General and administrative expenses were $38 million, down $2 million from last quarter, and up $6 million from last year's fiscal 4Q. The sequential decline was primarily due to timing of client events, marketing, and travel-related expenses.

May 20, 2026 / CFO / receipt, needs a key / David Park, CFO | earnings call 2026-05-20 | transcript c39f729e-025b-474b-bd02-436340f0d833 | chars 17256-17499 | segment 17

The sequential increase was driven by higher travel, IT, and other general operating expenses. As a reminder, the G&A of our next two quarters tends to be seasonally elevated, driven by our StepStone 360 Conference in October and our Venture Capital Conference in February.

Nov 6, 2025 / CFO / receipt, needs a key / David Park, CFO | earnings call 2025-11-06 | transcript d04ed845-def2-4e32-963c-4ba35f5a746c | chars 14042-14315 | segment 14

As a reminder, our G&A expenses tend to be seasonally highest in our fiscal third and fourth quarters due to these annual investor conferences.

Feb 8, 2024 / CFO / receipt, needs a key / David Park, CFO | earnings call 2024-02-08 | transcript 8e0c6ce7-1b1c-4108-9528-45b57cb496f9 | chars 16361-16504 | segment 16