StepStone Group reported a record quarter on a non-GAAP basis, underscored by heightened fee-related earnings (FRE) strength and ongoing scale benefits from private markets. GAAP net loss of $18.5 million and a quarterly EPS of $-0.24 contrasted with an 85% year-over-year rise in FRE to $94.1 million and an adjusted net income of $80.6 million ($0.68 per share). The company also announced a base quarterly dividend of $0.24 and a supplemental dividend of $0.40 for a total FY dividend of $1.36 per Class A share, reflecting sustained cash returns to shareholders. Across the fiscal year, StepStone raised more than $31 billion of gross AUM inflows and grew fee-earning AUM to over $121 billion, driven by strong private wealth adoption and expanding commingled and secondary fund platforms.