0001796022-24-000088 | 10-Q | XBRL Viewer

Debt Obligations

6 Months Ended

Sep. 30, 2024

The Company is party to a credit agreement, as amended and restated in May 2024 (the “Credit Agreement”), which, among other things, increased the aggregate principal amount of the commitments thereunder to $300.0 million from $225.0 million and extended the maturity date of the revolving facility to May 2029. The Credit Agreement was arranged by JPMorgan Chase Bank, N.A., as the administrative agent and collateral agent, and certain other lenders party thereto and provides for a $300.0 million multicurrency revolving credit facility (the “Revolver”). As of September 30, 2024, the Company had $172.3 million outstanding on the Revolver, net of debt issuance costs.

The Company’s debt obligations consist of the following:


	As of
	September 30, 2024		March 31, 2024
Revolver	$	175,000	$	150,000
Less: Debt issuance costs	(2,736)		(1,178)
Total debt obligations	$	172,264	$	148,822

Borrowings under the Revolver bear interest at a variable rate per annum. The Company may designate each borrowing as (i) in the case of any borrowing in U.S. dollars, a base rate loan or a Term Secured Overnight Financing Rate (“SOFR”) rate loan, (ii) in the case of any borrowing denominated in Euros, a EURIBOR rate loan, (iii) in the case of any borrowing denominated in British Pounds Sterling, a Sterling Overnight Index Average (“SONIA”) loan, (iv) in the case of any borrowing denominated in Swiss Francs, a Swiss Average Rate Overnight (“SARON”) loan, and (v) in the case of any borrowing denominated in Australian dollars, an AUD rate loan. Borrowings bear interest equal to (i) in the case of base rate loans, 1.00% plus the greatest of (a) the Prime Rate, (b) the New York Federal Reserve Bank Rate plus 0.50% and (c) the 1 month Term SOFR, plus 1.10%, (ii) in the case of a Term SOFR rate loan, the Term SOFR rate plus 2.10%, (iii) in the case of a EURIBOR rate loan, the EURIBOR rate multiplied by the Statutory Reserve Rate (as defined in the Credit Agreement) plus 2.00%, (iv) in the case of a SONIA loan, the Sterling Overnight Index Average plus 2.03%, (v) in the case of a SARON loan, the Swiss Average Rate Overnight plus 2.00%, and (vi) in the case of an AUD rate loan, the AUD Screen Rate (as defined in the Credit Agreement) multiplied by the Statutory Reserve Rate plus 2.20%, in certain cases subject to applicable interest rate floors. The weighted-average interest rate in effect for the Revolver as of September 30, 2024 was 7.41%.

Borrowings under the Revolver may be repaid at any time during the term of the Credit Agreement and, subject to certain terms and conditions, may be reborrowed prior to the maturity date. Any outstanding principal amounts, together with any accrued interest thereon, shall be due and payable on the maturity date. The maturity date for the Revolver is May 16, 2029.

The Revolver bears a fee on undrawn commitments equal to 0.25% per annum if total utilization of revolving commitments is equal to or greater than 50% and 0.35% per annum if total utilization of revolving commitments is less than 50%.

The carrying value of the Revolver approximates fair value, as the loan is subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements.

Under the terms of the Credit Agreement, certain of the Company’s assets serve as pledged collateral. In addition, the Credit Agreement contains covenants that, among other things: limit the Company’s ability to incur indebtedness; create, incur or allow liens; transfer or dispose of assets; merge with other companies; make certain investments; pay dividends or make distributions; engage in new or different lines of business; and engage in transactions with affiliates. The Credit Agreement also contains financial covenants requiring the Company to maintain a total net leverage ratio and a minimum total of fee-earning assets under management. As of September 30, 2024, the Company was in compliance with the total net leverage ratio and minimum fee-earning assets under management covenants.

The Company can use available funding capacity under the Revolver to satisfy letters of credit in amounts up to $10.0 million. Amounts used to satisfy the letters of credit reduce the available capacity under the Revolver. As of September 30, 2024, the Company had outstanding letters of credit totaling $6.5 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements - Schedule of Changes in the Fair Value of Level III Financial Instruments - Partnerships and LLC Interests (Details) - Partnerships and LLC Interests - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period:	$ 16,466	$ 2,902	$ 13,694	$ 6,901
Transfers into Level III	9,289	1,076	9,289	1,076
Transfers out of Level III	(779)	(1,067)	(4,332)	(6,134)
Purchases	2,495	9,418	8,820	10,486
Change in fair value	0	0	0	0
Balance, end of period:	27,471	12,329	27,471	12,329
Changes in unrealized (gains) losses included in earnings related to financial instruments still held at the reporting date	$ 0	$ 0	$ 0	$ 0

Equity-Based Compensation - Unvested RSUs (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of RSUs
Beginning balance (in shares) \| shares	1,422,658
Granted (in shares) \| shares	10,798
Vested (in shares) \| shares	(584,910)
Forfeited (in shares) \| shares	(7,560)
Ending balance (in shares) \| shares	840,986
Weighted-Average Grant-Date Fair Value Per RSU
Beginning balance (in dollars per share) \| $ / shares	$ 27.12
Granted (in dollars per share) \| $ / shares	50.93
Vested (in dollars per share) \| $ / shares	(18.49)
Forfeited (in dollars per share) \| $ / shares	(27.33)
Ending balance (in dollars per share) \| $ / shares	$ 33.43

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands

Total

Non-Controlling Interests in Subsidiaries

Common Stock

Class A Common Stock

Common Stock

Class B Common Stock

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive Income

Noncontrolling Interest

Non-Controlling Interests in Subsidiaries

Noncontrolling Interest

Non-Controlling Interests in Legacy Greenspring Entities

Noncontrolling Interest

Non-Controlling Interests in the Partnership

Total stockholders' equity, beginning balance at Mar. 31, 2023

$ 1,628,787

$ 63

$ 46

$ 610,567

$ 160,430

$ 461

$ 36,380

$ 152,658

$ 668,182

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

102,695

47,494

19,245

(6,832)

42,788

Other comprehensive loss

(445)

(132)

(210)

(103)

Contributed capital

4,613

4,585

Equity-based compensation

9,322

5,075

296

3,951

Distributions

(65,016)

(23,972)

(6,156)

(34,888)

Dividends declared

(42,684)

Exchange of Class B and Class C units for Class A common stock and redemption of corresponding Class B common stock

(1)

Settlement of non-controlling interests related to awards of carried interest allocations

Vesting of Class B2 units and issuance of corresponding Class B common stock at par value

(613)

(345)

(268)

Purchase of non-controlling interests

$ 0

Sale of non-controlling interests

3,045

851

1,553

641

Equity reallocation between controlling and non-controlling interests

14,123

(2,898)

(11,234)

Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements

^[1]

(1,293)

Total stockholders' equity, ending balance at Sep. 30, 2023

1,638,411

628,977

165,240

338

30,394

144,255

669,097

Total stockholders' equity, beginning balance at Jun. 30, 2023

1,628,543

612,799

152,612

439

37,678

151,916

672,990

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

54,802

26,225

9,615

(3,966)

22,928

Other comprehensive loss

(367)

(110)

(171)

(86)

Contributed capital

2,007

Equity-based compensation

4,709

2,564

149

1,996

Distributions

(38,849)

(15,532)

(5,702)

(17,615)

Dividends declared

(13,597)

Exchange of Class B and Class C units for Class A common stock and redemption of corresponding Class B common stock

(1)

Vesting of Class B2 units and issuance of corresponding Class B common stock at par value

(613)

(345)

(268)

Purchase of non-controlling interests

Sale of non-controlling interests

3,045

851

1,553

641

Equity reallocation between controlling and non-controlling interests

14,378

(2,898)

(11,489)

Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements

^[1]

(1,269)

Total stockholders' equity, ending balance at Sep. 30, 2023

1,638,411

628,977

165,240

338

30,394

144,255

669,097

Total stockholders' equity, beginning balance at Mar. 31, 2024

1,654,591

310,293

13,768

304

974,559

147,042

208,514

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

88,318

30,960

35,740

(5,286)

26,904

Other comprehensive loss

(207)

(68)

(95)

(44)

Contributed capital

18,746

Equity-based compensation

11,008

6,113

408

4,487

Distributions

(88,073)

(31,148)

(9,650)

(47,275)

Dividends declared

(40,736)

Vesting of RSUs, net of shares withheld for employee taxes

(1,123)

(673)

(451)

Class A common stock issued under ESPP

1,115

684

431

Exchange of Class B and Class C units for Class A common stock and redemption of corresponding Class B common stock

(5)

(6)

Settlement of non-controlling interests related to awards of carried interest allocations

54,977

Redemption of redeemable non-controlling interests in subsidiaries

97,383

55,879

41,504

Vesting of Class B2 units and issuance of corresponding Class B common stock at par value

Purchase of non-controlling interests

(5,398)

(110,351)

(3,149)

(2,249)

Equity reallocation between controlling and non-controlling interests

26,096

(12,666)

(13,430)

Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements

^[2]

(2,122)

Total stockholders' equity, ending balance at Sep. 30, 2024

1,788,477

393,115

3,992

236

1,021,775

150,852

218,391

Total stockholders' equity, beginning balance at Jun. 30, 2024

1,790,983

363,529

2,995

297

1,027,558

147,536

248,954

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

46,306

17,632

19,125

(4,031)

13,580

Other comprehensive loss

(185)

(61)

(85)

(39)

Contributed capital

11,614

Equity-based compensation

5,329

2,992

204

2,133

Distributions

(52,576)

(23,281)

(4,267)

(25,028)

Dividends declared

(16,635)

Vesting of RSUs, net of shares withheld for employee taxes

(1,123)

(673)

(451)

Class A common stock issued under ESPP

1,115

684

431

Exchange of Class B and Class C units for Class A common stock and redemption of corresponding Class B common stock

(3)

(4)

Settlement of non-controlling interests related to awards of carried interest allocations

(602)

Purchase of non-controlling interests

$ 0

Equity reallocation between controlling and non-controlling interests

22,333

(1,144)

(21,189)

Deferred tax effect resulting from transactions affecting ownership in the Partnership, net of amounts payable under Tax Receivable Agreements

^[2]

4,254

Total stockholders' equity, ending balance at Sep. 30, 2024

$ 1,788,477

$ 73

$ 43

$ 393,115

$ 3,992

$ 236

$ 1,021,775

$ 150,852

$ 218,391

[1]	See notes 10 and 13 for more information.
[2]	See notes 10 and 13 for more information.

Commitment and Contingencies

6 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Litigation

In the ordinary course of business, and from time to time, the Company may be subject to various legal, regulatory and/or administrative proceedings. The Company accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such proceedings, based on information known by management, the Company does not expect a potential liability related to any current legal proceedings or claims that would individually or in the aggregate materially affect its condensed consolidated financial statements as of September 30, 2024.

Lease Commitments

The Company leases offices in 26 cities in North America, South America, Europe, Asia and Australia, and certain equipment subject to operating lease agreements expiring through 2039, some of which may include options to extend or terminate the lease. As of September 30, 2024, there were no finance leases outstanding.

The components of lease expense included in general, administrative and other expenses in the condensed consolidated statements of income were as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost(1)	$	4,036	$	3,990	$	8,037	$	7,827
Variable lease cost	334		164		668		318
Sublease income	(461)		(462)		(919)		(836)
Total lease cost	$	3,909	$	3,692	$	7,786	$	7,309

_______________________________

(1)Operating lease cost includes an immaterial amount of short-term leases.

Supplemental cash flow information related to leases was as follows:


	Six Months Ended September 30,
	2024			2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	7,176		$	6,456
Weighted-average remaining lease term for operating leases (in years)	11.0			11.8
Weighted-average discount rate for operating leases	4.7		%	4.6		%

As of September 30, 2024, maturities of operating lease liabilities were as follows:



Remainder of FY2025	$	8,391
FY2026	16,793
FY2027	15,465
FY2028	13,275
FY2029	15,347
Thereafter	85,479
Total lease liabilities	154,750
Less: Imputed interest	(38,501)
Total operating lease liabilities	$	116,249

Unfunded Capital Commitments

As of September 30, 2024 and March 31, 2024, the Company, generally in its capacity as general partner or managing member of the StepStone Funds, had unfunded commitments totaling $117.3 million and $115.7 million, respectively. The $117.3 million and $115.7 million of unfunded commitments as of September 30, 2024 and March 31, 2024, respectively, exclude $60.5 million and $67.8 million, respectively, related to commitments held by general partner entities for certain funds in which the Company does not hold any direct economic interests, including the legacy Greenspring funds.

Carried Interest Allocations

Carried interest allocations are subject to reversal in the event of future losses, to the extent of the cumulative revenues recognized by the Company in income to date. Additionally, if the Company has received net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Company may be obligated to repay previously distributed carried interest that exceeds the amounts to which the Company is ultimately entitled. In these situations, a liability is accrued for the potential clawback obligation if amounts previously distributed to the Company would require repayment to a fund if such fund were to be liquidated based on the current fair value of their underlying investments as of the reporting date. Actual repayment obligations generally do not become realized until the end of a fund’s life. As of September 30, 2024 and March 31, 2024, no material amounts for potential clawback obligations had been accrued. This contingent obligation is normally reduced by income taxes that the Company has paid related to the carried interest allocations. As of September 30, 2024, the maximum amount of carried interest allocations (excluding legacy Greenspring carried interest allocations) attributable to the Company subject to contingent repayment was an estimated $305.4 million, net of tax, assuming the fair value of all investments was zero, a possibility that the Company views as remote.

Indemnification Arrangements

In the normal course of business and consistent with standard business practices, the Company has provided general indemnifications to its limited partners, officers and directors when they act in good faith in the performance of their duties for the Company. The terms of these indemnities vary from contract to contract. The Company’s maximum exposure under these arrangements cannot be determined as these indemnities relate to future claims that may be made against the Company or related parties, but which have not yet occurred. No liability related to these indemnities has been recorded in the condensed consolidated balance sheets as of September 30, 2024 and March 31, 2024. Based on past experience, management believes that the risk of loss related to these indemnities is remote.

Intangibles and Goodwill - Schedule of Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Less: Accumulated amortization	$ (164,280)	$ (143,779)
Intangibles, net	284,372	304,873
Management contracts
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	352,002	352,002
Client relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 96,650	$ 96,650

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings Per Share (Tables)

6 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliations of Basic and Diluted Earnings Per Share of Class A Common Stock

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 September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
(in thousands, except share and per share amounts)
Numerator:
Net income attributable to StepStone Group Inc. – Basic	$	17,632	$	26,225	$	30,960	$	47,494
Incremental income from assumed vesting of RSUs	222		326		338		444
Incremental income from assumed vesting and exchange of Class B2 units	—		1,017		364		1,829
Incremental income from assumed purchase under ESPP	1		—		1		—
Net income attributable to StepStone Group Inc. – Diluted	$	17,855	$	27,568	$	31,663	$	49,767

Denominator:
Weighted-average shares of Class A common stock outstanding – Basic	68,772,051		62,858,468		67,486,964		62,846,708
Assumed vesting of RSUs	921,166		801,014		798,186		601,620
Assumed vesting and exchange of Class B2 units	—		2,538,647		861,344		2,521,725
Assumed purchase under ESPP	2,098		—		1,055		—
Weighted-average shares of Class A common stock outstanding – Diluted	69,695,315		66,198,129		69,147,549		65,970,053

Net income per share of Class A common stock:
Basic	$	0.26	$	0.42	$	0.46	$	0.76
Diluted	$	0.26	$	0.42	$	0.46	$	0.75

Stockholders' Equity and Redeemable Non-Controlling Interests - Shares of Stock Outstanding (Details) - shares		3 Months Ended		6 Months Ended
	May 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Common Stock Outstanding [Roll Forward]
Class A common stock issued under ESPP (in shares)		38,096	0	38,096	0
Class A Common Stock
Schedule of Common Stock Outstanding [Roll Forward]
Common stock, shares outstanding, beginning balance (in shares)				65,614,902
Class A common stock issued for vesting of RSUs (in shares)				565,138
Units issued for purchase of asset class non-controlling interests (in shares)	513,394			513,394
Class A common stock issued under ESPP (in shares)				38,096
Common stock, shares outstanding, ending balance (in shares)		72,681,239		72,681,239
Class A Common Stock \| Class B Partnership Unit
Schedule of Common Stock Outstanding [Roll Forward]
Class A common stock issued in exchange for Class B and Class C partnership units (in shares)				5,138,900
Class A Common Stock \| Class C Partnership Unit
Schedule of Common Stock Outstanding [Roll Forward]
Class A common stock issued in exchange for Class B and Class C partnership units (in shares)				810,809
Class B Common Stock
Schedule of Common Stock Outstanding [Roll Forward]
Common stock, shares outstanding, beginning balance (in shares)				45,030,959
Class B common stock purchased at par value in connection with vesting of Class B2 units (in shares)				2,589,983
Common stock, shares outstanding, ending balance (in shares)		42,482,042		42,482,042
Class B units issuable pursuant to anti-dilution rights in connection with the vesting of Class B2 units (in shares)				23,417
Class B Common Stock \| Class B Partnership Unit
Schedule of Common Stock Outstanding [Roll Forward]
Class A common stock issued in exchange for Class B and Class C partnership units (in shares)				(5,138,900)

Earnings Per Share - Narrative (Details) - shares	6 Months Ended
Earnings Per Share - Narrative (Details) - shares	Sep. 30, 2024	Sep. 30, 2023
Class B units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	42,482,042	46,314,543
Class C Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,041,403	1,962,131
Class D Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,239,185

Earnings Per Share

6 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic and diluted earnings per share of Class A common stock are presented for the three and six months ended September 30, 2024 and 2023. 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 September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
(in thousands, except share and per share amounts)
Numerator:
Net income attributable to StepStone Group Inc. – Basic	$	17,632	$	26,225	$	30,960	$	47,494
Incremental income from assumed vesting of RSUs	222		326		338		444
Incremental income from assumed vesting and exchange of Class B2 units	—		1,017		364		1,829
Incremental income from assumed purchase under ESPP	1		—		1		—
Net income attributable to StepStone Group Inc. – Diluted	$	17,855	$	27,568	$	31,663	$	49,767

Denominator:
Weighted-average shares of Class A common stock outstanding – Basic	68,772,051		62,858,468		67,486,964		62,846,708
Assumed vesting of RSUs	921,166		801,014		798,186		601,620
Assumed vesting and exchange of Class B2 units	—		2,538,647		861,344		2,521,725
Assumed purchase under ESPP	2,098		—		1,055		—
Weighted-average shares of Class A common stock outstanding – Diluted	69,695,315		66,198,129		69,147,549		65,970,053

Net income per share of Class A common stock:
Basic	$	0.26	$	0.42	$	0.46	$	0.76
Diluted	$	0.26	$	0.42	$	0.46	$	0.75

Diluted earnings per share of Class A common stock is computed by dividing net income (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 42,482,042 Class B units, 1,041,403 Class C units and 2,239,185 Class D units of the Partnership outstanding as of September 30, 2024, and 46,314,543 Class B units and 1,962,131 Class C units of the Partnership outstanding as of September 30, 2023, all of which are exchangeable into Class A common stock under the if-converted method, as the inclusion of such shares would be anti-dilutive.

Revenues - Schedule of Disaggregation of Revenue by Product Offering (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Management and advisory fees, net
Disaggregation of Revenue [Line Items]
Revenues	$ 184,758	$ 142,123	$ 362,773	$ 280,238
Focused commingled funds
Disaggregation of Revenue [Line Items]
Revenues	107,272	70,322	211,707	137,328
SMAs
Disaggregation of Revenue [Line Items]
Revenues	61,393	56,430	118,769	112,174
Advisory and other services
Disaggregation of Revenue [Line Items]
Revenues	14,907	13,741	29,676	27,842
Fund reimbursement revenues
Disaggregation of Revenue [Line Items]
Revenues	1,186	1,630	2,621	2,894
Income-based incentive fees
Disaggregation of Revenue [Line Items]
Revenues	1,300	0	2,500	0
Total incentive fees
Disaggregation of Revenue [Line Items]
Revenues	3,155	4,946	3,996	4,952
SMAs
Disaggregation of Revenue [Line Items]
Revenues	2,875	4,601	3,675	4,607
Focused commingled funds
Disaggregation of Revenue [Line Items]
Revenues	280	345	321	345
Carried interest allocations
Disaggregation of Revenue [Line Items]
Total carried interest allocations	69,847	56,956	86,481	120,793
Carried interest allocations, SMAs
Disaggregation of Revenue [Line Items]
Total carried interest allocations	62,095	44,644	59,286	84,780
Carried interest allocation, focused commingled funds
Disaggregation of Revenue [Line Items]
Total carried interest allocations	7,752	12,312	27,195	36,013
Legacy Greenspring carried interest allocations
Disaggregation of Revenue [Line Items]
Total carried interest allocations	13,917	(12,603)	4,828	(36,550)
Legacy carried interest allocation, SMAs
Disaggregation of Revenue [Line Items]
Total carried interest allocations	71	98	270	98
Legacy carried interest allocation, focused comingled funds
Disaggregation of Revenue [Line Items]
Total carried interest allocations	13,846	(12,701)	4,558	(36,648)
Legacy gross carried interest allocation, focused comingled funds
Disaggregation of Revenue [Line Items]
Total carried interest allocations	$ 11,900	$ 25,000	$ 18,600	$ 25,900

Related Party Transactions - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Distributions payable to certain employee equity holders of consolidated subsidiaries
Related party, beneficial owner, minimum percentage	0.05		0.05
Payments to related parties under Tax Receivable Agreements	$ 0	$ 0	$ 9,802	$ 7,670
Management and advisory fees, net
Distributions payable to certain employee equity holders of consolidated subsidiaries
Revenue from contracts with customer	184,758	142,123	362,773	280,238
Carried interest allocations
Distributions payable to certain employee equity holders of consolidated subsidiaries
Total carried interest allocations	69,847	56,956	86,481	120,793
Legacy Greenspring carried interest allocations
Distributions payable to certain employee equity holders of consolidated subsidiaries
Total carried interest allocations	13,917	(12,603)	4,828	(36,550)
Equity Method Investee \| Management and advisory fees, net
Distributions payable to certain employee equity holders of consolidated subsidiaries
Revenue from contracts with customer	124,800	96,300	248,500	189,100
Equity Method Investee \| Carried interest allocations
Distributions payable to certain employee equity holders of consolidated subsidiaries
Total carried interest allocations	69,800	57,000	86,500	120,800
Equity Method Investee \| Legacy Greenspring carried interest allocations
Distributions payable to certain employee equity holders of consolidated subsidiaries
Total carried interest allocations	$ 13,900	$ (12,600)	$ 4,800	$ (36,600)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Intangibles and Goodwill

6 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles and Goodwill

Intangible assets consist of management contracts providing economic rights to management and advisory fees and client relationships related to future fundraising, as obtained through the Company’s acquisitions of other businesses.

Intangible assets, net consists of the following:


	As of
	September 30, 2024		March 31, 2024
Management contracts	$	352,002	$	352,002
Client relationships	96,650		96,650

Less: Accumulated amortization	(164,280)		(143,779)
Intangible assets, net	$	284,372	$	304,873

Amortization expense related to intangible assets was $10.3 million and $10.7 million for the three months ended September 30, 2024 and 2023, respectively, and $20.5 million and $21.3 million for the six months ended September 30, 2024 and 2023, respectively. These amounts are included in general, administrative and other expenses in the condensed consolidated statements of income.

At September 30, 2024, the expected future amortization of finite-lived intangible assets is as follows:


Remainder of FY2025	$	20,500
FY2026	40,810
FY2027	40,776
FY2028	40,759
FY2029	40,759
Thereafter	100,768
Total	$	284,372

The carrying value of goodwill was $580.5 million as of September 30, 2024 and March 31, 2024. The Company determined there was no indication of goodwill impairment as of September 30, 2024 and March 31, 2024.

Fair Value Measurements - Narrative (Details)	3 Months Ended		6 Months Ended
Fair Value Measurements - Narrative (Details)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in fair value hierarchy levels	$ 0	$ 0	$ 0	$ 0
Partnership and LLC interests	233,398,000		233,398,000		$ 131,858,000
Fair Value Measured at Net Asset Value Per Share
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Partnership and LLC interests	205,900,000		205,900,000		118,200,000
Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Partnership and LLC interests	$ 27,500,000		$ 27,500,000		$ 13,700,000
Measurement Input, Discount Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, measurement input	0.06		0.06

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Liabilities and Assets

The following tables provide details regarding the classification of these assets and liabilities within the fair value hierarchy as of the dates presented:

Financial Instruments of the Company


	As of September 30, 2024
	Level I		Level II		Level III		Total








Liabilities
Contingent consideration obligation	$	—	$	—	$	67,115	$	67,115

Total liabilities	$	—	$	—	$	67,115	$	67,115


	As of March 31, 2024
	Level I		Level II		Level III		Total








Liabilities
Contingent consideration obligation	$	—	$	—	$	53,449	$	53,449
Total liabilities	$	—	$	—	$	53,449	$	53,449


	As of September 30, 2024
	Level I		Level II		Level III		Total
Assets
Equity securities	$	—	$	—	$	27,471	$	27,471

Total assets	$	—	$	—	$	27,471	$	27,471


	As of March 31, 2024
	Level I		Level II		Level III		Total
Assets
Equity securities	$	—	$	—	$	12,421	$	12,421
Partnership and LLC interests	—		—		1,273		1,273
Total assets	$	—	$	—	$	13,694	$	13,694

Schedule of Changes in the Fair Value of Level III Financial Instruments

A reconciliation from the beginning balance to the closing balance of Level III financial instruments of the Company are set forth below:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Contingent consideration obligations
Balance, beginning of period:	$	56,312	$	35,332	$	53,449	$	36,745
Additions	—		41		—		41
Change in fair value	10,803		(3,021)		13,666		(4,288)
Settlements	—		—		—		(146)
Balance, end of period:	$	67,115	$	32,352	$	67,115	$	32,352

Changes in unrealized (gains) losses included in earnings related to financial instruments still held at the reporting date	$	10,803	$	(3,021)	$	13,666	$	(4,288)

A reconciliation from the beginning balance to the closing balance of Level III financial instruments of Consolidated Funds are set forth below:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023

Balance, beginning of period:	$	16,466	$	2,902	$	13,694	$	6,901
Transfers into Level III	9,289		1,076		9,289		1,076
Transfers out of Level III	(779)		(1,067)		(4,332)		(6,134)
Purchases	2,495		9,418		8,820		10,486
Change in fair value	—		—		—		—

Balance, end of period:	$	27,471	$	12,329	$	27,471	$	12,329

Changes in unrealized gains (losses) included in earnings related to financial instruments still held at the reporting date	$	—	$	—	$	—	$	—

Revenues (Tables)

6 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount:


	Three Months Ended September 30,				Six Months Ended September 30,
Management and Advisory Fees, Net	2024		2023		2024		2023
Focused commingled funds(1)	$	107,272	$	70,322	$	211,707	$	137,328
SMAs	61,393		56,430		118,769		112,174
Advisory and other services	14,907		13,741		29,676		27,842
Fund reimbursement revenues	1,186		1,630		2,621		2,894
Total management and advisory fees, net	$	184,758	$	142,123	$	362,773	$	280,238

_______________________________

(1)Includes income-based incentive fees of $1.3 million and $2.5 million for the three and six months ended September 30, 2024, respectively. There were no income-based incentive fees for the three and six months ended September 30, 2023.


	Three Months Ended September 30,				Six Months Ended September 30,
Incentive Fees	2024		2023		2024		2023
SMAs	$	2,875	$	4,601	$	3,675	$	4,607
Focused commingled funds	280		345		321		345
Total incentive fees	$	3,155	$	4,946	$	3,996	$	4,952


	Three Months Ended September 30,				Six Months Ended September 30,
Carried Interest Allocations	2024		2023		2024		2023
SMAs	$	62,095	$	44,644	$	59,286	$	84,780
Focused commingled funds	7,752		12,312		27,195		36,013
Total carried interest allocations	$	69,847	$	56,956	$	86,481	$	120,793


	Three Months Ended September 30,				Six Months Ended September 30,
Legacy Greenspring Carried Interest Allocations	2024		2023		2024		2023
SMAs	$	71	$	98	$	270	$	98
Focused commingled funds	13,846		(12,701)		4,558		(36,648)
Total legacy Greenspring carried interest allocations(1)	$	13,917	$	(12,603)	$	4,828	$	(36,550)

_______________________________

(1)The three months ended September 30, 2024 and 2023 reflect the net effect of gross realized carried interest allocations of $11.9 million and $25.0 million, respectively, and the six months ended September 30, 2024 and 2023 reflect the net effect of gross realized carried interest allocations of $18.6 million and $25.9 million, respectively, and the reversal of such amounts in unrealized carried interest allocations for such periods.

Revenue from External Customers by Geographic Areas

The Company derives revenues from clients located in both the United States and other countries. The table below presents the Company’s revenues by geographic location:


	Three Months Ended September 30,				Six Months Ended September 30,
Revenues(1)	2024		2023		2024		2023
United States	$	98,053	$	47,020	$	169,811	$	92,113
Non-U.S. countries	173,624		144,402		288,267		277,320

_______________________________

(1)Revenues are attributed to countries based on client location for SMAs and advisory and other services, or location of investment vehicle for focused commingled funds.

Summary of Significant Accounting Policies

6 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its annual report on Form 10-K for the fiscal year ended March 31, 2024 filed with the Securities and Exchange Commission (“SEC”).

Certain of the StepStone Funds are investment companies that follow specialized accounting under GAAP and reflect their investments at estimated fair value. Accordingly, the carrying value of the Company’s equity method investments in such entities retains the specialized accounting.

Consolidation

The Company consolidates all entities that it controls through a majority voting interest or as the primary beneficiary of a variable interest entity (“VIE”). Under the VIE model, management first assesses whether the Company has a variable interest in an entity. In evaluating whether the Company holds a variable interest, fees received as a decision maker or in exchange for services (including management fees, incentive fees and carried interest allocations) that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. If the Company has a variable interest in an entity, management further assesses whether that entity is a VIE, and if so, whether the Company is the primary beneficiary under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation under the voting interest model. The consolidation analysis can generally be performed qualitatively; however, in certain situations a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective StepStone Funds that are VIEs could affect the entity’s status as a VIE or the determination of the primary beneficiary.

Under the VIE model, an entity is deemed to be the primary beneficiary of a VIE if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly affect the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Management determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. When assessing whether the Company is the primary beneficiary of a VIE, management evaluates whether the Company’s involvement, through holding interests directly or indirectly in an entity or contractually through other variable interests, would give the Company a controlling financial interest. This analysis includes an evaluation of the Company’s control rights, as well as the economic interests that the Company holds in the VIE, including indirectly through related parties.

The Company provides investment advisory services to the StepStone Funds, which have third-party clients. These funds are investment companies and are typically organized as limited partnerships or limited liability companies for which the Company, through its operating subsidiaries, acts as the general partner or managing member. A limited partnership or similar entity is a VIE if the unaffiliated limited partners or members do not have substantive rights to terminate or liquidate the fund or remove the general partner or substantive rights to participate. Certain StepStone Funds are VIEs because they have not granted unaffiliated limited partners or members substantive rights to terminate the fund or remove the general partner or substantive rights to participate. The Company does not consolidate these StepStone Funds because it is not the primary beneficiary of those funds, primarily because it does not hold an interest in those funds that is considered more than insignificant and its fee arrangements are considered customary and commensurate.

The Company has determined that certain of its operating subsidiaries, including StepStone Group Real Assets LP (“SRA”), StepStone Group Real Estate LP (“SRE”), StepStone Group Private Debt AG (“SPD”), and StepStone Group Private Wealth LLC (“SPW”) and certain StepStone Funds are VIEs, and that the Company is the primary beneficiary of each entity because it has a controlling financial interest in each entity; accordingly, the Company consolidates these entities. The assets and liabilities of the consolidated VIEs are presented gross in the condensed consolidated balance sheets. The assets of the consolidated VIEs may only be used to settle obligations of the consolidated VIEs. See note 4 for more information on both consolidated and unconsolidated VIEs.

In connection with the acquisition of Greenspring Associates, Inc. and certain of its affiliates (“Greenspring”) that was completed on September 20, 2021 (the “Greenspring acquisition”), the Company, indirectly through its subsidiaries, became the sole and/or managing member of certain entities, each of which is the general partner of an investment fund (“legacy Greenspring general partner entities”). The Company did not acquire any direct economic interests attributable to the legacy Greenspring general partner entities, including legacy Greenspring investments in funds and carried interest allocations. However, certain arrangements negotiated as part of the acquisition represent variable interests that could be significant. The Company determined that the legacy Greenspring general partner entities are VIEs and it is the primary beneficiary of each such entity because it has a controlling financial interest in each entity. As a result, the Company consolidates these entities.

The Company and its subsidiaries manages or controls certain entities that constitute client investment funds that have been consolidated in the accompanying condensed consolidated financial statements (“Consolidated Funds”). Including the results of the Consolidated Funds increases the reported amounts of the assets, liabilities, expenses and cash flows in the accompanying condensed consolidated financial statements, and amounts related to economic interests held by third-party investors are reflected as redeemable non-controlling interests in Consolidated Funds. The revenues earned by the Company as investment manager of the Consolidated Funds are eliminated in consolidation and generally have no direct effect on the net income attributable to SSG or to Stockholders’ Equity.

Non-Controlling Interests

Non-controlling interests (“NCI”) reflect the portion of income or loss and the corresponding equity attributable to third-party equity holders and employees in certain consolidated subsidiaries that are not 100% owned by the Company. Non-controlling interests are presented as separate components of stockholders’ equity on the Company’s condensed consolidated balance sheets to clearly distinguish between the Company’s interests and the economic interests of third parties and employees in those entities. Net income (loss) attributable to SSG, as reported in the condensed consolidated statements of income, is presented net of the portion of net income (loss) attributable to holders of non-controlling interests. See note 13 for more information on ownership interests in the Company.

Non-controlling interests in subsidiaries represent the economic interests in SRA, SRE, and SPD (the variable interest entities included in the Company’s condensed consolidated financial statements) held by third parties and employees in those entities. Non-controlling interests in subsidiaries are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

Non-controlling interests in legacy Greenspring entities represent the economic interests in the legacy Greenspring general partner entities. The Company did not acquire any direct economic interests in the legacy Greenspring general partner entities. As a result, all of the net income (loss) attributable to the legacy Greenspring general partner entities is allocated to non-controlling interests in legacy Greenspring entities.

Non-controlling interests in the Partnership represent the economic interests related to the Class B, Class C and Class D units of the Partnership which are not owned by SSG. Non-controlling interests in the Partnership are allocated a share of income or loss in the Partnership in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

Redeemable non-controlling interests in Consolidated Funds represent the economic interests in the Consolidated Funds which are not held by SSG, but are held by the client investors in the funds. These interests are presented as redeemable non-controlling interests in Consolidated Funds within the condensed consolidated balance sheets, outside of permanent capital as the investors in these funds generally have the right to withdraw their capital, subject to the terms of the respective contractual agreements. Redeemable non-controlling interests in Consolidated Funds are allocated a share of income or loss in the respective fund in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

Redeemable non-controlling interests in subsidiaries represent the redeemable economic interests in the consolidated subsidiaries of the Partnership held by third parties and employees in those entities that were established in connection with the Transaction Agreements as described in note 13. Redeemable non-controlling interests in subsidiaries are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

Accounting for Differing Fiscal Periods

The StepStone Funds primarily have a fiscal year end as of December 31. The Company accounts for its investments in the StepStone Funds on a three-month lag due to the timing of receipt of financial information from the investments held by the StepStone Funds. The StepStone Funds primarily invest in private markets funds that generally require at least 90 days following the calendar year end to provide audited financial statements. As a result, the Company uses the December 31 audited financial statements of the StepStone Funds, which reflect the underlying private markets funds as of December 31, to record its investments (including any carried interest allocated by those investments) for its fiscal year-end consolidated financial statements as of March 31. The Company further adjusts the reported carrying values of its investments in the StepStone Funds for its share of capital contributions to and distributions from the StepStone Funds during the three-month lag period. For this interim period ended September 30, 2024, the Company used the June 30, 2024 unaudited financial statements of the StepStone Funds, which reflect the underlying private market funds as of June 30, 2024, to record its investments (including any carried interest allocated from those investments), as adjusted for capital contributions and distributions during the three-month lag period ended September 30, 2024.

The Company does not account for management and advisory fees or incentive fees on a three-month lag.

To the extent that management becomes aware of any material events that affect the StepStone Funds during the three-month lag period, the effect of the events would be disclosed in the notes to the condensed consolidated financial statements.

Current Events

In 2024, signs of easing inflation coupled with the expansion of economic activity at a sustained pace and low unemployment rates contributed to positive returns in most financial markets despite inflation remaining elevated. In September 2024, the Federal Reserve announced the decision to lower the target range for the federal funds rate by 0.50% to a range of 4.75% to 5.00% in response to positive trends in economic data, including a measure of inflation.

The Company is continuing to closely monitor developments related to inflation, decreasing but still higher interest rates, potential regulatory and governmental policy developments as a result of U.S. elections, banking system volatility, geopolitical tension, unrest or conflicts, including in Russia, Ukraine, and the Middle East, and assess the impact on financial markets and the Company’s business. The Company’s results and the overall industry results have been and may continue to be adversely affected by slowdowns in fundraising activity and the pace of capital deployment, which have resulted in, and may continue to result in, delayed or decreased management fees. Further, fund managers have been unable or less able to exit existing investments profitably. Such conditions have resulted in, and may continue to result in, delayed or decreased performance fee revenues. It is currently not possible to predict the ultimate effects of these events on the financial markets, overall economy and the Company’s condensed consolidated financial statements.

Fair Value Measurements

GAAP establishes a hierarchical disclosure framework, which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace – including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and therefore a lesser degree of judgment is used in measuring their fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of their fair values, as follows:

•Level I – Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.

•Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date, and fair value is determined through the use of models or other valuation methodologies. The types of financial instruments classified in this category include less liquid securities traded in active markets and securities traded in other than active markets.

•Level III – Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the financial instrument.

The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors including, for example, the type of instrument, whether the instrument has recently been issued, whether the instrument is traded on an active exchange or in the secondary market, and current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for financial instruments categorized in Level III. The variability and availability of the observable inputs affected by the factors described above may result in transfers between Levels I, II, and III.

The Company considers its cash, cash equivalents, restricted cash, fees and accounts receivable, accounts payable, investments, revolving credit facility, and contingent consideration obligation balance to be financial instruments. The carrying amounts of cash, cash equivalents, restricted cash, fees and accounts receivable and accounts payable equal or approximate their fair values due to their nature and/or the relatively short period over which they are held. See note 6 for additional details regarding the fair value of the Company’s contingent consideration obligation balance and see note 8 for additional details regarding the fair value of the Company’s revolving credit facility balance.

Restricted Cash

Restricted cash consists of cash that the Company is contractually obligated to maintain to secure its letters of credit used primarily related to its office facilities and other obligations.

Investments

Investments primarily include the Company’s ownership interests in the StepStone Funds, as general partner or managing member of such funds. The Company accounts for all investments in which it has or is otherwise presumed to have significant influence, but not control, including the StepStone Funds, using the equity method of accounting. The carrying value of these equity method investments is determined based on amounts invested by the Company, adjusted for the Company’s share in the earnings or losses of each investee, after consideration of contractual arrangements that govern allocations of income or loss (including carried interest allocations), less distributions received. Investments include the Company’s cumulative accrued carried interest allocations from the StepStone Funds, which primarily represent performance-based capital allocations, assuming the StepStone Funds were liquidated as of each reporting date in accordance with the funds’ governing documents. Legacy Greenspring investments in funds and accrued carried interest allocations represent the economic interests held by the legacy Greenspring general partner entities in certain funds for which the Company does not have any direct economic interests. All of the economics in respect of such interests are payable to employees and are therefore reflected as non-controlling interests in legacy Greenspring entities and legacy Greenspring performance fee-related compensation. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.

Management’s determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates.

Investments of Consolidated Funds

The Company’s Consolidated Funds are investment companies under GAAP and reflect their investments at estimated fair value. The Company has retained the specialized investment company accounting for the Consolidated Funds under GAAP. Investments of the Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in fair value is recognized in the condensed consolidated statements of income. In addition, the Consolidated Funds do not consolidate their majority-owned and controlled investments in underlying portfolio companies.

Leases

The Company determines whether an arrangement contains a lease at inception of the arrangement. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines the classification as either an operating or finance lease. The Company’s identified leases primarily consist of operating lease agreements for office space and certain equipment, as the lessee. Operating leases are included in lease right-of-use-assets, net and lease liabilities in the condensed consolidated balance sheets. Certain leases include lease and non-lease components, which the Company accounts for as a single lease component. Lease right-of-use (“ROU”) assets and lease liabilities are measured based on the present value of future minimum lease payments over the lease term at the commencement date. Lease ROU assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. The Company uses its incremental borrowing rate in determining the present value of future minimum lease payments. The Company’s lease terms may include options to extend or terminate the lease, which are included in the measurement of ROU assets and lease liabilities when it is reasonably certain that the Company will exercise those options.

Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term in general, administrative and other expenses in the condensed consolidated statements of income. Minimum lease payments for leases with an initial term of twelve months or less are not recorded in the condensed consolidated balance sheets. See note 14 for more information.

Intangibles and Goodwill

The Company’s finite-lived intangible assets consist of acquired contractual rights to earn future management and advisory fee income and client relationships. Finite-lived intangible assets are amortized over their estimated useful lives, which range from 8 to 10 years. The Company did not have any intangible assets that were deemed to have an indefinite life as of September 30, 2024.

Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. There were no impairment charges related to the Company’s finite-lived intangible assets during the three and six months ended September 30, 2024 and 2023.

Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. Goodwill is assessed for impairment at least annually using a qualitative and, if necessary, a quantitative approach. The Company performs its annual goodwill impairment test as of January 1, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill.

Revenues

The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Revenue is recognized in a manner that depicts the transfer of promised goods or services to customers and for an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The application of ASC 606 requires an entity to identify its contract(s) with a customer, identify the performance obligations in a contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, variable consideration is included only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The Company has elected to apply the variable consideration allocation exception for its fee arrangements with its customers.

Management and Advisory Fees, Net

The Company earns management fees for services provided to its SMAs and focused commingled funds. The Company earns advisory fees for services provided to advisory clients where the Company does not have discretion over investment decisions. The Company considers its performance obligations in its customer contracts from which it earns management and advisory fees to be one or more of the following, based on the services promised: asset management services, advisory services and/or the arrangement of administrative services. Management fees include income-based incentive fees, which are based on net investment income of certain funds.

The Company recognizes revenues from asset management services and advisory services when control of the promised services is transferred to customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. SMAs are generally contractual arrangements involving an investment management agreement between the Company and a single client, and are typically structured as a partnership or limited liability company for which a subsidiary of SSG serves as the general partner or managing member. Focused commingled funds are structured as limited partnerships or limited liability companies with multiple clients, for which a subsidiary of the Company serves as the general partner or managing member. The Company determined that the individual client or single limited partner or member is the customer with respect to SMAs and advisory clients. Based on certain facts and circumstances specific to each individual fund structure, the Company has determined that for accounting purposes, either the StepStone Fund or the individual investors in the fund may be considered to be the customer for arrangements with focused commingled funds.

When asset management services and the arrangement of administrative services are the performance obligations promised in a contract, the Company satisfies these performance obligations over time because the customer simultaneously receives and consumes the benefits of the services as they are performed. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer. Management fees earned from these contracts where the Company has discretion over investment decisions are generally calculated based on a percentage of unaffiliated committed capital or net invested capital, and these amounts are typically billed quarterly. For certain investment funds, management fees are initially based on committed capital during the investment period and on net invested capital through the remainder of the fund’s term. In addition, the management fee rate charged may also be reduced for certain investment funds depending on the contractual arrangement. The management fee basis is subject to factors outside of the Company’s control. Therefore, estimates of future period management fees are not included in the transaction price because those estimates would be considered constrained. Advisory fees from contracts where the Company does not have discretion over investment decisions are generally based on fixed amounts and typically billed quarterly.

Management fees generally exclude reimbursements for expenses paid by the Company on behalf of its customers, including amounts related to certain professional fees and other fund administrative expenses pursuant to the fund’s governing documents. For professional and administrative services that the Company arranges to be performed by third parties on behalf of investment funds, management has concluded that the nature of its promise is to arrange for the services to be provided and, accordingly, the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the reimbursements for these professional fees paid on behalf of the investment funds are generally presented on a net basis.

The Company and certain investment funds that it manages have distribution and service agreements with third-party financial institutions, whereby the Company pays a portion of the fees it receives to such institutions for ongoing distribution and servicing of customer accounts. Management has concluded that the Company does not act as principal for the third-party services, as the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the management fees are recorded net of these service fees.

The Company may incur certain costs in connection with satisfying its performance obligations for investment management services – primarily employee travel costs – for which it receives reimbursements from its customers. For reimbursable employee travel costs, the Company concluded it controls the services provided by its employees and, therefore, is acting as principal. Accordingly, the Company records the reimbursement for these costs incurred on a gross basis – that is, as revenue in management and advisory fees, net and expense in general, administrative and other expenses in the condensed consolidated statements of income. For reimbursable costs incurred in connection with satisfying its performance obligations for administration services, the Company concluded it does not control the services provided by other third parties and, therefore, is acting as agent. Accordingly, the Company records the reimbursement for these costs incurred on a net basis.

Performance Fees

The Company earns two types of performance fee revenues: incentive fees and carried interest allocations, as described below.

Incentive fees are generally calculated as a percentage of the profits (up to 15%) earned in respect of certain accounts, including certain permanent capital vehicles, for which the Company is the investment adviser, subject to the achievement of minimum return levels or performance benchmarks. Incentive fees are a form of variable consideration and represent contractual fee arrangements in the Company’s contracts with its customers. Incentive fees are typically subject to reversal until the end of a defined performance period, as these fees are affected by changes in the fair value of the assets under management or advisement over such performance period. Moreover, incentive fees that are received prior to the end of the defined performance period are typically subject to clawback, net of tax.

The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant risk of reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period (i.e., crystallization). However, clawback terms for incentive fees received prior to crystallization only require the return of amounts on a net of tax basis. Accordingly, the tax-related portion of incentive fees received in advance of crystallization is not subject to clawback and is therefore recognized as revenue immediately upon receipt. Incentive fees received in advance of crystallization that remain subject to clawback are recorded as deferred incentive fee revenue and included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets.

Carried interest allocations include the allocation of performance-based fees, commonly referred to as carried interest, to the Company from unaffiliated limited partners in the StepStone Funds in which the Company holds an equity interest. The Company is entitled to a carried interest allocation (typically 5% to 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. These carried interest allocations are subject to the achievement of minimum return levels (typically 5% to 10%) in accordance with the terms set forth in each respective fund’s governing documents. The Company accounts for its investment balances in the StepStone Funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, carried interest allocations are not deemed to be within the scope of ASC 606.

Legacy Greenspring carried interest allocations reflect the allocation of carried interest to legacy Greenspring general partner entities from limited partners in certain legacy Greenspring funds in which the legacy Greenspring general partner entities hold an equity interest. The legacy Greenspring general partner entities are entitled to a carried interest allocation (typically 5% to 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. The Company accounts for the investment balances in the legacy Greenspring funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, legacy Greenspring carried interest allocations are not deemed to be within the scope of ASC 606. The Company does not hold any direct economic interests in the legacy Greenspring general partner entities and thus is not entitled to any carried interest allocation from the legacy funds. All of the carried interest allocations in respect of the legacy Greenspring funds are payable to employees who are considered affiliates of the Company and are therefore reflected as legacy Greenspring performance fee-related compensation in the condensed consolidated statements of income.

The Company recognizes revenue attributable to carried interest allocations from a fund based on the amount that would be due to the Company pursuant to the fund’s governing documents, assuming the fund was liquidated based on the current fair value of its underlying investments as of that date. Accordingly, the amount recognized as carried interest allocation revenue reflects the Company’s share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period. The Company records the amount of carried interest allocated to the Company as of each period end as accrued carried interest allocations receivable, which is included as a component of investments in the condensed consolidated balance sheets. Management’s determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates.

Carried interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates, as defined in the applicable governing documents. Carried interest is subject to reversal to the extent that the amount received to date exceeds the amount due to the Company based on cumulative results. As such, a liability is accrued for potential clawback obligations if amounts previously distributed to the Company would require repayment to a fund if such fund were to be liquidated based on the current fair value of their underlying investments as of the reporting date. Actual repayment obligations generally do not become realized until the end of a fund’s life. As of September 30, 2024 and March 31, 2024, no material amounts for potential clawback obligations had been accrued.

Equity-Based Compensation

Equity-based compensation represents grants of equity-based awards or arrangements to certain employees and directors. The Company accounts for grants of equity-based awards, including restricted stock units (“RSUs”), to certain employees and directors at fair value as of the grant date. The Company recognizes non-cash compensation expense attributable to these grants on a straight-line basis over the requisite service period, which is generally the vesting period. Expense related to grants of equity-based awards is recognized as equity-based compensation expense in the condensed consolidated statements of income. The fair value of RSUs is determined by the closing stock price on the grant date. Forfeitures of equity-based awards are recognized as they occur. Awards classified as liabilities are remeasured at the end of each reporting period until settlement. Equity-based compensation cost for the employee stock purchase plan (“ESPP”) is measured as the discount the employee receives upon purchase of shares and the option value of a share when the offering contains a look-back option feature. See note 9 for additional information regarding the Company’s accounting for equity-based awards.

Income Taxes

SSG is a corporation for U.S. federal income tax purposes and therefore is subject to U.S. federal and state income taxes on its share of taxable income generated by the Partnership. The Partnership is treated as a pass-through entity for U.S. federal and state income tax purposes. As such, income generated by the Partnership flows through to its limited partners, including SSG, and is generally not subject to U.S. federal or state income tax at the Partnership level. The Partnership’s non-U.S. subsidiaries generally operate as corporate entities in non-U.S. jurisdictions, with certain of these entities subject to non-U.S. income taxes. Additionally, certain subsidiaries are subject to local jurisdiction taxes at the entity level, which are reflected within income tax expense in the condensed consolidated statements of income. As a result, the Partnership does not record U.S. federal and state income taxes on income in the Partnership or its subsidiaries, except for certain local and foreign income taxes discussed above.

Taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period when the change is enacted. Deferred tax liabilities are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. The principal items giving rise to temporary differences are certain basis differences resulting from exchanges of Partnership units. See Tax Receivable Agreements below.

Deferred tax assets are reduced by a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent on the amount, timing and character of the Company’s future taxable income. When evaluating the realizability of deferred tax assets, all evidence – both positive and negative – is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies.

The Company is subject to the provisions of ASC Subtopic 740-10, Accounting for Uncertainty in Income Taxes. This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for recognizing the benefits of tax return positions in the financial statements as more-likely-than-not to be sustained by the relevant taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50% likely to be realized. If upon performance of an assessment pursuant to this subtopic, management determines that uncertainties in tax positions exist that do not meet the minimum threshold for recognition of the related tax benefit, a liability is recorded in the condensed consolidated financial statements. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as interest expense and general, administrative and other expenses, respectively, in the condensed consolidated statements of income. See note 10 for more information.

The Company has elected to account for global intangible low-taxed income (“GILTI”) earned by foreign subsidiaries in the period the tax is incurred.

Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances as new information becomes available.

Tax Receivable Agreements

The Tax Receivable Agreements provide for payment by SSG to the Class B limited partners, Class C limited partners, Class D limited partners and pre-IPO institutional investors of the Partnership of 85% of the amount of the net cash tax savings, if any, that SSG realizes (or, under certain circumstances, is deemed to realize) as a result of increases in tax basis (and utilization of certain other tax benefits) resulting from (i) SSG’s acquisition of such partners’ and institutional investors’ Partnership units and (ii) in the case of the Exchanges Tax Receivable Agreement, any payments SSG makes under the Exchanges Tax Receivable Agreement (including tax benefits related to imputed interest). SSG will retain the benefit of the remaining 15% of these net cash tax savings under both Tax Receivable Agreements. See note 13 for more information.

Accumulated Other Comprehensive Income

The Company’s accumulated other comprehensive income consists of foreign currency translation adjustments and unrealized gains and losses on the defined benefit plan sponsored by one of its subsidiaries. The components of accumulated other comprehensive income were as follows:


	As of
	September 30, 2024		March 31, 2024
Foreign currency translation adjustments	$	9	$	77
Unrealized gain on defined benefit plan, net	227		227
Accumulated other comprehensive income	$	236	$	304

Segments

The Company operates as one business, a fully-integrated private markets solution provider. The Company’s chief operating decision maker (“CODM”), who is the Company’s chief executive officer, utilizes a consolidated approach to assess the performance of and allocate resources to the business. Accordingly, management has concluded that the Company consists of a single operating segment and single reportable segment for accounting and financial reporting purposes.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs issued during the current period not listed below were assessed and determined to either be not applicable to the Company, or not expected to have a material impact on the condensed consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends current guidance to provide optional practical expedients and exceptions, if certain criteria are met, for applying GAAP to contracts, hedging relationships and other transactions that are affected by the reference rate reform. The expedients and exceptions in this update apply only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”). Initially the update did not apply to contract modifications or hedging relationships entered into after December 31, 2022, but in December 2022, the FASB issued ASU 2022-06, which defers the sunset date for applying reference rate reform relief in ASC 848 to December 31, 2024. This guidance is effective for adoption anytime after March 12, 2020, but must be adopted prior to December 31, 2024. The Company is currently evaluating the impact on the condensed consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which amends current guidance for reportable segment disclosure requirements. The updated disclosure requirements include: (1) reporting of segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, (2) reporting of an amount for other segment items by reportable segment and a description of its composition, (3) reporting in interim periods of all annual disclosures about a reportable segment’s profit or loss and assets as currently required by Topic 280, (4) reporting of one or more additional measures of segment profit or loss if used by the CODM in assessing segment performance and determining allocation of resources, (5) reporting of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss, and (6) the requirement for single reportable segment entities to provide all required disclosures in Topic 280 for annual and interim periods. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company plans to include expanded disclosures beginning with its annual report on Form 10-K for the fiscal year ending March 31, 2025.

In November 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends current guidance to provide expanded disclosure for the rate reconciliation with information about specific categories and reconciling items that meet a specific threshold, and to provide additional information about income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material effect on the condensed consolidated financial statements.

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Variable Interest Entity [Line Items]
Total assets	$ 4,039,919	$ 3,788,807
Total liabilities	2,039,580	1,915,673
Consolidated funds
Variable Interest Entity [Line Items]
Total assets	1,109,007	995,188
Total liabilities	$ 643,220	$ 593,701

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Equity-Based Compensation - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2024 shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Mar. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares) \| shares	2,566,566
Unrecognized non-cash compensation, period of recognition				4 years 4 months 24 days
Liability based awards, expense		$ 37,332	$ 5,916	$ 56,511	$ 14,388
Maximum share purchase, value				$ 5
Shares purchased (in shares) \| shares		38,096	0	38,096	0
Class B2 units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion basis	1
Forfeited (in shares) \| shares				0
Unrecognized non-cash compensation		$ 30,600		$ 30,600
Liability Classified Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liability based awards, expense		32,000	$ 1,200	45,500	$ 5,100
Liability classified awards, settlement		600	$ 0	600	$ 0
Liability classified awards recognized in accounts payable, accrued expenses, and other liabilities		$ 70,800		$ 70,800		$ 28,300
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase period				6 months
Discount rate				85.00%
Maximum share purchase (in shares) \| shares				1,000
Number of shares reserved for future issuance (in shares) \| shares		2,161,904		2,161,904

Related Party Transactions (Tables)

6 Months Ended

Sep. 30, 2024

Schedule of Related Party Transactions

Due from affiliates in the condensed consolidated balance sheets consists primarily of fees and accounts receivable from the StepStone Funds, advances made on behalf of the StepStone Funds for the payment of certain organization and operating costs and expenses for which the Company is subsequently reimbursed, amounts due from employees and loans due from affiliated entities, as set forth below.


	As of
	September 30, 2024		March 31, 2024
Amounts receivable from StepStone Funds	$	51,395	$	40,588
Amounts receivable from employees	15,164		13,450
Amounts receivable from loans	13,721		13,493
Total due from affiliates	$	80,280	$	67,531

Due to affiliates in the condensed consolidated balance sheets consists primarily of amounts payable to certain non-controlling interest holders in connection with the Tax Receivable Agreements, amounts payable to the StepStone Funds and distributions payable to certain employee equity holders of consolidated subsidiaries, as set forth below.


	As of
	September 30, 2024		March 31, 2024
Amounts payable to non-controlling interest holders in connection with Tax Receivable Agreements	$	261,898	$	206,841
Amounts payable to StepStone Funds	8,837		5,844
Distributions payable to certain employee equity holders of consolidated subsidiaries	10		233
Total due to affiliates	$	270,745	$	212,918

Revenues - Schedule of Disaggregation of Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 271,677	$ 191,422	$ 458,078	$ 369,433
United States
Disaggregation of Revenue [Line Items]
Total revenues	98,053	47,020	169,811	92,113
Non-U.S. countries
Disaggregation of Revenue [Line Items]
Total revenues	$ 173,624	$ 144,402	$ 288,267	$ 277,320

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
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-Publisher FASB
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-SubTopic 10
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-Subparagraph (f)
-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Variable Interest Entities (Tables)

6 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Carrying Value of the Assets and Liabilities of the Company's Variable Interest Entities

The carrying value of the assets and liabilities recognized in the condensed consolidated balance sheets with respect to the Company’s interests in VIEs that were not consolidated is set forth below:


	As of
	September 30, 2024		March 31, 2024
Investments in funds	$	150,735	$	135,043
Legacy Greenspring investments in funds	150,852		147,042
Due from affiliates, net	42,558		34,744
Less: Amounts attributable to non-controlling interests in subsidiaries	22,797		25,362
Less: Amounts attributable to non-controlling interests in legacy Greenspring entities	150,852		147,042
Maximum exposure to loss	$	170,496	$	144,425

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Investments

6 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments

The Company’s investments consist of equity method investments primarily related to (i) investments in the StepStone Funds for which it serves as general partner or managing member but does not have a controlling financial interest and (ii) investments of Consolidated Funds. The Company’s equity interest in its equity method investments in the StepStone Funds typically does not exceed 1% in each fund. The Company’s share of the underlying net income or loss attributable to its equity interest in the funds is recorded in investment income in the condensed consolidated statements of income. Investment income attributable to the Consolidated Funds is recorded in investment income of Consolidated Funds. Investment income attributable to investments in certain legacy Greenspring funds for which the Company has no direct economic interests is recorded in legacy Greenspring investment income in the condensed consolidated statements of income.

Equity Method Investments

The Company’s equity method investments consist of the following:


	As of
	September 30, 2024		March 31, 2024
Investments in funds(1)	$	155,857	$	135,043
Accrued carried interest allocations	1,381,110		1,354,051
Legacy Greenspring investments in funds and accrued carried interest allocations(2)	623,546		631,197
Total equity method investments	$	2,160,513	$	2,120,291

_______________________________

(1)The Company’s investments in funds were $231.7 million and $204.8 million as of September 30, 2024 and March 31, 2024, respectively. The consolidation of the Consolidated Funds results in the elimination of the Company’s investments in such funds.

(2)Reflects investments in funds of $150.9 million and $147.0 million and carried interest allocations of $472.7 million and $484.2 million as of September 30, 2024 and March 31, 2024, respectively.

The Company recognized equity method income (loss) of the following:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Carried interest allocations	$	69,847	$	56,956	$	86,481	$	120,793
Investment income	2,051		3,080		4,646		6,166
Legacy Greenspring carried interest allocations	13,917		(12,603)		4,828		(36,550)
Legacy Greenspring investment loss	(4,031)		(3,966)		(5,286)		(6,832)
Total equity method income	$	81,784	$	43,467	$	90,669	$	83,577

The increase in carried interest allocations for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 was primarily attributable to higher net unrealized appreciation in the fair value of the underlying investments in the Company’s infrastructure funds. The decrease in carried interest allocations for the six months ended September 30, 2024 as compared to the six months ended September 30, 2023 was primarily attributable to lower net unrealized appreciation in the fair value of the underlying investments in the Company’s private equity funds. The increase in legacy Greenspring carried interest allocations for the three and six months ended September 30, 2024 was primarily attributable to net unrealized appreciation in the fair value of certain underlying fund investments for the three and six months ended September 30, 2024 as compared to net unrealized depreciation in the fair value of certain underlying fund investments for the three and six months ended September 30, 2023. See note 2 for a discussion of the Company’s accounting policy for investments on a three-month lag.

As of September 30, 2024 and March 31, 2024, the Company’s investments in one and two SMAs, respectively, each individually represented 10% or more of the total accrued carried interest allocations balance, and in the aggregate represented approximately 15% and 26%, respectively, of the total accrued carried interest allocations balance as of those dates. As of September 30, 2024 and March 31, 2024, the Company’s investments in two and three commingled funds, respectively, each individually represented 10% or more of the total legacy Greenspring accrued carried interest allocations balance, and in the aggregate represented approximately 26% and 36%, respectively, of the total legacy Greenspring accrued carried interest allocations balances as of those dates.

Of the total accrued carried interest allocations balance as of September 30, 2024 and March 31, 2024, $680.5 million and $719.5 million, respectively, were payable to affiliates and are included in accrued carried interest-related compensation in the condensed consolidated balance sheets. Of the total legacy Greenspring investments in funds and accrued carried interest allocations balance as of September 30, 2024 and March 31, 2024, $472.7 million and $484.2 million, respectively, were payable to employees who are considered affiliates of the Company and are included in legacy Greenspring accrued carried interest-related compensation in the condensed consolidated balance sheets and $150.9 million and $147.0 million, respectively, are reflected as non-controlling interests in legacy Greenspring entities in the condensed consolidated balance sheets.

The Company evaluates each of its equity method investments to determine if any are considered significant as defined by the SEC. As of September 30, 2024 and March 31, 2024, no individual equity method investment held by the Company met the significance criteria. As a result, the Company is not required to provide separate financial statements for any of its equity method investments.

Investments of Consolidated Funds

The Company consolidates funds and entities when it is deemed to hold a controlling financial interest. The activity of the Consolidated Funds is reflected within the condensed consolidated financial statements.

Investments held by the Consolidated Funds are summarized below:


	Fair Value as of				Percentage of Total Investments as of
	September 30, 2024		March 31, 2024		September 30, 2024		March 31, 2024

Investments of Consolidated Funds:
Equity securities (cost of $25.1 million and $15.6 million as of September 30, 2024 and March 31, 2024, respectively)	$	27,471	$	17,028	12	%	13	%
Partnership and LLC interests (cost of $157.3 million and $76.0 million as of September 30, 2024 and March 31, 2024, respectively)	205,927		114,830		88	%	87	%


Total investments of Consolidated Funds	$	233,398	$	131,858	100	%	100	%

As of September 30, 2024 and March 31, 2024, no individual investment had a fair value greater than 5% of the Company’s total assets.

The following table summarizes the net realized and unrealized gains (losses) from investment activities of the Consolidated Funds:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023

Investments of Consolidated Funds:

Net realized gains (losses) on investments	$	(56)	$	—	$	271	$	—
Net unrealized gains on investments	8,262		8,772		15,570		11,134

Intangibles and Goodwill (Tables)

6 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consists of the following:


	As of
	September 30, 2024		March 31, 2024
Management contracts	$	352,002	$	352,002
Client relationships	96,650		96,650

Less: Accumulated amortization	(164,280)		(143,779)
Intangible assets, net	$	284,372	$	304,873

Schedule of Future Amortization of Finite-lived Intangible Assets

At September 30, 2024, the expected future amortization of finite-lived intangible assets is as follows:


Remainder of FY2025	$	20,500
FY2026	40,810
FY2027	40,776
FY2028	40,759
FY2029	40,759
Thereafter	100,768
Total	$	284,372

Investments - Narrative (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Mar. 31, 2024

Product Information [Line Items]

Accrued carried interest-related compensation

$ 680,459

$ 719,497

Legacy Greenspring investments in funds and accrued carried interest allocations

^[1]

623,546

631,197

Non-Controlling Interests in Legacy Greenspring Entities

Product Information [Line Items]

Non-controlling interests

^[1]

150,852

147,042

Equity Method Investments

Product Information [Line Items]

Accrued carried interest-related compensation

680,500

719,500

Legacy Greenspring investments in funds and accrued carried interest allocations

$ 472,700

$ 484,200

Revenue Benchmark | Separately Managed Account Concentration Risk | Two Investments

Product Information [Line Items]

Equity method investment, total accrued carried interest allocation percentage

15.00%

26.00%

Revenue Benchmark | Comingled Funds Concentration Risk | Two Investments

Product Information [Line Items]

Equity method investment, total accrued carried interest allocation percentage

26.00%

Revenue Benchmark | Comingled Funds Concentration Risk | Three Investments

Product Information [Line Items]

Equity method investment, total accrued carried interest allocation percentage

36.00%

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See note 5 for more information.

Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Debt Disclosure [Abstract]
Revolver	$ 175,000	$ 150,000
Less: Debt issuance costs	(2,736)	(1,178)
Total debt obligations	$ 172,264	$ 148,822

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Subsequent Events	6 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 7, 2024, the Company announced a quarterly cash dividend of $0.24 per share of Class A common stock, payable on December 13, 2024 to holders of record as of the close of business on November 29, 2024. On October 22, 2024, the Partnership issued $175.0 million aggregate principal amount of its 5.52% Series A senior notes due October 22, 2029 (the “Notes”), pursuant to a note purchase agreement, dated as of October 22, 2024 (the “Note Purchase Agreement”), by the Partnership and accepted and agreed to by the purchasers party thereto in a private placement exempt from registration under the Securities Act. The Partnership intends to use the net proceeds from the issue and sale of the Notes for general corporate purposes, including to make investments, repay existing debt and make distributions. Interest on the Notes will be payable semi-annually in arrears on April 22 and October 22 of each year, commencing on April 22, 2025. Interest on the Notes will accrue from and including October 22, 2024. The Notes will mature on October 22, 2029. The Partnership may, at its option, prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the Notes then outstanding at a redemption price equal to 100% of the principal amount thereof plus any applicable “make-whole amount” and accrued and unpaid interest to the redemption date, provided that, so long as no default or event of default shall have occurred and be continuing, no make-whole amount shall be due if the Notes are paid on or after April 22, 2029

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Mar. 31, 2024
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	650,000,000	650,000,000
Common stock, shares issued (in shares)	72,681,239	65,614,902
Common stock, shares outstanding (in shares)	72,681,239	65,614,902
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	42,482,042	45,030,959
Common stock, shares outstanding (in shares)	42,482,042	45,030,959

Fair Value Measurements - Schedule of Fair Value of Liabilities and Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	$ 233,398	$ 131,858
Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	27,471	17,028
Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	205,927	114,830
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	27,500	13,700
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation	67,115	53,449
Total liabilities	67,115	53,449
Total assets	27,471	13,694
Fair Value, Recurring \| Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	27,471	12,421
Fair Value, Recurring \| Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests		1,273
Fair Value, Recurring \| Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation	0	0
Total liabilities	0	0
Total assets	0	0
Fair Value, Recurring \| Level I \| Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	0	0
Fair Value, Recurring \| Level I \| Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests		0
Fair Value, Recurring \| Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation	0	0
Total liabilities	0	0
Total assets	0	0
Fair Value, Recurring \| Level II \| Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	0	0
Fair Value, Recurring \| Level II \| Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests		0
Fair Value, Recurring \| Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration obligation	67,115	53,449
Total liabilities	67,115	53,449
Total assets	27,471	13,694
Fair Value, Recurring \| Level III \| Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests	$ 27,471	12,421
Fair Value, Recurring \| Level III \| Partnership And LLC Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Partnership and LLC interests		$ 1,273

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Revenues

Total revenues

$ 271,677

$ 191,422

$ 458,078

$ 369,433

Compensation and benefits:

Cash-based compensation

82,871

74,851

161,095

144,932

Equity-based compensation

37,332

5,916

56,511

14,388

Performance fee-related compensation:

Realized

8,767

1,720

29,615

10,822

Unrealized

27,748

28,712

16,825

52,923

Total performance fee-related compensation

36,515

30,432

46,440

63,745

Legacy Greenspring performance fee-related compensation

^[1]

13,917

(12,603)

4,828

(36,550)

Total compensation and benefits

170,635

98,596

268,874

186,515

General, administrative and other

50,061

31,729

91,072

65,006

Total expenses

220,696

130,325

359,946

251,521

Other income (expense)

Investment income

2,051

3,080

4,646

6,166

Legacy Greenspring investment loss

^[1]

(4,031)

(3,966)

(5,286)

(6,832)

Investment income of Consolidated Funds

8,206

8,772

15,841

11,134

Interest income

3,016

977

5,073

1,408

Interest expense

(3,512)

(2,108)

(6,502)

(4,120)

Other income (loss)

1,177

(872)

826

(645)

Total other income

6,907

5,883

14,598

7,111

Income before income tax

57,888

66,980

112,730

125,023

Income tax expense

4,750

7,729

11,547

16,326

Net income

53,138

59,251

101,183

108,697

Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds

6,525

4,449

12,196

6,002

Net income attributable to StepStone Group Inc.

$ 17,632

$ 26,225

$ 30,960

$ 47,494

Net income per share of Class A common stock:

Basic (in dollars per share)

$ 0.26

$ 0.42

$ 0.46

$ 0.76

Diluted (in dollars per share)

$ 0.26

$ 0.42

$ 0.46

$ 0.75

Weighted-average shares of Class A common stock:

Basic (in shares)

68,772,051

62,858,468

67,486,964

62,846,708

Diluted (in shares)

69,695,315

66,198,129

69,147,549

65,970,053

Non-Controlling Interests in Subsidiaries

Other income (expense)

Less: Net income attributable to non-controlling interests

$ 19,125

$ 9,615

$ 35,740

$ 19,245

Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds

307

669

Non-Controlling Interests in Legacy Greenspring Entities

Performance fee-related compensation:

Unrealized

(13,723)

(62,453)

Other income (expense)

Less: Net income attributable to non-controlling interests

^[1]

(4,031)

(3,966)

(5,286)

(6,832)

Non-Controlling Interests in the Partnership

Other income (expense)

Less: Net income attributable to non-controlling interests

13,580

22,928

26,904

42,788

Noncontrolling Interest In Consolidated Funds

Other income (expense)

Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds

6,525

4,449

12,196

6,002

Management and advisory fees, net

Revenues

Total revenues

184,758

142,123

362,773

280,238

Performance fees

Revenues

Total revenues

86,919

49,299

95,305

89,195

Incentive fees

Revenues

Total revenues

3,155

4,946

3,996

4,952

Carried interest allocations

Revenues

Total revenues

69,847

56,956

86,481

120,793

Realized

Revenues

Total revenues

17,632

1,585

59,436

16,058

Unrealized

Revenues

Total revenues

52,215

55,371

27,045

104,735

Legacy Greenspring carried interest allocations

Revenues

Total revenues

^[1]

$ 13,917

$ (12,603)

$ 4,828

$ (36,550)

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 3 and 5 for more information.

Investments - Equity Method Income (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Schedule of Equity Method Investments [Line Items]

Investment income

$ 2,051

$ 3,080

$ 4,646

$ 6,166

Legacy Greenspring investment loss

^[1]

(4,031)

(3,966)

(5,286)

(6,832)

Total equity method income

81,784

43,467

90,669

83,577

Carried interest allocations

Schedule of Equity Method Investments [Line Items]

Total carried interest allocations

69,847

56,956

86,481

120,793

Legacy Greenspring carried interest allocations

Schedule of Equity Method Investments [Line Items]

Total carried interest allocations

$ 13,917

$ (12,603)

$ 4,828

$ (36,550)

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 3 and 5 for more information.

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Debt Obligations (Tables)

6 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The Company’s debt obligations consist of the following:


	As of
	September 30, 2024		March 31, 2024
Revolver	$	175,000	$	150,000
Less: Debt issuance costs	(2,736)		(1,178)
Total debt obligations	$	172,264	$	148,822

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income attributable to StepStone Group Inc. – Basic	$ 17,632	$ 26,225	$ 30,960	$ 47,494
Net income attributable to StepStone Group Inc. – Diluted	$ 17,855	$ 27,568	$ 31,663	$ 49,767
Denominator:
Weighted-average shares of Class A common stock outstanding – Basic (in shares)	68,772,051	62,858,468	67,486,964	62,846,708
Weighted-average shares of Class A common stock outstanding - Diluted (in shares)	69,695,315	66,198,129	69,147,549	65,970,053
Net income per share of Class A common stock:
Basic (in dollars per share)	$ 0.26	$ 0.42	$ 0.46	$ 0.76
Diluted (in dollars per share)	$ 0.26	$ 0.42	$ 0.46	$ 0.75
Restricted Stock Units (RSUs)
Numerator:
Incremental income from assumed shares	$ 222	$ 326	$ 338	$ 444
Denominator:
Assumed vesting of shares (in shares)	921,166	801,014	798,186	601,620
Class B2 units
Numerator:
Incremental income from assumed shares	$ 0	$ 1,017	$ 364	$ 1,829
Denominator:
Assumed vesting of shares (in shares)	0	2,538,647	861,344	2,521,725
Employee Stock
Numerator:
Incremental income from assumed shares	$ 1	$ 0	$ 1	$ 0
Denominator:
Assumed vesting of shares (in shares)	2,098	0	1,055	0

Commitment and Contingencies (Tables)

6 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Expense and Supplemental Cash Flow Information

The components of lease expense included in general, administrative and other expenses in the condensed consolidated statements of income were as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost(1)	$	4,036	$	3,990	$	8,037	$	7,827
Variable lease cost	334		164		668		318
Sublease income	(461)		(462)		(919)		(836)
Total lease cost	$	3,909	$	3,692	$	7,786	$	7,309

_______________________________

(1)Operating lease cost includes an immaterial amount of short-term leases.

Supplemental cash flow information related to leases was as follows:


	Six Months Ended September 30,
	2024			2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	7,176		$	6,456
Weighted-average remaining lease term for operating leases (in years)	11.0			11.8
Weighted-average discount rate for operating leases	4.7		%	4.6		%

Schedule of Maturities of Operating Lease Liabilities

As of September 30, 2024, maturities of operating lease liabilities were as follows:



Remainder of FY2025	$	8,391
FY2026	16,793
FY2027	15,465
FY2028	13,275
FY2029	15,347
Thereafter	85,479
Total lease liabilities	154,750
Less: Imputed interest	(38,501)
Total operating lease liabilities	$	116,249

Commitment and Contingencies - Narrative (Details) $ in Millions	6 Months Ended
	Sep. 30, 2024 USD ($) city	Mar. 31, 2024 USD ($)
Other Commitments [Line Items]
Number of cities for leased offices \| city	26
Unfunded capital commitments	$ 117.3	$ 115.7
Carried interest, contingent repayment obligations	305.4
Legacy Funds
Other Commitments [Line Items]
Unfunded capital commitments	$ 60.5	$ 67.8

Investments - Consolidated Funds Net Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Net realized gains (losses) on investments	$ (56)	$ 0	$ 271	$ 0
Net unrealized gains on investments	$ 8,262	$ 8,772	$ 15,570	$ 11,134

Cover Page - shares	6 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 05, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-39510
Entity Registrant Name	STEPSTONE GROUP INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-3868757
Entity Address, Address Line One	277 Park Avenue
Entity Address, Address Line Two	45th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10172
City Area Code	212
Local Phone Number	351-6100
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	STEP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001796022
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		72,681,239
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		42,482,042

Stockholders' Equity and Redeemable Non-Controlling Interests

6 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity and Redeemable Non-Controlling Interests

Stockholders’ Equity and Redeemable Non-Controlling Interests

Stockholders’ Equity

The Company has two classes of common stock outstanding, Class A common stock and Class B common stock. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval. Holders of Class A common stock are entitled to receive dividends when and if declared by the board of directors. Holders of the Class B common stock are not entitled to dividends in respect of their shares of Class B common stock.

The Class C and Class D (further described below) limited partnership interests of the Partnership have substantially the same rights and obligations as are applicable to the existing holders of Class B units of the Partnership. The Company has no ownership interest in the Class C and Class D units, which are held by certain employees of the Company. The Company has entered into agreements with the Class C limited partners of the Partnership (the “Class C Exchange Agreement”) and Class D limited partners of the Partnership (the “Class D Exchange Agreement”) to allow for the exchange of Class C units and Class D units, respectively, to shares of Class A common stock of the Company on a one-for-one basis, subject to certain restrictions, as further described below in respect of the Class D Exchange Agreement.

The following table shows a rollforward of the Company’s shares of common stock outstanding since March 31, 2024:


	Class A Common Stock	Class B Common Stock
March 31, 2024	65,614,902	45,030,959

Class A common stock issued in exchange for Class B partnership units	5,138,900	(5,138,900)
Class A common stock issued in exchange for Class C partnership units	810,809	—
Class A common stock issued for vesting of RSUs, net of shares withheld for employee taxes	565,138	—
Class A common stock issued for purchase of asset class non-controlling interests	513,394	—
Class A common stock issued under ESPP	38,096	—
Class B common stock purchased at par value in connection with vesting of Class B2 units(1)	—	2,589,983
September 30, 2024	72,681,239	42,482,042

_______________________________

(1)Includes 23,417 Class B units issuable pursuant to anti-dilution rights in connection with the vesting of Class B2 units.

The Company has 25,000,000 authorized shares of preferred stock, par value of $0.001 per share, and as of September 30, 2024, no shares of preferred stock were issued or outstanding.

In September 2024, the Company issued 312,112 shares of Class A common stock to certain limited partners of the Partnership in exchange for 312,112 Class B units of the Partnership in accordance with the elective exchange notices submitted pursuant to an agreement with the Class B limited partners (the “Class B Exchange Agreement”) to allow for exchange of Class B units of the Partnership to shares of Class A common stock of the Company on a one-for-one basis, subject to certain restrictions. A corresponding number of shares of Class B common stock were automatically redeemed at par value and canceled in connection with such exchange and a corresponding number of Class A units of the Partnership were issued to the Company. The Company also issued 34,027 shares of Class A common stock to certain limited partners of the Partnership in exchange for 34,027 Class C units of the Partnership in accordance with the elective exchange notices submitted pursuant to the Class C Exchange Agreement and a corresponding number of Class A units of the Partnership were issued to the Company.

Also in September 2024, the Company conducted an underwritten public offering of 4,099,997 shares of Class A common stock (the “September 2024 Offering”) at a public offering price of $50.00 per share. The Company used all of the net proceeds from the offering, after underwriting discounts and commissions and expenses, to purchase (i) 300,000 shares of Class A common stock of the Company from certain selling stockholders, (ii) 3,094,981 Class B units of the Partnership from certain holders thereof, including certain directors and executive officers of the Company, and (iii) 705,016 Class C units of the Partnership from certain holders thereof. 3,094,981 shares of Class B common stock were automatically redeemed at par value and canceled in connection with such exchange and 3,799,997 Class A units of the Partnership were issued to the Company.

In June 2024, the Company issued 1,731,807 shares of Class A common stock to certain limited partners of the Partnership in exchange for 1,731,807 Class B units of the Partnership in accordance with the elective exchange notices submitted pursuant to the Class B Exchange Agreement. A corresponding number of shares of Class B common stock were automatically redeemed at par value and canceled in connection with such exchange and a corresponding number of Class A units of the Partnership were issued to the Company. The Company also issued 71,766 shares of Class A common stock to certain limited partners of the Partnership in exchange for 71,766 Class C units of the Partnership in accordance with the elective exchange notices submitted pursuant to the Class C Exchange Agreement and a corresponding number of Class A units of the Partnership were issued to the Company.

On April 1, 2024, certain of the Company’s subsidiaries underwent transactions to effect unitization of the outstanding classes of limited partnership interests. The economic rights and obligations of limited partnership interest holders were the same immediately prior to the unitization as immediately after the unitization. The outstanding classes of limited partnership interests, including the class of interests relating to awards of carried interest allocations granted to employees, were essentially combined into a single class of limited partnership interest and redesignated into units. The class of interests relating to awards of carried interest allocations granted to employees were previously accounted for as compensation arrangements under ASC 710, Compensation, and presented as carried interest-related compensation expense. The transaction was considered to be a transaction amongst equity holders, and the Company did not recognize any incremental compensation cost related to settlement of the accrued carried interest-related compensation.

Also on April 1, 2024, the Company exchanged certain ordinary shares in the SPD subsidiary and paid $5.4 million to purchase certain preferred shares in SPD with liquidation preference rights in connection with the Transaction Agreements (defined below). There was no change in the Company’s economic interest in SPD as a result of the transaction.

On February 7, 2024, SSG and the Partnership entered into agreements (the “Transaction Agreements”) with each of SRA, SRE and SPD (the “Asset Class Entities”), their respective asset class heads as seller representatives, the seller parties signatory thereto, and certain other parties. The Transaction Agreements provide a path to the Partnership owning all of the outstanding equity interests of the Asset Class Entities over a defined period of time.

The Transaction Agreements provide for, among other things and subject to the terms and conditions therein, the exchange of the sellers’ equity interests in the Asset Class Entities, as applicable, for a combination of (i) newly-created Class D equity interests (“Class D units”) in the Partnership with terms substantially similar to the Partnership’s existing Class C units, in the case of SRA and SRE, or shares of the Company’s Class A common stock, in the case of SPD and (ii) cash (at the discretion of the Company for all exchanges except the initial exchange), in up to ten annual exchanges (increased to up to fifteen annual exchanges in certain circumstances in case of the sellers of SRA equity interests).

On May 31, 2024, the Company completed the first annual exchange (the “2024 Exchange”) to acquire approximately 5% of the equity interests of each of SRA, SRE and SPD pursuant to the Transaction Agreements. As a result of the 2024 Exchange, the Partnership now owns approximately 54% of the outstanding equity interests of SRA, 56% of the outstanding equity interests of SRE and 54% of the outstanding equity interests of SPD. The aggregate consideration paid by the Company in the 2024 Exchange was approximately (i) $13 million in cash, (ii) 513,394 shares of the Company’s Class A common stock and (iii) 2,239,185 Class D units of the Partnership.

In connection with the transactions contemplated by the SRA Transaction Agreement and SRE Transaction Agreement, SSG and the Partnership entered into a Class D Exchange Agreement at the closing of the 2024 Exchange on May 31, 2024. The Class D Exchange Agreement provides, among other things, sellers under the SRA Transaction Agreement and SRE Transaction Agreement with the ability, in certain circumstances and subject to certain conditions, to exchange the Class D units issued to them on a one-for-one basis with shares of the Company’s Class A common stock, par value $0.001. In addition, the Class D Exchange Agreement restricts the exchange of the Class D units issued to such sellers, which restriction applies for a maximum of one year (or two years if a Transaction Agreement Exchange (as defined in the Class D Exchange Agreement) constitutes an Acceleration Exchange (as defined in the Class D Exchange Agreement)), subject to certain exceptions.

The Company accounts for adjustments to the redemption value of a redeemable equity instrument that is currently redeemable by adjusting the carrying value of the equity instrument to the maximum redemption value at each reporting period based on conditions that exist as of the reporting date. If the redeemable equity instrument is probable of becoming redeemable in the near future, the carrying value of a redeemable equity instrument is adjusted to the redemption value immediately as changes occur based on conditions that exist at that date or at each reporting date. For redeemable equity instruments either not redeemable or probable of becoming redeemable in the near future, no adjustment to the carrying value is made until it is probable that the equity instrument will become redeemable. The Company recognizes adjustments to the carrying value of redeemable equity instruments with charges against retained earnings, or to additional paid-in-capital in the absence of retained earnings.

As of September 30, 2024, the Company determined that redemption of the redeemable non-controlling interests in subsidiaries was probable and presented the carrying value at the redemption amount based on the conditions that existed as of that date of $6.2 million in the condensed consolidated balance sheets within redeemable non-controlling interests in subsidiaries.

The reallocation adjustment between SSG stockholders’ equity, non-controlling interests in the Partnership and non-controlling interests in subsidiaries relates to the impact of changes in economic ownership percentages during the period and adjusting previously recorded equity transactions to the economic ownership percentage as of the end of each reporting period.

Dividends and distributions are reflected in the condensed consolidated statements of stockholders’ equity when declared by the board of directors. Dividends are made to Class A common stockholders and distributions are made to limited partners of the Partnership and holders of non-controlling interests in subsidiaries.

On August 8, 2024, the Company announced a quarterly cash dividend of $0.24 per share of Class A common stock, which was paid on September 13, 2024 to holders of record at the close of business on August 30, 2024.

Redeemable Non-Controlling Interests

The following table summarizes the activities associated with the redeemable non-controlling interests in Consolidated Funds:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Beginning balance	$	142,547	$	41,618	$	102,623	$	24,530

Contributions	56,552		13,205		90,805		28,740

Net income	6,525		4,449		12,196		6,002
Ending balance	$	205,624	$	59,272	$	205,624	$	59,272

The following table summarizes the activities associated with the redeemable non-controlling interests in subsidiaries:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Beginning balance	$	5,931	$	—	$	115,920	$	—

Net income	307		—		669		—
Redemption of redeemable non-controlling interests	—		—		(110,351)		—


Ending balance	$	6,238	$	—	$	6,238	$	—

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Commitment and Contingencies - Components of Lease Expense and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 4,036	$ 3,990	$ 8,037	$ 7,827
Variable lease cost	334	164	668	318
Sublease income	(461)	(462)	(919)	(836)
Total lease cost	$ 3,909	$ 3,692	7,786	7,309
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases			$ 7,176	$ 6,456
Weighted-average remaining lease term for operating leases	11 years	11 years 9 months 18 days	11 years	11 years 9 months 18 days
Weighted-average discount rate for operating leases	4.70%	4.60%	4.70%	4.60%

Equity-Based Compensation

6 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

The change in unvested RSUs is as follows:


	Number of RSUs	Weighted-Average Grant-Date Fair Value Per RSU
Balance as of March 31, 2024	1,422,658	$	27.12
Granted	10,798	$	50.93
Vested	(584,910)	$	(18.49)
Forfeited	(7,560)	$	(27.33)
Balance as of September 30, 2024	840,986	$	33.43

Unvested Partnership Units

In June 2024, 2,566,566 outstanding Class B2 units fully vested and were automatically converted into Class B units and all unitholders were entitled to purchase from the Company one share of Class B common stock for each Class B unit at its par value. During the six months ended September 30, 2024, none of the outstanding Class B2 units were forfeited.

As of September 30, 2024, $30.6 million of unrecognized non-cash compensation expense in respect of equity-based awards remained to be recognized over a weighted-average period of approximately 4.4 years.

Liability Classified Awards

In November 2022, the Company issued a profits interest in SPW to certain employees of the SPW team and concurrently entered into an option agreement which provides that (i) StepStone has the right to acquire the profits interest at the end of any fiscal quarter after June 30, 2027, in exchange for payment of a call price and (ii) the SPW management team, through an entity named CH Equity Partners, LLC, has the right to put the profits interest to StepStone on June 30, 2026 or at the end of any fiscal quarter thereafter, in exchange for payment of a put price. The applicable call or put price is, in certain circumstances, subject to an earn-out or earn-down. The call or put price will be payable in cash unless the Company elects to pay a portion of the consideration in units of the Partnership, each to be exchangeable into shares of the Company’s Class A common stock, and, in either case, rights under one or more tax receivable agreements.

The Company accounted for the profits interest and option agreement as a single unit of account as a liability classified equity-based award. There are no vesting provisions or service requirements related to the award.

The Company recognized $32.0 million and $1.2 million during the three months ended September 30, 2024 and 2023, respectively, and $45.5 million and $5.1 million during the six months ended September 30, 2024 and 2023, respectively, of expense related to the fair value of liability classified awards within equity-based compensation expense in the condensed consolidated statements of income. For the three and six months ended September 30, 2024, the Company paid $0.6 million related to the settlement of liability classified awards. For the three and six months ended September 30, 2023, no amounts were paid related to the settlement of liability classified awards. As of September 30, 2024 and March 31, 2024, the Company had recognized $70.8 million and $28.3 million, respectively, for liability classified awards within accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets.

Employee Stock Purchase Plan

The Company has an ESPP under which eligible employees may purchase shares of Class A common stock of the Company at six-month period intervals for 85% of the lower of the fair market value on either the first or last trading day of the offering period. Each eligible employee may purchase up to five thousand dollars worth of shares each six-month offering period, limited to a maximum of 1,000 shares. During the three and six months ended September 30, 2024, 38,096 shares were purchased under the ESPP. There were no shares purchased under the ESPP during the three and six months ended September 30, 2023 as the ESPP had not yet commenced. As of September 30, 2024, the Company has 2,161,904 shares of Class A common stock reserved for future issuances under the ESPP.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income attributable to StepStone Group Inc. – Basic	$ 17,632	$ 26,225	$ 30,960	$ 47,494

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Intangibles and Goodwill - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 10,300,000	$ 10,700,000	$ 20,500,000	$ 21,300,000
Goodwill	580,542,000		580,542,000		$ 580,542,000
Goodwill, impairment loss	$ 0		$ 0		$ 0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Distributions payable to certain employee equity holders of consolidated subsidiaries
Due from affiliates	$ 80,280	$ 67,531
Due to affiliates	270,745	212,918
Amounts receivable from StepStone Funds
Distributions payable to certain employee equity holders of consolidated subsidiaries
Due from affiliates	51,395	40,588
Amounts receivable from employees
Distributions payable to certain employee equity holders of consolidated subsidiaries
Due from affiliates	15,164	13,450
Amounts receivable from loans
Distributions payable to certain employee equity holders of consolidated subsidiaries
Due from affiliates	13,721	13,493
Amounts payable to non-controlling interest holders in connection with Tax Receivable Agreements
Distributions payable to certain employee equity holders of consolidated subsidiaries
Due to affiliates	261,898	206,841
Amounts payable to StepStone Funds
Distributions payable to certain employee equity holders of consolidated subsidiaries
Due to affiliates	8,837	5,844
Distributions payable to certain employee equity holders of consolidated subsidiaries
Distributions payable to certain employee equity holders of consolidated subsidiaries
Due to affiliates	$ 10	$ 233

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 101,183	$ 108,697
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,703	23,979
Unrealized performance fee-related compensation	16,825	52,923
Amortization of deferred financing costs	255	236
Equity-based compensation	53,523	14,388
Change in deferred income taxes	2,519	12,222
Fair value adjustment for acquisition-related contingent consideration	13,666	(4,288)
Other non-cash activities	0	(1)
Adjustments to reconcile net income to net cash used in operating activities of Consolidated Funds:
Unrealized investment income of Consolidated Funds	(15,569)	(11,134)
Purchases of investments of Consolidated Funds	(88,458)	(26,752)
Proceeds from sale of investments of Consolidated Funds	2,487	0
Changes in operating assets and liabilities:
Fees and accounts receivable	(11,334)	(787)
Due from affiliates	(12,749)	2,595
Accounts payable, accrued expenses and other liabilities	2,862	5,734
Accrued compensation and benefits	31,361	38,733
Due to affiliates	2,769	885
Lease right-of-use assets, net and lease liabilities	1,521	(820)
Changes in operating assets and liabilities of Consolidated Funds:
Net cash provided by operating activities	103,866	128,717
Cash flows from investing activities
Purchases of property and equipment	(1,869)	(14,605)
Net cash used in investing activities	(34,089)	(27,405)
Cash flows from financing activities
Purchase of non-controlling interests	(5,398)	0
Redemption of redeemable non-controlling interests	(12,968)	0
Proceeds from revolving credit facility	25,000	25,000
Proceeds from issuance of Class A common stock of shares under ESPP	1,115	0
Deferred financing costs	(1,813)	0
Dividends paid to common stockholders	(40,110)	(41,533)
Payments for employee taxes related to net settlement of RSUs	(1,123)	(613)
Payments to related parties under Tax Receivable Agreements	(9,802)	(7,670)
Other financing activities	(2)	0
Cash flows from financing activities of Consolidated Funds:
Net cash used in financing activities	(23,623)	(53,434)
Effect of foreign currency exchange rate changes	(3,085)	(593)
Net increase in cash, cash equivalents and restricted cash	43,069	47,285
Cash, cash equivalents and restricted cash at beginning of period	182,312	129,517
Cash, cash equivalents and restricted cash at end of period	225,381	176,802
Non-cash operating, investing, and financing activities:
Accrued dividends	626	1,151
Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements	(2,122)	(1,293)
Establishment of lease liabilities in exchange for lease right-of-use assets	0	2,878
Settlement of non-controlling interests related to awards of carried interest allocations	54,977	0
Equity issued for redemption of redeemable non-controlling interests	97,383	0
Reconciliation of cash, cash equivalents and restricted cash:
Restricted cash	763	679
Total cash, cash equivalents and restricted cash	225,381	176,802
Excluding Consolidated Funds
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	179,066	117,484
Consolidated Funds
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	45,552	58,639
Consolidated Entities, Excluding Legacy Entities
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized carried interest allocations and investment (income) loss	(28,655)	(108,921)
Unrealized performance fee-related compensation	16,825	52,923
Cash flows from investing activities
Contributions to investments	(25,864)	(11,712)
Distributions received from investments	5,598	1,486
Non-Controlling Interests in Legacy Greenspring Entities
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized carried interest allocations and investment (income) loss	21,867	73,430
Unrealized performance fee-related compensation	(13,723)	(62,453)
Cash flows from investing activities
Contributions to investments	(18,746)	(4,585)
Distributions received from investments	6,791	2,011
Cash flows from financing activities
Proceeds from capital contributions from non-controlling interests	18,746	4,585
Distributions to non-controlling interests	(9,650)	(6,156)
Consolidated Entity, Excluding Consolidated VIE
Changes in operating assets and liabilities:
Other assets and receivables	120	3,565
Changes in operating assets and liabilities of Consolidated Funds:
Other assets and receivables	120	3,565
Cash flows from financing activities
Proceeds from sale of non-controlling interests	0	3,045
Cash flows from financing activities of Consolidated Funds:
Contributions from redeemable non-controlling interests in Consolidated Funds	0	3,045
Non-Controlling Interests in Subsidiaries
Cash flows from financing activities
Proceeds from capital contributions from non-controlling interests	0	28
Distributions to non-controlling interests	(78,423)	(58,860)
Consolidated funds
Changes in operating assets and liabilities:
Other assets and receivables	(1,066)	(852)
Changes in operating assets and liabilities of Consolidated Funds:
Other assets and receivables	(1,066)	(852)
Other liabilities and payables	1,759	7,338
Cash flows from financing activities
Proceeds from sale of non-controlling interests	90,805	28,740
Cash flows from financing activities of Consolidated Funds:
Contributions from redeemable non-controlling interests in Consolidated Funds	90,805	$ 28,740
Reconciliation of cash, cash equivalents and restricted cash:
Restricted cash	763
Consolidated funds \| Excluding Consolidated Funds
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	47,206
Consolidated funds \| Consolidated Funds
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 45,552

Investments - Consolidated Funds Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Schedule of Equity Method Investments [Line Items]
Investments of consolidated funds	$ 233,398	$ 131,858
Percentage of Total Investments as of	100.00%	100.00%
Equity Securities
Schedule of Equity Method Investments [Line Items]
Investments of consolidated funds	$ 27,471	$ 17,028
Percentage of Total Investments as of	12.00%	13.00%
Purchases of investments of Consolidated Funds	$ 25,100	$ 15,600
Partnership And LLC Interests
Schedule of Equity Method Investments [Line Items]
Investments of consolidated funds	$ 205,927	$ 114,830
Percentage of Total Investments as of	88.00%	87.00%
Purchases of investments of Consolidated Funds	$ 157,300	$ 76,000

Intangibles and Goodwill - Schedule of Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of FY2025	$ 20,500
FY2026	40,810
FY2027	40,776
FY2028	40,759
FY2029	40,759
Thereafter	100,768
Intangibles, net	$ 284,372	$ 304,873

Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Variable Interest Entity [Line Items]
Investments in funds	$ 155,857	$ 135,043
Legacy Greenspring investments in funds	150,900	147,000
Due from affiliates	80,280	67,531
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in funds	150,735	135,043
Legacy Greenspring investments in funds	150,852	147,042
Due from affiliates	42,558	34,744
Maximum exposure to loss	170,496	144,425
Variable Interest Entity, Not Primary Beneficiary, Subsidiaries
Variable Interest Entity [Line Items]
Less: Amounts attributable to non-controlling interests	22,797	25,362
Variable Interest Entity, Not Primary Beneficiary, Legacy Entities
Variable Interest Entity [Line Items]
Less: Amounts attributable to non-controlling interests	$ 150,852	$ 147,042

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Name Accounting Standards Codification
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stockholders' Equity and Redeemable Non-Controlling Interests (Tables)

6 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Rollforward of the Company's Shares of Common Stock Outstanding Since IPO

The following table shows a rollforward of the Company’s shares of common stock outstanding since March 31, 2024:


	Class A Common Stock	Class B Common Stock
March 31, 2024	65,614,902	45,030,959

Class A common stock issued in exchange for Class B partnership units	5,138,900	(5,138,900)
Class A common stock issued in exchange for Class C partnership units	810,809	—
Class A common stock issued for vesting of RSUs, net of shares withheld for employee taxes	565,138	—
Class A common stock issued for purchase of asset class non-controlling interests	513,394	—
Class A common stock issued under ESPP	38,096	—
Class B common stock purchased at par value in connection with vesting of Class B2 units(1)	—	2,589,983
September 30, 2024	72,681,239	42,482,042

_______________________________

(1)Includes 23,417 Class B units issuable pursuant to anti-dilution rights in connection with the vesting of Class B2 units.

Noncontrolling Interests In Consolidated Funds

The following table summarizes the activities associated with the redeemable non-controlling interests in Consolidated Funds:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Beginning balance	$	142,547	$	41,618	$	102,623	$	24,530

Contributions	56,552		13,205		90,805		28,740

Net income	6,525		4,449		12,196		6,002
Ending balance	$	205,624	$	59,272	$	205,624	$	59,272

The following table summarizes the activities associated with the redeemable non-controlling interests in subsidiaries:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Beginning balance	$	5,931	$	—	$	115,920	$	—

Net income	307		—		669		—
Redemption of redeemable non-controlling interests	—		—		(110,351)		—


Ending balance	$	6,238	$	—	$	6,238	$	—

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Equity-Based Compensation (Tables)

6 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Unvested Restricted Stock Units Activity

The change in unvested RSUs is as follows:


	Number of RSUs	Weighted-Average Grant-Date Fair Value Per RSU
Balance as of March 31, 2024	1,422,658	$	27.12
Granted	10,798	$	50.93
Vested	(584,910)	$	(18.49)
Forfeited	(7,560)	$	(27.33)
Balance as of September 30, 2024	840,986	$	33.43

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands

Sep. 30, 2024

Mar. 31, 2024

Assets

Restricted cash

$ 763

$ 718

Fees and accounts receivable

68,103

56,769

Due from affiliates

80,280

67,531

Investments:

Investments in funds

155,857

135,043

Accrued carried interest allocations

1,381,110

1,354,051

Legacy Greenspring investments in funds and accrued carried interest allocations

^[1]

623,546

631,197

Deferred income tax assets

244,732

184,512

Lease right-of-use assets, net

92,752

97,763

Intangibles, net

284,372

304,873

Goodwill

580,542

Total assets

4,039,919

3,788,807

Liabilities and stockholders’ equity

Accounts payable, accrued expenses and other liabilities

148,409

127,417

Accrued compensation and benefits

175,357

101,481

Accrued carried interest-related compensation

680,459

719,497

Legacy Greenspring accrued carried interest-related compensation

^[1]

472,693

484,154

Due to affiliates

270,745

212,918

Lease liabilities

116,249

119,739

Debt obligations

172,264

148,822

Total liabilities

2,039,580

1,915,673

Commitments and contingencies (Note 14)

Stockholders’ equity:

Additional paid-in capital

393,115

310,293

Retained earnings

3,992

13,768

Accumulated other comprehensive income

236

304

Total StepStone Group Inc. stockholders’ equity

397,459

324,476

Total stockholders’ equity

1,788,477

1,654,591

Total liabilities and stockholders’ equity

4,039,919

3,788,807

Consolidated Funds

Assets

Cash and cash equivalents

45,552

38,164

Investments:

Other assets and receivables

2,811

1,745

Investments, at fair value

233,398

131,858

Liabilities and stockholders’ equity

Other liabilities

3,404

1,645

Excluding Consolidated Funds

Assets

Cash and cash equivalents

179,066

143,430

Investments:

Other assets and receivables

67,035

60,611

Non-Controlling Interests in Subsidiaries

Liabilities and stockholders’ equity

Redeemable non-controlling interests in Consolidated Funds

6,238

115,920

Stockholders’ equity:

Non-controlling interests

1,021,775

974,559

Non-Controlling Interests in Legacy Greenspring Entities

Stockholders’ equity:

Non-controlling interests

^[1]

150,852

147,042

Non-Controlling Interests in the Partnership

Stockholders’ equity:

Non-controlling interests

218,391

208,514

Consolidated funds

Assets

Restricted cash

763

718

Fees and accounts receivable

58,356

52,566

Due from affiliates

25,692

23,986

Investments:

Investments in funds

42,291

39,590

Legacy Greenspring investments in funds and accrued carried interest allocations

623,546

631,197

Deferred income tax assets

354

349

Lease right-of-use assets, net

15,579

16,665

Total assets

1,109,007

995,188

Liabilities and stockholders’ equity

Accounts payable, accrued expenses and other liabilities

30,165

27,155

Accrued compensation and benefits

111,601

57,487

Legacy Greenspring accrued carried interest-related compensation

472,693

484,154

Due to affiliates

8,847

5,845

Lease liabilities

16,510

17,415

Total liabilities

643,220

593,701

Consolidated funds | Consolidated Funds

Assets

Cash and cash equivalents

45,552

38,164

Investments:

Other assets and receivables

2,811

1,745

Investments, at fair value

233,398

131,858

Liabilities and stockholders’ equity

Other liabilities

3,404

1,645

Consolidated funds | Excluding Consolidated Funds

Assets

Cash and cash equivalents

47,206

46,859

Investments:

Other assets and receivables

13,459

11,491

Noncontrolling Interest In Consolidated Funds

Liabilities and stockholders’ equity

Redeemable non-controlling interests in Consolidated Funds

205,624

102,623

Class A Common Stock

Stockholders’ equity:

Common stock

Class B Common Stock

Stockholders’ equity:

Common stock

$ 43

$ 45

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See note 5 for more information.

Revenues - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 33.3	$ 31.0
Deferred revenue, revenue recognized	$ 6.0

Organization (Details)	6 Months Ended
Organization (Details)	Sep. 30, 2024 vote
StepStone Group LP
Subsidiary, Sale of Stock [Line Items]
Economic interest	61.40%
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, number of votes	1
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, number of votes	5
General Partner \| StepStone Group LP
Subsidiary, Sale of Stock [Line Items]
Membership ownership percentage	100.00%

Stockholders' Equity and Redeemable Non-Controlling Interests - Narrative (Details) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended	6 Months Ended
	May 31, 2024 USD ($) $ / shares shares	Apr. 01, 2024 USD ($)	Sep. 30, 2024 USD ($) classOfStock $ / shares shares	Jun. 30, 2024 USD ($) shares	Sep. 30, 2024 USD ($) classOfStock $ / shares shares	Sep. 30, 2024 USD ($) classOfStock $ / shares shares	Mar. 31, 2024 USD ($) $ / shares	Feb. 07, 2024 exchange	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of classes of common stock outstanding \| classOfStock			2		2	2
Preferred stock, shares authorized (in shares)			25,000,000		25,000,000	25,000,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.001		$ 0.001	$ 0.001
Preferred stock, shares outstanding (in shares)			0		0	0
Preferred stock, shares issued (in shares)			0		0	0
Payments to acquire additional interests \| $	$ 13,000	$ 5,400
Annual exchanges \| exchange								10
Number of additional exchanges \| exchange								15
Annual portion of equity interests to be exchanged	5.00%
Transaction agreement, exchange ratio	1
Class D exchange agreement, period	1 year
Class D exchange agreement, acceleration exchange, period	2 years
Limited Partners
Subsidiary, Sale of Stock [Line Items]
Share exchange ratio			1
Non-Controlling Interests in Subsidiaries
Subsidiary, Sale of Stock [Line Items]
Redeemable non-controlling interests in Consolidated Funds \| $			$ 6,238	$ 5,931	$ 6,238	$ 6,238	$ 115,920		$ 0	$ 0	$ 0
SRA
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest, ownership by parent	54.00%
SRE
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest, ownership by parent	56.00%
SPD
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest, ownership by parent	54.00%
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Units issued for purchase of asset class non-controlling interests (in shares)	513,394					513,394
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001		$ 0.001		$ 0.001	$ 0.001	$ 0.001
Dividend (in dollars per share) \| $ / shares					0.24
Class A Common Stock \| Exchange One
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares issued (in shares)				1,731,807
Class A Common Stock \| Exchange One \| Limited Partners
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares issued (in shares)			312,112
Class A Common Stock \| Exchange Two
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares issued (in shares)				71,766
Class A Common Stock \| Exchange Two \| Limited Partners
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares issued (in shares)			34,027
Class A Common Stock \| Underwritten Public Offering
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares exchanged (in shares)			3,799,997
Shares sold in offering (in shares)			4,099,997
Offering price per share (in dollars per share) \| $ / shares			$ 50.00		50.00	50.00
Shares purchased (in shares)			300,000
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001		$ 0.001	$ 0.001	$ 0.001
Class B Common Stock \| Exchange One
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares exchanged (in shares)				1,731,807
Class B Common Stock \| Exchange One \| Limited Partners
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares exchanged (in shares)			312,112
Class B Common Stock \| Underwritten Public Offering
Subsidiary, Sale of Stock [Line Items]
Shares purchased (in shares)			3,094,981
Shares redeemed (in shares)			3,094,981
Class C Common Stock
Subsidiary, Sale of Stock [Line Items]
Conversion basis						1
Class C Common Stock \| Exchange Two
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares exchanged (in shares)				71,766
Class C Common Stock \| Exchange Two \| Limited Partners
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares exchanged (in shares)			34,027
Class C Common Stock \| Underwritten Public Offering
Subsidiary, Sale of Stock [Line Items]
Shares purchased (in shares)			705,016
Class D Partnership Units
Subsidiary, Sale of Stock [Line Items]
Units issued for purchase of asset class non-controlling interests (in shares)	2,239,185

Investments - Equity Method Investments (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments in funds

$ 155,857

$ 135,043

Accrued carried interest allocations

1,381,110

1,354,051

Legacy Greenspring investments in funds and accrued carried interest allocations

^[1]

623,546

631,197

Total equity method investments

2,160,513

2,120,291

Investment in fund, before eliminations

231,700

204,800

Legacy Greenspring investments in funds

150,900

147,000

Legacy Greenspring accrued carried interest allocations

$ 472,700

$ 484,200

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See note 5 for more information.

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Fair Value Measurements

6 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company measures certain assets and liabilities at fair value on a recurring basis. The following tables provide details regarding the classification of these assets and liabilities within the fair value hierarchy as of the dates presented:

Financial Instruments of the Company


	As of September 30, 2024
	Level I		Level II		Level III		Total








Liabilities
Contingent consideration obligation	$	—	$	—	$	67,115	$	67,115

Total liabilities	$	—	$	—	$	67,115	$	67,115


	As of March 31, 2024
	Level I		Level II		Level III		Total








Liabilities
Contingent consideration obligation	$	—	$	—	$	53,449	$	53,449
Total liabilities	$	—	$	—	$	53,449	$	53,449

For the financial instruments presented in the tables above, there were no changes in fair value hierarchy levels during the three and six months ended September 30, 2024 and 2023.

A reconciliation from the beginning balance to the closing balance of Level III financial instruments of the Company are set forth below:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Contingent consideration obligations
Balance, beginning of period:	$	56,312	$	35,332	$	53,449	$	36,745
Additions	—		41		—		41
Change in fair value	10,803		(3,021)		13,666		(4,288)
Settlements	—		—		—		(146)
Balance, end of period:	$	67,115	$	32,352	$	67,115	$	32,352

Changes in unrealized (gains) losses included in earnings related to financial instruments still held at the reporting date	$	10,803	$	(3,021)	$	13,666	$	(4,288)

Contingent Consideration

The fair value of the contingent consideration obligation is based on a discounted cash flow analysis using a probability-weighted average estimate of certain performance targets, including revenue levels. The assumptions used in the analysis are inherently subjective; therefore, the ultimate amount of the contingent consideration obligations may differ materially from the current estimate. The significant unobservable inputs required to value the contingent consideration obligation primarily relate to the future expected revenues and the discount rate applied to the expected future revenues and payments of obligations, which was 6% as of September 30, 2024. The contingent consideration obligation balance is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. Changes in the fair value of the liabilities are included in general, administrative and other expenses in the condensed consolidated statements of income.

Financial Instruments of Consolidated Funds


	As of September 30, 2024
	Level I		Level II		Level III		Total
Assets
Equity securities	$	—	$	—	$	27,471	$	27,471

Total assets	$	—	$	—	$	27,471	$	27,471


	As of March 31, 2024
	Level I		Level II		Level III		Total
Assets
Equity securities	$	—	$	—	$	12,421	$	12,421
Partnership and LLC interests	—		—		1,273		1,273
Total assets	$	—	$	—	$	13,694	$	13,694

For the financial instruments presented in the tables above, there were no changes in fair value hierarchy levels during the three and six months ended September 30, 2024 and 2023.

The Company generally values its investment funds, which are generally organized as partnership and LLC interests, using the NAV per share equivalent calculated by the investment manager as a practical expedient in determining an independent fair value. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the net asset value per share practical expedient. As of September 30, 2024 and March 31, 2024, investments with a combined fair value of $205.9 million and $118.2 million, respectively, are excluded from presentation in the fair value hierarchy as the fair value of these investments were measured at net asset value. As of September 30, 2024 and March 31, 2024, investments with a combined fair value of $27.5 million and $13.7 million, respectively, were classified as Level III investments. The significant unobservable input used to value these investments classified as Level III are the discounts to recent transaction prices.

A reconciliation from the beginning balance to the closing balance of Level III financial instruments of Consolidated Funds are set forth below:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023

Balance, beginning of period:	$	16,466	$	2,902	$	13,694	$	6,901
Transfers into Level III	9,289		1,076		9,289		1,076
Transfers out of Level III	(779)		(1,067)		(4,332)		(6,134)
Purchases	2,495		9,418		8,820		10,486
Change in fair value	—		—		—		—

Balance, end of period:	$	27,471	$	12,329	$	27,471	$	12,329

Changes in unrealized gains (losses) included in earnings related to financial instruments still held at the reporting date	$	—	$	—	$	—	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Schedule of Changes in the Fair Value of Level III Financial Instruments (Details) - Contingent consideration obligation - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period:	$ 56,312	$ 35,332	$ 53,449	$ 36,745
Additions	0	41	0	41
Change in fair value	10,803	(3,021)	13,666	(4,288)
Settlements	0	0	0	(146)
Balance, end of period:	67,115	32,352	67,115	32,352
Changes in unrealized (gains) losses included in earnings related to financial instruments still held at the reporting date	$ 10,803	$ (3,021)	$ 13,666	$ (4,288)

Debt Obligations - Narrative (Details) - USD ($)	6 Months Ended
Debt Obligations - Narrative (Details) - USD ($)	Sep. 30, 2024	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024
Line of Credit Facility [Line Items]
Debt obligations outstanding	$ 172,264,000			$ 148,822,000
Credit Agreement
Line of Credit Facility [Line Items]
Letters of credit outstanding	6,500,000
Revolving credit facility \| Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 300,000,000	$ 300,000,000	$ 225,000,000
Base interest rate	1.00%
Interest rate in effect	7.41%
Spread on base commitment fee percentage if utilization greater than 50%	0.25%
Spread on base commitment fee percentage if utilization less than 50%	0.35%
Revolving credit facility \| Credit Agreement \| New York Federal Reserve Bank Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.50%
Revolving credit facility \| Credit Agreement \| 1 Month Term Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	1.10%
Revolving credit facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.10%
Revolving credit facility \| Credit Agreement \| EURIBOR Rate Multiplied By Statutory Reserve Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.00%
Revolving credit facility \| Credit Agreement \| Sterling Overnight Index Average
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.03%
Revolving credit facility \| Credit Agreement \| Swiss Average Rate Overnight
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.00%
Revolving credit facility \| Credit Agreement \| AUD Screen Rate Multiplied By Statutory Reserve Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	2.20%
Letters of credit \| Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 10,000,000

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income were as follows:


	As of
	September 30, 2024		March 31, 2024
Foreign currency translation adjustments	$	9	$	77
Unrealized gain on defined benefit plan, net	227		227
Accumulated other comprehensive income	$	236	$	304

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment of finite-lived intangible assets \| $	$ 0	$ 0	$ 0	$ 0
Incentive fees as percentage of profits			15.00%
Percentage of total net cash savings due to exchanging limited partners	85.00%		85.00%
Percentage of total net cash savings retained			15.00%
Number of operating segments			1
Number of reportable segments			1
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible assets, estimated useful lives	8 years		8 years
Carried interest allocation as percentage of cumulative fund or account performance			5.00%
Revenue, carried interest allocation, minimum return levels required			5.00%
Legacy carried interest allocation as percentage of cumulative fund or account performance			5.00%
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible assets, estimated useful lives	10 years		10 years
Carried interest allocation as percentage of cumulative fund or account performance			20.00%
Revenue, carried interest allocation, minimum return levels required			10.00%
Legacy carried interest allocation as percentage of cumulative fund or account performance			20.00%

Summary of Significant Accounting Policies - AOCI (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	$ 1,788,477	$ 1,790,983	$ 1,654,591	$ 1,638,411	$ 1,628,543	$ 1,628,787
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	9		77
Unrealized gain on defined benefit plan, net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	227		227
Accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	$ 236	$ 297	$ 304	$ 338	$ 439	$ 461

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Organization	6 Months Ended
Organization	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization StepStone Group Inc. (“SSG”) was incorporated in the state of Delaware on November 20, 2019 and, following its initial public offering in 2020, acts as a holding company for StepStone Group LP (the “Partnership”). SSG is the sole managing member of StepStone Group Holdings LLC (the “General Partner”), the general partner of the Partnership. Unless otherwise specified, “StepStone” or the “Company” refers to SSG and its consolidated subsidiaries, including the Partnership, throughout the remainder of these notes to the condensed consolidated financial statements. The Company is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. The Company’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, including high-net-worth and mass affluent individuals. The Company partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes. These portfolios utilize several types of synergistic investment strategies with third-party fund managers, including commitments to funds (“primaries”), acquiring stakes in existing funds on the secondary market (“secondaries”) and investing directly into companies (“co-investments”). The Company, through its subsidiaries, acts as the investment advisor and general partner or managing member to separately managed accounts (“SMAs”) and focused commingled funds (collectively, the “StepStone Funds”). SSG is a holding company whose principal asset is a controlling financial interest in the Partnership through its ownership of all of the Partnership’s Class A units and 100% of the membership interests in the General Partner of the Partnership. SSG acts as the sole managing member of the General Partner of the Partnership and, as a result, indirectly operates and controls all of the Partnership’s business and affairs. As a result, SSG consolidates the financial results of the Partnership and reports non-controlling interests related to the Class B, Class C and Class D units of the Partnership which are not owned by SSG. The assets and liabilities of the Partnership represent substantially all of SSG’s consolidated assets and liabilities, with the exception of certain deferred income taxes and payables due to affiliates pursuant to tax receivable agreements (see note 10). Each share of Class A common stock is entitled to one vote and each share of Class B common stock is entitled to five votes. As of September 30, 2024, SSG held approximately 61.4% of the economic interest in the Partnership. As the Partnership’s limited partners exchange their Class B, Class C and Class D units into SSG’s Class A common stock in the future, SSG’s economic interest in the Partnership will increase relative to that of the Class B, Class C and Class D unitholders.

Commitment and Contingencies - Operating Lease Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Remainder of FY2025	$ 8,391
FY2026	16,793
FY2027	15,465
FY2028	13,275
FY2029	15,347
Thereafter	85,479
Total lease liabilities	154,750
Less: Imputed interest	(38,501)
Total operating lease liabilities	$ 116,249	$ 119,739

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Increase in deferred tax assets, exchange of partnership units for common stock	$ 50,900,000
Decrease in valuation allowance	900,000
Increase in due to related parties, tax receivable agreements	$ 46,500,000
Percentage of total net cash savings due to exchanging limited partners	85.00%		85.00%
Payments to related parties under Tax Receivable Agreements	$ 0	$ 0	$ 9,802,000	$ 7,670,000
Due to related parties, tax receivable agreements	$ 261,900,000		$ 261,900,000
Effective tax rate	8.20%	11.50%	10.20%	13.10%
Unrecognized tax benefits	$ 0		$ 0
Changes to uncertain tax positions	$ 0		$ 0

Stockholders' Equity and Redeemable Non-Controlling Interests - Noncontrolling Interests In Consolidated Funds (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 6,525	$ 4,449	$ 12,196	$ 6,002
Purchase of non-controlling interests			5,398
Noncontrolling Interest In Consolidated Funds
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	142,547	41,618	102,623	24,530
Contributions	56,552	13,205	90,805	28,740
Net income	6,525	4,449	12,196	6,002
Ending balance	205,624	59,272	205,624	59,272
Non-Controlling Interests in Subsidiaries
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	5,931	0	115,920	0
Net income	307	0	669	0
Purchase of non-controlling interests	0	0	110,351	0
Ending balance	$ 6,238	$ 0	$ 6,238	$ 0

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its annual report on Form 10-K for the fiscal year ended March 31, 2024 filed with the Securities and Exchange Commission (“SEC”). Certain of the StepStone Funds are investment companies that follow specialized accounting under GAAP and reflect their investments at estimated fair value. Accordingly, the carrying value of the Company’s equity method investments in such entities retains the specialized accounting.
Consolidation	Consolidation The Company consolidates all entities that it controls through a majority voting interest or as the primary beneficiary of a variable interest entity (“VIE”). Under the VIE model, management first assesses whether the Company has a variable interest in an entity. In evaluating whether the Company holds a variable interest, fees received as a decision maker or in exchange for services (including management fees, incentive fees and carried interest allocations) that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. If the Company has a variable interest in an entity, management further assesses whether that entity is a VIE, and if so, whether the Company is the primary beneficiary under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation under the voting interest model. The consolidation analysis can generally be performed qualitatively; however, in certain situations a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective StepStone Funds that are VIEs could affect the entity’s status as a VIE or the determination of the primary beneficiary. Under the VIE model, an entity is deemed to be the primary beneficiary of a VIE if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly affect the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Management determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. When assessing whether the Company is the primary beneficiary of a VIE, management evaluates whether the Company’s involvement, through holding interests directly or indirectly in an entity or contractually through other variable interests, would give the Company a controlling financial interest. This analysis includes an evaluation of the Company’s control rights, as well as the economic interests that the Company holds in the VIE, including indirectly through related parties. The Company provides investment advisory services to the StepStone Funds, which have third-party clients. These funds are investment companies and are typically organized as limited partnerships or limited liability companies for which the Company, through its operating subsidiaries, acts as the general partner or managing member. A limited partnership or similar entity is a VIE if the unaffiliated limited partners or members do not have substantive rights to terminate or liquidate the fund or remove the general partner or substantive rights to participate. Certain StepStone Funds are VIEs because they have not granted unaffiliated limited partners or members substantive rights to terminate the fund or remove the general partner or substantive rights to participate. The Company does not consolidate these StepStone Funds because it is not the primary beneficiary of those funds, primarily because it does not hold an interest in those funds that is considered more than insignificant and its fee arrangements are considered customary and commensurate. The Company has determined that certain of its operating subsidiaries, including StepStone Group Real Assets LP (“SRA”), StepStone Group Real Estate LP (“SRE”), StepStone Group Private Debt AG (“SPD”), and StepStone Group Private Wealth LLC (“SPW”) and certain StepStone Funds are VIEs, and that the Company is the primary beneficiary of each entity because it has a controlling financial interest in each entity; accordingly, the Company consolidates these entities. The assets and liabilities of the consolidated VIEs are presented gross in the condensed consolidated balance sheets. The assets of the consolidated VIEs may only be used to settle obligations of the consolidated VIEs. See note 4 for more information on both consolidated and unconsolidated VIEs. In connection with the acquisition of Greenspring Associates, Inc. and certain of its affiliates (“Greenspring”) that was completed on September 20, 2021 (the “Greenspring acquisition”), the Company, indirectly through its subsidiaries, became the sole and/or managing member of certain entities, each of which is the general partner of an investment fund (“legacy Greenspring general partner entities”). The Company did not acquire any direct economic interests attributable to the legacy Greenspring general partner entities, including legacy Greenspring investments in funds and carried interest allocations. However, certain arrangements negotiated as part of the acquisition represent variable interests that could be significant. The Company determined that the legacy Greenspring general partner entities are VIEs and it is the primary beneficiary of each such entity because it has a controlling financial interest in each entity. As a result, the Company consolidates these entities. The Company and its subsidiaries manages or controls certain entities that constitute client investment funds that have been consolidated in the accompanying condensed consolidated financial statements (“Consolidated Funds”). Including the results of the Consolidated Funds increases the reported amounts of the assets, liabilities, expenses and cash flows in the accompanying condensed consolidated financial statements, and amounts related to economic interests held by third-party investors are reflected as redeemable non-controlling interests in Consolidated Funds. The revenues earned by the Company as investment manager of the Consolidated Funds are eliminated in consolidation and generally have no direct effect on the net income attributable to SSG or to Stockholders’ Equity.
Non-Controlling Interests	Non-Controlling Interests Non-controlling interests (“NCI”) reflect the portion of income or loss and the corresponding equity attributable to third-party equity holders and employees in certain consolidated subsidiaries that are not 100% owned by the Company. Non-controlling interests are presented as separate components of stockholders’ equity on the Company’s condensed consolidated balance sheets to clearly distinguish between the Company’s interests and the economic interests of third parties and employees in those entities. Net income (loss) attributable to SSG, as reported in the condensed consolidated statements of income, is presented net of the portion of net income (loss) attributable to holders of non-controlling interests. See note 13 for more information on ownership interests in the Company. Non-controlling interests in subsidiaries represent the economic interests in SRA, SRE, and SPD (the variable interest entities included in the Company’s condensed consolidated financial statements) held by third parties and employees in those entities. Non-controlling interests in subsidiaries are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss. Non-controlling interests in legacy Greenspring entities represent the economic interests in the legacy Greenspring general partner entities. The Company did not acquire any direct economic interests in the legacy Greenspring general partner entities. As a result, all of the net income (loss) attributable to the legacy Greenspring general partner entities is allocated to non-controlling interests in legacy Greenspring entities. Non-controlling interests in the Partnership represent the economic interests related to the Class B, Class C and Class D units of the Partnership which are not owned by SSG. Non-controlling interests in the Partnership are allocated a share of income or loss in the Partnership in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss. Redeemable non-controlling interests in Consolidated Funds represent the economic interests in the Consolidated Funds which are not held by SSG, but are held by the client investors in the funds. These interests are presented as redeemable non-controlling interests in Consolidated Funds within the condensed consolidated balance sheets, outside of permanent capital as the investors in these funds generally have the right to withdraw their capital, subject to the terms of the respective contractual agreements. Redeemable non-controlling interests in Consolidated Funds are allocated a share of income or loss in the respective fund in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss. Redeemable non-controlling interests in subsidiaries represent the redeemable economic interests in the consolidated subsidiaries of the Partnership held by third parties and employees in those entities that were established in connection with the Transaction Agreements as described in note 13. Redeemable non-controlling interests in subsidiaries are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.
Accounting for Differing Fiscal Periods	Accounting for Differing Fiscal Periods The StepStone Funds primarily have a fiscal year end as of December 31. The Company accounts for its investments in the StepStone Funds on a three-month lag due to the timing of receipt of financial information from the investments held by the StepStone Funds. The StepStone Funds primarily invest in private markets funds that generally require at least 90 days following the calendar year end to provide audited financial statements. As a result, the Company uses the December 31 audited financial statements of the StepStone Funds, which reflect the underlying private markets funds as of December 31, to record its investments (including any carried interest allocated by those investments) for its fiscal year-end consolidated financial statements as of March 31. The Company further adjusts the reported carrying values of its investments in the StepStone Funds for its share of capital contributions to and distributions from the StepStone Funds during the three-month lag period. For this interim period ended September 30, 2024, the Company used the June 30, 2024 unaudited financial statements of the StepStone Funds, which reflect the underlying private market funds as of June 30, 2024, to record its investments (including any carried interest allocated from those investments), as adjusted for capital contributions and distributions during the three-month lag period ended September 30, 2024. The Company does not account for management and advisory fees or incentive fees on a three-month lag. To the extent that management becomes aware of any material events that affect the StepStone Funds during the three-month lag period, the effect of the events would be disclosed in the notes to the condensed consolidated financial statements.
Current Events	Current Events In 2024, signs of easing inflation coupled with the expansion of economic activity at a sustained pace and low unemployment rates contributed to positive returns in most financial markets despite inflation remaining elevated. In September 2024, the Federal Reserve announced the decision to lower the target range for the federal funds rate by 0.50% to a range of 4.75% to 5.00% in response to positive trends in economic data, including a measure of inflation. The Company is continuing to closely monitor developments related to inflation, decreasing but still higher interest rates, potential regulatory and governmental policy developments as a result of U.S. elections, banking system volatility, geopolitical tension, unrest or conflicts, including in Russia, Ukraine, and the Middle East, and assess the impact on financial markets and the Company’s business. The Company’s results and the overall industry results have been and may continue to be adversely affected by slowdowns in fundraising activity and the pace of capital deployment, which have resulted in, and may continue to result in, delayed or decreased management fees. Further, fund managers have been unable or less able to exit existing investments profitably. Such conditions have resulted in, and may continue to result in, delayed or decreased performance fee revenues. It is currently not possible to predict the ultimate effects of these events on the financial markets, overall economy and the Company’s condensed consolidated financial statements.
Fair Value Measurements	Fair Value Measurements GAAP establishes a hierarchical disclosure framework, which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace – including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and therefore a lesser degree of judgment is used in measuring their fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of their fair values, as follows: •Level I – Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. •Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date, and fair value is determined through the use of models or other valuation methodologies. The types of financial instruments classified in this category include less liquid securities traded in active markets and securities traded in other than active markets. •Level III – Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the financial instrument. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors including, for example, the type of instrument, whether the instrument has recently been issued, whether the instrument is traded on an active exchange or in the secondary market, and current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for financial instruments categorized in Level III. The variability and availability of the observable inputs affected by the factors described above may result in transfers between Levels I, II, and III. The Company considers its cash, cash equivalents, restricted cash, fees and accounts receivable, accounts payable, investments, revolving credit facility, and contingent consideration obligation balance to be financial instruments. The carrying amounts of cash, cash equivalents, restricted cash, fees and accounts receivable and accounts payable equal or approximate their fair values due to their nature and/or the relatively short period over which they are held. See note 6 for additional details regarding the fair value of the Company’s contingent consideration obligation balance and see note 8 for additional details regarding the fair value of the Company’s revolving credit facility balance.
Restricted Cash	Restricted Cash Restricted cash consists of cash that the Company is contractually obligated to maintain to secure its letters of credit used primarily related to its office facilities and other obligations.
Investments	Investments Investments primarily include the Company’s ownership interests in the StepStone Funds, as general partner or managing member of such funds. The Company accounts for all investments in which it has or is otherwise presumed to have significant influence, but not control, including the StepStone Funds, using the equity method of accounting. The carrying value of these equity method investments is determined based on amounts invested by the Company, adjusted for the Company’s share in the earnings or losses of each investee, after consideration of contractual arrangements that govern allocations of income or loss (including carried interest allocations), less distributions received. Investments include the Company’s cumulative accrued carried interest allocations from the StepStone Funds, which primarily represent performance-based capital allocations, assuming the StepStone Funds were liquidated as of each reporting date in accordance with the funds’ governing documents. Legacy Greenspring investments in funds and accrued carried interest allocations represent the economic interests held by the legacy Greenspring general partner entities in certain funds for which the Company does not have any direct economic interests. All of the economics in respect of such interests are payable to employees and are therefore reflected as non-controlling interests in legacy Greenspring entities and legacy Greenspring performance fee-related compensation. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Management’s determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates. Investments of Consolidated Funds The Company’s Consolidated Funds are investment companies under GAAP and reflect their investments at estimated fair value. The Company has retained the specialized investment company accounting for the Consolidated Funds under GAAP. Investments of the Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in fair value is recognized in the condensed consolidated statements of income. In addition, the Consolidated Funds do not consolidate their majority-owned and controlled investments in underlying portfolio companies.
Leases	Leases The Company determines whether an arrangement contains a lease at inception of the arrangement. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines the classification as either an operating or finance lease. The Company’s identified leases primarily consist of operating lease agreements for office space and certain equipment, as the lessee. Operating leases are included in lease right-of-use-assets, net and lease liabilities in the condensed consolidated balance sheets. Certain leases include lease and non-lease components, which the Company accounts for as a single lease component. Lease right-of-use (“ROU”) assets and lease liabilities are measured based on the present value of future minimum lease payments over the lease term at the commencement date. Lease ROU assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. The Company uses its incremental borrowing rate in determining the present value of future minimum lease payments. The Company’s lease terms may include options to extend or terminate the lease, which are included in the measurement of ROU assets and lease liabilities when it is reasonably certain that the Company will exercise those options. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term in general, administrative and other expenses in the condensed consolidated statements of income. Minimum lease payments for leases with an initial term of twelve months or less are not recorded in the condensed consolidated balance sheets.
Intangibles and Goodwill	Intangibles and Goodwill The Company’s finite-lived intangible assets consist of acquired contractual rights to earn future management and advisory fee income and client relationships. Finite-lived intangible assets are amortized over their estimated useful lives, which range from 8 to 10 years. The Company did not have any intangible assets that were deemed to have an indefinite life as of September 30, 2024. Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. There were no impairment charges related to the Company’s finite-lived intangible assets during the three and six months ended September 30, 2024 and 2023. Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. Goodwill is assessed for impairment at least annually using a qualitative and, if necessary, a quantitative approach. The Company performs its annual goodwill impairment test as of January 1, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill.
Revenues	Revenues The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Revenue is recognized in a manner that depicts the transfer of promised goods or services to customers and for an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The application of ASC 606 requires an entity to identify its contract(s) with a customer, identify the performance obligations in a contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, variable consideration is included only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The Company has elected to apply the variable consideration allocation exception for its fee arrangements with its customers. Management and Advisory Fees, Net The Company earns management fees for services provided to its SMAs and focused commingled funds. The Company earns advisory fees for services provided to advisory clients where the Company does not have discretion over investment decisions. The Company considers its performance obligations in its customer contracts from which it earns management and advisory fees to be one or more of the following, based on the services promised: asset management services, advisory services and/or the arrangement of administrative services. Management fees include income-based incentive fees, which are based on net investment income of certain funds. The Company recognizes revenues from asset management services and advisory services when control of the promised services is transferred to customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. SMAs are generally contractual arrangements involving an investment management agreement between the Company and a single client, and are typically structured as a partnership or limited liability company for which a subsidiary of SSG serves as the general partner or managing member. Focused commingled funds are structured as limited partnerships or limited liability companies with multiple clients, for which a subsidiary of the Company serves as the general partner or managing member. The Company determined that the individual client or single limited partner or member is the customer with respect to SMAs and advisory clients. Based on certain facts and circumstances specific to each individual fund structure, the Company has determined that for accounting purposes, either the StepStone Fund or the individual investors in the fund may be considered to be the customer for arrangements with focused commingled funds. When asset management services and the arrangement of administrative services are the performance obligations promised in a contract, the Company satisfies these performance obligations over time because the customer simultaneously receives and consumes the benefits of the services as they are performed. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer. Management fees earned from these contracts where the Company has discretion over investment decisions are generally calculated based on a percentage of unaffiliated committed capital or net invested capital, and these amounts are typically billed quarterly. For certain investment funds, management fees are initially based on committed capital during the investment period and on net invested capital through the remainder of the fund’s term. In addition, the management fee rate charged may also be reduced for certain investment funds depending on the contractual arrangement. The management fee basis is subject to factors outside of the Company’s control. Therefore, estimates of future period management fees are not included in the transaction price because those estimates would be considered constrained. Advisory fees from contracts where the Company does not have discretion over investment decisions are generally based on fixed amounts and typically billed quarterly. Management fees generally exclude reimbursements for expenses paid by the Company on behalf of its customers, including amounts related to certain professional fees and other fund administrative expenses pursuant to the fund’s governing documents. For professional and administrative services that the Company arranges to be performed by third parties on behalf of investment funds, management has concluded that the nature of its promise is to arrange for the services to be provided and, accordingly, the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the reimbursements for these professional fees paid on behalf of the investment funds are generally presented on a net basis. The Company and certain investment funds that it manages have distribution and service agreements with third-party financial institutions, whereby the Company pays a portion of the fees it receives to such institutions for ongoing distribution and servicing of customer accounts. Management has concluded that the Company does not act as principal for the third-party services, as the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the management fees are recorded net of these service fees. The Company may incur certain costs in connection with satisfying its performance obligations for investment management services – primarily employee travel costs – for which it receives reimbursements from its customers. For reimbursable employee travel costs, the Company concluded it controls the services provided by its employees and, therefore, is acting as principal. Accordingly, the Company records the reimbursement for these costs incurred on a gross basis – that is, as revenue in management and advisory fees, net and expense in general, administrative and other expenses in the condensed consolidated statements of income. For reimbursable costs incurred in connection with satisfying its performance obligations for administration services, the Company concluded it does not control the services provided by other third parties and, therefore, is acting as agent. Accordingly, the Company records the reimbursement for these costs incurred on a net basis. Performance Fees The Company earns two types of performance fee revenues: incentive fees and carried interest allocations, as described below. Incentive fees are generally calculated as a percentage of the profits (up to 15%) earned in respect of certain accounts, including certain permanent capital vehicles, for which the Company is the investment adviser, subject to the achievement of minimum return levels or performance benchmarks. Incentive fees are a form of variable consideration and represent contractual fee arrangements in the Company’s contracts with its customers. Incentive fees are typically subject to reversal until the end of a defined performance period, as these fees are affected by changes in the fair value of the assets under management or advisement over such performance period. Moreover, incentive fees that are received prior to the end of the defined performance period are typically subject to clawback, net of tax. The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant risk of reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period (i.e., crystallization). However, clawback terms for incentive fees received prior to crystallization only require the return of amounts on a net of tax basis. Accordingly, the tax-related portion of incentive fees received in advance of crystallization is not subject to clawback and is therefore recognized as revenue immediately upon receipt. Incentive fees received in advance of crystallization that remain subject to clawback are recorded as deferred incentive fee revenue and included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. Carried interest allocations include the allocation of performance-based fees, commonly referred to as carried interest, to the Company from unaffiliated limited partners in the StepStone Funds in which the Company holds an equity interest. The Company is entitled to a carried interest allocation (typically 5% to 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. These carried interest allocations are subject to the achievement of minimum return levels (typically 5% to 10%) in accordance with the terms set forth in each respective fund’s governing documents. The Company accounts for its investment balances in the StepStone Funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, carried interest allocations are not deemed to be within the scope of ASC 606. Legacy Greenspring carried interest allocations reflect the allocation of carried interest to legacy Greenspring general partner entities from limited partners in certain legacy Greenspring funds in which the legacy Greenspring general partner entities hold an equity interest. The legacy Greenspring general partner entities are entitled to a carried interest allocation (typically 5% to 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. The Company accounts for the investment balances in the legacy Greenspring funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, legacy Greenspring carried interest allocations are not deemed to be within the scope of ASC 606. The Company does not hold any direct economic interests in the legacy Greenspring general partner entities and thus is not entitled to any carried interest allocation from the legacy funds. All of the carried interest allocations in respect of the legacy Greenspring funds are payable to employees who are considered affiliates of the Company and are therefore reflected as legacy Greenspring performance fee-related compensation in the condensed consolidated statements of income. The Company recognizes revenue attributable to carried interest allocations from a fund based on the amount that would be due to the Company pursuant to the fund’s governing documents, assuming the fund was liquidated based on the current fair value of its underlying investments as of that date. Accordingly, the amount recognized as carried interest allocation revenue reflects the Company’s share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period. The Company records the amount of carried interest allocated to the Company as of each period end as accrued carried interest allocations receivable, which is included as a component of investments in the condensed consolidated balance sheets. Management’s determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates. Carried interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates, as defined in the applicable governing documents. Carried interest is subject to reversal to the extent that the amount received to date exceeds the amount due to the Company based on cumulative results. As such, a liability is accrued for potential clawback obligations if amounts previously distributed to the Company would require repayment to a fund if such fund were to be liquidated based on the current fair value of their underlying investments as of the reporting date. Actual repayment obligations generally do not become realized until the end of a fund’s life. As of September 30, 2024 and March 31, 2024, no material amounts for potential clawback obligations had been accrued.
Equity-Based Compensation	Equity-Based Compensation Equity-based compensation represents grants of equity-based awards or arrangements to certain employees and directors. The Company accounts for grants of equity-based awards, including restricted stock units (“RSUs”), to certain employees and directors at fair value as of the grant date. The Company recognizes non-cash compensation expense attributable to these grants on a straight-line basis over the requisite service period, which is generally the vesting period. Expense related to grants of equity-based awards is recognized as equity-based compensation expense in the condensed consolidated statements of income. The fair value of RSUs is determined by the closing stock price on the grant date. Forfeitures of equity-based awards are recognized as they occur. Awards classified as liabilities are remeasured at the end of each reporting period until settlement. Equity-based compensation cost for the employee stock purchase plan (“ESPP”) is measured as the discount the employee receives upon purchase of shares and the option value of a share when the offering contains a look-back option feature.
Income Taxes	Income Taxes SSG is a corporation for U.S. federal income tax purposes and therefore is subject to U.S. federal and state income taxes on its share of taxable income generated by the Partnership. The Partnership is treated as a pass-through entity for U.S. federal and state income tax purposes. As such, income generated by the Partnership flows through to its limited partners, including SSG, and is generally not subject to U.S. federal or state income tax at the Partnership level. The Partnership’s non-U.S. subsidiaries generally operate as corporate entities in non-U.S. jurisdictions, with certain of these entities subject to non-U.S. income taxes. Additionally, certain subsidiaries are subject to local jurisdiction taxes at the entity level, which are reflected within income tax expense in the condensed consolidated statements of income. As a result, the Partnership does not record U.S. federal and state income taxes on income in the Partnership or its subsidiaries, except for certain local and foreign income taxes discussed above. Taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period when the change is enacted. Deferred tax liabilities are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. The principal items giving rise to temporary differences are certain basis differences resulting from exchanges of Partnership units. See Tax Receivable Agreements below. Deferred tax assets are reduced by a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent on the amount, timing and character of the Company’s future taxable income. When evaluating the realizability of deferred tax assets, all evidence – both positive and negative – is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies. The Company is subject to the provisions of ASC Subtopic 740-10, Accounting for Uncertainty in Income Taxes. This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for recognizing the benefits of tax return positions in the financial statements as more-likely-than-not to be sustained by the relevant taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50% likely to be realized. If upon performance of an assessment pursuant to this subtopic, management determines that uncertainties in tax positions exist that do not meet the minimum threshold for recognition of the related tax benefit, a liability is recorded in the condensed consolidated financial statements. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as interest expense and general, administrative and other expenses, respectively, in the condensed consolidated statements of income. See note 10 for more information. The Company has elected to account for global intangible low-taxed income (“GILTI”) earned by foreign subsidiaries in the period the tax is incurred. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances as new information becomes available.
Tax Receivable Agreements	Tax Receivable Agreements The Tax Receivable Agreements provide for payment by SSG to the Class B limited partners, Class C limited partners, Class D limited partners and pre-IPO institutional investors of the Partnership of 85% of the amount of the net cash tax savings, if any, that SSG realizes (or, under certain circumstances, is deemed to realize) as a result of increases in tax basis (and utilization of certain other tax benefits) resulting from (i) SSG’s acquisition of such partners’ and institutional investors’ Partnership units and (ii) in the case of the Exchanges Tax Receivable Agreement, any payments SSG makes under the Exchanges Tax Receivable Agreement (including tax benefits related to imputed interest). SSG will retain the benefit of the remaining 15% of these net cash tax savings under both Tax Receivable Agreements.
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The Company’s accumulated other comprehensive income consists of foreign currency translation adjustments and unrealized gains and losses on the defined benefit plan sponsored by one of its subsidiaries.
Segments	Segments The Company operates as one business, a fully-integrated private markets solution provider. The Company’s chief operating decision maker (“CODM”), who is the Company’s chief executive officer, utilizes a consolidated approach to assess the performance of and allocate resources to the business. Accordingly, management has concluded that the Company consists of a single operating segment and single reportable segment for accounting and financial reporting purposes.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs issued during the current period not listed below were assessed and determined to either be not applicable to the Company, or not expected to have a material impact on the condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends current guidance to provide optional practical expedients and exceptions, if certain criteria are met, for applying GAAP to contracts, hedging relationships and other transactions that are affected by the reference rate reform. The expedients and exceptions in this update apply only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”). Initially the update did not apply to contract modifications or hedging relationships entered into after December 31, 2022, but in December 2022, the FASB issued ASU 2022-06, which defers the sunset date for applying reference rate reform relief in ASC 848 to December 31, 2024. This guidance is effective for adoption anytime after March 12, 2020, but must be adopted prior to December 31, 2024. The Company is currently evaluating the impact on the condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which amends current guidance for reportable segment disclosure requirements. The updated disclosure requirements include: (1) reporting of segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, (2) reporting of an amount for other segment items by reportable segment and a description of its composition, (3) reporting in interim periods of all annual disclosures about a reportable segment’s profit or loss and assets as currently required by Topic 280, (4) reporting of one or more additional measures of segment profit or loss if used by the CODM in assessing segment performance and determining allocation of resources, (5) reporting of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss, and (6) the requirement for single reportable segment entities to provide all required disclosures in Topic 280 for annual and interim periods. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company plans to include expanded disclosures beginning with its annual report on Form 10-K for the fiscal year ending March 31, 2025. In November 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends current guidance to provide expanded disclosure for the rate reconciliation with information about specific categories and reconciling items that meet a specific threshold, and to provide additional information about income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material effect on the condensed consolidated financial statements.

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Nov. 07, 2024	Oct. 22, 2024	Sep. 30, 2024
Class A Common Stock
Subsequent Event [Line Items]
Dividend (in dollars per share)			$ 0.24
Subsequent Event \| Series A 5.52% Notes \| Senior Notes
Subsequent Event [Line Items]
Senior notes issued		$ 175.0
Senior notes, interest rate		5.52%
Minimum amount of prepayment, percentage		0.05
Redemption price, percentage		100.00%
Subsequent Event \| Class A Common Stock
Subsequent Event [Line Items]
Dividend (in dollars per share)	$ 0.24

Related Party Transactions

6 Months Ended

Sep. 30, 2024

Related Party Transactions

The Company considers its directors, greater than 5% beneficial owner of any class of the Company’s stock, senior executives, employees and equity method investments to be related parties. A substantial portion of the Company’s management and advisory fees and carried interest allocations is earned from various StepStone Funds that are considered equity method investments. The Company earned net management and advisory fees from the StepStone Funds of $124.8 million and $96.3 million for the three months ended September 30, 2024 and 2023, respectively, and $248.5 million and $189.1 million for the six months ended September 30, 2024 and 2023, respectively. Carried interest allocation revenues earned from the StepStone Funds totaled $69.8 million and $57.0 million for the three months ended September 30, 2024 and 2023, respectively, and $86.5 million and $120.8 million for the six months ended September 30, 2024 and 2023, respectively. Legacy Greenspring carried interest allocation revenues earned from certain legacy Greenspring funds for which the Company has no direct economic interests totaled $13.9 million and $(12.6) million for the three months ended September 30, 2024 and 2023, respectively, and $4.8 million and $(36.6) million for the six months ended September 30, 2024 and 2023, respectively.


	As of
	September 30, 2024		March 31, 2024
Amounts receivable from StepStone Funds	$	51,395	$	40,588
Amounts receivable from employees	15,164		13,450
Amounts receivable from loans	13,721		13,493
Total due from affiliates	$	80,280	$	67,531


	As of
	September 30, 2024		March 31, 2024
Amounts payable to non-controlling interest holders in connection with Tax Receivable Agreements	$	261,898	$	206,841
Amounts payable to StepStone Funds	8,837		5,844
Distributions payable to certain employee equity holders of consolidated subsidiaries	10		233
Total due to affiliates	$	270,745	$	212,918

The Company made no payments during the three months ended September 30, 2024 and 2023, respectively, and $9.8 million and $7.7 million for the six months ended September 30, 2024 and 2023, respectively, under the Tax Receivable Agreements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Investments (Tables)

6 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The Company’s equity method investments consist of the following:


	As of
	September 30, 2024		March 31, 2024
Investments in funds(1)	$	155,857	$	135,043
Accrued carried interest allocations	1,381,110		1,354,051
Legacy Greenspring investments in funds and accrued carried interest allocations(2)	623,546		631,197
Total equity method investments	$	2,160,513	$	2,120,291

_______________________________

(2)Reflects investments in funds of $150.9 million and $147.0 million and carried interest allocations of $472.7 million and $484.2 million as of September 30, 2024 and March 31, 2024, respectively.

The Company recognized equity method income (loss) of the following:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023
Carried interest allocations	$	69,847	$	56,956	$	86,481	$	120,793
Investment income	2,051		3,080		4,646		6,166
Legacy Greenspring carried interest allocations	13,917		(12,603)		4,828		(36,550)
Legacy Greenspring investment loss	(4,031)		(3,966)		(5,286)		(6,832)
Total equity method income	$	81,784	$	43,467	$	90,669	$	83,577

Schedule of Investments of Consolidated Funds

Investments held by the Consolidated Funds are summarized below:


	Fair Value as of				Percentage of Total Investments as of
	September 30, 2024		March 31, 2024		September 30, 2024		March 31, 2024

Investments of Consolidated Funds:
Equity securities (cost of $25.1 million and $15.6 million as of September 30, 2024 and March 31, 2024, respectively)	$	27,471	$	17,028	12	%	13	%
Partnership and LLC interests (cost of $157.3 million and $76.0 million as of September 30, 2024 and March 31, 2024, respectively)	205,927		114,830		88	%	87	%


Total investments of Consolidated Funds	$	233,398	$	131,858	100	%	100	%

The following table summarizes the net realized and unrealized gains (losses) from investment activities of the Consolidated Funds:


	Three Months Ended September 30,				Six Months Ended September 30,
	2024		2023		2024		2023

Investments of Consolidated Funds:

Net realized gains (losses) on investments	$	(56)	$	—	$	271	$	—
Net unrealized gains on investments	8,262		8,772		15,570		11,134

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 53,138	$ 59,251	$ 101,183	$ 108,697
Other comprehensive income (loss):
Foreign currency translation adjustment	(185)	(367)	(207)	(445)
Total other comprehensive loss	(185)	(367)	(207)	(445)
Comprehensive income before non-controlling interests	52,953	58,884	100,976	108,252
Comprehensive income attributable to StepStone Group Inc.	17,571	26,115	30,892	47,362
Non-Controlling Interests in Subsidiaries
Other comprehensive income (loss):
Less: Comprehensive income attributable to non-controlling interests	19,040	9,444	35,645	19,035
Less: Comprehensive income attributable to redeemable non-controlling interests	307	0	669	0
Non-Controlling Interests in Legacy Greenspring Entities
Other comprehensive income (loss):
Less: Comprehensive income attributable to non-controlling interests	(4,031)	(3,966)	(5,286)	(6,832)
Non-Controlling Interests in the Partnership
Other comprehensive income (loss):
Less: Comprehensive income attributable to non-controlling interests	13,541	22,842	26,860	42,685
Noncontrolling Interest In Consolidated Funds
Other comprehensive income (loss):
Less: Comprehensive income attributable to redeemable non-controlling interests	$ 6,525	$ 4,449	$ 12,196	$ 6,002

Revenues

6 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues

The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount:


	Three Months Ended September 30,				Six Months Ended September 30,
Management and Advisory Fees, Net	2024		2023		2024		2023
Focused commingled funds(1)	$	107,272	$	70,322	$	211,707	$	137,328
SMAs	61,393		56,430		118,769		112,174
Advisory and other services	14,907		13,741		29,676		27,842
Fund reimbursement revenues	1,186		1,630		2,621		2,894
Total management and advisory fees, net	$	184,758	$	142,123	$	362,773	$	280,238

_______________________________


	Three Months Ended September 30,				Six Months Ended September 30,
Incentive Fees	2024		2023		2024		2023
SMAs	$	2,875	$	4,601	$	3,675	$	4,607
Focused commingled funds	280		345		321		345
Total incentive fees	$	3,155	$	4,946	$	3,996	$	4,952


	Three Months Ended September 30,				Six Months Ended September 30,
Carried Interest Allocations	2024		2023		2024		2023
SMAs	$	62,095	$	44,644	$	59,286	$	84,780
Focused commingled funds	7,752		12,312		27,195		36,013
Total carried interest allocations	$	69,847	$	56,956	$	86,481	$	120,793


	Three Months Ended September 30,				Six Months Ended September 30,
Legacy Greenspring Carried Interest Allocations	2024		2023		2024		2023
SMAs	$	71	$	98	$	270	$	98
Focused commingled funds	13,846		(12,701)		4,558		(36,648)
Total legacy Greenspring carried interest allocations(1)	$	13,917	$	(12,603)	$	4,828	$	(36,550)

_______________________________

See note 5 for a discussion of changes in carried interest allocations and legacy Greenspring carried interest allocations.

The Company derives revenues from clients located in both the United States and other countries. The table below presents the Company’s revenues by geographic location:


	Three Months Ended September 30,				Six Months Ended September 30,
Revenues(1)	2024		2023		2024		2023
United States	$	98,053	$	47,020	$	169,811	$	92,113
Non-U.S. countries	173,624		144,402		288,267		277,320

_______________________________

(1)Revenues are attributed to countries based on client location for SMAs and advisory and other services, or location of investment vehicle for focused commingled funds.

For the three and six months ended September 30, 2024 and 2023, no individual client represented 10% or more of the Company’s net management and advisory fees. For the three and six months ended September 30, 2024 and 2023, the Company had management and advisory fee revenues attributable to the United States and Cayman Islands, each of which represented 10% or more of the Company’s net management and advisory fees.

As of September 30, 2024 and March 31, 2024, the Company had $33.3 million and $31.0 million, respectively, of deferred revenues, which is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. During the six months ended September 30, 2024, the Company had recognized $6.0 million as revenue from amounts included in the deferred revenue balance as of March 31, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Income Taxes	6 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In connection with the exchanges of Class B units and Class C units of the Partnership for Class A common stock by certain limited partners of the Partnership during the three months ended September 30, 2024, the Company recorded an increase to the deferred tax asset of $50.9 million and a decrease in the valuation allowance of $0.9 million. Additionally, a corresponding Tax Receivable Agreements liability of $46.5 million was recorded, representing 85% of the incremental net cash tax savings for the Company as a result of these exchanges. The Company made no payments during the three months ended September 30, 2024 and 2023, respectively, and payments of $9.8 million and $7.7 million during the six months ended September 30, 2024 and 2023, respectively, under the Tax Receivable Agreements. As of September 30, 2024, the Company’s total Tax Receivable Agreements liability was $261.9 million. See note 12 for more information on the Tax Receivable Agreements. The Company’s effective tax rate was 8.2% and 11.5% for the three months ended September 30, 2024 and 2023, respectively, and 10.2% and 13.1% for the six months ended September 30, 2024 and 2023, respectively. The Company’s overall effective tax rate in each of the periods described above is less than the statutory rate as a portion of income was allocated to non-controlling interests and the tax liability on such income is borne by the holders of non-controlling interests. The primary rate difference was driven by an increase in tax benefits related to income allocated to non-controlling interests, as well as an increase in tax benefits associated with the vesting of RSUs for the three and six months ended September 30, 2024. The Company continues to monitor and evaluate legislative developments related to the proposed Global Anti-Base Erosion (“GloBE”) Model Rules established under the Organization for Economic Co-operation and Development’s Pillar Two framework. Several countries where the Company operates have adopted GloBE into their legislation, and additional countries are anticipated to adopt these rules in the future. To date, these legislative changes have not had a material impact on the Company’s effective tax rate. The Company evaluates the realizability of its deferred tax assets on a quarterly basis and adjusts the valuation allowance when it is more-likely-than-not that all or a portion of the deferred tax assets may not be realized. As of September 30, 2024, the Company has not recorded any unrecognized tax benefits and does not expect there to be any material changes to uncertain tax positions within the next 12 months.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Variable Interest Entities

6 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Consolidated VIEs

The Company consolidates certain VIEs for which it is the primary beneficiary. Such VIEs consist of certain operating entities not wholly-owned by the Company (e.g., SPD, SRA and SRE), SPW, legacy Greenspring general partner entities and certain StepStone Funds. See note 2 for more information on the Company’s accounting policies related to the consolidation of VIEs. The assets of the consolidated VIEs totaled $1,109.0 million and $995.2 million as of September 30, 2024 and March 31, 2024, respectively. The liabilities of the consolidated VIEs totaled $643.2 million and $593.7 million as of September 30, 2024 and March 31, 2024, respectively. The assets of the consolidated VIEs may only be used to settle obligations of the same VIE. In addition, there is no recourse to the Company for the consolidated VIEs’ liabilities, except for certain entities in which there could be a clawback of previously distributed carried interest. As of September 30, 2024 and March 31, 2024, no material amounts previously distributed have been accrued for clawback liabilities.

Unconsolidated VIEs

The Company holds variable interests in the form of direct equity interests in certain VIEs that are not consolidated because the Company is not the primary beneficiary. The Company’s maximum exposure to loss is limited to the potential loss of assets recognized by the Company relating to these unconsolidated entities. The carrying value of the assets and liabilities recognized in the condensed consolidated balance sheets with respect to the Company’s interests in VIEs that were not consolidated is set forth below:


	As of
	September 30, 2024		March 31, 2024
Investments in funds	$	150,735	$	135,043
Legacy Greenspring investments in funds	150,852		147,042
Due from affiliates, net	42,558		34,744
Less: Amounts attributable to non-controlling interests in subsidiaries	22,797		25,362
Less: Amounts attributable to non-controlling interests in legacy Greenspring entities	150,852		147,042
Maximum exposure to loss	$	170,496	$	144,425