STEP — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-05-27

• PRIVATE EQUITY BUYOUT*VENTURE CAPITAL & GROWTH EQUITYREAL ESTATEINFRASTRUCTUREPRIVATE DEBT

• Primaries14.1%Primaries14.4%Core/core+ fund investments6.8%Core/debt - all strategies6.8%Primaries7.8%

• Secondaries17.6%Secondaries14.5%Value-add/opportunistic fund investments7.9%Core+/value-add - primary fund investments10.6%Direct lending7.1%

• Co-investments16.2%Directs/co-investments16.2%Real estate debt fund investments5.1%Core+/value-add - secondary fund investments8.1%Opportunistic8.4%

• We attribute our investment performance track record to numerous factors, including our scale and global reach, our selective investment process powered by our technology and data advantage and our experienced investment teams. Together, these attributes allow us to source highly attractive investme…

Text removed vs the prior filing · source: 10-K · 2025-05-23

• StrategyCommitted CapitalCumulative Invested CapitalRealized DistributionsNAVTotalGross IRRNet IRRNet Multiple of Invested CapitalNet IRR versus Benchmark

• We attribute our strong investment performance track record to numerous factors, including our scale and global reach, our selective investment process powered by our technology and data advantage and our experienced investment teams. Together, these attributes allow us to source highly attractive i…

• Our management and advisory fees grew from $235 million in fiscal 2020 to $767 million in fiscal 2025, representing a 27% compounded annual growth rate. We have had a high level of success in retaining our advisory clients with an approximately 95% retention rate since inception.

• Our proprietary database, SPI Research, provides access to valuable data that forms the cornerstone of our investing process. We license SPI Research to clients in the form of a traditional licensed offering as well as an “advisory-like” service where we offer the SPI Research license and limited ad…

• We provide our clients with tailored reporting packages, including customized performance benchmarks as well as compliance, administration and tax capabilities. The team of professionals dedicated to SPAR is organized by sector and geography to promote deep coverage of all private markets, facilitat…

Text added vs the prior filing · source: 10-K · 2026-05-27

• While interest rates were at historically low levels for an extended period, interest rates and the rate of inflation have since increased significantly. Although rates have declined from peak levels, interest rates have remained relatively elevated and these economic factors may also reduce credit …

• In addition, as part of broader industry dynamics, certain private credit and other products that offer investors periodic liquidity (including through redemption, repurchase or tender offer features), including in the private wealth market, may experience increased investor liquidity requests durin…

• The frequency and sophistication of the cybersecurity threats and incidents we face continue to increase, including as a result of the advancement of AI, which malicious actors can use to create new, more sophisticated and more frequent attacks and to facilitate impersonation of personnel and third …

• data or causing operational disruption. Cyber-criminals can attempt to redirect payments required to be paid at the closings of our investments to unauthorized accounts, which we or the services providers we retain, such as paying agents and escrow agents, may not be able to detect or protect agains…

• We have implemented processes, procedures and internal controls designed to mitigate cybersecurity risks and cybersecurity incidents. However, these measures, as well as our increased awareness of the nature and extent of a risk of a cybersecurity incident, do not guarantee that a cyber-incident wil…

Text removed vs the prior filing · source: 10-K · 2025-05-23

• While interest rates have historically been low in recent years, various economic factors have recently resulted in a significant increase in interest rates and the rate of inflation, and may also reduce credit availability, all of which may adversely affect the ability of the StepStone Funds to ach…

• The frequency and sophistication of the cybersecurity threats and incidents we face continue to increase. As a result, we face a heightened risk of a cybersecurity incident or disruption with respect to sensitive information resulting from an attack by computer hackers, foreign governments or cyber …

• We have implemented processes, procedures and internal controls designed to mitigate cybersecurity risks and cybersecurity incidents. However, these measures, as well as our increased awareness of the nature and extent of a risk of a cybersecurity incident, do not guarantee that a cyber-incident wil…

• We also face cybersecurity risks associated with sensitive information provided to third parties. We rely on third-party service providers for certain aspects of our business, including for certain information systems and technology, as well as administration of the StepStone Funds. Additionally, ea…

• Risks related to artificial intelligence, including our use of third-party products incorporating artificial intelligence, include the generation of factually incorrect or biased results, also known as hallucinations, data security vulnerabilities, potential IP infringement, mishandling of confident…

Text added vs the prior filing · source: 10-K · 2026-05-27

• In 2025 and in early 2026, financial markets experienced significant volatility in response to the uncertainty of the economic impact from U.S. trade policy developments including the announcement and implementation of increases on tariffs charged by the U.S. on certain imports, the weakening of the…

• On July 4, 2025, the One Big Beautiful Bill Act was enacted in the U.S., which includes extensive amendments to existing tax laws applicable to businesses. The relevant provisions were included in our income tax provision for fiscal 2026 and did not have a significant impact on our consolidated fina…

• We are continuing to closely monitor developments related to inflation, decreasing but still elevated interest rates, trade, regulatory and other governmental policy, fluctuations in foreign currency exchange rates, banking system volatility, geopolitical tension, unrest or conflicts, including in o…

• managers with whom we may invest, and reducing the ability of our funds to raise or deploy capital” and “Risk Factors—Banking system volatility may adversely affect the results and financial condition of the StepStone Funds or StepStone generally.”

• On May 30, 2025, we completed the second annual exchange (the “2025 Exchange”) to acquire approximately 5% of the equity interests of each of SRA, SRE and SPD pursuant to the Transaction Agreements dated as of February 7, 2024. As a result of the 2025 Exchange, the Partnership now owns approximately…

Text removed vs the prior filing · source: 10-K · 2025-05-23

• In 2024, signs of easing inflation coupled with the expansion of economic activity at a sustained pace and low unemployment rates contributed to positive returns in most financial markets despite inflation remaining elevated. Between September 2024 and December 2024, the Federal Reserve announced se…

• We are continuing to closely monitor developments related to inflation, decreasing but still elevated interest rates, trade, regulatory and other governmental policy, banking system volatility, geopolitical tension, unrest or conflicts, including in or with China, Russia, Ukraine, and the Middle Eas…

• On October 22, 2024, we issued $175.0 million aggregate principal amount of our 5.52% Series A senior notes due October 22, 2029 (the “Notes”), pursuant to a note purchase agreement, dated as of October 22, 2024 (the “Note Purchase Agreement”), in a private placement exempt from registration under t…

• Interest on the Notes is payable semi-annually in arrears on April 22 and October 22 of each year, commencing on April 22, 2025. Interest on the Notes accrues from and including October 22, 2024. The Notes will mature on October 22, 2029. We may, at our option, prepay at any time all, or from time t…

• We expect the second annual exchange under the Transaction Agreements to occur on or about May 31, 2025. In connection with such exchange, we expect to acquire approximately 5% of the equity interests of each of SRA, SRE and SPD, in exchange for cash and either Class A common stock or Class D units …

Text added vs the prior filing · source: 10-K · 2026-05-27

• Our management fee and advisory fee revenues have historically been only marginally affected by changes in investment values because our management fees are generally based on commitments or net invested capital and our advisory fees are fixed. For the years ended March 31, 2026 and 2025, NAV-based …

• As of March 31, 2026 and 2025, we had $175.0 million in borrowings outstanding under our Notes and $100.0 million amount outstanding under our Revolver. The Revolver accrues interest at a variable rate and the Notes accrue interest at a fixed rate of 5.52%. As of both March 31, 2026 and 2025, we est…

Text removed vs the prior filing · source: 10-K · 2025-05-23

• Our management fee and advisory fee revenue is only marginally affected by changes in investment values because our management fees are generally based on commitments or net invested capital and our advisory fees are fixed. As of March 31, 2025 and 2024, NAV-based management fees represented approxi…

• As of March 31, 2025, we had $175.0 million in borrowings outstanding under our Notes and $100.0 million amount outstanding under our Revolver. As of March 31, 2024, we had $150.0 million in borrowings outstanding under our Revolver and no amount outstanding under our Notes. The Revolver accrues int…