StepStone Group Inc.
For the period ended Dec 31, 2025. Filed Feb 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 5, 2026
Contents
Condensed Consolidated Balance Sheets as of and
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)
| As of | ||
|---|---|---|
| December 31, 2025 | March 31, 2025 | |
| Assets | ||
| Cash and cash equivalents | $266,075 | $244,791 |
| Restricted cash | 564 | 502 |
| Fees and accounts receivable | 79,669 | 80,871 |
| Due from affiliates | 334,942 | 92,723 |
| Investments: | ||
| Investments in funds | 292,994 | 183,694 |
| Accrued carried interest allocations | 1,835,862 | 1,495,664 |
| Legacy Greenspring investments in funds and accrued carried interest allocations(1) | 670,631 | 629,228 |
| Deferred income tax assets | 583,565 | 382,886 |
| Lease right-of-use assets, net | 84,016 | 91,841 |
| Other assets and receivables | 61,058 | 62,869 |
| Intangibles, net | 233,251 | 263,872 |
| Goodwill | 580,542 | 580,542 |
| Assets of Consolidated Funds: | ||
| Cash and cash equivalents | 111,377 | 44,511 |
| Investments, at fair value | 105,150 | 415,011 |
| Other assets | 1,758 | 17,688 |
| Total assets | $5,241,454 | $4,586,693 |
| Liabilities and stockholders’ equity | ||
| Accounts payable, accrued expenses and other liabilities | $87,118 | $89,731 |
| Accrued compensation and benefits | 2,404,228 | 736,695 |
| Accrued carried interest-related compensation | 960,513 | 757,968 |
| Legacy Greenspring accrued carried interest-related compensation(1) | 536,484 | 495,739 |
| Due to affiliates | 354,610 | 331,821 |
| Lease liabilities | 106,497 | 113,519 |
| Debt obligations | 270,246 | 269,268 |
| Liabilities of Consolidated Funds: | ||
| Other liabilities | 2,305 | 17,580 |
| Total liabilities | 4,722,001 | 2,812,321 |
| Commitments and contingencies (Note 14) | ||
| Redeemable non-controlling interests in Consolidated Funds | 171,870 | 377,897 |
| Redeemable non-controlling interests in subsidiaries | 7,914 | 6,327 |
| Stockholders’ equity: | ||
| Class A common stock, $0.001 par value, 650,000,000 authorized; 80,135,346 and 76,761,399 issued and outstanding as of December 31, 2025 and March 31, 2025, respectively | 80 | 77 |
| Class B common stock, $0.001 par value, 125,000,000 authorized; 39,017,716 and 39,656,954 issued and outstanding as of December 31, 2025 and March 31, 2025, respectively | 39 | 40 |
| Additional paid-in capital | 486,542 | 421,057 |
| Accumulated deficit | (866,331) | (242,546) |
| Accumulated other comprehensive income | 876 | 728 |
| Total StepStone Group Inc. stockholders’ equity | (378,794) | 179,356 |
| Non-controlling interests in subsidiaries | 948,365 | 1,056,510 |
| Non-controlling interests in legacy Greenspring entities(1) | 134,147 | 133,489 |
| Non-controlling interests in the Partnership | (364,049) | 20,793 |
| Total stockholders’ equity | 339,669 | 1,390,148 |
| Total liabilities and stockholders’ equity | $5,241,454 | $4,586,693 |
(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 2 and 5 for more information.
Condensed Consolidated Balance Sheets (Unaudited)
The following presents the portion of the condensed consolidated balances presented above attributable to consolidated variable interest entities.
| As of | ||
|---|---|---|
| December 31, 2025 | March 31, 2025 | |
| Assets | ||
| Cash and cash equivalents | $97,495 | $75,769 |
| Restricted cash | 564 | 502 |
| Fees and accounts receivable | 68,821 | 66,692 |
| Due from affiliates | 279,840 | 43,830 |
| Investments in funds | 72,517 | 47,362 |
| Legacy Greenspring investments in funds and accrued carried interest allocations | 670,631 | 629,228 |
| Deferred income tax assets | 275 | 275 |
| Lease right-of-use assets, net | 16,406 | 18,307 |
| Other assets and receivables | 15,976 | 16,859 |
| Assets of Consolidated Funds: | ||
| Cash and cash equivalents | 111,377 | 44,511 |
| Investments, at fair value | 105,150 | 415,011 |
| Other assets | 1,758 | 17,688 |
| Total assets | $1,440,810 | $1,376,034 |
| Liabilities | ||
| Accounts payable, accrued expenses and other liabilities | $33,049 | $29,484 |
| Accrued compensation and benefits | 2,230,033 | 699,015 |
| Legacy Greenspring accrued carried interest-related compensation | 536,484 | 495,739 |
| Due to affiliates | 20,782 | 18,072 |
| Lease liabilities | 17,332 | 18,814 |
| Liabilities of Consolidated Funds: | ||
| Other liabilities | 2,305 | 17,580 |
| Total liabilities | $2,839,985 | $1,278,704 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.