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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________________ to ___________________________
Commission file number 001-39510
STEPSTONE GROUP INC.
(Exact name of Registrant as specified in its charter)
Delaware84-3868757
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
450 Lexington Avenue, 31st Floor
New York, NY
10017
(Address of principal executive offices)(Zip Code)
(212) 351-6100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par value per shareSTEPThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No  
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date: As of February 7, 2023, there were 62,772,922 shares of the registrant’s Class A common stock, par value $0.001, and 46,420,141 shares of the registrant’s Class B common stock, par value $0.001, outstanding.




Table of Contents
Page
PART I - FINANCIAL INFORMATION
Condensed Consolidated Balance Sheets as of December 31, 2022 and March 31, 2022
Condensed Consolidated Statements of Income (Loss) for the Three and Nine Months Ended December 31, 2022 and 2021
Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended December 31, 2022 and 2021
PART II - OTHER INFORMATION

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This quarterly report on Form 10-Q (“Form 10-Q”) includes certain information regarding the historical investment performance of our focused commingled funds and separately managed accounts. An investment in shares of our Class A common stock is not an investment in any StepStone Fund (as defined below). The StepStone Funds are separate, distinct legal entities that are not our subsidiaries. In the event of our bankruptcy or liquidation, you will have no claim against the StepStone Funds. In considering the performance information relating to the StepStone Funds contained herein, current and prospective Class A common stockholders should bear in mind that the performance of the StepStone Funds is not indicative of the possible performance of shares of our Class A common stock and also is not necessarily indicative of the future results of the StepStone Funds, even if fund investments were in fact liquidated on the dates indicated, and we cannot assure you that the StepStone Funds will continue to achieve, or that future StepStone Funds will achieve, comparable results.
Unless otherwise indicated or the context otherwise requires:
• “StepStone Group Inc.” or “SSG” refers solely to StepStone Group Inc., a Delaware corporation, and not to any of its subsidiaries;
• the “Partnership” refers solely to StepStone Group LP, a Delaware limited partnership, and not to any of its subsidiaries;
• “General Partner” refers to StepStone Group Holdings LLC, a Delaware limited liability company, and the sole general partner of the Partnership;
• “we,” “us,” “our,” the “Company,” “our company,” “StepStone” and similar terms refer to SSG and its consolidated subsidiaries, including the Partnership;
• “StepStone Funds” or “our funds” refer to our focused commingled funds and our separately managed accounts, including acquired Greenspring funds, for which we act as both investment adviser and general partner or managing member;
• references to the “Greenspring acquisition” refer to the acquisition of Greenspring Associates, Inc. and certain of its affiliates (“Greenspring”) that was completed on September 20, 2021;
• references to “FY,” “fiscal” or “fiscal year” are to the fiscal year ended March 31 of the applicable year;
• references to the “Reorganization” refer to the series of transactions immediately before the Company’s initial public offering (“IPO”), which was completed on September 18, 2020;
• references to “private markets allocations” or “total capital responsibility” refer to the aggregate amount of our assets under management (“AUM”) and our assets under advisement (“AUA”);
• references to “high-net-worth” individuals refer to individuals with net worth of over $5 million, excluding primary residence;
• references to “mass affluent” individuals refer to individuals with annual income over $200,000 or net worth between $1 million and $5 million, excluding primary residence; and
• references to “Consolidated Funds” refer to the StepStone Funds that we are required to consolidate as of the applicable reporting period.


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TRADEMARKS, SERVICE MARKS AND TRADE NAMES
We own or have rights to trademarks, service marks or trade names that we use in connection with the operation of our business. In addition, our names, logos and website names and addresses are owned by us or licensed by us. We also own or have the rights to copyrights that protect the content of our solutions. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this Form 10-Q are listed without the ©, ® and ™ symbols, but we will assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks, trade names and copyrights.
FORWARD-LOOKING STATEMENTS
This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact, including statements regarding guidance, industry prospects or future results of operations or financial position made in this Form 10-Q are forward-looking. We use words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “plan” and “will” and similar expressions to identify forward-looking statements. Forward-looking statements reflect management’s current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, our successful execution of business and growth strategies and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail under “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the fiscal year ended March 31, 2022 and in our subsequent reports filed from time to time with the U.S. Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Form 10-Q and in our other periodic filings. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
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Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
StepStone Group Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)
As of
December 31, 2022March 31, 2022
Assets
Cash and cash equivalents$120,093 $116,386 
Restricted cash971 1,063 
Fees and accounts receivable42,769 34,141 
Due from affiliates35,749 19,369 
Investments:
Investments in funds109,102 107,045 
Accrued carried interest allocations1,126,386 1,480,515 
Legacy Greenspring investments in funds and accrued carried interest allocations(1)
888,872 1,334,581 
Deferred income tax assets49,245 27,866 
Lease right-of-use assets, net104,767 61,065 
Other assets and receivables44,013 27,426 
Intangibles, net365,515 398,126 
Goodwill580,542 580,542 
Assets of Consolidated Funds:
Cash and cash equivalents19,967  
Investments, at fair value14,312  
Other assets839  
Total assets
$3,503,142 $4,188,125 
Liabilities and stockholders’ equity
Accounts payable, accrued expenses and other liabilities$83,659 $80,541 
Accrued compensation and benefits78,925 39,966 
Accrued carried interest-related compensation597,298 769,988 
Legacy Greenspring accrued carried interest-related compensation(1)
723,527 1,140,101 
Due to affiliates201,352 199,355 
Lease liabilities124,318 70,965 
Debt obligations83,233 62,879 
Liabilities of Consolidated Funds:
Other liabilities647  
Total liabilities1,892,959 2,363,795 
Commitments and contingencies (Note 15)
Redeemable non-controlling interests in Consolidated Funds4,966  
Stockholders’ equity:
Class A common stock, $0.001 par value, 650,000,000 authorized; 62,772,922 and 61,141,306 issued and outstanding as of December 31, 2022 and March 31, 2022, respectively
63 61 
Class B common stock, $0.001 par value, 125,000,000 authorized; 46,420,141 and 47,149,673 issued and outstanding as of December 31, 2022 and March 31, 2022, respectively
46 48 
Additional paid-in capital606,497 587,243 
Retained earnings144,500 229,615 
Accumulated other comprehensive income610 658 
Total StepStone Group Inc. stockholders’ equity751,716 817,625 
Non-controlling interests in subsidiaries34,311 32,063 
Non-controlling interests in legacy Greenspring entities(1)
165,345 194,480 
Non-controlling interests in the Partnership653,845 780,162 
Total stockholders’ equity1,605,217 1,824,330 
Total liabilities and stockholders’ equity$3,503,142 $4,188,125 
(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 5 and 14 for more information.
See accompanying notes to condensed consolidated financial statements.
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StepStone Group Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)


The following presents the portion of the condensed consolidated balances presented above attributable to consolidated variable interest entities.
As of
December 31, 2022March 31, 2022
Assets
Cash and cash equivalents$34,695 $19,386 
Restricted cash971 1,063 
Fees and accounts receivable38,999 29,060 
Due from affiliates7,517 5,252 
Investments in funds
28,242 22,808 
Legacy Greenspring investments in funds and accrued carried interest allocations888,872 1,334,581 
Deferred income tax assets316 301 
Lease right-of-use assets, net16,447 17,206 
Other assets and receivables5,999 5,588 
Assets of Consolidated Funds:
Cash and cash equivalents19,967  
Investments, at fair value14,312  
Other assets839  
Total assets
$1,057,176 $1,435,245 
Liabilities
Accounts payable, accrued expenses and other liabilities$11,883 $8,548 
Accrued compensation and benefits33,875 14,806 
Legacy Greenspring accrued carried interest-related compensation723,527 1,140,101 
Due to affiliates70 190 
Lease liabilities17,376 17,593 
Liabilities of Consolidated Funds:
Other liabilities647  
Total liabilities
$787,378 $1,181,238 
See accompanying notes to condensed consolidated financial statements.
6

StepStone Group Inc.
Condensed Consolidated Statements of Income (Loss) (Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended December 31,Nine Months Ended December 31,
2022202120222021
Revenues
Management and advisory fees, net$128,753 $106,384 $364,606 $268,028 
Performance fees:
Incentive fees2,980 27 8,345 6,005 
Carried interest allocations:
Realized16,320 66,559 112,396 169,053 
Unrealized(63,367)132,535 (354,095)452,789 
Total carried interest allocations(47,047)199,094 (241,699)621,842 
Legacy Greenspring carried interest allocations(1)
(88,921)104,960 (371,200)104,960 
Total revenues(4,235)410,465 (239,948)1,000,835 
Expenses
Compensation and benefits:
Cash-based compensation62,628 51,665 182,190 138,217 
Equity-based compensation8,108 3,407 15,605 10,363 
Performance fee-related compensation:
Realized11,726 34,033 67,091 86,122 
Unrealized(31,875)68,368 (172,554)228,146 
Total performance fee-related compensation(20,149)102,401 (105,463)314,268 
Legacy Greenspring performance fee-related compensation(1)
(88,921)104,960 (371,200)104,960 
Total compensation and benefits(38,334)262,433 (278,868)567,808 
General, administrative and other43,582 30,299 111,547 72,049 
Total expenses5,248 292,732 (167,321)639,857 
Other income (expense)
Investment income (loss)(681)7,230 (5,473)20,841 
Legacy Greenspring investment income (loss)(1)
(8,966)17,890 (32,927)17,890 
Investment income of Consolidated Funds4,895  4,895  
Interest income701 43 1,068 329 
Interest expense(1,111)(543)(2,515)(637)
Other income (loss)358 (273)(1,380)(2,662)
Total other income (expense)(4,804)24,347 (36,332)35,761 
Income (loss) before income tax(14,287)142,080 (108,959)396,739 
Income tax expense (benefit)(732)15,787 (6,868)16,065 
Net income (loss)(13,555)126,293 (102,091)380,674 
Less: Net income attributable to non-controlling interests in subsidiaries9,575 7,091 25,836 18,737 
Less: Net income (loss) attributable to non-controlling interests in legacy Greenspring entities(1)
(8,966)17,890 (32,927)17,890 
Less: Net income (loss) attributable to non-controlling interests in the Partnership(7,617)52,966 (48,192)191,977 
Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds391  391  
Net income (loss) attributable to StepStone Group Inc.$(6,938)$48,346 $(47,199)$152,070 
Net income (loss) per share of Class A common stock:
Basic$(0.11)$0.84 $(0.77)$3.29 
Diluted$(0.11)$0.83 $(0.77)$3.22 
Weighted-average shares of Class A common stock:
Basic62,192,899 57,875,758 61,583,215 46,247,353 
Diluted62,192,899 61,483,233 61,583,215 50,118,482 
(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 3, 5 and 14 for more information.
See accompanying notes to condensed consolidated financial statements.
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StepStone Group Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in thousands)
Three Months Ended December 31,Nine Months Ended December 31,
2022202120222021
Net income (loss)$(13,555)$126,293 $(102,091)$380,674 
Other comprehensive income (loss):
Foreign currency translation adjustment(240)(155)(179)236 
Total other comprehensive income (loss)(240)(155)(179)236 
Comprehensive income (loss) before non-controlling interests(13,795)126,138 (102,270)380,910 
Less: Comprehensive income attributable to non-controlling interests in subsidiaries9,457 7,014 25,748 18,856 
Less: Comprehensive income (loss) attributable to non-controlling interests in legacy Greenspring entities(8,966)17,890 (32,927)17,890 
Less: Comprehensive income (loss) attributable to non-controlling interests in the Partnership(7,671)52,925 (48,232)192,049 
Less: Comprehensive income attributable to redeemable non-controlling interests in Consolidated Funds391  391  
Comprehensive income (loss) attributable to StepStone Group Inc.$(7,006)$48,309 $(47,250)$152,115 
See accompanying notes to condensed consolidated financial statements.
8

StepStone Group Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands)
Class A Common StockClass B Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive IncomeNon-Controlling Interests in SubsidiariesNon-Controlling Interests in Legacy Greenspring EntitiesNon-Controlling Interests in the PartnershipTotal Stockholders’ Equity
Balance at September 30, 2022$62 $47 $596,355 $164,044 $671 $28,922 $173,443 $677,565 $1,641,109 
Net income (loss)— — — (6,938)— 9,575 (8,966)(7,617)(13,946)
Other comprehensive loss— — — — (68)(118)— (54)(240)
Contributed capital— — — — — 142 1,849 20 2,011 
Equity-based compensation— — 2,259 — — 252 — 1,797 4,308 
Distributions— — — — — (4,463)(981)(8,908)(14,352)
Dividends declared— — — (12,606)— — — — (12,606)
Exchange of Class B and Class C units for Class A common stock and redemption of corresponding Class B common shares1 (1)(1)— — — — — (1)
Equity reallocation between controlling and non-controlling interests— — 8,950 — 7 1 — (8,958) 
Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements(1)
— — (1,066)— — — — — (1,066)
Balance at December 31, 2022$63 $46 $606,497 $144,500 $610 $34,311 $165,345 $653,845 $1,605,217 
Balance at March 31, 2022$61 $48 $587,243 $229,615 $658 $32,063 $194,480 $780,162 $1,824,330 
Net income (loss)— — — (47,199)— 25,836 (32,927)(48,192)(102,482)
Other comprehensive loss— — — — (51)(88)— (40)(179)
Contributed capital— — — — — 142 10,634 37 10,813 
Equity-based compensation— — 6,385 — — 260 — 5,160 11,805 
Distributions— — — — — (23,903)(6,842)(63,254)(93,999)
Dividends declared— — — (37,916)— —   (37,916)
Vesting of RSUs, net of shares withheld for employee taxes— — (1,504)— — — — (1,203)(2,707)
Exchange of Class B and Class C units for Class A common stock and redemption of corresponding Class B common shares2 (2)(1)— — — — — (1)
Equity reallocation between controlling and non-controlling interests— — 18,821 — 3 1 — (18,825) 
Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements(1)
— — (4,447)— — — — — (4,447)
Balance at December 31, 2022$63 $46 $606,497 $144,500 $610 $34,311 $165,345 $653,845 $1,605,217 
(1)See notes 10, 13 and 14 for more information.
See accompanying notes to condensed consolidated financial statements.
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StepStone Group Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands)
Class A Common StockClass B Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive IncomeNon-Controlling Interests in SubsidiariesNon-Controlling Interests in Legacy Greenspring EntitiesNon-Controlling Interests in the PartnershipTotal Stockholders’ Equity
Balance at September 30, 2021$56 $53 $525,118 $158,131 $268 $24,558 $219,086 $804,483 $1,731,753 
Net income— — — 48,346 — 7,091 17,890 52,966 126,293 
Other comprehensive loss— — — — (37)(77)— (41)(155)
Contributed capital— — — — — — 9,141 23 9,164 
Equity-based compensation— — 1,771 — — 4 — 1,632 3,407 
Distributions— — — — — (3,005)(4,624)(15,649)(23,278)
Dividends declared— — — (9,255)— — — — (9,255)
Exchange of Class B units for Class A common stock and redemption of corresponding Class B common shares5 (5)(5)— — — — — (5)
Deferred offering costs— — (357)— — — — (296)(653)
Equity reallocation between controlling and non-controlling interests— — 70,808 — 19  — (70,827) 
Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements(1)
— — (19,217)— — — — — (19,217)
Balance at December 31, 2021$61 $48 $578,118 $197,222 $250 $28,571 $241,493 $772,291 $1,818,054 
Balance at March 31, 2021$38 $57 $188,751 $60,407 $155 $25,885 $ $384,400 $659,693 
Net income— — — 152,070 — 18,737 17,890 191,977 380,674 
Other comprehensive income— — — — 45 119 — 72 236 
Contributed capital— — — — — — 9,141 65 9,206 
Equity-based compensation— — 4,702 — — 8 — 5,653 10,363 
Distributions— — — — — (15,590)(4,624)(58,898)(79,112)
Purchase of non-controlling interests— — (657)— — (1,502)— (887)(3,046)
Dividends declared— — — (15,255)— — — — (15,255)
Vesting of RSUs1 — (1)— — — — —  
Class A common stock issued for Greenspring acquisition13 — 267,842 — — — — 290,744 558,599 
Class C Partnership units issued for Greenspring acquisition— — 64,847 — — — — 70,392 135,239 
Exchange of Class B units for Class A common stock and redemption of corresponding Class B common shares9 (9)(9)— — — — — (9)
Initial consolidation of legacy Greenspring general partner entities— — — — — — 219,086 — 219,086 
Deferred offering costs— — (357)— — — — (296)(653)
Equity reallocation between controlling and non-controlling interests— — 109,967 — 50 914 — (110,931) 
Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements(1)
— — (56,967)— — — — — (56,967)
Balance at December 31, 2021$61