StepStone Group Inc.
For the period ended Sep 30, 2026. Filed Nov 9, 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.
Sep 30, 2026 · Filed Nov 9, 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)
| Six Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities | ||
| Net loss | $(104,950) | $(587,501) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 22,706 | 22,884 |
| Unrealized carried interest allocations and investment income | (371,451) | (254,297) |
| Unrealized legacy Greenspring carried interest allocations and investment income | (137,344) | (50,771) |
| Unrealized performance fee-related compensation | 255,735 | 133,084 |
| Unrealized legacy Greenspring performance fee-related compensation | 139,591 | 48,617 |
| Amortization of deferred financing costs | 652 | 652 |
| Equity-based compensation | 641,539 | 1,057,152 |
| Change in deferred income taxes | (75,370) | (126,795) |
| Adjustments to reconcile net loss to net cash used in operating activities of Consolidated Funds: | ||
| Realized and unrealized gains on investments of Consolidated Funds | (212,963) | (66,318) |
| Unrealized gains from notes payable of Consolidated Funds | (11,644) | — |
| Contributions to investments of Consolidated Funds | (1,294,985) | (166,498) |
| Distributions received from investments of Consolidated Funds | 263,198 | — |
| Changes in operating assets and liabilities: | ||
| Fees and accounts receivable | 45,350 | (564) |
| Due from affiliates | (49,357) | (22,295) |
| Other assets and receivables | (4,280) | 17,878 |
| Accounts payable, accrued expenses and other liabilities | (15,094) | 2,761 |
| Accrued compensation and benefits | 67,062 | 41,800 |
| Due to affiliates | 7,604 | 7,251 |
| Lease right-of-use assets, net and lease liabilities | 435 | 1,134 |
| Changes in operating assets and liabilities of Consolidated Funds: | ||
| Other assets and receivables | 11,105 | 15,353 |
| Other liabilities and payables | 4,394 | (11,004) |
| Net cash provided by (used in) operating activities | (818,067) | 62,523 |
| Cash flows from investing activities | ||
| Contributions to investments | (20,843) | (29,666) |
| Distributions received from investments | 8,869 | 8,426 |
| Contributions to investments in legacy Greenspring entities | (511) | (810) |
| Distributions received from investments in legacy Greenspring entities | 3,786 | 1,901 |
| Net cash recognized upon initial consolidation of funds | 27,582 | — |
| Purchases of property and equipment | (2,319) | (1,426) |
| Net cash provided by (used in) investing activities | 16,564 | (21,575) |
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Six Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from financing activities | ||
| Proceeds from capital contributions from non-controlling interests | $944 | $1,581 |
| Purchase of non-controlling interests | (9,589) | (10,339) |
| Proceeds from revolving credit facility | 15,000 | — |
| Proceeds from issuance of Class A common stock under ESPP | 2,109 | 1,728 |
| Distributions to non-controlling interests | (102,557) | (112,854) |
| Proceeds from capital contributions to legacy Greenspring entities | 511 | 810 |
| Distributions to non-controlling interests in legacy Greenspring entities | (3,960) | (4,443) |
| Dividends paid to common stockholders | (95,783) | (72,261) |
| Payments for repurchases of Class A common stock | (21,299) | — |
| Payments to related parties under Tax Receivable Agreements | (16,205) | (11,494) |
| Other financing activities | (1) | (1) |
| Cash flows from financing activities of Consolidated Funds: | ||
| Issuance of notes payable | 56,048 | — |
| Proceeds from borrowings on fund credit facilities | 725,882 | 17,500 |
| Payments on fund credit facilities | (169,804) | — |
| Payment of debt issuance costs on fund credit facilities | (4,418) | — |
| Proceeds from capital contributions from non-controlling interests in Consolidated Funds | 296,169 | — |
| Distributions to non-controlling interests in Consolidated Funds | (300,896) | — |
| Contributions from redeemable non-controlling interests in Consolidated Funds | 125,294 | 281,447 |
| Redemptions of redeemable non-controlling interests in Consolidated Funds | (13,538) | (48,255) |
| Net cash provided by financing activities | 483,907 | 43,419 |
| Effect of foreign currency exchange rate changes | 1,139 | (7,463) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (316,457) | 76,904 |
| Cash, cash equivalents and restricted cash at beginning of period | 1,119,001 | 289,804 |
| Cash, cash equivalents and restricted cash at end of period | $802,544 | $366,708 |
| Supplemental disclosures: | ||
| Non-cash operating, investing, and financing activities: | ||
| Accrued dividends | $1,661 | $1,058 |
| Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements | (7,745) | (6,086) |
| Initial consolidation of Consolidated Funds | 898,819 | — |
| Establishment of lease liabilities in exchange for lease right-of-use assets | 38,893 | — |
| Remeasurement of lease liabilities | 24,402 | — |
| Non-cash purchases of property and equipment | 1,231 | — |
| Deferred purchase price for investments of Consolidated Funds | 154,395 | — |
| Equity issued for purchase of non-controlling interests | 165,703 | 160,876 |
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | $297,038 | $229,824 |
| Restricted cash | 1,227 | 531 |
| Cash and cash equivalents of Consolidated Funds | 504,279 | 136,353 |
| Total cash, cash equivalents and restricted cash | $802,544 | $366,708 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.