StepStone Group Inc.

Good day, and thank you for standing by. Welcome to the fiscal fourth quarter, 2026, StepStone Group Earnings Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Seth Wise. Please go ahead.

Thank you.

Joining me on today's call are Scott Hart, Chief Executive Officer, Jason Ment, President and Co-Chief Operating Officer, Mike McCabe, Head of Strategy, and David Park, Chief Financial Officer. During our prepared remarks, we will be referring to a presentation which is available on our investor relations website at shareholders.stepstonegroup.com. Before we begin, I'd like to remind everyone that this conference call, as well as the presentation, contains certain forward-looking statements regarding the company's expected operating and financial performance for future periods. Forward-looking statements reflect management's current plans, estimates, and expectations and are inherently uncertain and are subject to various risks, uncertainties, and assumptions. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to changes in circumstances or a number of risks or other factors that are described in the risk factor section of Step Zone's periodic filings. These forward-looking statements are made only as of today and, except as required, we undertake no obligation to update or revise any of them. Today's presentation contains references to non-GAAP financial measures, reconciliation to the most directly comparable GAAP financial measures, are included in our earnings release, our presentation, and our filings with the SEC. Turning to our financial results for the fourth quarter of fiscal 2026. Beginning with slide three, we reported a GAAP net loss attributable to StepStone Group Incorporated of $7.8 million, or 10 cents per share. As a reminder, GAAP accounting requires us to factor the change in fair value of the buy-in of the StepStone private wealth profits interests through our income statement, which drove the negative gap earnings result this quarter. Moving to slide five, we generated fee-related earnings of $105 million, up 12% from the prior year quarter, and we generated an FRE margin of 40%. The quarter reflected retroactive fees from our infrastructure secondaries fund and our multi-strategy global venture capital fund. Retroactive fees contributed $4.4 million to revenue which compares to retroactive fees of $15.7 million in the fourth quarter of the prior fiscal year. When excluding the impact of retroactive fees, core fee-related earnings were $101 million, up 28% relative to the prior year quarter, and core FRE margin remains at 40%. We earned $69 million in adjusted net income for the quarter, or 57 cents per share. This is down from $81 million, or 68 cents per share, in the fourth quarter of the last fiscal year, primarily due to lower performance-related earnings, partially offset by higher fee-related earnings. I'll now hand the call over to Scott.