StepStone Group Inc. Files Q3 2024 10-Q

TL;DR

StepStone Group filed their 10-Q for 12/31/24. Check financials.

AI Summary

StepStone Group Inc. filed its 10-Q for the period ending December 31, 2024. The filing covers the third quarter of their fiscal year, which ends on March 31. The company's principal executive offices are located at 277 Park Avenue, New York, NY 10172.

Why It Matters

This filing provides investors with a quarterly update on StepStone Group's financial performance and operational status, crucial for understanding their investment advisory business.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

• StepStone Group Inc. (company) — Filer of the 10-Q
• 2024-12-31 (date) — Period of report for the 10-Q
• 2025-02-06 (date) — Filing date of the 10-Q
• 277 Park Avenue, New York, NY 10172 (location) — Business and mailing address of StepStone Group Inc.

FAQ

Key Financial Figures

• $0.001 — which registered Class A Common Stock, $0.001 par value per share STEP The Nasdaq Sto
• $0 — trant's Class A common stock, par value $0.001, and 40,127,254 shares of the regis
• $5 m — r to individuals with net worth of over $5 million, excluding primary residence; re
• $200,000 — to individuals with annual income over $200,000 or net worth between $1 million and $5
• $1 million — come over $200,000 or net worth between $1 million and $5 million, excluding primary resid

Filing Documents

• step-20241231.htm (10-Q) — 2142KB
• exhibit311q3fy2025.htm (EX-31.1) — 10KB
• exhibit312q3fy2025.htm (EX-31.2) — 10KB
• exhibit321q3fy2025.htm (EX-32.1) — 5KB
• exhibit322q3fy2025.htm (EX-32.2) — 5KB
• step-20241231_g1.jpg (GRAPHIC) — 57KB
• 0001796022-25-000008.txt ( ) — 10450KB
• step-20241231.xsd (EX-101.SCH) — 75KB
• step-20241231_cal.xml (EX-101.CAL) — 95KB
• step-20241231_def.xml (EX-101.DEF) — 441KB
• step-20241231_lab.xml (EX-101.LAB) — 837KB
• step-20241231_pre.xml (EX-101.PRE) — 605KB
• step-20241231_htm.xml (XML) — 1484KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets as of December 31, 2024 and March 31, 2024 6 Condensed Consolidated Statements of Income (Loss) for the Three and Nine Months Ended December 31, 2024 and 2023 8 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended December 31, 2024 and 2023 9 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended December 31, 2024 and 2023 10 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2024 and 2023 12 Notes to Condensed Consolidated Financial Statements 14

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 49

Qualitative and Quantitative Disclosures about Market Risk

Item 3. Qualitative and Quantitative Disclosures about Market Risk 87

Controls and Procedures

Item 4. Controls and Procedures 89

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 90

Risk Factors

Item 1A. Risk Factors 90

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 93

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 93

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 93

Other Information

Item 5. Other Information 93

Exhibits

Item 6. Exhibits 94

Signatures

Signatures 95 3 This quarterly report on Form 10-Q ("Form 10-Q") includes certain information regarding the historical investment performance of our focused commingled funds and separately managed accounts. An investment in shares of our Class A common stock is not an investment in any StepStone Fund (as defined below). The StepStone Funds are separate, distinct legal entities that are not our subsidiaries. In the event of our bankruptcy or liquidation, you will have no claim against the StepStone Funds. In considering the performance information relating to the StepStone Funds contained herein, current and prospective Class A common stockholders should bear in mind that the performance of the StepStone Funds is not indicative of the possible performance of shares of our Class A common stock and also is not necessarily indicative of the future results of the StepStone Funds, even if fund investments were in fact liquidated on the dates indicated, and we cannot assure you that the StepStone Funds will continue to achieve, or that future StepStone Funds will achieve, comparable results. Unless otherwise indicated or the context otherwise requires: " StepStone Group Inc. " or " SSG " refers solely to StepStone Group Inc., a Delaware corporation, and not to any of its subsidiaries; the " Partnership " refers solely to StepStone Group LP, a Delaware limited partnership, and not to any of its subsidiaries; " General Partner " refers to StepStone Group Holdings LLC, a Delaware limited liability company, and the sole general partner of the Partnership; " we ," " us ," " our ," the " Company ," " our company ," " StepStone " and similar terms refer to SSG and its consolidated subsidiaries, including the Partnership; " StepStone Funds " or " our funds " refer to our focused commingled funds and our separately managed accounts for which we act as both investment adviser and general partner or managing member; references to the " Greenspring acquisition " refer to t

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact, including statements regarding guidance, industry prospects or future results of operations or financial position made in this Form 10-Q are forward-looking. We use words such as "anticipate," "believe," "continue," "estimate," "expect," "future," "intend," "may," "plan" and "will" and similar expressions to identify forward-looking statements. Forward-looking statements reflect management's current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, our successful execution of business and growth strategies, the favorability of the private markets fundraising environment, successful integration of acquired businesses and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail under "Risk Factors" in Part I, Item 1A of our annual report on Form 10-K for the fiscal year ended March 31, 2024 and in our subsequent reports filed from time to time with the U.S. Securities and Exchange Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. These factors shoul

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements StepStone Group Inc. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share amounts) As of December 31, 2024 March 31, 2024 Assets Cash and cash equivalents $ 223,103 $ 143,430 Restricted cash 720 718 Fees and accounts receivable 63,521 56,769 Due from affiliates 96,590 67,531 Investments: Investments in funds 172,748 135,043 Accrued carried interest allocations 1,474,543 1,354,051 Legacy Greenspring investments in funds and accrued carried interest allocations (1) 572,459 631,197 Deferred income tax assets 356,122 184,512 Lease right-of-use assets, net 90,567 97,763 Other assets and receivables 66,114 60,611 Intangibles, net 274,122 304,873 Goodwill 580,542 580,542 Assets of Consolidated Funds: Cash and cash equivalents 55,681 38,164 Investments, at fair value 320,482 131,858 Other assets 2,333 1,745 Total assets $ 4,349,647 $ 3,788,807 Liabilities and stockholders' equity Accounts payable, accrued expenses and other liabilities $ 139,068 $ 127,417 Accrued compensation and benefits 690,321 101,481 Accrued carried interest-related compensation 730,218 719,497 Legacy Greenspring accrued carried interest-related compensation (1) 439,898 484,154 Due to affiliates 315,739 212,918 Lease liabilities 112,175 119,739 Debt obligations 168,942 148,822 Liabilities of Consolidated Funds: Other liabilities 9,860 1,645 Total liabilities 2,606,221 1,915,673 Commitments and contingencies (Note 14) Redeemable non-controlling interests in Consolidated Funds 286,822 102,623 Redeemable non-controlling interests in subsidiaries 6,552 115,920 Stockholders' equity: Class A common stock, $ 0.001 par value, 650,000,000 authorized; 75,841,118 and 65,614,902 issued and outstanding as of December 31, 2024 and March 31, 2024, respectively 76 66 Class B common stock, $ 0.001 par value, 125,000,000 authorized; 40,127,254 and 45,030,959 issued and outstanding as of December 31, 2024

View Full Filing

View this 10-Q filing on SEC EDGAR