$STEP
StepStone Group Inc.
CIK:0001796022|SEC Filings
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| Cash flows from operating activities | ||
| Net loss | $ (170,366) | $ (12,011) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 11,369 | 11,424 |
| Unrealized performance fee-related compensation | 44,686 | 44,357 |
| Amortization of deferred financing costs | 326 | 326 |
| Equity-based compensation | 292,806 | 181,654 |
| Change in deferred income taxes | (42,528) | (14,102) |
| Adjustments to reconcile net loss to net cash used in operating activities of Consolidated Funds: | ||
| Unrealized (income) loss on investments of Consolidated Funds | 10,308 | (20,799) |
| Unrealized income from notes payable of Consolidated Funds | (18,098) | 0 |
| Contributions to investments of Consolidated Funds | (903,683) | (57,696) |
| Distributions received from investments of Consolidated Funds | 289,036 | 0 |
| Changes in operating assets and liabilities: | ||
| Fees and accounts receivable | 23,576 | (9,637) |
| Due from affiliates | (39,869) | (9,891) |
| Accounts payable, accrued expenses and other liabilities | (16,901) | (14,726) |
| Accrued compensation and benefits | 34,795 | 29,327 |
| Due to affiliates | 7,038 | 7,835 |
| Lease right-of-use assets, net and lease liabilities | (792) | 1,714 |
| Changes in operating assets and liabilities of Consolidated Funds: | ||
| Net cash provided by (used in) operating activities | (457,511) | 46,282 |
| Cash flows from investing activities | ||
| Net cash recognized upon initial consolidation of funds | 27,582 | 0 |
| Purchases of property and equipment | (549) | (1,095) |
| Net cash provided by (used in) investing activities | 21,402 | (11,793) |
| Cash flows from financing activities | ||
| Purchase of non-controlling interests | (9,589) | (10,339) |
| Dividends paid to common stockholders | (68,618) | (50,274) |
| Payments for repurchases of Class A common stock | (19,221) | 0 |
| Payments to related parties under Tax Receivable Agreements | (16,205) | (11,494) |
| Other financing activities | (1) | 0 |
| Cash flows from financing activities of Consolidated Funds: | ||
| Net cash provided by (used in) financing activities | 19,080 | (72,222) |
| Effect of foreign currency exchange rate changes | 1,129 | (7,416) |
| Net decrease in cash, cash equivalents and restricted cash | (415,900) | (45,149) |
| Cash, cash equivalents and restricted cash at beginning of period | 1,119,001 | 289,804 |
| Cash, cash equivalents and restricted cash at end of period | 703,101 | 244,655 |
| Non-cash operating, investing, and financing activities: | ||
| Accrued dividends | 1,198 | 746 |
| Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements | (6,734) | (7,367) |
| Initial consolidation of Consolidated Funds | 731,588 | 0 |
| Establishment of lease liabilities in exchange for lease right-of-use assets | 6,222 | 0 |
| Remeasurement of lease liabilities | 8,900 | 0 |
| Equity issued for purchase of non-controlling interests | 165,703 | 160,876 |
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Restricted cash | 581 | 524 |
| Total cash, cash equivalents and restricted cash | 703,101 | 244,655 |
| Excluding Consolidated Funds | ||
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | 201,167 | 191,469 |
| Consolidated Funds | ||
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | 501,353 | 52,662 |
| Consolidated Entities, Excluding Legacy Entities | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Unrealized carried interest allocations and investment income | (53,919) | (98,455) |
| Unrealized performance fee-related compensation | 44,686 | 44,357 |
| Cash flows from investing activities | ||
| Contributions to investments | (11,116) | (17,702) |
| Distributions received from investments | 5,128 | 6,222 |
| Non-Controlling Interests in Legacy Greenspring Entities | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Unrealized carried interest allocations and investment income | (31,128) | (36,398) |
| Unrealized performance fee-related compensation | 36,547 | 34,772 |
| Cash flows from investing activities | ||
| Contributions to investments | (200) | (422) |
| Distributions received from investments | 557 | 1,204 |
| Cash flows from financing activities | ||
| Proceeds from capital contributions from non-controlling interests | 200 | 422 |
| Distributions to non-controlling interests | (731) | (2,961) |
| Cash flows from financing activities of Consolidated Funds: | ||
| Proceeds from capital contributions from non-controlling interests in Consolidated Funds | 200 | 422 |
| Distributions to non-controlling interests in Consolidated Funds | (731) | (2,961) |
| Consolidated Entity, Excluding Consolidated VIE | ||
| Changes in operating assets and liabilities: | ||
| Other assets and receivables | (2,911) | 8,198 |
| Changes in operating assets and liabilities of Consolidated Funds: | ||
| Other assets and receivables | (2,911) | 8,198 |
| Non-Controlling Interests in Subsidiaries | ||
| Cash flows from financing activities | ||
| Proceeds from capital contributions from non-controlling interests | 7,703 | 1,518 |
| Distributions to non-controlling interests | (53,864) | (60,167) |
| Cash flows from financing activities of Consolidated Funds: | ||
| Proceeds from capital contributions from non-controlling interests in Consolidated Funds | 7,703 | 1,518 |
| Distributions to non-controlling interests in Consolidated Funds | (53,864) | (60,167) |
| Consolidated funds | ||
| Changes in operating assets and liabilities: | ||
| Other assets and receivables | 86,363 | 15,460 |
| Changes in operating assets and liabilities of Consolidated Funds: | ||
| Other assets and receivables | 86,363 | 15,460 |
| Other liabilities and payables | (14,166) | (15,070) |
| Cash flows from financing activities | ||
| Proceeds from capital contributions from non-controlling interests | 143,372 | 0 |
| Distributions to non-controlling interests | (276,296) | 0 |
| Cash flows from financing activities of Consolidated Funds: | ||
| Issuance of notes payable | 31,344 | 0 |
| Proceeds from borrowings on fund credit facilities | 241,102 | 0 |
| Payments on fund credit facilities | (25,275) | 0 |
| Payment of debt issuance costs on fund credit facilities | (4,855) | 0 |
| Proceeds from capital contributions from non-controlling interests in Consolidated Funds | 143,372 | 0 |
| Distributions to non-controlling interests in Consolidated Funds | (276,296) | 0 |
| Contributions from redeemable non-controlling interests in Consolidated Funds | 72,005 | 67,700 |
| Redemptions of redeemable non-controlling interests in Consolidated Funds | (1,991) | $ (6,627) |
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Restricted cash | 581 | |
| Consolidated funds | Excluding Consolidated Funds | ||
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | 104,312 | |
| Consolidated funds | Consolidated Funds | ||
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | $ 501,353 | |
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2026 |
Mar. 31, 2026 |
||
|---|---|---|---|---|
| Assets | ||||
| Restricted cash | $ 581 | $ 579 | ||
| Fees and accounts receivable | 109,711 | 133,287 | ||
| Due from affiliates | 153,019 | 113,150 | ||
| Investments: | ||||
| Investments in funds | 264,450 | 249,447 | ||
| Accrued carried interest allocations | 2,080,443 | 2,036,892 | ||
| Legacy Greenspring investments in funds and accrued carried interest allocations | [1] | 783,847 | 752,776 | |
| Deferred income tax assets | 663,333 | 614,788 | ||
| Lease right-of-use assets, net | 95,222 | 81,565 | ||
| Intangibles, net | 212,855 | 223,044 | ||
| Goodwill | 580,542 | 580,542 | ||
| Total assets | 7,767,674 | 6,762,702 | ||
| Liabilities and stockholders’ equity | ||||
| Accounts payable, accrued expenses and other liabilities | 84,915 | 102,685 | ||
| Accrued compensation and benefits | 2,681,305 | 2,360,770 | ||
| Accrued carried interest-related compensation | 1,145,080 | 1,100,604 | ||
| Legacy Greenspring accrued carried interest-related compensation | [1] | 656,035 | 619,186 | |
| Due to affiliates | 366,798 | 362,833 | ||
| Lease liabilities | 116,465 | 103,600 | ||
| Total liabilities | 6,528,018 | 5,876,676 | ||
| Commitments and contingencies (Note 14) | ||||
| Stockholders’ equity: | ||||
| Additional paid-in capital | 541,815 | 482,057 | ||
| Accumulated deficit | (1,082,511) | (896,879) | ||
| Accumulated other comprehensive income | 1,376 | 1,143 | ||
| Total StepStone Group Inc. stockholders’ equity | (539,200) | (413,559) | ||
| Total stockholders’ equity | 970,529 | 691,013 | ||
| Total liabilities and stockholders’ equity | 7,767,674 | 6,762,702 | ||
| Class A Common Stock | ||||
| Stockholders’ equity: | ||||
| Common stock | 82 | 81 | ||
| Class B Common Stock | ||||
| Stockholders’ equity: | ||||
| Common stock | 38 | 39 | ||
| Noncontrolling Interest In Consolidated Funds | ||||
| Liabilities and stockholders’ equity | ||||
| Redeemable non-controlling interests in Consolidated Funds | 259,913 | 186,236 | ||
| Non-Controlling Interests in Subsidiaries | ||||
| Liabilities and stockholders’ equity | ||||
| Redeemable non-controlling interests in Consolidated Funds | 9,214 | 8,777 | ||
| Stockholders’ equity: | ||||
| Non-controlling interests | 1,867,651 | 1,373,242 | ||
| Non-Controlling Interests in Legacy Greenspring Entities | ||||
| Stockholders’ equity: | ||||
| Non-controlling interests | [1] | 127,812 | 133,590 | |
| Non-Controlling Interests in the Partnership | ||||
| Stockholders’ equity: | ||||
| Non-controlling interests | (485,734) | (402,260) | ||
| Consolidated funds | ||||
| Assets | ||||
| Restricted cash | 581 | 579 | ||
| Fees and accounts receivable | 76,615 | 107,352 | ||
| Due from affiliates | 81,263 | 53,123 | ||
| Investments: | ||||
| Investments in funds | 80,609 | 77,202 | ||
| Legacy Greenspring investments in funds and accrued carried interest allocations | 783,847 | 752,776 | ||
| Deferred income tax assets | 4,111 | 4,491 | ||
| Lease right-of-use assets, net | 15,157 | 15,850 | ||
| Total assets | 3,721,852 | 2,822,532 | ||
| Liabilities and stockholders’ equity | ||||
| Accounts payable, accrued expenses and other liabilities | 28,336 | 36,438 | ||
| Accrued compensation and benefits | 2,620,971 | 2,321,815 | ||
| Legacy Greenspring accrued carried interest-related compensation | 656,035 | 619,186 | ||
| Due to affiliates | 25,331 | 18,292 | ||
| Lease liabilities | 16,484 | 17,048 | ||
| Total liabilities | 4,553,679 | 3,969,205 | ||
| Excluding Consolidated Funds | ||||
| Assets | ||||
| Cash and cash equivalents | 201,167 | 213,065 | ||
| Investments: | ||||
| Other assets and receivables | 59,861 | 58,946 | ||
| Liabilities and stockholders’ equity | ||||
| Debt obligations | 270,898 | 270,572 | ||
| Excluding Consolidated Funds | Consolidated funds | ||||
| Assets | ||||
| Cash and cash equivalents | 104,312 | 90,403 | ||
| Investments: | ||||
| Other assets and receivables | 12,714 | 16,135 | ||
| Consolidated Funds | ||||
| Assets | ||||
| Cash and cash equivalents | 501,353 | 905,357 | ||
| Investments: | ||||
| Other assets and receivables | 25,407 | 83,929 | ||
| Investments, at fair value | 2,035,883 | 715,335 | ||
| Liabilities and stockholders’ equity | ||||
| Debt obligations | 1,180,643 | 931,185 | ||
| Other liabilities | 25,879 | 25,241 | ||
| Consolidated Funds | Consolidated funds | ||||
| Assets | ||||
| Cash and cash equivalents | 501,353 | 905,357 | ||
| Investments: | ||||
| Other assets and receivables | 25,407 | 83,929 | ||
| Investments, at fair value | 2,035,883 | 715,335 | ||
| Liabilities and stockholders’ equity | ||||
| Debt obligations | 1,180,643 | 931,185 | ||
| Other liabilities | $ 25,879 | $ 25,241 | ||
| ||||