StepStone Group reported a solid opening quarter for 2025 (Q1 2025) with revenue of $186.4 million and a robust gross margin of 57.6%, underscored by an EBITDA margin of approximately 37.3% and an operating margin of 25.3%. Net income was $13.3 million, or $0.20 per diluted share, reflecting a period of strong cash generation amid seasonally softer quarterly activity. Operating cash flow totaled $50.2 million and free cash flow was approximately $49.6 million, supporting a continued focus on liquidity management and potential capital deployment. However, the quarter also highlights seasonality in quarterly revenue, with revenue dropping 47.8% quarter-over-quarter (QoQ) after a high prior quarter, while year-over-year (YoY) revenue rose about 4.7%. The balance sheet remains healthy with total assets of $3.83 billion, a cash balance of $196.2 million, and modest leverage (total debt to capitalization ~44%). Intangible assets and goodwill stand at roughly $875.2 million, signaling ongoing platform investments but also potential impairment risk if market conditions deteriorate. Valuation multiples are notably premium (P/E ~57x, P/B ~8.3x, EV/Revenue ~4.5x), consistent with the growth expectations embedded in a fee-based asset manager with strong cash generation. The results reinforce a defensible earnings base but require monitoring of AUM growth, fundraising cadence, and realized carry for sustained earnings expansion.