividend of $0.28 per share of Class A common stock was declared.

Nov 6, 2025, 10:00 PM

Presentation

StepStone Group Reports Q2 FY2026 Results

STEP

Earnings

Dividends

StepStone Group Inc. reported a net loss of $(575,490) thousand and diluted earnings per share of $(4.66) for the second quarter of fiscal year 2026, which ended September 30, 2025.
Total revenues for the quarter ended September 30, 2025, were $454,225 thousand.
The Board of Directors declared a quarterly cash dividend of $0.28 per share of Class A common stock, payable on December 15, 2025.
As of September 30, 2025, StepStone was responsible for approximately $771 billion of total capital, including $209 billion of assets under management (AUM).

Nov 6, 2025, 9:09 PM

8-K

STEP Energy Services Reports Mixed Q3 Results Amid Takeover Proposal

STEP

Earnings

M&A

Delisting/Listing Issues

STEP Energy Services reported Q3 2025 revenue of C$227.24 million, slightly below the prior year, and a net income of C$6.78 million, reversing a net loss from the same period last year.
The company's net income was impacted by a net loss of C$10.1 million from terminated U.S. fracturing operations as it continues to adjust after exiting the U.S. market.
ARC Financial has proposed to acquire all outstanding shares of STEP, potentially taking the company private and delisting it from the Toronto Stock Exchange.
Despite sector headwinds, Q4 activity and early 2026 bookings appear steady, with the Q1 2026 fracturing schedule expected to be almost fully booked.
Analyst consensus remains neutral to hold, reflecting cautious investor sentiment, with the company's price-to-earnings ratio increasing from 8 to 11 over three months.

Nov 6, 2025, 12:53 PM

Morningstar

STEP Energy Services Ltd. Reports Q3 2025 Results and Announces Takeover Bid

STEP

Earnings

M&A

Delisting/Listing Issues

STEP Energy Services Ltd. reported consolidated revenue of $227.2 million for the three months ended September 30, 2025, a decrease from $256.0 million in Q3 2024, and a net income of $6.8 million ($0.09 diluted income per share) compared to a net loss of ($5.5 million) ($0.08 diluted loss per share) in Q3 2024.
The company's Net Debt decreased to $36.3 million at September 30, 2025, from $52.7 million at December 31, 2024, and Working Capital increased to $77.9 million from $35.4 million over the same period.
On September 25, 2025, STEP Energy Services Ltd. received a non-binding offer from ARC Financial Corp. to acquire the remaining outstanding common shares for $5.50 in cash per share. A definitive arrangement agreement was entered into on October 17, 2025, with closing expected around December 16, 2025, after which the shares are expected to be delisted from the TSX.

Nov 5, 2025, 11:02 PM

Press Release

STEP Energy Services Ltd. Announces Shareholder Meeting for Arrangement Approval

STEP

M&A

Takeover Bid

Proxy Vote Outcomes

STEP Energy Services Ltd. announced the commencement of sending and filing of a circular for a special meeting of shareholders to approve an arrangement where shareholders will receive $5.50 per share in cash.
This cash consideration represents a 29.11% premium to the closing price of shares on September 24, 2025.
The special meeting will be held virtually on December 12, 2025, at 10:00 a.m. (Calgary Time), with the proxy deadline on December 11, 2025, at 10:00 a.m. (Calgary time).
The Board and a special committee unanimously recommend voting FOR the arrangement, noting that the $5.50 consideration is favorably within the $4.80 - $5.70 fair market value range determined by Ernst & Young LLP as of October 14, 2025.
Significant shareholder support has been secured, with voting support agreements covering approximately 68.11% of Minority Shareholder shares and 87.33% of total shares.

Nov 4, 2025, 2:32 AM

Press Release

StepStone Group and FTSE Russell Launch Global Private Market Indices

STEP

Product Launch

New Projects/Investments

StepStone Group and FTSE Russell have launched the FTSE StepStone Global Private Market Indices, which integrate StepStone’s proprietary fund-level data with FTSE Russell’s indexing expertise to create the first global benchmark for private market performance.
These indices provide daily estimates on mark-to-market valuations, offering more granular and timely insights into private market trends compared to benchmarks based on quarterly valuations, thereby addressing historical reporting lags and fragmented datasets.
The new indices are designed to set the groundwork for establishing index-tracking investment products and are available under two methodologies: Daily Cash-Adjusted Indices and Daily Market Indices.

Oct 30, 2025, 12:05 PM

Press Release

STEP Energy Services Agrees to Take-Private Transaction

STEP

M&A

Delisting/Listing Issues

Takeover Bid

STEP Energy Services Ltd. has entered into a definitive agreement for an all-cash take-private transaction with funds advised by ARC Financial Corp..
ARC will acquire the outstanding common shares it does not currently own for $5.50 per Share, representing a 29% premium to STEP's September 24, 2025 closing price.
The $5.50 per Share purchase price falls within the independent valuation range of $4.80 to $5.70 per Share determined by Ernst & Young LLP.
The transaction, which has unanimous Board approval, is expected to close in December 2025 and will result in STEP's delisting from the TSX.
Minority Shareholders holding approximately 71.71% of the Minority Shares have agreed to vote in favor of the Arrangement.

Oct 17, 2025, 10:02 PM

Press Release

StepStone Real Estate Announces Program Size Increase for StepStone Real Estate Partners V

STEP

New Projects/Investments

StepStone Real Estate (SRE) finalized the size of its StepStone Real Estate Partners V (SREP V) GP-led secondaries program at $5.3 billion.
This includes $4.5 billion in total commitments announced in April 2025, with an additional $800 million in discretionary co-investment commitments secured as of September 30, 2025.
To date, SREP V has committed to 12 investments totaling $3.2 billion, including co-investments, with an average investment size of approximately $266 million.