StepStone Group Inc.
For the period ended Dec 31, 2025. Filed Feb 5, 2026.
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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
STEP$49.18+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows for the and
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine Months Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net loss | $(749,936) | $(185,980) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 34,292 | 34,087 |
| Unrealized carried interest allocations and investment income | (366,386) | (121,324) |
| Unrealized legacy Greenspring carried interest allocations and investment (income) loss | (39,860) | 54,718 |
| Unrealized performance fee-related compensation | 201,826 | 66,495 |
| Unrealized legacy Greenspring performance fee-related compensation | 38,271 | (43,793) |
| Amortization of deferred financing costs | 978 | 521 |
| Equity-based compensation | 1,437,539 | 529,788 |
| Change in deferred income taxes | (168,607) | (57,563) |
| Fair value adjustment for acquisition-related contingent consideration | — | 16,062 |
| Adjustments to reconcile net loss to net cash used in operating activities of Consolidated Funds: | ||
| Unrealized investment income of Consolidated Funds | (87,538) | (28,149) |
| Purchases of investments of Consolidated Funds | (229,273) | (165,967) |
| Proceeds from sale of investments of Consolidated Funds | 3,397 | 5,492 |
| Changes in operating assets and liabilities: | ||
| Fees and accounts receivable | (10,782) | (6,752) |
| Due from affiliates | (239,616) | (29,059) |
| Other assets and receivables | 14,287 | (6,575) |
| Accounts payable, accrued expenses and other liabilities | (1,728) | (4,714) |
| Accrued compensation and benefits | 244,577 | 72,980 |
| Due to affiliates | 2,266 | 1,797 |
| Lease right-of-use assets, net and lease liabilities | 803 | (368) |
| Changes in operating assets and liabilities of Consolidated Funds: | ||
| Other assets and receivables | 16,175 | (588) |
| Other liabilities and payables | (11,004) | 343 |
| Net cash provided by operating activities | 89,681 | 131,451 |
| Cash flows from investing activities | ||
| Contributions to investments | (47,182) | (47,011) |
| Distributions received from investments | 11,635 | 9,218 |
| Contributions to investments in legacy Greenspring entities | (1,148) | (19,247) |
| Distributions received from investments in legacy Greenspring entities | 2,078 | 22,803 |
| Net cash derecognized from deconsolidation of fund | (52,365) | — |
| Purchases of property and equipment | (1,858) | (2,435) |
| Other investing activities | — | 1 |
| Net cash used in investing activities | (88,840) | (36,671) |
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine Months Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from financing activities | ||
| Proceeds from capital contributions from non-controlling interests | $2,195 | $7,078 |
| Purchase of non-controlling interests | (10,319) | (5,398) |
| Redemption of redeemable non-controlling interests | — | (12,968) |
| Proceeds from revolving credit facility | 75,000 | 25,000 |
| Proceeds from issuance of Class A common stock of shares under ESPP | 1,728 | 1,115 |
| Proceeds from issuance of notes payable | — | 175,000 |
| Deferred financing costs | — | (5,401) |
| Payments on revolving credit facility | (75,000) | (175,000) |
| Distributions to non-controlling interests | (125,363) | (96,928) |
| Proceeds from capital contributions to legacy Greenspring entities | 1,148 | 19,247 |
| Distributions to non-controlling interests in legacy Greenspring entities | (4,658) | (29,609) |
| Dividends paid to common stockholders | (94,423) | (57,579) |
| Payments for taxes related to net settlement of RSUs | — | (1,123) |
| Payments to related parties under Tax Receivable Agreements | (12,565) | (9,819) |
| Other financing activities | (1) | (5) |
| Cash flows from financing activities of Consolidated Funds: | ||
| Proceeds from borrowings on fund credit facility | 17,500 | 7,872 |
| Payments on fund credit facility | (17,500) | — |
| Contributions from redeemable non-controlling interests in Consolidated Funds | 391,250 | 169,943 |
| Redemptions of redeemable non-controlling interests in Consolidated Funds | (53,793) | (8,845) |
| Net cash provided by financing activities | 95,199 | 2,580 |
| Effect of foreign currency exchange rate changes | (7,828) | (168) |
| Net increase in cash, cash equivalents and restricted cash | 88,212 | 97,192 |
| Cash, cash equivalents and restricted cash at beginning of period | 289,804 | 182,312 |
| Cash, cash equivalents and restricted cash at end of period | $378,016 | $279,504 |
| Supplemental disclosures: | ||
| Non-cash operating, investing, and financing activities: | ||
| Accrued dividends | $1,345 | $808 |
| Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements | (2,368) | 3,244 |
| Settlement of non-controlling interests related to awards of carried interest allocations | — | 54,977 |
| Equity issued for redemption of redeemable non-controlling interests | — | 97,383 |
| Equity issued for purchase of non-controlling interests | 160,876 | — |
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | $266,075 | $223,103 |
| Restricted cash | 564 | 720 |
| Cash and cash equivalents of Consolidated Funds | 111,377 | 55,681 |
| Total cash, cash equivalents and restricted cash | $378,016 | $279,504 |
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