Fri, May 23, 8:07 PM (51 days ago)
### Summary of StepStone Group Inc. (STEP) Annual Report (2025) **Financial Performance:** - **Revenue:** $1,174.8 million (2025), up 65% from $711.6 million (2024). - **Net Income:** $(172.8) million (2025), down from $167.8 million (2024). - **Earnings per Share (EPS):** $(2.43) (2025), down from $2.68 (2024). **Revenue Breakdown:** - **Management and Advisory Fees:** $767.0 million (2025), up 31% from $585.1 million (2024). - **Performance Fees:** $407.8 million (2025), up from $126.5 million (2024). **Operating Expenses:** - **Compensation and Benefits:** $1,264.3 million (2025), up 167% from $372.5 million (2024). - **General, Administrative, and Other:** $177.4 million (2025), up 6% from $167.3 million (2024). **Strategic Overview:** - **Business Model:** Global private markets investment firm focusing on customized investment solutions and advisory services. - **Client Base:** Includes pension funds, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and private wealth clients. - **Investment Strategies:** Primaries, secondaries, and co-investments across private equity, infrastructure, private debt, and real estate asset classes. **Future Outlook:** - **Growth Strategy:** Focus on expanding existing client mandates, deploying committed capital, adding new clients globally, and expanding the private wealth platform. - **Risk Factors:** Includes market volatility, regulatory changes, competition, and operational risks. **Risk Factors:** - **Market Risks:** Volatility in financial markets, economic conditions, and geopolitical events. - **Operational Risks:** Dependence on key personnel, regulatory compliance, and cybersecurity threats. - **Financial Condition:** Strong balance sheet with significant cash reserves and manageable debt levels. **Market Position Changes:** - **Client Relationships:** Strong relationships with a diverse and global client base. - **Competitive Position:** Leveraging scale, expertise, and proprietary data to maintain a competitive edge. **Note:** Amounts are in thousands (000s).