StepStone Group Announces $100 Million Stock Repurchase Program

Rhea-AI Summary

StepStone Group (Nasdaq: STEP) on March 9, 2026 announced a stock repurchase program authorizing up to $100 million to buy Class A common stock. The company cited strong free cash flow and a framework balancing its recurring quarterly dividend with a supplemental annual dividend. Repurchases may occur via open market, privately negotiated transactions or Rule 10b5-1 plans, and will be subject to management discretion, market conditions and legal requirements. The program may be modified, suspended or discontinued and does not obligate the company to repurchase any shares.

Positive

• Authorized $100 million repurchase program for Class A common stock
• Repurchase lever complements the company’s recurring quarterly dividend and supplemental dividend approach
• Allows flexible execution via open market, negotiated transactions, or 10b5-1 plans

Negative

• No obligation to repurchase shares; actual repurchases may be zero
• Program may be modified, suspended or discontinued at any time
• Timing and amount are at management discretion, adding uncertainty for investors

Key Figures

Stock repurchase authorization: $100 million Quarter revenue: $586.5 million Prior quarter revenue: $339.0 million +5 more

8 metrics

Stock repurchase authorization $100 million Maximum aggregate amount for Class A stock repurchase program

Quarter revenue $586.5 million Three months ended December 31, 2025

Prior quarter revenue $339.0 million Three months ended December 31, prior year

Quarter net loss $123.5 million Net loss attributable to StepStone for the quarter

YTD net loss $528.0 million Net loss attributable to StepStone year-to-date

Stockholders’ equity $(378.8) million Negative StepStone Group Inc. stockholders’ equity at period end

Cash and cash equivalents $266.1 million Cash and cash equivalents at period end

Operating cash flow $89.7 million Cash from operating activities for nine months

Market Reality Check

Price: $45.66 Vol: Volume 885,006 vs 20-day ...

low vol

$45.66 Last Close

Volume Volume 885,006 vs 20-day average 1,960,973 (relative volume 0.45) shows activity below typical levels before this buyback news. low

Technical Shares at $45.66 were trading below the 200-day MA of $61.34, and about 41.31% below the 52-week high.

Peers on Argus

STEP was down 4.12% while peers were mixed: HLNE (-0.6%), AMG (-1.61%), JHG (+0....

STEP was down 4.12% while peers were mixed: HLNE (-0.6%), AMG (-1.61%), JHG (+0.37%), OBDC (+0.09%), BXSL (+0.08%). The decline appeared more stock-specific than a broad asset-management move.

Historical Context

5 past events · Latest: Mar 02 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 02	Industry outlook report	Positive	+2.8%	Release of 2026 Private Equity GP Outlook with constructive industry themes.
Mar 02	Awards recognition	Positive	+2.8%	Real estate arm received Global Indirect Firm and European Deal of the Year awards.
Feb 26	Conference appearance	Neutral	+0.9%	Announcement of CEO and strategy head presenting at RBC financial institutions conference.
Feb 12	Distribution partnership	Positive	-4.6%	Partnership with Utmost to expand UK access to evergreen private markets strategies.
Feb 05	Earnings and dividend	Neutral	+5.5%	Q3 FY26 results and declaration of a <b>$0.28</b> per share quarterly dividend.

Pattern Detected

Positive or neutral news has often coincided with modest gains, but one positive partnership update saw a notable negative reaction, indicating occasional divergence.

Recent Company History

In the past month, STEP released several generally positive updates, including a private equity GP outlook report and PERE Global Indirect Firm of the Year and European Deal of the Year awards, both coinciding with about +2.8% moves. A conference presentation on March 10, 2026 also saw a mild uptick. However, a partnership with Utmost, despite highlighting that private wealth AUM had tripled in fifteen months, was followed by a -4.6% move, contrasting with a prior earnings release that saw shares rise about 5.51% after results and a $0.28 dividend declaration.

Market Pulse Summary

This announcement adds a $100 million stock repurchase authorization to StepStone’s capital-return t...

Analysis

This announcement adds a $100 million stock repurchase authorization to StepStone’s capital-return toolkit alongside its recurring dividend and supplemental dividend approach. Recent filings show sharply higher quarterly revenue of $586.5 million but also a net loss of $123.5 million and negative stockholders’ equity of $(378.8) million. Investors may monitor actual buyback execution, ongoing profitability trends, and cash generation, including $89.7 million in nine-month operating cash flow.

Key Terms

stock repurchase program, rule 10b5-1

2 terms

stock repurchase program financial

"authorized a stock repurchase program of up to $100 million of the company’s Class A"

A stock repurchase program is when a company buys back its own shares from the market. This can make each remaining share more valuable and shows that the company believes its stock is a good investment. It’s like a business treating its shares like a limited resource, hoping to boost confidence and share prices.

rule 10b5-1 regulatory

"including through the use of trading plans intended to qualify under Rule 10b5-1 under"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

AI-generated analysis. Not financial advice.

NEW YORK, March 09, 2026 (GLOBE NEWSWIRE) -- StepStone Group Inc. (Nasdaq: STEP) today announced that its Board of Directors authorized a stock repurchase program of up to $100 million of the company’s Class A common stock.

“Our capital‑efficient business model generates significant free cash flow, which underpins our consistent and growing quarterly dividend” said Mike McCabe, Head of Strategy of StepStone Group. “In addition to our normal quarterly dividend, we intend to balance paying a recurring annual supplemental dividend with retaining flexibility to adjust that supplemental payout as we evaluate the most compelling uses of capital. The authorization of a share repurchase program adds another attractive and opportunistic lever to our capital‑allocation framework.”

Under the repurchase program, StepStone may repurchase shares of its Class A common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934 (the “Exchange Act”), in accordance with applicable securities laws, stock exchange requirements and other restrictions. The timing and amount of any repurchases will be determined at the discretion of the company's management based on business, economic and market conditions, including the availability of capital, other capital allocation alternatives and prevailing stock prices, as well as applicable legal requirements and other considerations. The stock repurchase program may be modified, suspended or discontinued at any time, and does not obligate the company to acquire any amount of stock. There can be no assurances how many shares of common stock the company will repurchase, if any, or at what prices any purchases will be made.

About StepStone Group

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2025, StepStone was responsible for approximately $811 billion of total capital, including $220 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

Forward-Looking Statements

Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release include, but are not limited to, statements regarding: the stock repurchase program, including the amount of Class A common stock purchased and the method of such repurchases; future payment of dividends, including quarterly dividends and our annual supplemental dividend; and the company’s capital allocation plans. All statements other than statements of historical fact are forward-looking. Words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “plan” and “will” and similar expressions identify forward-looking statements. Forward-looking statements reflect management’s current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, our successful execution of business and growth strategies, the favorability of the private markets fundraising environment, successful integration of acquired businesses and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail under the “Risk Factors” section of our annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 23, 2025, and in our subsequent reports filed with the SEC, as such factors may be updated from time to time. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Contacts

Shareholder Relations:
Seth Weiss
shareholders@stepstonegroup.com 
1-212-351-6106

Media:
Brian Ruby / Chris Gillick / Matt Lettiero, ICR
StepStonePR@icrinc.com
1-203-682-8268

FAQ

What did StepStone (STEP) announce on March 9, 2026 about share repurchases?

The company authorized a repurchase program of up to $100 million for Class A common stock. According to the company, repurchases may occur through open market purchases, privately negotiated transactions, or Rule 10b5-1 plans, subject to legal and market conditions.

How will StepStone’s $100 million buyback affect the company’s dividend policy (STEP)?

The buyback supplements the company’s existing dividend framework and preserves flexibility. According to the company, it intends to continue a recurring quarterly dividend and balance an annual supplemental dividend while evaluating other capital uses.

How will StepStone execute share repurchases under the March 2026 program (STEP)?

Repurchases may be executed via open market purchases, privately negotiated transactions, or Rule 10b5-1 trading plans. According to the company, purchases will comply with securities laws, exchange rules and other applicable restrictions.

Is StepStone required to repurchase any shares under the $100 million program (STEP)?

No, the company is not obligated to buy any shares under the program and may repurchase none. According to the company, the timing and amount are at management discretion and may be modified, suspended or discontinued.

What factors will determine when StepStone (STEP) repurchases shares under the program?

Management will consider business, economic and market conditions, available capital, other capital allocation alternatives and prevailing stock prices. According to the company, legal requirements and other considerations may also affect repurchase decisions.