Basic and diluted earnings per share of Class A common stock are presented for the years ended March 31, 2026, 2025 and 2024. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:


	Year Ended March 31,
	2026		2025		2024
(in thousands, except share and per share amounts)
Numerator:
Net income (loss) attributable to StepStone Group Inc. – Basic	$	(535,808)	$	(179,563)	$	58,091
Incremental income from assumed vesting of RSUs	—		—		451
Incremental income from assumed vesting and exchange of Class B2 units(1)	—		—		2,202

Net income (loss) attributable to StepStone Group Inc. – Diluted	$	(535,808)	$	(179,563)	$	60,744

Denominator:
Weighted-average shares of Class A common stock outstanding – Basic	79,039,229		71,142,916		63,489,135
Assumed vesting of RSUs	—		—		512,152
Assumed vesting and exchange of Class B2 units1	—		—		2,542,751

Weighted-average shares of Class A common stock outstanding – Diluted	79,039,229		71,142,916		66,544,038

Net income (loss) per share of Class A common stock:
Basic	$	(6.78)	$	(2.52)	$	0.91
Diluted	$	(6.78)	$	(2.52)	$	0.91

Diluted earnings per share of Class A common stock is computed by dividing net income (loss) attributable to SSG, giving consideration to the reallocation of net income between holders of Class A common stock and non-controlling interests, by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities, if any.

Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to SSG and therefore are not participating securities. As a result, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included.

The calculation of diluted earnings per share excludes 38,637,761 Class B units, 931,103 Class C units and 1,917,870 Class D units of the Partnership outstanding as of March 31, 2026, 39,656,954 Class B units, 965,761 Class C units and 1,365,065 Class D units of the Partnership outstanding as of March 31, 2025, and 45,030,959 Class B units and 1,852,212 Class C units of the Partnership outstanding as of March 31, 2024, which are exchangeable into Class A common stock under the if-converted method, as the inclusion of such shares would be anti-dilutive. The calculation of diluted earnings per share excludes 78,513 PRSUs outstanding as of March 31, 2026 as the related performance targets have not been met as of March 31, 2026.

As the Company was in a net loss position for the year ended March 31, 2026, the calculation of diluted earnings per share excludes potential shares of Class A common stock for 1,377,185 outstanding RSUs, as the inclusion of such shares would be anti-dilutive.

As the Company was in a net loss position for the year ended March 31, 2025, the calculation of diluted earnings per share excludes potential shares of Class A common stock for 1,024,007 outstanding RSUs, as the inclusion of such shares would be anti-dilutive.