StepStone Group Inc.

Good afternoon, ladies and gentlemen, and welcome to StepStone's fiscal 2021 third quarter earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session, and instructions will follow at that same time. As a reminder, this call will be recorded. I would now like to turn the conference over to Michael Kim of ICR, StepStone's investor relations liaison. Please go ahead, Michael.

Thank you, and good afternoon, everyone. Joining today are Scott Hart, Co-Chief Executive Officer, Jason Ment, President and Co-Chief Operating Officer, Mike McCabe, Head of Strategic Planning, and Johnny Randall, Chief Financial Officer. During our prepared remarks, we will be referring to slides which are available for viewing or download from our website at stepstonegroup.com. Before we begin, I'd like to remind everyone that this conference call, as well as the presentation slides, contain certain forward-looking statements regarding the company's expected operating and financial performance for future periods. The forward-looking statements reflect management's current plans, estimates, and expectations and are inherently uncertain and are subject to various risks, uncertainties, and assumptions. for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks or other factors that are described in greater detail under risk factors of StepStone's IPO prospectus filed with the U.S. Securities and Exchange Commission on September 16, 2020. Turning to our financial results, we reported gap net income of $107.4 million for the quarter. Gap net income attributable to StepStone Group Inc. was $25.6 million for the quarter ended December 31st, 2020. Fee-related earnings was $22.3 million for the quarter, an increase of 5% from a year ago. Adjusted net income was $27.0 million, or 28 cents per share, up 50% from the prior year. Importantly, the prior year's results included approximately $4.8 million of revenue, $4.2 million of fee-related earnings, and $3.7 million of pre-tax ANI related to retroactive fees, net of costs, including additional closes for StepStone Secondary Opportunities Fund 4 and one-time success-based advisory fees. And finally, as disclosed on slides 23 and 24 of the earnings presentation, foreign currency translation gains and losses have been reclassified from general administrative and other expense to other income loss in our GAAP income statement. This change had no effect on ANI, but did result in removing FX volatility from FRE. With that, I'd like to turn the call over to StepStone's Co-Chief Executive Officer, Mr. Scott Hart.

Scott? Thanks, Michael.