StepStone grew capital 25% to $885B, added 180 employees, but GAAP loss hit $536M on equity comp

Filed May 27, 2026 · Period ending March 31, 2026 · Compared to 10-K May 23, 2025 · ~2 min read

Key Changes

• high

  Total capital under management rose 25% to $885 billion (AUM up 23% to $233B), driven by 37% growth in commingled funds and 18% SMA expansion. Headcount increased 16% to 1,310 employees to support scaling.

  Business: Total Capital & Headcount verify on EDGAR →
• high

  GAAP net loss widened to $536M (vs. $180M prior year) due to $1.7B equity-based compensation charge tied to liability-classified awards from asset-class consolidation. Cash earnings and dividend capacity remain strong despite accounting loss.

  Notes: Net Income & Compensation verify on EDGAR →
• high

  Accrued carried interest backlog grew 36% to $2.0B, and undeployed fee-earning capital surged 63% to $40B, signaling strong future revenue potential as capital deploys and funds mature.

  Business: Performance Fees & Backlog verify on EDGAR →