Basic and diluted earnings per share of Class A common stock are presented for the three months ended June 30, 2026 and 2025. 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:


	Three Months Ended June 30,
	2026		2025
(in thousands, except share and per share amounts)
Numerator:
Net loss attributable to StepStone Group Inc. – Basic	$	(115,816)	$	(38,424)



Net loss attributable to StepStone Group Inc. – Diluted	$	(115,816)	$	(38,424)

Denominator:
Weighted-average shares of Class A common stock outstanding – Basic	81,995,674		77,846,710



Weighted-average shares of Class A common stock outstanding – Diluted	81,995,674		77,846,710

Net loss per share of Class A common stock:
Basic	$	(1.41)	$	(0.49)
Diluted	$	(1.41)	$	(0.49)

Diluted earnings per share of Class A common stock is computed by dividing net 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 38,387,761 Class B units, 881,103 Class C units and 3,529,400 Class D units of the Partnership outstanding as of June 30, 2026, and 39,504,186 Class B units, 947,761 Class C units and 2,945,736 Class D units of the Partnership outstanding as of June 30, 2025, 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 June 30, 2026 as the related performance targets have not been met as of June 30, 2026.

As the Company was in a net loss position for the three months ended June 30, 2026, the calculation of diluted earnings per share excludes potential shares of Class A common stock for 1,371,347 outstanding RSUs, as the inclusion of such shares would be anti-dilutive.

As the Company was in a net loss position for the three months ended June 30, 2025, the calculation of diluted earnings per share excludes potential shares of Class A common stock for 1,054,894 outstanding RSUs, as the inclusion of such shares would be anti-dilutive.