발화자 미상
Operator: Ladies and gentlemen, thank you for standing by. Welcome to the First Quarter Fiscal Year 2027 StepStone Group Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would like now to turn the conference over to Seth Weiss, Head of Investor Relations. Please go ahead.
Seth Weiss: 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 would 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 Factors section of StepStone'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. Reconciliations 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 first quarter of fiscal 2027. Beginning with Slide 3, we reported a GAAP net loss attributable to StepStone Group, Inc. of $116 million or $1.41 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 interest through our income statement, which drove the negative GAAP earnings result this quarter. We have a put-call option agreement in place with an entity composed of members of the Private Wealth team that enables StepStone's buy-in of these profits interests. The Private Wealth team entered the put period in the June quarter and StepStone will enter into the call period in the third quarter of calendar 2027. Moving to Slide 5. We generated fee-related earnings of $106 million, up 30% from the prior year quarter, and we generated an FRE margin of 39%. The quarter reflected retroactive fees primarily from our infrastructure secondaries fund. Retroactive fees contributed $1.1 million to revenue, which compares to retroactive fees of $2.9 million in the first quarter of the prior fiscal year. When excluding the impact of retroactive fees, core fee-related earnings were $105 …
